Vast Resources
VAST · AIM · Basic Resources · mcap £62m · 3.8p 5 open situations →
Open · 5
Soviet Tailings reprocessing project
Following the August 2026 reverse takeover, Vast plans to reprocess the Aprelevka Soviet Tailings. The 152-hole drilling programme was reported complete on 12 Oct 2026. Assays follow in Q4 2026 for a maiden JORC resource. The pilot flotation plant is due to be commissioned in Q4 2026, with remaining equipment shipping in the third week of November.
- Next milestone
- Pilot plant commissioning and assaying, both Q4 2026 12 Oct 2026 ↗
- Drilling
- 152 holes (69 TSF1B, 83 TSF2B) completed 12 Oct 2026 ↗
- Non-JORC inventory
- 235,006 to 331,191 oz gold; 65,052,536 to 88,948,512 oz silver 12 Oct 2026 ↗
- Plant status
- 28 flotation cells refurbished; pipework, tailings pit emptying and remaining equipment outstanding 12 Oct 2026 ↗
- Resource estimate
- Independent JORC (2012) maiden estimate by international consultancy 12 Oct 2026 ↗
Next: Pilot flotation plant commissioning; assays for maiden JORC resource · 31 Dec 2026
- 12 Oct 2026 Drilling complete; plant build and assays pending
Alpha and Mercuria loan default
Includes Zimbabwe diamond parcel sale – Polished sales deferred; retail channels startedFollows from Gulf International Minerals reverse takeover – Completed; shares re-admitted to AIM on 19 Aug, closed 19 Aug 2026
The Alpha and Mercuria loans have been in technical default since Oct 2025. A binding US$10m term sheet followed on 27 Jul 2026, and on 4 Aug 2026 net placing proceeds (est. £4.81m) were earmarked for creditors. On 17 Aug 2026 Vast signed the US$10m Glencore loan, of which US$6m is for working capital including debt repayment. Funds are released only once the reverse takeover completes.
- Net proceeds
- Estimated £4,809,057 from Placing and Subscription, for creditors and loans, fees, working capital and Aprelevka development 4 Aug 2026 ↗
- Lenders named
- A&T Investments SARL and Mercuria Energy Trading SA 4 Aug 2026 ↗
- Term sheet
- Binding US$10m funding from commodity trading group; conditional on definitive documents, completion of the Acquisition and approvals 4 Aug 2026 ↗
- Extension
- Extension until RTO completion under discussion; not agreed (as of 27 Jul 2026) 4 Aug 2026 ↗
- Facility
- US$10m Glencore term loan signed 17 Aug 2026; US$4m restricted to Aprelevka expansion, US$6m for working capital including debt repayment 17 Aug 2026 ↗
- Repayment
- Instalments, first on 31 March 2027; final on second anniversary of closing date (19 August 2026) 17 Aug 2026 ↗
Next: Settle Alpha and Mercuria loans from equity and Glencore facility proceeds
- 19 Aug 2026 Funding in place; settlement of loans pending
- 17 Aug 2026 Binding Glencore loan signed; funds conditional on completion
- 4 Aug 2026 Repayment now funded from conditional placing proceeds
- 27 Jul 2026 Binding US$10m term sheet received; loans still unresolved
Offer for the company
- 4 Aug 2026 offer · 6.25p
- 5 May 2026 approach
Zimbabwe diamond parcel sale
Part of Alpha and Mercuria loan default – Funding in place; settlement of loans pending
The first tender in November 2025 sold 98% of the parcel for about US$1.09m net, with higher-quality stones to be sold in phases. Dubai sales were delayed by Middle East conflict. On 27 July 2026 Vast said wholesale polished sales are deferred as Dubai and Antwerp are depressed, and it has begun retail sales of polished stones, only 19.51 ct sold so far.
- New channel
- Antwerp, sales expected to start week commencing 4 May 2026 5 May 2026 ↗
- Next milestone
- Further update on processing and sales shortly 15 Jul 2026 ↗
- Channel
- Antwerp, sales expected from week commencing 4 May 2026 15 Jul 2026 ↗
- Rough sold
- c.123,000 ct at c.US$8.50 per ct, revenue c.US$1.05m 27 Jul 2026 ↗
- Polished sold
- 19.51 ct at average US$3,295 per ct, US$0.064m 27 Jul 2026 ↗
- Polished remaining
- c.1,674.39 ct, estimated average US$2,750 per ct 27 Jul 2026 ↗
Next: Dubai rough tender of c.5,000 ct, timing market-dependent
- 27 Jul 2026 Polished sales deferred; retail channels started
- 15 Jul 2026 Update promised shortly; no results given
- 5 May 2026 Antwerp channel set up; sales due to start
- 31 Mar 2026 Dubai sales delayed; Antwerp channel in talks
BPPM review and operations suspension
BPPM operations were suspended in October 2025 for a geology and mining strategy review. The review will produce a new mine plan, with drilling if needed. The mine generated no revenue in the half, and cost of sales of US$0.661m covers maintenance.
- BPPM revenue
- None in the six months to 31 October 2025
- Cost of sales
- US$0.661m, mainly maintaining BPPM
- Review
- New mine plan, drilling programme if necessary
Next: New mine plan, possible drilling programme
- 30 Jan 2026 Suspended; geology and mine plan review under way
- 31 Oct 2025 Operations suspended during technical review
Closed · 2
Company filings. Not investment advice.