TIDMVAST
Vast Resources plc / Ticker: VAST / Index: AIM / Sector:
Mining
31 October 2023
Vast Resources plc
('Vast' or the 'Company')
Final Results
Vast Resources plc, the AIM-listed mining company, is pleased to
announce its final results for the 12-month period ended 30 April
2023. A copy of the annual report will be available on the
Company's website at www.vastplc.com and printed copies are being
posted to shareholders.
**S**
For further information, visit www.vastplc.com or please
contact:
Vast Resources plc www.vastplc.com
Andrew Prelea (CEO) +44 (0) 20 7846 0974
Andrew Hall (CCO)
Beaumont Cornish -- Financial http://www.beaumontcornish.com
& Nominated Advisor www.beaumontcornish.com
Roland Cornish +44 (0) 20 7628 3396
James Biddle
Shore Capital Stockbrokers Limited www.shorecapmarkets.co.uk
-- Joint Broker +44 (0) 20 7408 4050
Toby Gibbs / James Thomas (Corporate
Advisory)
Axis Capital Markets Limited -- www.axcap247.com
Joint Broker +44 (0) 20 3206 0320
Richard Hutchinson
St Brides Partners Limited http://www.stbridespartners.co.uk
Susie Geliher www.stbridespartners.co.uk
+44 (0) 20 7236 1177
OVERVIEW OF THE YEARED 30 APRIL 2023
Vast Resources plc ('Vast' or the 'Group' or the 'Company') is
focused on key mining opportunities in Romania, Zimbabwe and
Tajikistan. These opportunities comprise the Baita Plai
Polymetallic Mine ("BPPM") in Romania, the Group's expected
opportunity in Zimbabwe, and participation in a mining project in
Tajikistan ("Takob project") from which the Company will receive
the equivalent of a 12.25% royalty on all sales of non-ferrous
concentrate and other metals produced from an operating fluoride
and galena mine. The Group continued to hold the Manaila
Polymetallic Mine ("MPM") on care and maintenance during the
reporting period with the expectation of a funding round at a later
stage.
BPPM produced concentrate throughout the year, increasing milled
production from 38,108 metric tonnes for the year ended 30 April
2022 to 60,750 metric tonnes for the year ended 30 April 2023. The
Company continued to invest in BPPM to support the transition to
mechanised mining. The Company began a drilling campaign at BPPM
with the objective of establishing an enlarged JORC compliant
Mineral Resource potentially upgrading the existing Mineral
Resource with the inclusion of a JORC compliant Exploration Target
of 11.65 to 12.65 million tonnes. Initial results received after
the year end were very encouraging confirming the potential to
extend the mining area.
Having established steady state production of a 95% minimum
fluorite concentrate at the Takob mine in Tajikistan, the Takob
project commenced production of a lead and zinc concentrate at the
end of the year and has executed its first shipment after the year
end. Shortly before the date of this report the Company has
executed a Memorandum of Understanding (MoU) which will give it an
interest in, and management responsibility for, the Aprelevka gold
mines in the Tien Shan Belt of Tajikistan.
Significant progress has been made towards achieving a
satisfactory outcome to our historic position in Zimbabwe and this
has continued very positively post year end.
Financial
-- Unchanged revenues for the year ended 30 April 2023 (US$3.7 million)
compared to the year ended 30 April 2022 (US$ 3.8 million). Despite
product sales increasing revenues were impacted by lower copper prices.
-- 14% decrease in other administrative and overhead expenses for the year
ended 30 April 2023 (US$3.9 million) compared to the year ended 30 April
2022 (US$4.5 million). The decrease is due to a significant reduction in
payroll costs mainly due to the elimination of expatriate employee
headcount and general reductions in expenses.
-- Foreign exchange gains of US$1.4 million for the year ended 30 April 2023
compared to losses of US$3.8 million for the year ended 30 April 2022.
These profits arise from the Company's USD denominated funding of its
Romanian Lei functional currency subsidiaries and are partly compensated
by foreign exchange translation losses of US$1.2 million. The Company
funds its Romanian businesses in USD given this funding will ultimately
be repaid from USD denominated sales.
