Shareholder Q&A

Vast Resources plc, the AIM quoted mining company, wishes to address recurring themes in several shareholder questions submitted to the Company and its advisers, as well as those posted on public forums.

• Previous disclosures referenced a parcel exceeding 135,000 carats, including around 36,000 carats of gem-quality stones. The RNS of 17 November references a smaller parcel of 126,677.5 carats with different classification categories. Can you explain the reduction in carat quantity and what the new classification terminology means in practical terms?

On 17 November 2025 Vast published a notification which addressed the diamonds being consigned to a tender auction. In particular, the Company confirmed that an initial parcel totalling 126,677.50 carats was being tendered and further reconciled the quality of the stones being consigned to the sale. As has been consistently stated by the Company, the balance of higher quality stones is being beneficiated in order that Vast's shareholders benefit from the valuation uplift that can be achieved (in the Company's view) in taking stones from their rough state to a beneficiated finished product.

There has been no reduction in the number of carats. On 7 May 2025, the Company announced a total parcel weight of 135,139.47, of which an aggregate of (a)36,475.26 carats were identified as gem quality by the Minerals Marketing Corporation of Zimbabwe at the time of export.

This left a total of 98,664.21 carats of industrial grade stones.

Gem quality is divided into several categories that were highlighted in the 17 November 2025 announcement.

Post the cleaning method employed by Vast and as per the RNS of 17 November 2025, the total weight of industrial stones has been reduced to (b)50,993.98 carats, reclassifying (c)47,670.23 into a higher category of stone.

Therefore, the Company now has entered into tender c.126,677 carats of stones (a+b+c) it does not consider viable to add further processes of beneficiation (processing incurs an additional cost to the Company):

Breakdown of Categories:

Original Weight 135,139.47

Higher quality Gem at Tender: 12,591.77-

Lower quality gem: 63,091.75-

Industrial 50,993.98-

Balance: 8,461.97

The balance are stones less boiling losses (which are unavoidable) which the Company considers it most appropriate to be sold in a phased manner in due course to seek to maximise revenues and the total value of the diamonds for shareholders as stated in the 17 November RNS.

• Earlier RNS announcements indicated that proceeds from the diamond parcel alone would be sufficient to fully repay the Company's secured debt. However, the RNS of 17 November 2025 suggests that additional financing arrangements will be required. At what point did the Company become aware of this shortfall, and why is this only being communicated now?

The intentions vis a vis the use of the diamond sale proceeds has remained consistent, as demonstrated in the Company's Annual Report, published on 31 October 2025, which stated: "the Company plans to repay the debts from the diamond proceeds and alternative funding measures".

Whilst it is anticipated, assuming the right sales conditions, that diamond sales alone are able to generate the financial resources sufficient to repay the Company's outstanding debt, the Company has neither relied on this being the case nor notified the market of such.

• Given the current financial position and the RNS of 17 November, do you anticipate the need for another placing?

The Company has no current intention of conducting a placing to satisfy the 31 December 2025 debt repayment.

For further information, please visit the Company's website at www.vastplc.com or contact: