Vast Resources plc, is an AIM listed mining company with mines in Romania and Zimbabwe focused on the rapid advancement of high quality brownfield projects by recommencing production at previously producing mines in Romania and finalising the joint venture mining agreement on the Heritage Concession in Zimbabwe. The Company’ s portfolio includes an 80%...
Vast Resources* (VAST LN) 0.12p, Mkt Cap £11m - £655k equity raise • The Company raised £655k through a placing of 595m shares at 0.11p. • The issue was taken up by a new institutional investor. • The Company granted 34m warrants to the investor with half of those exercisable at 0.13p and the remaining half at 0.15p. All warrants expire on 8 Aug/22. • The cash raised will be directed towards immediate strategic operational requirements in Zimbabwe. • The Company reiterated its guidance to launch production at Baita Plai by the end of the year with funding discussions to replace the outstanding $4m Mearcuria loan facility as well as development capital for Romanian and Zimbabwean assets. *SP Angel acts as Broker to Vast Resources
V a s t R e s o u r c e s (VAST.L) 0.12p £10.90m Vast Resources, the mining company, announced that it has raised in aggregate £655,000 (£625,000 after costs) through a placing of 595,454,545 ordinary shares of 0.1p in the Company at a price of 0.11p per Ordinary Share. The Subscription was undertaken by a new institutional investor. The Company has agreed to issue to T h e I n v e s t o r 17,000,000 warrants to subscribe for Ordinary Shares in the Company at an exercise price of 0.13p per share and 17,000,000 warrants at an exercise price of 0.15p per share. All warrants will expire on 8 August 2022. The Subscription Shares were issued under existing authorities available to the Board relating to the Company’s Zimbabwe Projects. The cash raised from the Subscription, which includes payment for expenditure already incurred, will be used for immediate strategic o p e r a t i o n a l req uirements in Zimbabwe. Goldplat
Vast Resources plc/ Ticker: VAST/ Index: AIM/ Sector: Mining. Subscription to raise £655,000 before costs. The cash raised from the Subscription, which includes payment for expenditure already incurred, will be used for immediate strategic operational requirements in Zimbabwe.
Vast Resources plc, is an AIM listed mining company with mines in Romania and Zimbabwe focused on the rapid advancement of high quality brownfield projects by recommencing production at previously producing mines in Romania and finalising its Chiadzwa Community Development Trust joint venture on the Heritage Concession in Zimbabwe..
Vast Resources* (VAST LN) 0.12p, Mkt Cap £10.5m – All focus on Baita and Heritage • The Company released an updated presentation on the website highlighting the status and development plans of Vast portfolio of mining assets in Romania and Zimbabwe. • Baita Plai Polymetallic Mine (80%), fully permitted high grade underground brownfield operation, is only six months away from first concentrate production and involves minimal amount of capex ($3.5m to reach 10ktpm throughput rates in 12m) taking advantage of extensive available underground and surface infrastructure (>$50m worth). SRK has been engaged to prepare a JORC compliant mineral resource/reserve estimate with a current local NAEN Code C1+C2 resource of 1.8mt at 2.2% Cu, 3.1% Pb, 3.5% Zn, 1.4g/t Au and 128g/t Ag. Metallurgical studies are due shortly confirming recoveries, separation of Zn/Pb and chemical composition of the concentrate. Work on the installation of a new, independent power supply and 7km tailings pipe has already commenced as the team finalises a $10m debt refinancing. • Exploration potential offers an opportunity to expand the existing LoM at Baita Plai with the orebody hosted in skarn pipes remaining open at depth. Vast also owns the Manaila Polymetallic Mine (100%) that was put on C&M in Dec/18 on the back of a bottleneck in mining operations and inefficient operations layout (plant is 32km away from the pit and dried tailings are trucked 14km to dumps). The team is considering to potentially develop an adjacent Carlibaba deposit and build a new processing plant ($4m, 30ktpm) in the vicinity of the mining operations. Manaila hosts 4.6mt at 0.97% Cu, 0.68% Zn and 0.32% Pb in open pit mineral resources with another 1.1mt at 1.58% Cu, 0.88% Zn and 0.82% Pb in the underground mineral resource (JORC-compliant). Additionally, the Company has been building positions in regional prospective targets including the Blueberry Gold Project (29%, currently being drilled for maiden mineral resource) and the Zagra Polymetallic Project (up to 90%, drilling completed and results pending). • Heritage Diamond Concession (Block T1A, 75% profit sharing agreement) offers an opportunity to fast track the alluvial diamond placer deposit into production utilising cheap and easy to set up beneficiation and XRT sorting circuit in the highly prospective Marange Diamond