-- A decrease in losses after taxation in the year ended 30 April 2023
(US$10.5 million) compared to the year ended 30 April 2022 (US$15.5
million). Eliminating the effects of foreign exchange gains and losses,
the loss for the period has increased from US$11.7 million for the year
ended 30 April 2022 to US$11.9 million for the year ended 30 April 2023.
-- Cash balances at the end of the period US$0.530 million compared to
US$0.130 million at 30 April 2022.
Operational Development
-- BPPM milled production from 38,108 metric tonnes for the year ended 30
April 2022 to 60,750 metric tonnes for the year ended 30 April 2023.
-- The Company continued to invest in BPPM to support the transition to
mechanised mining. Long-hole stopping was introduced during the period
with the purchase, delivery, and installation of drill rigs.
-- The Company completed a second milling circuit at BPPM.
-- The Company began drilling at BPPM for the purpose of establishing an
enlarged JORC compliant Mineral Resource which gives the Company
potential to upgrade the existing Mineral Resource with the inclusion of
a JORC compliant Exploration Target of 11.65 to 12.65 million MT at 0.98%
to 1.69% copper, 0.23% to 0.57% lead, and 0.17% to 0.62% zinc.
-- Following the successful opening of the Takob Mine Processing Project at
the Takob Mine in Tajikistan with Open Joint Stock Company Korkhanai
Boygardonii Takob ("Takob"), the Takob project has executed an exclusive
offtake contract with Trafigura PTE. Ltd, one of the world's leading
independent commodity trading and logistics companies for the sale of
bulk concentrates produced via the Takob project.
-- Steady state production of a 95% minimum fluorite (CaF ) concentrate was
attained at the Takob mine in Tajikistan thus achieving satisfaction of a
major performance condition of the contract with Korkhanai Boygardonii
Takob.
Post reporting date:
-- Initial drilling results for BPPM received after the year end were very
encouraging confirming the potential to extend the mining area.
-- On 14 July 2023, an employee was fatally injured in a mine transportation
incident. The Directors and Management of Vast express their sincere
condolences to the family and colleagues of the deceased and will be
providing all necessary support to the family.
-- Execution of first shipment to Trafigura of lead and zinc concentrate
from the Takob mine in Tajikistan.
-- Execution of a Memorandum of Understanding (MoU) which will give it an
interest in, and management responsibility for, the Aprelevka gold mines
in the Tien Shan Belt of Tajikistan.
Funding
Equity:
Fundraising share issues during the year (gross proceeds before
cost of issue):
GBP $ Shares issued Issued to
6,901,967 8,232,634 1,661,286,533 Placing with investors
1,743,325 2,121,265 249,046,446 Subscription by investors
82,500 99,753 15,000,000 Subscription by management
1,420,845 1,750,000 511,963,302 Settle debt
10,148,637 12,203,652 2,437,296,281
---------- ---------- -------------
Post reporting date:
GBP $ Shares issued Issued to
3,520,350 4,409,350 1,419,000,000 Placing with investors
3,520,350 4,409,350 1,419,000,000
--------- --------- -------------
Debt:
-- On 16 May 2022, the Company repaid in full the outstanding bonds owed to
Atlas and subsequently made a US$1 million debt reduction to the amount
owed to Mercuria. These repayments were in part financed by a US$4
million asset backed debt facility from A&T Investments SARL ("Alpha")
with maturity 15 May 2023.
Post reporting date:
-- The Company has been in continuing discussions with Mercuria and Alpha
regarding extensions in the repayment date for the totality of the debt
owed so as to allow further time to finalise the receipt of proceeds
associated with an historic claim in its operations. Mercuria and Alpha
have been and continue to be supportive to the Company having extended
the repayment date on several occasions with the current extension
running to 30 November 2023.
Management
-- Craig Harvey, Technical Director and Chief Operating Officer resigned on
3 March 2023.
Political and environmental
-- The conflict in Ukraine has not had any direct adverse impact on Vast's
operations but has continued to impact commodity markets.
