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

15 July 2024

Vast Resources plc

('Vast' or the 'Company')

Placing to raise £600,000

Issue of Equity & TVR

Placing

Vast Resources plc, the AIM-listed mining company, announces that it has raised £600,000 gross through a placing (the 'Placing') of 600,000,000 ordinary shares of 0.1p in the Company ('Ordinary Shares') at a price of 0.1p per Ordinary Share (the 'Placing').  The placees will, in addition, be issued with a warrant giving the right to subscribe for one Ordinary Share at 0.4p per Ordinary Share taken up in the Placing exercisable at any time up until 15 July 2025. The Placing was undertaken by the Company's joint broker, Axis Capital Markets Ltd ('Axis').

The net cash raised from the Placing will be used for costs associated with the implementation of the reorganisation plan at Baita Plai in order to lower production costs and bridging the short-term gap in operational expenses while the Company awaits the first tranche of the structural refinancing to close, and to cover near-term corporate obligations, and working capital needs.

Admission of the Placing Shares & Total Voting Rights

Application will be made to AIM for the Placing Shares, which will rank pari passu with existing Ordinary Shares, to be admitted to trading on AIM ('Admission') in two tranches.  It is expected that Admission will become effective and dealing will commence in respect of 240,000,000 Shares on or around 19 July 2024 (the 'First Admission') and Admission will become effective and dealing will commence in respect of the issue of 360,000,000 Shares being the balance of the Placing Shares on or around 30 July 2024 (the 'Second Admission').  The Placing is conditional only on Admission.

Following the First Admission, the total issued share capital of the Company will be 1,448,607,357 and following the Second Admission this will be 1,808,607,357.  The Company does not hold any Ordinary Shares in Treasury and accordingly the above figures of 1,448,607,357 and 1,808,607,357 may then be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in Vast under the FCA's Disclosure and Transparency Rule.

Market Abuse Regulation (MAR) Disclosure

Certain information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR") until the release of this announcement.

**ENDS**

For further information, visit www.vastplc.com or please contact:

ABOUT VAST RESOURCES PLC

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

In Romania, the Company is focused on the rapid advancement of high-quality projects by recommencing production at previously producing mines.

The Company's Romanian portfolio includes 100% interest in Vast Baita Plai SA which owns 100% of the producing Baita Plai Polymetallic Mine, located in the Apuseni Mountains, Transylvania, an area which hosts Romania's largest polymetallic mines. The mine has a JORC compliant Reserve & Resource Report which underpins the initial mine production life of approximately 3-4 years with an in-situ total mineral resource of 15,695 tonnes copper equivalent with a further 1.8M-3M tonnes exploration target. The Company is now working on confirming an enlarged exploration target of up to 5.8M tonnes.

The Company also owns the Manaila Polymetallic Mine in Romania, which the Company is looking to bring back into production following a period of care and maintenance. The Company has also been granted the Manaila Carlibaba Extended Exploitation Licence that will allow the Company to re-examine the exploitation of the mineral resources within the larger Manaila Carlibaba licence area.

The Company retains a continued presence in Zimbabwe.

Vast has an interest in a joint venture company which 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 percent royalty over 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, inter alia, to 10% of the earnings that Gulf receives from its 49% interest in Aprelevka in joint venture with the government of Tajikistan.  Aprelevka holds four active operational mining licences located along the Tien Shan Belt that extends through Central Asia, currently producing approximately 11,600oz of gold and 116,000 oz of silver per annum.  It is the intention of the Company to assist in increasing Aprelevka's production from these four mines closer to the historical peak production rates of approximately 27,000oz of gold and 250,000oz of silver per year from the operational mines.

Nominated Adviser

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.