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Highlights
- Gross proceeds of GBP 2,000,000 rose through the issue of new shares.
- Funds designated for repaying USD 1M debt and supporting due diligence at Romanian mines.
- The company continued to focus on mining assets.
Vast Resources PLC (LSE:VAST) has finalized a share placing that generated gross proceeds of GBP 2,000,000. The offer included 1,111,111,111 new ordinary shares at 0.18p per share, each with a nominal value of 0.1p. The placement will occur in two phases, with the first tranche expected to begin trading on AIM around 29 October 2025 and the second around 6 November 2025.
Net proceeds will primarily be used to repay USD 1 million in debt to Alpha and Mercuria, extending loan terms and enabling the company to utilize diamond proceeds to clear up other outstanding obligations. Additionally, funds will be directed toward operational and technical due diligence for restarting operations at the Baita Plai mine and reopening the Manaila mine. The proceeds will also support the development of potential new offtake financing arrangements or joint venture opportunities. Furthermore, the capital will bolster the company’s cash reserves while awaiting proceeds from the Historic Diamond parcel tender scheduled for 17 November.
Admission and Total Voting Rights
After the first tranche admission, Vast Resources’ total issued share capital will rise to 4,415,492,276 ordinary shares. Following completion of the second tranche, the total will increase to 4,997,575,609 ordinary shares.
Romanian Mine Operations
Vast Resources holds a 100% stake in Vast Baita Plai SA, which operates the Baita Plai polymetallic mine in Romania. The mine features a JORC-compliant reserve and resource report that supports an initial 3–4-year production life, with an in-situ total mineral resource of 15,695 tonnes copper equivalent and an exploration target of up to 5.8 million tonnes. The company also owns the Manaila Polymetallic Mine and holds the Manaila Carlibaba Extended Exploitation Licence, which enables further exploration and evaluation of mineral deposits.
Other International Assets
Vast Resources also operates in Zimbabwe and continues to assess additional mining concession opportunities. In Tajikistan, the company holds a 12.25% royalty on non-ferrous concentrate sales from the Takob Mine and manages the Aprelevka gold mines under contract with Gulf International Minerals Ltd. Aprelevka currently produces approximately 11,600 ounces of gold and 116,000 ounces of silver annually.
Share Performance
The company is currently trading at GBX 0.19 and down by 21.46% from its previous close of GBX 0.26.