CHAIRMAN'S REPORT
There have been some notable successes this year. Despite
economic and geopolitical headwinds, the Company successfully
refinanced the Atlas bond facility in May 2022. Production improved
at the Baita Plai Polymetallic Mine ("BPPM") with the introduction
of long-hole stopping. Significant progress was made by the parties
relating to our historic position in Zimbabwe, which progress has
continued positively after year end.
Romania
Production at the Baita Plai Polymetallic Mine ("BPPM")
increased over last year, and the Company transitioned to a
mechanised mining methodology, commencing long-hole stopping in
calendar Q3 2022. A second milling circuit was also added. This has
created the platform for further production increases.
The Company began a drilling campaign at BPPM with the objective
of establishing an enlarged JORC compliant Mineral Resource
potentially upgrading the existing Mineral Resource with the
inclusion of a JORC compliant Exploration Target of 11.65 to 12.65
million tonnes. Initial results received after the year end were
very encouraging confirming the potential to extend the mining area
and to this end the Company will seek to increase capacity
accordingly at the appropriate time.
Given the many priorities and challenges during the year, the
Company continues to maintain the Manaila Polymetallic Mine ("MPM")
on care and maintenance. The Company continues to engage with
potential new investors at the project level to support the
restart.
Very sadly, on 14 July 2023, a mine employee at BPPM was fatally
injured in a mine transportation incident. Directors and Management
of Vast express their sincere condolences to the family and
colleagues of the deceased and the Company is providing all
necessary support to the family.
Tajikistan
Tajikistan provides the Company with an exciting opportunity to
develop local mining and production capabilities in partnership
with Takob. Having established steady state production of a 95%
minimum fluorite concentrate at the Takob mine in Tajikistan, the
Takob project commenced production of a lead and zinc concentrate
at the end of the year. The Directors believe that Tajikistan
offers the potential for other exciting developments.
Zimbabwe
Very positive progress has been made concerning our historic
position in Zimbabwe.
Directors and management
Craig Harvey, Technical Director and Chief Operating Officer
resigned on 3 March 2023. I would like to thank Craig for his
contribution to the Company during his tenure as a director. We
wish him well for the future. Craig's responsibilities regarding
Romania are now undertaken by Nicolae Turdean, our Romanian Country
Manager. Nicolae is a mining engineer with decades of experience in
the mining industry and was previously President of Romania's
National Agency for Mineral Resources and prior to that CEO of
Cupru Min, a Romanian state owned copper mine.
Funding
On 16 May 2022, the Company repaid in full the outstanding bonds
owed to Atlas and subsequently made a US$1 million debt reduction
to the amount owed to Mercuria. These repayments were in part
financed by a US$4 million asset backed debt facility from A&T
Investments SARL ("Alpha") with maturity 15 May 2023 which has
subsequently been extended by mutual agreement to 30 November
2023.
Corporate Governance
As stated in the Strategic Report, the Company has adopted the
Quoted Company Alliance ('QCA') code on Corporate Governance. The
Board strives to promote a corporate culture based on sound ethical
values and behaviours. The Company maintains a strict
anti-corruption and whistle blowing policy and the Directors are
not aware of any event in any jurisdiction in which it operates
that might be considered to be a breach of this policy. The Company
has formally adopted Code of Conduct, Health and Safety,
Environmental, and Human Rights policies which clearly articulate
the Board's expectations and strengthen the control environment of
the organisation. The Company continues to operate a code for
Directors' and employees' dealings in securities which is
appropriate for a company whose securities are traded on AIM and is
in accordance with the requirements of the Market Abuse Regulation
which came into effect in 2016. The Company is also committed to
maintaining open dialogue with shareholders, employees and other
stakeholders.
Appreciation
The continued support and resolve of shareholders and other
stakeholders through times that have been challenging is much
appreciated. To fellow directors, thank you for your advice and
support, and to management and staff both in Romania and Zimbabwe
for their continued effort on behalf of the Company. Above all we
wish all our stakeholders well in these difficult times and remain
committed to safeguarding the safety of our employees and the
communities in which we operate.
