Placement to raise £750,000

October 14, 2024

Vast Resources plc
(‘Vasto’ or the ‘Company’)

Placement to raise £750,000

Vast Resources plc, the AIM-listed mining company, announces that it has raised £750,000 gross through a placing (the ‘Placement’) of 750,000,000 0.1p ordinary shares in the Company (“Ordinary Shares”) at a price of 0.1p per Ordinary Share representing a 19.3% discount on the 5-day VWAP. The Placement was carried out by the Company’s joint broker, Axis Capital Markets Ltd (‘Axis’).

The net cash raised from the Placing will be used to maintain the business in compliance with the reorganization plan at Baita Plai and to have sufficient funds available to see the Company maintain its corporate obligations whilst the Company awaits proceeds from concentrate deliveries and funds received delivery of the Second Agreement as announced and defined on September 11, 2024.

Admission of Placing Shares and Full Voting Rights

A request will be made to AIM for the Placing Shares, which will be ranked pari passu with the existing Ordinary Shares, to be admitted to trading on AIM (“Admission”) in two tranches. It is expected that the Admission will become effective and trading will commence in respect of 250,000,000 Shares on or about October 18, 2024 (the “First Admission”) and the Admission will become effective and trading will commence in respect of to the issuance of 500,000,000 being the balance of the Placing Shares on or about October 28, 2024 (the “Second Admission”). Placement is conditional on Admission.

After the First Admission, the total issued share capital of the Company will be 2,058,607,357 and after the Second Admission it will be 2,558,607,357. The Company does not hold any Common Shares in Treasury and therefore the above numbers of 2,058,607,357 and 2,558,607,357 may then be used by shareholders as the denominator for the calculations by which they will determine whether they are required to give notice of their interest in the Vast in accordance with the FCA Disclosure and Transparency Rule.

Important notices
This announcement contains “forward-looking statements” regarding the Company that are subject to risks and uncertainties. Generally, the words ‘will’, ‘may’, ‘should’, ‘continue’, ‘believe’, ‘aim’, ‘plan’, ‘expect’, ‘aim’, ‘intend’, ‘anticipate’ or similar expressions or negatives thereof identify forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company’s ability to control or accurately estimate. The Company cannot give any assurance that such forward-looking statements will prove to be correct. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this announcement. The Company undertakes no obligation to publicly update or revise any of the forward-looking statements set forth herein, whether as a result of new information, future events or otherwise, except to the extent required by law.

Disclosure of the Market Abuse Regulation (MAR)

Certain information contained in this announcement is considered by the Company to be inside information as stipulated in the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the Union (Withdrawal) Act European Championship 2018 (“UK MAR”) until the release of this announcement.

**ENDS**

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ABOUT VAST PLC RESOURCES

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

In Romania, the Company is focused on rapidly advancing high-quality projects by resuming production in previously productive mines.

The company’s Romanian portfolio includes a 100% stake in Vast Baita Plai SA, which owns 100% of the Baita Plai polymetallic mine, located in the Apuseni Mountains in Transylvania, an area that is home to the largest polymetallic mines in Romania. The mine has a JORC compliant Reserves and Resource Report that supports the mine’s initial production life of approximately 3-4 years with a total in-situ mineral resource of 15,695 tonnes of copper equivalent with an additional exploration target of 1, 8 million to 3 million tons. The Company is now 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 intends to bring back into production after a period of care and maintenance. The Company has also received the Manaila Carlibaba Extended Exploration License which will allow the Company to re-examine the exploration of mineral resources within the larger Manaila Carlibaba license area.

The Company maintains an ongoing presence in Zimbabwe.

Vast is interested in a joint venture company that provides exposure to a near-term revenue opportunity from the Takob mine processing facility in Tajikistan. The Takob Mine opportunity, which is 100% financed, will provide Vast with a 12.25% royalty on all sales of non-ferrous concentrate and any other metals produced.

Also in Tajikistan, Vast has been contracted to develop and manage the Aprelevka gold mines on behalf of its owner Gulf International Minerals Ltd (“Gulf”), under which Vast is entitled, among others, to 10% of the proceeds which Gulf receives from its 49% stake in Aprelevka in joint venture with the government of Tajikistan. Aprelevka has four active operating mining licenses located along the Tien Shan Belt, which stretches across Central Asia, currently producing approximately 11,600 ounces of gold and 116,000 ounces of silver per year. It is the Company’s intention to help increase Aprelevka’s production from these four mines closer to the historical peak production rates of approximately 27,000 ounces of gold and 250,000 ounces of silver per year from the operating mines.

Appointed Advisor
Beaumont Cornish Limited (“Beaumont Cornish”) is the Appointed Adviser to the Company and is authorized and regulated by the FCA. Beaumont Cornish’s responsibilities as Appointed Advisor to the Company, including the responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Appointed Advisors, are solely due to the London Stock Exchange. Beaumont Cornish does not act and will not be responsible to any other person for providing protections offered to Beaumont Cornish’s clients or for advising them in relation to the proposed arrangements described in this advertisement or any matter mentioned in it.

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