Platinum Group Metals (PGM) Agreement
January 22 2024 - 2:00AM
Platinum Group Metals (PGM) Agreement
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
GroupHeadquartered 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 plcAndrew Prelea (CEO) |
www.vastplc.com+44 (0) 20 7846 0974 |
Beaumont
Cornish – Financial & Nominated AdvisorRoland
CornishJames Biddle |
www.beaumontcornish.com+44 (0) 20 7628 3396 |
Shore
Capital Stockbrokers Limited – Joint Broker Toby Gibbs /
James Thomas (Corporate Advisory) |
www.shorecapmarkets.co.uk +44 (0) 20 7408 4050 |
Axis
Capital Markets Limited – Joint Broker Richard
Hutchinson |
www.axcap247.com +44 (0) 20 3206 0320 |
St Brides
Partners LimitedSusie 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.
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