Corporate Update | 14.11.24 | Finanszen.at

Vast Resources plc / Stock: VAST / Index: AIM / Sector: Mining

November 14, 2024

Broad Resources plc
(‘Broad’ or ‘Company’)

Corporate Update

Further to the announcement dated 21 October 2024, AIM-listed mining company Vast Resources plc is pleased to announce that the restructuring of the Company’s wholly owned Romanian subsidiary, Vast Baita Plai SA, which holds the Baita Plai partnership licence, is progressing. Following a previously announced court hearing earlier today, a positive outcome was achieved.

Today’s court hearing involved the Company’s Judicial Administrator presenting the rejected creditors and discussing the merits of rejecting any creditors from the initial table of creditors, as well as presenting the progress made since entering into the reorganization and the first step plan for the restructuring. To date, the restructuring has enabled the reduction of the workforce, the reorganization of employment contracts and working practices, as well as achieving repayment terms of up to four years for accrued debts and the elimination of nuisance claims.

Following this successful hearing, the next hearing is scheduled for April 3, 2025, and the Judicial Administrator will need to provide the court with further information on the progress of the reorganization.

Further updates will be provided as appropriate in due course.

**FINISHED**

For more information visit www.vastplc.com or please contact:

Broad Resources plc Andrew Prelea (CEO)	www.vastplc.com +44 (0) 20 7846 0974
Beaumont Cornish – Financial and Prospective Advisor Roland Cornish James Biddle	www.beaumontcornish.com +44 (0) 20 7628 3396
Shore Capital Stockbrokers Limited – Partner Broker Toby Gibbs / James Thomas (Corporate Consulting)	www.shorecapmarkets.co.uk +44 (0) 20 7408 4050
Axis Capital Markets Limited – Partner Broker Richard Hutchinson	www.axcap247.com +44 (0) 20 3206 0320
St Brides Partners Limited Susie Geliher/Charlotte Page	www.stbridespartners.co.uk +44 (0) 20 7236 1177

ABOUT Vast Resources PLC

Vast Resources plc is a UK AIM-listed mining company with mines and projects in Romania, Tajikistan and Zimbabwe.

The company focuses on the rapid progress of high-quality projects by restarting production in previously producing mines in Romania.

The company’s Romanian portfolio includes a 100% stake in Vast Baita Plai SA, which owns 100% of the producing Baita Plai Polymetallic Mine, located in the Apuseni Mountains in Transylvania, home to Romania’s largest polymetallic mines. The mine has a JORC compliant Reserve and Resource Report supporting an initial mine production life of approximately 3-4 years with an in-place total mineral resource of 15,695 tonnes copper equivalent and an exploration target of an additional 1.8 million tonnes. The company is currently working to confirm an expanded exploration target of up to 5.8 million tonnes.

The company also owns the Manaila Polymetallic Mine in Romania, which the company plans to return to production after a period of maintenance and repair. The Company has also been granted the Manaila Carlibaba Expanded Exploitation License which will enable the Company to re-examine the exploitation of mineral resources within the larger Manaila Carlibaba license area.

Vast has an interest in a joint venture company that provides a near-term revenue opportunity from the Takob Mine processing facility in Tajikistan. The 100% financed Takob Mine opportunity will provide Vast with a 12.25 percent royalty on all sales of non-ferrous concentrate and other metals produced.

Vast was also contractually appointed to manage and develop the Aprelevka Gold Mines, located along the Tien Shan Belt across Central Asia, which at the time of its appointment were producing approximately 11,600 ounces of gold and 116,000 ounces of silver annually. The aim is to bring production closer to the historical peak of 27,000 ounces of gold and 250,000 ounces of silver. Vast has the right to acquire an effective stake of 4.9% in the mines, with an option to purchase shares in the future.

The Company maintains a presence in Zimbabwe regarding the Historical claims.

Beaumont Cornish Ltd.

Beaumont Cornish Limited (“Beaumont Cornish”) is the Company’s Appointed Adviser and is authorized and regulated by the FCA. Beaumont Cornish’s responsibilities as the Company’s Appointed Adviser, including its responsibility to advise and guide the Company on its responsibilities under the AIM Rules and the AIM Rules for Appointed Advisers, are solely beholden to the London Stock Exchange and Beaumont Cornish has no other obligation to provide protection. does not act on behalf of and will not be liable to any person. It is a right granted to Beaumont Cornish customers to advise them in relation to the proposed regulations described in this announcement or any matter referred to in it.

Below is a summary of technical terms:

Network	Silver
au	Gold
Cu	Copper
PGM	Platinum Group Metals
Level	Grade(s) refers to the amount of ore or metal in a given amount of rock
Mineral Resource	‘Mineral Resource’ is the concentration or occurrence of solid material of economic importance in or on the Earth’s crust in such a form, grade (or quality) and quantity that reasonable prospects for ultimate economic extraction exist. The location, quantity, grade (or quality), continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from certain geological evidence and information, including sampling. Mineral Resources are divided into Mined, Identified and Measured categories based on increasing geological confidence.
Mined Mineral Resource	‘Inferred Mineral Resource’ is that part of the Mineral Resource for which the quantity and grade (or quality) are estimated based on limited geological evidence and sampling. Geological evidence is sufficient to imply but not confirm geological and grade (or quality) continuity. It is based on exploration, sampling and testing information collected with appropriate techniques from locations such as outcrops, trenches, pits, working and drilling.
Specified Mineral Resource	An ‘Indicated Mineral Resource’ is that portion of a Mineral Resource for which the quantity, grade (or grade), density, shape and physical characteristics have been estimated with sufficient confidence to allow Modifying Factors to be applied in sufficient detail to support mine planning and assessment. Economic sustainability of deposits.
Expedition Target	An Exploration Target is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting; where the statement or estimate quoted as a tone range and a grade (or grade) range relates to the mineralization present. Not enough research has been done to estimate the Mineral Resource.
Mineral Reserve	‘Ore Reserve’ is the economically extractable part of a Measured and/or Indicated Mineral Resource. This includes diluent materials and allowances for losses that may occur when the material is mined or removed, and is defined by Pre-Feasibility level studies as appropriate, including the application of Modifying Factors. Such studies suggest that omission at the time of reporting can be reasonably justified.
JORC Code	Australasian Institute of Mining and Metallurgy Joint Mineral Reserves Committee code for mineral resources and ore reserves
mineralization	The process of formation and concentration of elements and their chemical compounds within a body or mass of rock

Related Posts