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:

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, which is not acting for and is not responsible to other persons for providing protection to Beaumont Cornish customers nor for advising them in relation to the proposed arrangements. described in this announcement or any matter referred to therein.

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