Company update | 14.11.24 | finanzen.at

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

November 14, 2024

Fixed Resources plc
(‘Fixed’ or the ‘Company’)

Company update

Vast Resources plc, the AIM-listed mining company, is pleased to announce that, following the October 21, 2024 announcement, the reorganization of Vast Baita Plai SA, the company’s wholly owned Romanian subsidiary holding the license of the Baita Plai association possession, progress continues to be made. favorable following the previously announced court hearing held earlier today.

At today’s hearing, the company’s judicial administrator presented the rejected creditors and argued the merits of rejecting any creditors from the initial creditor table. He also presented the progress made since the start of the reorganization and the initial roadmap for the reorganization. So far, the reorganization has made it possible to reduce the labor force, redesign labor contracts and employment practices, while at the same time obtaining up to four years of repayment terms for the accumulated debts and eliminating nuisance claims.

Following this successful court hearing, the next court hearing is scheduled for April 3, 2025. The judicial administrator will provide the court with further updates on the progress of the reorganization.

Further updates will be provided in due course if necessary.

**ENDS**

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

Fixed Resources plc Andrew Prelea (CEO)	www.vastplc.com +44 (0) 20 7846 0974
Beaumont Cornish – Financial and nominated advisor Roland Cornish James Biddel	www.beaumontcornish.com +44 (0) 20 7628 3396
Shore Capital Stockbrokers Limited – Joint Broker Toby Gibbs / James Thomas (business consultancy)	www.shorecapmarkets.co.uk +44 (0) 20 7408 4050
Axis Capital Markets Limited – Joint 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.

In Romania, the company is focusing on the rapid advancement of high-quality projects by resuming production in previously producing mines.

The company’s Romanian portfolio includes a 100% stake in Vast Baita Plai SA, which owns 100% of the producing polymetallic mine Baita Plai, located in the Apuseni Mountains, Transylvania, an area where Romania’s largest polymetallic mines are located. The mine has a JORC compliant Reserve & Resource Report supporting an initial mine production life of approximately 3-4 years with an in-situ total mineral resource of 15,695 tonnes of copper equivalent with a further exploration target of 1.8 million to 3 million tonnes . 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 plans to bring back into production after a period of care and maintenance. The company has also been awarded the Manaila Carlibaba Extended Exploitation License, which will allow the company to re-explore the exploitation of the mineral resources within the greater Manaila Carlibaba license area.

Vast has an interest in a joint venture that provides exposure to short-term revenue opportunities from the Takob mine processing facility in Tajikistan. The Takob Mine opportunity, which is 100% financed, will earn Vast a 12.25 percent royalty on all sales of non-ferrous concentrate and all other metals produced.

Vast has also been contractually appointed to manage and develop the Aprelevka gold mines, located along the Tien Shan belt stretching through Central Asia, and at the time of appointment producing approximately 11,600 oz of gold and 116,000 oz of silver per year. The intention is to bring production closer to historical peak production of 27,000 oz of gold and 250,000 oz of silver. Vast is entitled to an effective interest of 4.9% in the mines with the option to acquire shares in the future.

The company continues to have a presence in Zimbabwe in relation to the historical claims.

Beaumont Cornish Ltd

Beaumont Cornish Limited (“Beaumont Cornish”) is the nominated adviser to the firm and is authorized and regulated by the FCA. Beaumont Cornish’s responsibilities as the Company’s Nominated Advisor, including the responsibility to advise and guide the Company in relation to its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisors are owed solely to the London Stock Exchange. Cornish is not acting for, and is not responsible to, any other person for providing protection to Beaumont Cornish customers or for advising them in relation to the proposed arrangements described in this announcement or any matter referred to therein.

Below is a summary of the technical terms:

Ag	Silver
Ouch	Gold
Cu	Copper
PGM	Platinum group metals
Figure	Grade(s) means the amount of ore or metal in a given amount of rock
Mineral resource	A ‘mineral resource’ is a concentration or occurrence of solid material of economic importance in or on the Earth’s crust in such form, quality (or quality) and quantity that there are reasonable prospects for ultimate economic extraction. The location, quantity, grade (or quality), continuity and other geological characteristics of a mineral resource are known, estimated or interpreted based on specific geological evidence and knowledge, including sampling. Mineral resources are divided, in order of increasing geological confidence, into the categories Inferred, Indicated and Measured.
Inferred mineral resource	An ‘inferred mineral resource’ is that portion of a mineral resource whose quantity and quality (or quality) are estimated from limited geological evidence and sampling. Geological evidence is sufficient to imply, but not verify, geological continuity and continuity (or quality). It is based on exploration, sampling and testing information collected using appropriate techniques at locations such as outcrops, trenches, wells, workings and boreholes.
Declared mineral resource	An ‘indicated mineral resource’ is that portion of a mineral resource for which quantity, grade (or quality), density, shape and physical characteristics are estimated with sufficient confidence to permit the application of modifying factors in sufficient detail to support mine planning and -evaluation of the economic viability of the deposit.
Exploration objective	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, expressed as a range of tonnes and a range of grade (or grade), relates to mineralization for which there is insufficient exploration been to estimate a mineral resource.
Mineral reserve	An ‘ore reserve’ is an economically recoverable part of a measured and/or indicated mineral resource. It includes diluting materials and compensation for losses that may occur when the material is mined or mined, and is defined by pre-feasibility level studies, where appropriate, including the application of modifying factors. Such investigations show that the extraction could reasonably be justified at the time of reporting.
JORC code	Code of the Australasian Institute of Mining and Metallurgy Joint Ore Reserves Committee on Mineral Resources and Ore Reserves
Mineralization	Process of formation and concentration of elements and their chemical compounds in a mass or body of rock