Tajikistan – Aprelevka Update

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

11 June 2024

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

Tajikistan – Aprelevka Update

Production Update

The Company wishes to update its report on Gold production at the four Aprelevka mines for May 2024 given in the announcement of 4 June 2024 where the production had been estimated based on a calculation of throughput and grade. Following completion of the smelting, the actual production for May 2024 showed an increase from 933oz as had been estimated to 1,059oz – significantly higher than the April production of 805oz and March production of 643oz.

Formin Reports on mines at Aprelevka

The Company is pleased to announce that further to the announcement of 15 May 2024, which gave details of an update resource report by Formin on the mine with the specific name Aprelevka, Formin has now provided Gulf International Minerals Ltd ‘(Gulf’) with updated Resource Reports based on the SRK produced wireframes, collated historic data and the 2019-2022 drilling results on the other three active mines in the Aprelevka group, namely Burgunda, Ikkizelon and Kyzylcheku (the ‘Reports’). The full Reports can be found on the Company’s website using the links set out in an Appendix to this announcement. The Reports include updated NAEN code-compliant MREs. Russia is a member of CRIRSCO (Committee for Mineral Reserves International Reporting Standards), as are 14 other countries including Australasia, Canada, Europe, South Africa and the USA. However, these national/regional codes are not identical and the Russian code, NAEN, is neither directly comparable with other codes that are frequently used to calculate reserves and resources such as JORC nor is it commonly used by AIM companies. Accordingly, caution should be taken in interpreting these NAEN resources if used for investment purposes. The Company’s mineral reporting standard remains JORC, and it remains committed to reporting MREs under JORC.

As outlined in the announcement of 19 October 2023, the Company will manage the mining and development activities of the mines in the Aprelevka group referenced above for a 5-year period. In consideration, Vast will be entitled to a 10% share of the earnings before interest, tax and depreciation that Gulf receives from its 49% interest in Aprelevka. Vast will also have the right at any time from 1 January 2025 until the end of the 5-year management period (i) to convert its earnings share entitlement into a 10% equity interest in Gulf and (ii) to acquire up to 20% of the share capital of Gulf at market value at the time of acquisition, market value to be determined by the auditors in default of an agreement between the parties.

The financing required to carry out the present intended development at the mines will be arranged by Gulf International Minerals ltd, under regular banking terms and conditions repayable in priority to any dividends being paid by Aprelevka. The Operator of Aprelevka is the local management team in conjunction with Vast Resources PLC who is designated under its management agreement to engage third party contractors to undertake the day-to-day activities of the mining operation.

The following is the text of the Executive Summary of the Report on Burgunda:

"Introduction

Formin SA. has been requested by Gulf International Minerals Ltd, hereinafter also referred to as the "Company” or the "Client”) to prepare a digitization of historical data, provide a 3D geological model and an resource evaluation, for Burgunda Mine located in the Northern part of Tajikistan.

Property Description

The Burgunda project consists of an open pit operation and a nearby insitu leaching project. The deposit is located near the border with Uzbekistan and appropriately 20km west of Uzbek city of Almalyk. It lies almost 90km by paved, rutted, and unpaved road northnorthwest of the Kansai Mill.

Ore description and Resource estimation

The ore is represented by two main quartz veins with a high grade of gold and silver.

The resource estimate results are presented below:

The following is the text of the Executive Summary of the Report on Ikkizelon:

"Introduction

Formin SA. has been requested by Gulf International Minerals Ltd, hereinafter also referred to as the "Company” or the "Client”) to prepare a digitization of historical data, provide a 3D geological model and an resource evaluation, for Ikkizelon Mine located in the Northern part of Tajikistan.

Property Description

The Ikkizelon gold vein deposit occupies an area of 0.7km² extending in a south-eastern direction between the headwaters of Shakarbulak, Shorbulak and Kuruk in the central part of the Kalkanat Mountains. The area belongs to the Matchinsk region of Khujand province.

Ore description and Resource estimation

The ore is represented by 14 main quartz veins with a high grade of gold and silver.

The resource estimate results are presented below

The following is the text of the Executive Summary of the Report on Kyzylcheku.