Brian Moritz
Chairman
STRATEGIC REPORT
Principal activities, review of business and future
developments
Vision
The vision of the Group continues to be to become a mid-tier
mining group, one of the largest polymetallic (copper, zinc,
silver, and gold) producers in Romania, and a major player in the
re-emergence of the mining industry in Tajikistan.
Principal activities
In Romania the Group has focused on operating the Baita Plai
Polymetallic Mine ("BPPM") which commenced production in October
2020. The Manaila Polymetallic Mine ("MPM") has remained on
care-and-maintenance during the period and the Company is engaged
with new investors to support the restart.
In Tajikistan, the Group has a mining project in Tajikistan with
a fluoride and galena mine to produce and market non-ferrous
concentrate and other metals.
In Zimbabwe, the Group continues to focus on bringing the
historic position to a satisfactory conclusion and, post year end,
the Group is now very well advanced on this.
In both Romania and Tajikistan, the Group holds further mining
claims or other interests which are under appraisal.
Review of business
Romania
BPPM (100% interest)
Operations
The Company has continued to invest time and resources to fully
implement the transition to mechanised mining and successfully
began long-hole stopping in calendar Q3 2022 following the
deliveries of two drilling rigs. BPPM produced concentrate
throughout the year, increasing milled production from 38,108
metric tonnes for the year ended 30 April 2022 to 60,750 metric
tonnes for the year ended 30 April 2023. Continued investment and
production increases will allow the mine to cover all the group's
costs. The progress this year represents a significant achievement
for the Company. We were, however, very saddened on 14 July 2023,
by a fatality at the mine. An employee was fatally injured in a
mine transportation incident. The Directors and Management of Vast
express their sincere condolences to the family and colleagues of
the deceased and will be providing all necessary support to the
family.
Resources
The JORC compliant Resource & Reserve Report for BPPM
comprises an Indicated & Inferred mineral resource of 608,000
tonnes at 2.58% copper equivalent based on a copper metal price of
US$ 6,655/tonne. Under JORC an exploration target has been
identified, which includes an historical mineral resource of
between 1.8 million to 3 million tonnes with a copper grade range
of 0.50--2.00%, gold range of 0.20--0.80 g/t and silver range of
40-80g/t. Subsequent to the publication of the JORC assessment, and
following an analysis of historical data records, the exploration
targets previously reported under the JORC were increased from 1.8
million -- 3.0 million tonnes to 3.2 million - 5.8 million tonnes
with copper grades in the range 0.50-2.00%, lead range 0.10-2.00%,
zinc range 0.10-2.00%, gold range 0.20- 0.80g/t, and silver range
40-80g/t further reinforcing the value of BPPM. The Company has
also begun a drilling campaign for the purpose of establishing an
enlarged JORC compliant Mineral Resource and in due course an Ore
Reserve for its licence renewal in August 2024. The drilling
campaign is supported by a Technical Programme Report prepared by
the Chief Geologist for geological and geotechnical consultants,
Formin SA, and countersigned by Top Consulting, Canada. The Report
concludes that the fulfilment of the programme will give the
Company the potential opportunity to upgrade the existing Mineral
Resource with the inclusion of a JORC compliant Exploration Target
of 11.65 to 12.65 million metric tonnes at 0.98% to 1.69% copper,
0.23% to 0.57% lead, and 0.17% to 0.62% zinc. Initial drill results
received after the year end were very encouraging confirming the
potential to extend the mining area.
