Vast Resources advances reverse takeover as Tajikistan approvals and financing talks progress

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Vast Resources reverse takeover progress

Highlights

Vast Resources advances its reverse takeover process, securing Tajik government approval and expects to publish an admission document before the 31 July 2026 deadline.
Equity fundraising for the transaction remains at GBP 5 million to GBP 12.5 million, with three non-binding debt facility term sheets under negotiation and creditor repayments planned from diamond sales and new financing.
Recent exploration at Aprelevka's Soviet Tailings Facilities reports a mineralised inventory of 6,645 Kt to 7,358 Kt, with 235,006 to 331,191 oz gold and 65,052,536 to 88,948,512 oz silver, strengthening resource confidence.

RTO timeline and funding preparations

As reported by London Stock Exchange, citing Regulatory News Service, Vast says the proposed transaction has advanced further since its original announcement on 22 December 2025 and the later extension of the long-stop date to 31 July 2026. The company says it now has formal confirmation from the Government of Tajikistan on organisational changes at Aprelevka that are intended to support a smooth post-completion transition.

Vast says it expects to be in a position to publish an admission document before the extended deadline, provided the related placing is completed. The group also says it has received three non-binding term sheets for debt facilities, in some cases alongside off-take arrangements, and is seeking to convert at least one of them into a binding term sheet before the reverse takeover completes.

The company says the equity fundraising required to complete the proposed transaction remains in a range of GBP 5 million to GBP 12.5 million, depending on the debt and off-take package ultimately agreed. It adds that it remains in discussions with A&T Investments SARL and Mercuria Energy Trading SA over extensions to existing loan terms until the transaction closes.

Vast says it plans to repay those creditors in full using revenue from diamond sales together with proceeds from the placing, debt facilities linked to the reverse takeover, new off-take finance agreements or broader funding arrangements. The company also says it expects to provide a further update on diamond processing and sales shortly.

Tajikistan tailings results support resource confidence

Separately, Vast says additional drilling, trench sampling and metallurgical test work have recently been completed at the Soviet Tailings Facilities at Aprelevka in Tajikistan. The work includes 41 trenches, with gold grades ranging from 0.03 g/t to 5.17 g/t on TSF1B and from 0.05 g/t to 5.33 g/t on TSF2B, while silver grades range from 14 g/t to 1,232 g/t on TSF1B and from 14 g/t to 1,163 g/t on TSF2B.

Drilling covers 69 holes at an average depth of 16.94 metres across 185,535 square metres for TSF1B, plus 83 holes at an average depth of 11.34 metres across 141,460 square metres for TSF2B. Vast notes that bulk density testing has not yet been undertaken, so tonnage figures for this phase remain pending and are being expressed as ranges in an updated competent person's report due on the company website shortly.

The company says the current mineralised inventory range for the Soviet Tailings deposit is 6,645 Kt to 7,358 Kt, with gold grades of 1.10 g/t to 1.40 g/t and silver grades of 304.40 g/t to 376.00 g/t. That equates to an estimated 235,006 to 331,191 ounces of gold and 65,052,536 to 88,948,512 ounces of silver, figures that Vast says increase the board's confidence in ore volumes and grades within the tailings.

Metallurgical testing also indicates a higher silver concentration in flotation concentrate, with average silver content of 1.095%, or 10,947 g/t, and 1.132%, or 11,321 g/t, excluding an outlier. Vast says the sample has so far only undergone bench-scale primary rougher flotation testing, with further cleaning and scavenging stages still to come before any final sales-specification concentrate is produced.

The Soviet Tailings exploration results and current mineralised material estimates are reviewed by Negru Vlad Andrei, the competent person named in the announcement. Vast notes that the estimates are not yet reported in accordance with the JORC Code 2012.

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