Vast Resources (VAST): Alpha and Mercuria loan default

This situation live

VAST Vast Resources

£62m · 3.8p · −23% since the first step

31 Oct 2025 · Technical default; lender talks ongoing · −38% until the next step The Company plans to use the proceeds from the sale of the diamond parcel together with alternative measures to settle the outstanding debts.

22 Dec 2025 · Repayment dates extended to 30 January · +0% until the next step have agreed to an extension of their respective terms until 30 January 2026

22 Dec 2025 · Repayment dates extended to 30 January 2026 · +0% until the next step Vast confirms that A&T Investments SARL and Mercuria Energy Trading SA ("Mercuria") (together the "Creditors") have agreed to an extension of their respective terms until 30 January 2026.

30 Jan 2026 · Extended to 30 January; company cannot repay then · +0% until the next step The Company will be unable to repay these debts on 30 January 2026 and continues to discuss arrangements with both Alpha and Mercuria.

30 Jan 2026 · Extension talks ongoing as maturity date passes · +0% until the next step Such discussions are progressing constructively and the Board are confident that its creditors will support the Company through to completion of the Proposed Transaction, however, there can be no guar

12 Feb 2026 · Extended to 31 March 2026, conditional on progress · +0% until the next step A&T Investments SARL and Mercuria Energy Trading SA have agreed to an extension of their respective terms until 31 March 2026, subject to continued progress being made on the Proposed Transaction.

31 Mar 2026 · Further extension under discussion, not agreed · +0% until the next step 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

5 May 2026 · Extension to RTO completion under discussion, not agreed · +0% until the next step Vast confirms that it remains in active 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 completio

15 Jul 2026 · Extension talks continuing; not agreed · +0% until the next step 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

27 Jul 2026 · Binding US$10m term sheet received; loans still unresolved · +0% until the next step The full-form funding documentation is currently being finalised in order to be in place prior to readmission on to AIM.

4 Aug 2026 · Repayment now funded from conditional placing proceeds · +0% until the next step The net proceeds of the Placing and Subscription will be applied to the settlement of creditors and loans (including the Company's loan arrangements with A&T Investments SARL and Mercuria Energy Tradi

17 Aug 2026 · Binding Glencore loan signed; funds conditional on completion · +54% until the next step The only remaining outstanding conditions to the release of funds under the Facility are completion of the Reverse Takeover, including all necessary approvals by the Company's shareholders and Admissi

19 Aug 2026 · Funding in place; settlement of loans pending · −19% since will be applied to fund the settlement of creditors and loans (including, in particular, the loan arrangements with Alpha and Mercuria)

Balance-sheet stress / refinancing

Alpha and Mercuria loan default

Funding in place; settlement of loans pending

Next: Settle Alpha and Mercuria loans from equity and Glencore facility proceeds

Every step · 13

31 Oct 2025 Technical default; lender talks ongoing – The Company plans to use the proceeds from the sale of the diamond parcel together with alternative measures to settle the outstanding debts. ↗
22 Dec 2025 Repayment dates extended to 30 January – have agreed to an extension of their respective terms until 30 January 2026 ↗
22 Dec 2025 Repayment dates extended to 30 January 2026 – Vast confirms that A&T Investments SARL and Mercuria Energy Trading SA ("Mercuria") (together the "Creditors") have agreed to an extension of their... ↗
30 Jan 2026 Extended to 30 January; company cannot repay then – The Company will be unable to repay these debts on 30 January 2026 and continues to discuss arrangements with both Alpha and Mercuria. ↗
30 Jan 2026 Extension talks ongoing as maturity date passes – Such discussions are progressing constructively and the Board are confident that its creditors will support the Company through to completion of the... ↗
12 Feb 2026 Extended to 31 March 2026, conditional on progress – A&T Investments SARL and Mercuria Energy Trading SA have agreed to an extension of their respective terms until 31 March 2026, subject to continued progress... ↗
31 Mar 2026 Further extension under discussion, not agreed – 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... ↗
5 May 2026 Extension to RTO completion under discussion, not agreed – Vast confirms that it remains in active discussions with A&T Investments SARL and Mercuria Energy Trading SA to seek to agree to an extension of the terms... ↗
15 Jul 2026 Extension talks continuing; not agreed – 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... ↗
27 Jul 2026 Binding US$10m term sheet received; loans still unresolved – The full-form funding documentation is currently being finalised in order to be in place prior to readmission on to AIM. ↗
4 Aug 2026 Repayment now funded from conditional placing proceeds – The net proceeds of the Placing and Subscription will be applied to the settlement of creditors and loans (including the Company's loan arrangements with... ↗
17 Aug 2026 Binding Glencore loan signed; funds conditional on completion – The only remaining outstanding conditions to the release of funds under the Facility are completion of the Reverse Takeover, including all necessary... ↗
19 Aug 2026 Funding in place; settlement of loans pending – will be applied to fund the settlement of creditors and loans (including, in particular, the loan arrangements with Alpha and Mercuria) ↗

What is happening

Vast Resources: Alpha and Mercuria loan default – Funding in place; settlement of loans pending. ['Funding in place; settlement of loans pending']

In short: 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.
Announced: 31 Oct 2025 · Technical default; lender talks ongoing
Latest: 19 Aug 2026 · Funding in place; settlement of loans pending
Net proceeds: Estimated £4,809,057 from Placing and Subscription, for creditors and loans, fees, working capital and Aprelevka development
Lenders named: A&T Investments SARL and Mercuria Energy Trading SA
Term sheet: Binding US$10m funding from commodity trading group; conditional on definitive documents, completion of the Acquisition and approvals
Extension: Extension until RTO completion under discussion; not agreed (as of 27 Jul 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
Repayment: Instalments, first on 31 March 2027; final on second anniversary of closing date (19 August 2026)
Interest: Term SOFR plus 5% a year, falling to 3.75% after certain qualifying events
Warrants and offtake: 10,000,000 warrants at 7.5p for three years; 60-month right of first offer on concentrate, with exclusions

What comes next

Settle Alpha and Mercuria loans from equity and Glencore facility proceeds.

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Also at Vast Resources 4 open

Project milestonesSoviet Tailings reprocessing project – Drilling complete; plant build and assays pending Takeover targetOffer for the company – offer Disposal of a part (break-up)Zimbabwe diamond parcel sale – Polished sales deferred; retail channels started Project milestonesBPPM review and operations suspension – Suspended; geology and mine plan review under way Large acquisition / reverse takeoverGulf International Minerals reverse takeover – Completed; shares re-admitted to AIM on 19 Aug · closed Vast Resources – company page →