Vast Resources Plc

Description

Vast Resources Plc is a UK-listed mining company whose August 2026 reverse takeover added a controlling operating interest in the Aprelevka gold-silver operation in Tajikistan. Vast owns 100% of Gulf International Minerals, which owns 49% of the Aprelevka joint venture, while the Tajik government owns 51%. Vast nevertheless holds operating control through the board arrangements.

The investment case combines current gold-silver production with substantial expansion optionality. Aprelevka produced 9,434 oz of gold and 126,640 oz of silver in 2025, while management's 2026 plan targets 11.68 koz gold and 0.29 Moz silver from approximately 633 kt. Large Soviet and Kansai tailings inventories, higher-grade satellite mines and a potential Baita Plai restart provide additional growth potential.

The wider portfolio includes Romanian copper-gold-polymetallic assets and residual Zimbabwe diamond exposure. The reverse takeover also refinanced the balance sheet, although Glencore debt, Vast's 49% economic interest in Aprelevka and jurisdictional risk remain material considerations.

List of Projects:

Project 1: Aprelevka Portfolio, Tajikistan — Gold, Silver
49% economic interest and Vast-operated. Includes four producing licences/mines: Aprelevka, Burgunda, Ikkizelon and Kyzylcheku, with ore processed through the central Kansai plant. Ikkizelon contains the highest-grade inventory at approximately 9.0–11.4 g/t Au.

Project 2: Kansai and Soviet Tailings, Tajikistan — Gold, Silver
Kansai reprocessing contributes to current production. Soviet Tailings represents a major expansion opportunity, with approximately 6.645–7.358 Mt grading 1.10–1.40 g/t Au and 304.4–376 g/t Ag, pending modern JORC verification and development decisions.

Project 3: Baita Plai, Romania — Copper, Gold, Silver, Lead, Zinc
100%-owned underground polymetallic mine containing approximately 608 kt at 2.58% CuEq. Production has been paused since June 2025 while a technical review and new mine plan are prepared for a possible 2027 restart.

Project 4: Manaila-Carlibaba, Romania — Copper, Gold, Silver, Lead, Zinc
100%-owned care-and-maintenance/development asset with a 3.6 Mt open-pit M&I resource plus approximately 399 kt underground inventory. Licence extension remains pending.

Project 5: Blueberry Gold / Zagra / Hanes, Romania — Gold / Polymetallic
Includes a 29.41% effective interest in the Blueberry brownfield gold opportunity, early-stage Zagra licences and potential Hanes rehabilitation or royalty work. Advancement remains dependent on licences, exploration results and restart decisions.

Project 6: Zimbabwe Diamonds — Non-core diamond exposure
Historical parcel rights generated an initial US$1.084M tender in November 2025. Additional sales were targeted for H2 2026 if suitable parcels became available, but the exposure is non-core and irregular

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