Fields that has reportedly supplied 60mcts to date. The local community secured the mining license with the Company expecting to start trial mining operations as soon as the agreement with the local community and the state-owned Zimbabwe Consolidated Diamond Company (ZCDC) is secured. Independent geological assessment has previously highlighted prospectivity of the concession with proximal placers draining the Marange Diamond Fields showing grades of 50-500cpht attracting average prices of $80/ct. Vast projections based on 50cpht and $60/ct suggest the site may potentially generate $15m in revenue on expenditure of $6m per quarter in six months and cost $10m in capex. • Restructuring completed in May/19 involved the disposal of gold assets in Zimbabwe that in turn allowed to deconsolidate $38m in liabilities simplifying the balance sheet and improving the Vast ability to attract capital. Proceeds from the disposal of $2.5m have been directed towards the repayment of the outstanding $3.4m loan to SSGI with another RTGS$2.5m (c.$0.4m using current spot 6.2 rate) to be retained as security before the loan is paid back in full. Furthermore, the Company expects to benefit from the less restrictive local regulations on diamond sales versus gold. • Jurisdiction risk is controlled by the geographical diversification and the team with knowledge of operations in the region. Andrew Prelea, CEO, is a Romanian and Australian national and has been instrumental in establishing the Vast presence in the country leveraging off a strong network of contacts in the metals and mining sector. Mark Mabhudhu, Director of the Zimbabwean Vast subsidiary, has previously acted as CEO of the state controlled ZCDC, a party to the mining agreement at the Heritage Concession, as well as having spent 11 years with Debswana. • Refinancing completion to provide development capital and alleviate liquidity pressures leading to a rerating in the share price. In Apr/19, the Company received a draft indicative terms sheet from a Swiss bank for loan finance of up to $10m to be directed towards repayment of the outstanding $4m Mercuria loan (9.5%, due in Mar/20) as well as Baita Plai development capex with the due diligence process ongoing. • On cash and liabilities, the Company raised £0.9m in equity in end of May/19. In terms of debt, Vast has $0.9m due to SSGI (as mentioned above), $4m outstanding to Mercuria under Tranche A (due Mar/20) as well as $4.2m in current unpaid bills (as of Sep/18). Conclusion: Group business plans have been hampered after Mercuria pulled back on the planned $5.5m Tranche B in Jan/19 leaving the Company short of development funding with the team now in negotiations with other parties in regards of a refinancing facility. Once secured, Vast will be in the position to execute on its strategy to fast track the high grade polymetallic Baita Plai into production in six months while concurrently progressing development works at the alluvial diamonds project located in the prolific Marange Diamond Fields region. *SP Angel acts as Broker to Vast Resources
Vast Resources plc, is an AIM listed mining company with mines in Romania and Zimbabwe focused on the rapid advancement of high quality brownfield projects by recommencing production at previously producing mines in Romania and finalising its Chiadzwa Community Development Trust joint venture on the Heritage Concession in Zimbabwe.
Vast Resources #VAST finalising terms to allow start of mining on Heritage Concession.
Vast Resources* (VAST LN) 0.12p, Mkt Cap £10.5m – Progress report on the Heritage Diamond concession • Vast Resources reports that it held meetings last week in Harare with the parastatal Zimbabwe Consolidated Diamond Company (ZCDC) and local community leaders from the region hosting the Heritage diamond concessions. • As a result of the meetings, “agreements concerning the Heritage Diamond Concession will now be directly between the Company and the ZCDC rather than the local community, but the local community will be maintained as a beneficial recipient of shared profits as per the original agreement”. • Commenting on the simplification of the negotiating structure, Chief Executive, Andrew Prelea, said that the “amendment to the structure of the arrangement should not only accelerate the process to commencement, but should also provide the Company further opportunities to work with the ZCDC.” • Mr. Prelea said that he planned to return to Zimbabwe shortly “for what I hope will be the finalisation of the contractual terms, and also to establish the commencement of the project.” *SP Angel acts as Broker to Vast Resources
Vast Resources Plc (VAST.L) Announced that following meetings that took place in Harare between Vast senior management, the local community leaders and the parastatal Zimbabwe Consolidated Diamond Company Limited (ZCDC), a road map to closing the agreements that will enable the company to mine on the Heritage Concession has now been established.
