Award of rights under the Company’s Share...

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

26 November 2020

Vast Resources plc
(“Vast” or the “Company”)

Award of rights under the Company’s Share Appreciation Rights Scheme

Vast Resources plc, the AIM-listed mining company, announces the offer of rights as set out below (the ‘Award’) under the Share Appreciation Rights Scheme (the ‘Scheme’) which was set up to incentivise directors and senior executives/consultants of the Company.

The basis of the Scheme

The basis of the Scheme, for which new authorities were last granted at the Annual General Meeting of the Company in 2019, is to grant a fixed number of ‘share appreciations rights’ (‘SARs’) to participants.  Each SAR consists of rights at the discretion of the Company either to receive ordinary shares in Vast (the ‘Shares’) based on a price equal to the six month VWAP of a Share immediately preceding the grant of the SAR (the ‘Exercise Price’) or to receive cash to a value equal to the difference between the Exercise Price and the daily VWAP on the date of exercise of a SAR.  A SAR may be exercised at any time between a given Vesting date (‘Vesting Date’) and the final date (the ‘Vesting Period’).  The Vesting Date is the date on which the Company confirms that any performance or other condition attached to the SAR has been satisfied. 

The Award

	Aggregate SARs awarded	Vesting date	Vesting quantities
Paul Fletcher Finance Director	35,000,000	Immediate 31 March 2021	17,500,000 17,500,000
Roy Tucker Executive Director	22,500,000	Immediate 31 March 2021	11,250,000 11,250,000
Craig Harvey Chief Operating Officer	20,000,000	Immediate 31 March 2021	10,000,000 10,000,000
Nick Hatch Non-Executive Director	10,000,000	Immediate 31 March 2021	5,000,000 5,000,000
Other participants	52,500,000	Immediate 31 March 2021	26,250,000 26,250,000

The first half of each grant of Award vests immediately as the Company customarily makes grants in or about March of each year.  The Exercise Price for this grant of Award is 0.198p.

The SARs which have not vested are subject to satisfactory continued employment or engagement with the Company or its subsidiaries.  All SARs that are issued in accordance with the grant of Award have a Vesting Period of three years.

**ENDS**

For further information, visit www.vastplc.com, follow the Company on Twitter @vast_resources and LinkedIn, or please contact:

Vast Resources plc Andrew Prelea - CEO Andrew Hall	www.vastplc.com [phone]
Beaumont Cornish - Financial & Nominated Adviser  Roland Cornish  James Biddle	www.beaumontcornish.com [phone]
SP Angel Corporate Finance LLP – Joint Broker Richard Morrison Caroline Rowe	www.spangel.co.uk  [phone]
Axis Capital Markets Limited – Joint Broker Richard Hutchison	www.axcap247.com  [phone]
St Brides Partners Limited Susie Geliher Charlotte Page	www.stbridespartners.co.uk  [phone]

The 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 (“MAR”).

ABOUT VAST RESOURCES PLC

Vast Resources plc is a United Kingdom AIM listed mining company with mines and projects in Romania 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 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 was commissioned in 2015, currently on care and maintenance. The Company has been granted the Manaila Carlibaba Extended Exploitation License that will allow the Company to re-examine the exploitation of the mineral resources within the larger Manaila Carlibaba licence area.

In Zimbabwe, the Company is focused on the commencement of the joint venture mining agreement on the Community Diamond Concession, Chiadzwa, in the Marange Diamond Fields.