MPM (100% interest)
The Manaila Carlibaba exploitation perimeter contains a
JORC-2012 compliant Indicated Mineral Resource of 3.6 million
tonnes grading 0.93% copper, 0.29% lead, 0.63% zinc, 0.23g/t gold
and 24.9g/t silver with Inferred Mineral Resources of 1.0 million
tonnes grading 1.10% copper, 0.40% lead, 0.84% zinc, 0.24g/t gold
and 29.2g/t silver. Under Page 8 of 65 JORC underground exploration
targets identified are 7.9 million -- 23.6 million tonnes with
copper grades in range of 0.4-1.3%, lead range 0.2-0.7%, zinc range
0.3-1.1%, and open pit exploration targets of 1.1 million -- 3.2
million tonnes with copper grades in range of 0.4-1.1%, lead
0.1-0.4%, and zinc range 0.2-0.6%. The Company was granted the
Manaila Carlibaba Exploitation License to 29 October 2025. The
increase in demand for copper together with production efficiencies
confirmed by the assessment of the suitability of X-Ray Sorting
Technology ('XRT') to optimise the mine's production profile
results in a substantial improvement in the economics of MPM. The
test results conducted by TOMRA indicate that an XRT machine can
substantially reduce transportation and production costs. It is for
these reasons that the Company is engaged with potential new
investors at the project level to support the restart of MPM.
Blueberry Polymetallic Gold Project (`Blueberry') (29.41%
effective interest).
The Group has an effective 29.41% economic interest in Blueberry
through EMA Resources Ltd ('EMA') in a brown field perimeter
located at Baia de Aries in the 'Golden Quadrilateral' of Western
Romania on which historic work has demonstrated prospectivity for
gold and polymetallic minerals. The Group has completed a drilling
programme on the perimeter which has established sufficient
information to support a maiden JORC resource. The Company has
completed procedural and reporting requirements with the Romanian
authorities. These have now been accepted and will allow the
Company to apply for an exploitation licence. The results and net
assets of the Blueberry project are immaterial to the Group and
therefore have not been included in the Group financial statements
under the equity method of accounting.
Other Romanian prospects
Given the Company's focus on BPPM, the application for an
Exploration Licence for our current claims at Magura Neagra and
Piciorul Zimbrului (collectively known as 'Zagra') has been placed
on hold and will recommence once internal resources are available.
The Group continues to believe that exploitation of the many mining
opportunities that have become dormant in Romania over the last two
decades will be an attractive prospect for global mining players
seeking to capitalize on the projected increase in demand globally
for copper occasioned by the global transition to clean energy and
electric vehicles.
The Group's 'first mover position' in Romania has attracted
interest in resuscitating the large-scale polymetallic resource
projects in Romania.
Tajikistan (12.25% effective interest)
Takob processing Project
The Company, as one of a collective group of partners, has a
mining project (the "Takob project") in Tajikistan with Open Joint
Stock Company Korkhonai Boygardonii Takob ("Takob"). The interest
in the Takob project was acquired as a result of the acquisition by
a recently incorporated UK company, Central Asia Investments Ltd,
in which Vast has a 49 percent interest of a 50 percent interest in
Central Asia Minerals and Metals Ore Trading FZCO ("CAMM") which
has an agreement with Takob (the "Master Agreement"). Vast has an
effective 24.5 percent indirect interest in the Takob project.
Takob, a wholly owned subsidiary of the Tajikistan Open Joint Stock
Company "TALCO", the country's largest group of companies, is the
owner of the operating Takob fluorite and galena mine (the "Mine")
in Tajikistan where the strategic fluoride concentrate is sold to
TALCO's chemical division ("TALCO Chemical LLC"), for the
production of essential raw materials required for primary
aluminium production.
Under the Master Agreement the Mine is to produce approximately
7,000 tonnes per month of ore containing no less than 1.5-2% lead,
1.2-1.4% zinc and 27% fluoride. Under the Master Agreement CAMM is
to provide equipment, technology and technical expertise to upgrade
and optimise the processing plant at the Mine, and will undertake
the responsibility for the management and execution of the Takob
project. Takob will continue to mine ore at the Mine and produce
fluoride concentrate. Takob has undertaken to supply no less than
1,000,000 tonnes of ore to be processed in line with the Project
that is anticipated to run with the current Resource statement for
12 years.