Vast Resources plc/ Ticker: VAST/ Index: AIM/ Sector: Mining. Vast Resources plc, the AIM-listed mining company, is pleased to inform the market that following meetings that took place in Harare last week between Vast senior management, the local community leaders and the parastatal Zimbabwe Consolidated Diamond Company Ltd a road map to closing the agreements...
Vast Resources (VAST.L) 0.11p £9.93m £900k placing at 0.116p. As announced on 29 April 2019, the Company has received a draft term sheet containing the material indicative terms from a Swiss bank for a loan finance of up to $10m. This is to be applied in connection with the Company’s Romanian projects including full repayment of the $4m plus accrued interest by the Company to Mercuria. While due diligence on the provision of the Swiss bank loan finance and/or any equivalent progresses, the Company plans to incur some of the necessary pre-production expenditure for Baita Plai in advance of the receipt of the Loan Finance. This will significantly reduce the lead time up to commencement of production. The pre-production expenditure will include the commencement of the installation of a seven-kilometre tailings pipe to the tailings dam and, as is required in the Company’s licence, the installation of a new and independent electricity supply at Baita Plai in addition to the supply the Company has already installed. Expenditure will also include the cost of the independent report from SRK Consulting (UK) Ltd as mentioned in the Company’s announcement of 28 May 2019. The money raised from the Placing will be applied for these purposes plus for general expenses at Baita Plai and for general corporate purposes
Vast Resources* (VAST LN) 0.12p, Mkt Cap £9.3m – £900k equity raise • The Company raised £900k through a placing of 776m shares at 0.116p to cover Baita Plai related expenses as well as general working capital until the £10m loan facility is agreed. • The pre-production expenditure at the polymetallic Baita Plai project include: • The installation of a 7km long tailings pipe to the tailings dam fulfilling the license requirement; • The installation of a new and independent power supply in addition to the one installed already. • SRK economic study related costs. • The above should significantly reduce the lead time up to commencement of production. *SP Angel acts as Broker to Vast Resources
The cash raised from the Placing has been calculated to be sufficient to meet all the Company’ s financing needs in connection with its activities in Romania and general working capital until drawdown of the Loan Finance, as defined below. As announced on 29 April 2019, the Company has received a draft term sheet containing the material indicative terms from a...
Vast Resources* (VAST LN) 0.14p, Mkt Cap £11m – Results of general meeting and corporate update • All resolutions were passed at the General Meeting held on Friday 24 May. • Additionally, VAST engaged SRK Consulting to prepare economic assessment of its Romanian portfolio including Scoping Study, PEA and/or PFS, as may be appropriate, on Baita Plai, Manaila, Carlibaba and Carlibaba flanks. • Due diligence with the Swiss lender regarding a loan facility of up to $10m. • The Company also mentions it is in possession of an indicative term sheet regarding the Heritage Concession in Zimbabwe with further indicative term sheets for the diamond project in Zimbabwe expected shortly. • The Company is in discussions towards finalisation of the contract in relation to the Heritage Concession and highlights a welcome move of the government to cancel local indigenisation laws for diamonds. *SP Angel acts as Broker to Vast Resources
Vast Resources plc, the AIM-listed mining company with assets in Romania and Zimbabwe, is pleased to announce that at its General Meeting, held on Friday 24 May, all resolutions were duly passed.. Additionally, the Company would like to provide a corporate update on its activities in Romania and Zimbabwe.. ·The Company is also in possession of an indicative...
Vast Resources has transitioned from an exploration company to a mining company, with a portfolio of high quality assets. In the short-term, the Company is focused on optimising mining operations at the Manaila Polymetallic Mine in Romania and exploring and developing the proximal area with the objective of establishing a multi-pit mining operation and new metallurgical processing complex. In addition, the Company intends to commission the Baita Plai Polymetallic Mine, also in Romania, once the relevant approvals are granted. The Board sees that the Manaila and Baita Plai mines will serve as a test case for future developments in Romania, which includes pursuing the Company’s relationship with Remin SA., amongst other interesting prospects. Additionally, the Company intends to retain its interest in certain interests in Zimbabwe, including its current controlling 25% interest in the Pickstone-Peerless Gold Mine, which was commissioned in 2015, and the proximal Giant Gold Mine Project, where recommencement of operations is now being evaluated. Vast continues to actively manage its Zimbabwean gold portfolio and intends to retain its controlling interest in the Pickstone-Peerless Gold Mine. The Company also has a pipeline of additional assets at various stages in the development curve, from deposit discovery to previously producing mines; the Board aims to realise these assets within a sensible time frame. In the interim, the Company is committed to keeping a low-cost base and generating revenues.