Update on proposed RTO and General Update

Vast Resources plc announces, further to the proposed Reverse Takeover ("RTO") announced on 22 December 2025 and extended long-stop date of 31 July 2026 (the "Extended Long-Stop Date") announced on 23 June 2026, an update on the progress of the proposed RTO and timing for anticipated completion.

Transaction Update

The Company notes that the Proposed Transaction has further advanced with, due diligence near-complete, and that the anticipated formal confirmation by the Government of Tajikistan of certain organisational changes in Aprelevka, intended to ensure a smooth transition post completion of the Proposed Transaction, has now been received. Subject to completion of the associated Placing, the Company expects to be in a position to publish an Admission Document prior to the Extended Long-Stop Date.

Tajikistan CPR Update

The Company advises that further drilling, trench sampling and metallurgical test work have recently been completed on the Soviet Tailings Facilities at Aprelevka. The trench sampling programme comprised 41 trenches. Grades were determined by fire assay. The gold grade from these samples varies from 0.03 g/t to 5.17 g/t on TSF1B and from 0.05 to 5.33 g/t on TSF2B, whereas the silver grade ranges from 14 to 1232 g/t on TSF1B and from 14 to 1163 g/t on TSF2B.

Drilling included a total of 69 holes, with an average depth of 16.94m, over an area of 185,535m² (for TSF1B) and an additional 83 holes, with an average depth of 11.34 m, over an area of 141,460 m² (for TSF2B). It should be noted however that at present no bulk density test work has been undertaken, and as such any tonnages pertaining to this phase of exploration are pending completion of bulk density testing and expressed in ranges in the table below which will form part of the updated CPR that will be available for review on the Company website shortly.

The results of the above have yielded the following results:

Mineralised inventory ranges

These results increase the Board's confidence in the potential volumes of and grades of ore included in the tailings.

Soviet Tailings Exploration and Metallurgical Results

The trench sampling programme included an average depth of approximately 5.0 metres. One-metre interval face samples were collected and blended to produce representative composite samples for metallurgical flotation test work.

In addition, 15 replicate X-ray fluorescence ("XRF") readings were taken from a single representative bulk sample extracted from a 500g flotation concentrate, using the "Mining Cu/Zn" element suite of a Niton XRF NL2 analyser to characterise the elemental composition of the concentrate and to benchmark it against the acceptance ranges published by three potential off-takers.

The sample analysed has been subjected only to a laboratory bench-scale primary rougher flotation test. It has not yet undergone scavenger and cleaner flotation or drying and filtration; the stages that would normally be used to upgrade a rougher concentrate into a final, sales-specification concentrate. Regrinding is not required for this circuit, as the feed comprises reclaimed historical tailings already at the appropriate grind size; the remaining upgrade path is therefore further flotation (cleaning and scavenging), rather than comminution.

Mr Negru, as the person responsible for the Soviet Tailings exploration results and current mineralised material estimates, has reviewed this metallurgical test work and has relied upon the analysis and conclusions of the metallurgist responsible for that work in forming his assessment.

The results demonstrated an increase in the silver concentration, as set out in the table below:

Ag concentration ranges

Financing Update

The Company is also pleased to announce that it is in receipt of three non-binding term-sheets for debt (and, in some cases, off-take) facilities and is working to progress such negotiations towards receipt of at least one binding Term-Sheet prior to the completion of the RTO.

Therefore, further to the announcement of 22 December 2025, the range of the required equity fundraise for completion of the Proposed Transaction will be between GBP 5 million and GBP 12.5 million, subject to the Company agreeing binding debt/off-take documentation.

Existing Loan Facility Update

Further to the announcement of 12 February 2026, Vast confirms that it is in continuing discussions 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 RTO completion, subject to continued progress being made on the Proposed Transaction. The Company intends to use the revenue from diamond sales, together with proceeds from the Placing and or debt facilities in relation to the Reverse Takeover or the proceeds from new offtake finance agreements and / or wider funding arrangements, to repay the Creditors in full. It is noted that the Board remains confident further Loan Facility Extensions can be agreed in order to support completion of the Proposed Transaction.

Diamond Sales

The Company intends to provide a further update regarding the progress of diamond processing and sales shortly.