CAMM has also under the Master Agreement been appointed as
exclusive agent for Takob to market and sell all non-ferrous
concentrates and precious metals from Takob's Mine including but
not limited to lead, zinc, gold and silver. An exclusive offtake
contract has been entered into with Trafigura PTE. Ltd, one of the
world's leading independent commodity trading and logistics
companies for the sale of bulk concentrates produced by the Takob
project. CAMM has secured financing and is fully funded for the
Takob project. In consideration for CAMM's financing obligations
and provision of services under the Master Agreement CAMM will be
entitled to receive 50 percent of net revenue from the sale of
non-ferrous concentrate and precious metals. In order for CAMM to
provide the expertise required to fulfil its services and marketing
obligations under the Master Agreement CAMM has entered a services
agreement with Vast to provide the services required. Under this
agreement Vast is entitled to charge for the services provided on
the basis that 24.5 percent of the fees earned will be left
outstanding until they can be financed from revenue arising from
the Takob project. The project has made good progress with the
Takob mine achieving steady state production of a 95% minimum
fluorite (CaF ) concentrate thus achieving satisfaction of a major
performance condition of the contract. In addition to fees
receivable under the services agreement with CAMM Vast will receive
the equivalent of 12.25 percent royalty of all sales of the
non-ferrous concentrate and any other metals produced for its
participation in the collective group. The Takob project commenced
production of a lead and zinc concentrate at the end of the
financial year and has executed its first shipment after the year
end.
Takob Tailings Project
CAMM also executed a Memorandum of Understanding ("MoU") with
Open Joint Stock Company TALCO linked to processing the tailings
produced by the Takob Mine processing facility. During the initial
soil sampling phase, the company reported visible signs of Lead,
Zinc and precious metals, including Gold, Silver & Platinum
Group Metals, in the tailings facility. Initial surface survey
results show that there is a minimum of 1 million tons and up to
3.3 million tons. Over the past 40 years of mining the processing
plant was focused on Calcium Fluoride recoveries, not on extraction
of non-ferrous or precious metals.
MoU for Aprelevka Gold Mines
Shortly before the date of this report the Company has executed
a legally binding MoU which will give it an interest in, and
management responsibility for, the Aprelevka gold mines in the Tien
Shan Belt of Tajikistan.
Zimbabwe
As stated in the Chairman's Report, very significant progress
has been made during the year and continues to be made after the
year end on the Company's outstanding historic position in
Zimbabwe. Full details have been disclosed in the Company's
announcements.
Corporate
On 16 May 2022, the Company repaid in full the outstanding bonds
owed to Atlas and subsequently made a US$1 million debt reduction
to the amount owed to Mercuria. These repayments were in part
financed by a US$4 million asset backed debt facility from A&T
Investments SARL ("Alpha") with maturity of one year, which is due
for repayment on 30 November 2023.
Strategy
The Group's strategy is to:
-- Attract appropriate funding for the Group -- including from institutional
investment
-- Attract appropriate joint venture partners and public institutions to
invest in the Group and projects of mutual interest
-- Grow into a mid-tier mining company both organically and through
acquisitions financed principally by third parties
-- Optimise operations to produce positive cashflows
-- Add value to operations by increasing resources and reserves
-- If expedient, hold significant minority stakes in new ventures
operationally managed by the Group
-- Finance growth, where possible in a non-dilutive manner
-- Maintain exposure to Romania and Zimbabwe where the Group has acquired
in-depth country knowledge
-- Develop the Company's existing relationship in Tajikistan with Talco with
a view to expanding its portfolio within the country
-- Expand the Company's polymetallic footprint further afield to complement
its Romanian strategy
Key performance indicators
In executing its strategy, the Board considers the Group's key
performance indicators to be:
Cash cost per tonne milled
-- Cash cost per tonne is derived from aggregate cash costs divided by
tonnes milled and measures productivity.
-- BPPM cash cost per tonne was US$138 for the year (2022: US$180) and is
derived from aggregate cash costs divided by tonnes milled and measures
productivity.
-- There has been no production at MPM this and last year given the mine was
on care and maintenance.
