Vast Resources plc (AIM: VAST) has reported further progress on its proposed reverse takeover of Gulf International Minerals Limited, with due diligence nearing completion and formal confirmation of organisational changes at the Aprelevka operation now received from the Government of Tajikistan.
Subject to completion of the associated placing, Vast expects to publish its Admission Document before the extended long-stop date of 31 July 2026.
Recent drilling, trench sampling and metallurgical work on the Soviet Tailings Facilities at Aprelevka has also increased the board’s confidence in the scale and grade potential of the material.
Current mineralised inventory estimates range from 6.65 million to 7.36 million tonnes grading between 1.10 and 1.40 grams per tonne gold and 304.4 to 376 grams per tonne silver.
This equates to an estimated 235,006 to 331,191 ounces of gold and between 65.1 million and 88.9 million ounces of silver.
However, Vast stressed that no bulk density testing has yet been completed and the estimates are not currently reported in accordance with the JORC Code.
Metallurgical test work on representative tailings material also produced strong silver concentrations following laboratory bench-scale rougher flotation.
Average silver concentration reached approximately 10,947 grams per tonne, rising to 11,321 grams per tonne when one outlier was excluded.
The company said further flotation stages would normally be required to upgrade the material into a final sales-specification concentrate.
On financing, Vast has received three non-binding term sheets covering potential debt and, in some cases, offtake facilities.
The company is seeking to secure at least one binding term sheet before completion of the RTO.
Depending on the debt and offtake package agreed, Vast now expects the equity fundraising required for completion of the transaction to be between £5 million and £12.5 million.
Vast is also continuing discussions with A&T Investments SARL and Mercuria Energy Trading SA regarding extensions to existing loan facilities until completion of the RTO.
The company said it intends to use proceeds from diamond sales, the placing, debt facilities or new offtake financing to repay creditors in full.
A further update on diamond processing and sales is expected shortly.
