TIDMVAST
Vast Resources plc / Ticker: VAST / Index: AIM / Sector:
Mining
22 January 2024
Vast Resources plc
('Vast' or the 'Company')
Platinum Group Metals (PGM) Agreement
Vast Resources plc, the AIM-listed mining company, is pleased to
announce that it has executed a three-year marketing agreement with
a Swiss investment company for the exclusive distribution of high
grade PGM concentrates produced within the EU. Vast will receive a
2.5% commission based on the sales value of the concentrates
distributed under this agreement. This agreement complements the
Company's existing metal trading activities and is expected to
provide a significant additional revenue stream for Vast alongside
its operations at the Baita Plai Mine in Romania, and its recently
expanded interests in Tajikistan.
As part of this arrangement, and on behalf of the Swiss
investment company, Vast has received an offer from the Nikash
Group to purchase PGM concentrate containing on average 15%
platinum plus other payable materials and which is being marketed
as a platinum concentrate. Under the offer, Vast will arrange the
sale and delivery of, on average, two tonnes of high-grade platinum
concentrate per month over a period of up to one year. Independent
assays have been performed by the seller corroborating the grade of
the platinum concentrate at 15% and execution of the final sales
contract with the Nikash Group will be dependent, amongst other
matters, on the buyer concluding its internal assays and inspection
of the product. The estimated sales value, based on seller assays,
is expected to exceed $100 million.
This transaction will represent the first sale of product on
behalf of the Swiss investment company. The Company is also
currently working on the marketing of other similar high value
products originated from the
same Swiss investment company to expand Vast's trading desk. These activities naturally complement Vast's operations and interests in Baita Plai, Zimbabwe and Tajikistan. The Company's expectations regarding these business areas remain positive and the management team remain fully committed to their successful development.
About the Nikash Group
Headquartered in Dubai, the Nikash Group has become a leader in
the manufacturing, trading, and distribution of specialised
commodities.
Founded in 1960 as a general trading company specialising in the
agricultural sector, the Nikash Group has since grown to become a
major player and marketer of physical commodities with a presence
in over 50 countries worldwide through agents and representative
offices.
Nikash Metals specialises specifically in metals such as nickel,
cobalt, titanium, molybdenum, niobium, tantalum, tungsten,
zirconium, hafnium, rhenium and precious metals used in the
following industries: oil & gas, aerospace, automobile,
medical, orthopaedics, electric vehicles, thermal spray, electro
plating, steel and 3D additive manufacturing.
Andrew Prelea, Chief Executive Officer at Vast Resources PLC,
commented:
"This marks the beginning of an important additional revenue
stream for Vast, building on our operations in Romania and our
interests in Tajikistan, as we look to strengthen the financial
performance of the Company throughout 2024. We anticipate that this
agreement will result in further collaborative opportunities that
will strengthen the operating capabilities of Vast."
**ENDS**
For further information, visit www.vastplc.com or please
contact:
Vast Resources plc www.vastplc.com
Andrew Prelea (CEO) +44 (0) 20 7846 0974
Beaumont Cornish -- Financial http://www.beaumontcornish.com
& Nominated Advisor www.beaumontcornish.com
Roland Cornish +44 (0) 20 7628 3396
James Biddle
Shore Capital Stockbrokers Limited www.shorecapmarkets.co.uk
-- Joint Broker +44 (0) 20 7408 4050
Toby Gibbs / James Thomas (Corporate
Advisory)
Axis Capital Markets Limited -- www.axcap247.com
Joint Broker +44 (0) 20 3206 0320
Richard Hutchinson
St Brides Partners Limited http://www.stbridespartners.co.uk
Susie Geliher www.stbridespartners.co.uk
+44 (0) 20 7236 1177
ABOUT VAST RESOURCES PLC
Vast Resources plc is a United Kingdom AIM listed mining company
with mines and projects in Romania, Tajikistan, and Zimbabwe.
In Romania, the Company is focused on the rapid advancement of
high-quality projects by recommencing production at previously
producing mines.
The Company's Romanian portfolio includes 100% interest in Vast
Baita Plai SA which owns 100% of the producing Baita Plai
Polymetallic Mine, located in the Apuseni Mountains, Transylvania,
an area which hosts Romania's largest polymetallic mines. The mine
has a JORC compliant Reserve & Resource Report which underpins
the initial mine production life of approximately 3-4 years with an
in-situ total mineral resource of 15,695 tonnes copper equivalent
with a further 1.8M-3M tonnes exploration target. The Company is
now working on confirming an enlarged exploration target of up to
5.8M tonnes.
The Company also owns the Manaila Polymetallic Mine in Romania,
which the Company is looking to bring back into production
following a period of care and maintenance. The Company has also
been granted the Manaila Carlibaba Extended Exploitation Licence
that will allow the Company to re-examine the exploitation of the
mineral resources within the larger Manaila Carlibaba licence
area.
Vast has an interest in a joint venture company which provides
exposure to a near term revenue opportunity from the Takob Mine
processing facility in Tajikistan. The Takob Mine opportunity,
which is 100% financed, will provide Vast with a 12.25 percent
royalty over all sales of non-ferrous concentrate and any other
metals produced. Vast has also been contractually appointed to
manage and develop the Aprelevka Gold Mines located along the Tien
Shan Belt that extends through Central Asia, currently producing
approximately 11,600 oz of gold and 116,000 oz of silver per annum.
It is the intention to increase production closer to historical
peak production of 27,000 oz gold and 250,000 oz silver. Vast will
be entitled to a 4.9% effective interest in the mines with the
option to acquire equity in the future.
(END) Dow Jones Newswires
January 22, 2024 02:00 ET (07:00 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
Vast Resources (LSE:VAST)
Historical Stock Chart
From Jun 2024 to Jul 2024
Vast Resources (LSE:VAST)
Historical Stock Chart
From Jul 2023 to Jul 2024