Progress on asset backed debt financing

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

12 October 2020

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

Progress on asset backed debt financing

Vast Resources plc, the AIM-listed mining company, is pleased to update the market on progress on the asset backed debt financing process linked to its Baita Plai Polymetallic Mine (“Baita Plai”) in Romania.

Following the previous announcement made on 10 September 2020 regarding progress on the debt financing process with an international banking institution (“the Bank”), the Company would like to inform the market on an indicative timeline to the conclusion of the debt finance facility.

Independent consultants have now been engaged by the Bank and subject to the satisfactory finalisation of technical, environmental & legal due diligence the Company and the Bank are targeting the finalisation of a Binding Term Sheet by the end of November with final approval targeted in December. 

**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 Limted 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 an 80% interest in the Baita Plai Polymetallic Mine. Baita Plai is located in the Apuseni Mountains, Transylvania, an area which hosts Romania’s largest polymetallic mines. Work is now currently underway towards first concentrate production as well as efforts in place to establish a maiden Resource under the JORC code.

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 license area.

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