Update on Proposed Acquisition
Vast Resources plc has extended the long stop date for its proposed acquisition of Gulf International Minerals Limited to May 5, 2026, with due diligence largely complete and an Admission Document expected in April 2026. The company is also in discussions to extend loan facilities with A&T Investments SARL and Mercuria Energy Trading SA until April 30, 2026, aiming to repay creditors using revenue from upcoming diamond sales, proceeds from a placing, and new finance agreements. Delays in certain diamond sales due to geopolitical conditions in the Middle East are being addressed with alternative sales channels being explored in Antwerp.
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Vast Resources plc announces that, further to the proposed Acquisition announced on 22 December 2025, it has entered into an amendment agreement with Bay Square Pacific Ltd to extend the long stop date in respect of the SPA from 31 March 2026 to 5 May 2026 ("Longstop Date Extension").
Transaction Update
The Company notes that the Proposed Transaction is well advanced with due diligence largely completed. Following the anticipated formal confirmation by the Government of Tajikistan of organisational changes in Aprelevka in order to ensure a smooth transition post completion of the Proposed Transaction, and subject to completion of the associated Placing, the Company expects to be in a position to publish an Admission Document in April 2026.
Diamond Update
The Company notes that the current geopolitical climate in the Middle East has resulted in delays of certain diamond sales, which were originally scheduled to be completed in Dubai. The Company is in advanced discussions regarding alternative sales channels in Antwerp and expects to conclude these arrangements in the coming weeks. The Company will provide further updates to the market in relation to the Proposed Transaction and the diamond sales as and when appropriate.
Loan Facility Update
Further to the announcement of 12 February 2026, Vast confirms that it is in discussion with A&T Investments SARL and Mercuria Energy Trading SA to seek to agree to an extension of the terms of their respective loans until 30 April 2026, subject to continued progress being made on the Proposed Transaction. The Company intends to use the revenue from upcoming diamond sales, together with proceeds from the Placing in relation to the Acquisition, and proceeds from new offtake finance agreements and / or wider funding arrangements, to repay the Creditors in full. It is noted that, whilst the Board remains confident further Loan Facility Extensions can be agreed in order to support completion of the Proposed Transaction, there can be no guarantee as to the outcome of discussions in relation to the Loan Facility Extensions or that the Proposed Transaction will complete.
For further information, please visit the Company's website at www.vastplc.com or contact:
| Vast Resources plc Andrew Prelea (CEO) | +44 (0) 20 7846 0974 |
| Strand Hanson Limited - Nominated & Financial Adviser James Spinney / James Bellman / Imogen Ellis | +44 (0) 207 409 3494 |
| Shore Capital Stockbrokers Limited - Joint Broker Toby Gibbs / James Thomas (Corporate Advisory) | +44 (0) 20 7408 4050 |
| Axis Capital Markets Limited - Joint Broker Richard Hutchinson | +44 (0) 20 3206 0320 |
| St Brides Partners Limited Susie Geliher | http://www.stbridespartners.co.uk/ +44 (0) 20 7236 1177 |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.