"Introduction

FORMIN S.A. has been requested by GULF INTERNATIONAL MINERALS LTD, hereinafter also referred to as the "Company” or the "Client”) to prepare a the digitization of historical data, provide a 3D geological model and an resource evaluation, for Kyzylcheku Mine located in the Northern part of Tajikistan.

Property Description

The Kizil Cheku deposit is situated in the headwaters of the Aktash-sai (Aktash stream) on the southern slopes of the Kuramin Ridge, 13 km east of the Kansai concentrator at an elevation of 1,450 m. It is accessible by a good all-season dirt road from Kansai.

Ore description and Resource estimation

The ore is represented by six main quartz veins with a high grade of gold and silver.

The resource estimate results are presented below:

Total Vast attributable value including Aprelevka as announced on 15 May 2024

Qualified Person

Vlad Andrei Negru, who has signed the report on behalf of Formin, is a 'Certified Person' from the National Agency for Mineral Resource in Romania.  He is a geologist with more than 12 years' experience in Mineral Resource estimation.  He has worked for a large number of projects in Romanian and also as an SRK consultant.  Mr Negru consents to the inclusion of his name in this announcement in the form and context to which it appears.

**ENDS**

For further information, visit www.vastplc.com or please contact:

ABOUT VAST RESOURCES PLC

Vast Resources plc is a United Kingdom AIM listed mining company with mines and projects in Romania, Tajikistan, 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 Vast Baita Plai SA which owns 100% of 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 the Company is looking to bring back into production following a period of care and maintenance. The Company has also been granted the Manaila Carlibaba Extended Exploitation Licence that will allow the Company to re-examine the exploitation of the mineral resources within the larger Manaila Carlibaba licence area.

The Company retains a continued presence in Zimbabwe.

Vast has an interest in a joint venture company which provides exposure to a near term revenue opportunity from the Takob Mine processing facility in Tajikistan. The Takob Mine opportunity, which is 100% financed, will provide Vast with a 12.25 percent royalty over all sales of non-ferrous concentrate and any other metals produced.

Also in Tajikistan, Vast has been contracted to develop and manage the Aprelevka gold mines on behalf of its owner Gulf International Minerals Ltd ("Gulf”) under which Vast is entitled, inter alia, to 10% of the earnings that Gulf receives from its 49% interest in Aprelevka in joint venture with the government of Tajikistan. Aprelevka holds four active operational mining licences located along the Tien Shan Belt that extends through Central Asia, currently producing approximately 11,600oz of gold and 116,000 oz of silver per annum. It is the intention of the Company to assist in increasing Aprelevka’s production from these four mines closer to the historical peak production rates of approximately 27,000oz of gold and 250,000oz of silver per year from the operational mines.

Beaumont Cornish Ltd

Beaumont Cornish Limited ("Beaumont Cornish”) is the Company’s Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish’s responsibilities as the Company’s Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

Glossary

The following is a summary of technical terms:

APPENDIX

TECHNICAL PROGRAM FOR BURGUNDA MINE
PROJECT EXPLOITATION LICENCE

Prepared by Formin SA

Project Location:
Latitude N40°45’39.3” and Longitude E69°29’21.5”
Northern Tajikistan

Prepared for:
GULF INTERNATIONAL MINERALS LTD

For the full report, follow this link:
https://www.vastplc.com/wp-content/uploads/2024/06/burgunda-report.pdf

TECHNICAL PROGRAM FOR IKKIZELON MINE
PROJECT EXPLOITATION LICENCE

Prepared by Formin SA

Project Location:
Latitude N40°41’55” and Longitude E69°26’55”
Northern Tajikistan

Prepared for:
GULF INTERNATIONAL MINERALS LTD

For the full report, follow this link:
https://www.vastplc.com/wp-content/uploads/2024/06/ikkizelon-report.pdf

TECHNICAL PROGRAM FOR KYZYLCHEKU MINE
PROJECT EXPLOITATION LICENCE

Prepared by Formin SA

Project Location:
Latitude N40°31.05’9” and Longitude E69°48’39.5”
Northern Tajikistan

Prepared for:
GULF INTERNATIONAL MINERALS LTD

For the full report, follow this link:
https://www.vastplc.com/wp-content/uploads/2024/06/kyzylcheku.pdf