Placing and Subscription to raise £2,712,000

Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining

16 June 2025

Vast Resources plc
(“Vast” or the “Company”)

Placing and Subscription to raise £2,712,000

Vast Resources plc, the AIM-listed mining company, announces that it has raised gross proceeds of £2,712,000 by way of a subscription for 60,571,428 new ordinary shares of 0.1p in the Company (“Ordinary Shares”) (the “Subscription”) and a placing (the “Placing”) of 714,285,713 new Ordinary Shares at a price of 0.35p per new Ordinary Share (together, the “Fundraise”). The Placing, which will close in two tranches as set out below, was undertaken by the Company’s joint broker, Axis Capital Markets Ltd (“Axis”).

The net cash raised from the Fundraise will be used for the primary beneficiation of the diamond parcels, which is expected to significantly enhance their value; providing financial support for the Company’s new technical team to commence working on the current projects accelerate implementation of the comprehensive technical review announced on 12 June 2025; and for general working capital.

Admission & Total Voting Rights

Application will be made to AIM for the new Ordinary Shares to be issued pursuant to the Subscription, which will rank pari passu with existing Ordinary Shares, to be admitted to trading on AIM and it is expected that Admission will become effective and dealing will commence on or around 19 June 2025 (the “First Admission”)

Application will be made to AIM for the 714,285,713 new Ordinary Shares to be issued pursuant to the Placing (the “Placing Shares”), which will rank pari passu with existing Ordinary Shares, to be admitted to trading on AIM in two tranches. It is expected that admission will become effective and dealing will commence in respect of 341,696,428 Placing Shares on or around 20 June 2025 (the “Second Admission”) and in respect of 372,589,285 Shares, being the balance of the Placing Shares, on or around 2 July 2025 (the “Third Admission”).

The Subscription and the two tranches of the Placing are conditional on the First, Second and Third Admissions, respectively, as detailed above.

Following the First Admission, ceteris paribus, the total issued share capital of the Company will be 3,172,178,785 Ordinary Shares; following the Second Admission the total issued share capital of the Company will be 3,513,875,213 Ordinary Shares; and following the Third Admission the total issued share capital of the Company will be 3,886,464,498 Ordinary Shares. The Company does not hold any Ordinary Shares in Treasury and accordingly the above figures of 3,172,178,785, 3,513,875,213 and 3,886,464,498 may then be used by shareholders, on the First, Second and Third Admission dates respectively, as the denominator for the calculations by which they will determine if they are required to notify their interest in Vast under the FCA's Disclosure and Transparency Rule.