Cash costs per tonne of concentrate
-- Cash cost per tonne produced is calculated by dividing aggregate cash
cost by concentrate tonnes produced and measures productivity.
-- BPPM cash cost per tonne was US$5,407 for the year (2022: US$7,654) and
is derived from aggregate cash costs divided by the tonnes produced.
-- There has been no production at MPM this year given the mine has been on
care and maintenance.
Plant production volumes as a measure of asset utilisation
-- BPPM processed mill feed of 60,750 tonnes (2022: 38,108 tonnes).
-- There has been no production at MPM this and last year given the mine was
on care and maintenance.
Total resources and reserves
-- These indicators measure our ability to discover and develop new ore
bodies, including through acquisition of new mines, and to replace and
extend the life of our operating mines. We have published JORC-2012
compliant resource estimates for both BPPM and MPM which are described
above.
The rate of utilization of the Group's cash resources. This is
discussed further below.
Cash resources
The Group's year end position was US$0.503 million (2022:
US$0.130 million).
During the year cash used in operations were US$6.396 million,
with a significant portion of the balance directly related to
developing, supporting and maintaining our mining assets.
Cash outflows from investing activities were US$1.871 million
comprising additions to property, plant, and equipment.
Cash net inflows from funding activities were US$ 8.694 million,
comprising the net of the proceeds from the issuance of shares of
US$9.816 million less net repayment of loans and borrowings and
finance expenses of US$1.122 million.
The Directors monitor the cash position of the Group closely to
plan sufficient funds within the business to allow the Group to
meet is commitments and continue the development of assets. As part
of this process, the Directors closely monitor capital expenditure
and the regulatory requirements of the licences to ensure they
continue in good standing.
Principal risks and uncertainties
Risk -- Going concern
The Company will require funding in order to repay the Mercuria
and Alpha debt facilities, and to provide general working capital.
The original maturity date for these facilities was 15 May 2023 and
this has been extended on several occasions with the current
extension by mutual agreement running to 30 November 2023. The
Company has been in continuing discussions with Mercuria and Alpha
for extensions in the repayment date for the totality of the debt
owed so as to allow further time to realise the proceeds associated
with a historic claim in its operations. The Company expects these
to repay both Mercuria and Alpha, with the balance, together
possibly with an element of debt financing in discussion, to
provide necessary funds for working capital and BPPM expansion
purposes. At the date of this Report the Company expects the
historic claim proceeds receipt very shortly although there can be
no certainty as to the precise date, and neither is there a legally
binding extension of the Mercuria and Alpha loans beyond 30
November nor alternative legally binding funding arrangements.
These conditions indicate the existence of a material uncertainty
which may cast significant doubt about the Group's and Company's
ability to continue as a going concern. The financial statements do
not include the adjustment that would result if the Group and
Company were unable to continue as a going concern.
Mitigation/Comments
In the event that the receipt of the historic claim proceeds
were received after 30 November 2023, management is confident that
with continued progress in the realisation process Mercuria and
Alpha would remain supportive. To date, Mercuria and Alpha have
extended the original repayment date several times. However, as
mitigation, the Company continues to engage with investors and debt
providers in order to provide liquidity to repay the Mercuria and
Alpha debt and to articulate the fundamental strength of the
Group's business so as to attract additional funding when required.
The Board also will, whenever possible, retain sufficient cash
margin to offset contingencies.
Risk -- Mining
Mining of natural resources involves significant risk. Drilling
and operating risks include geological, geotechnical, seismic
factors, industrial and mechanical incidents, technical failures,
labour disputes and environmental hazards.
Mitigation/Comments
Use of strong technical management together with modern
technology and electronic tools assist in reducing risk in this
area. Good employee relations are also key in reducing the exposure
to labour disputes. The Group is committed to following sound
environmental guidelines and is keenly aware of the issues
surrounding each individual project.
Risk - Commodity prices
Commodity prices are subject to fluctuation in world markets and
are dependent on such factors as mineral output and demand, global
economic trends and geo-political stability.
Mitigation/Comments
The Group's management constantly monitors mineral grades mined,
cost of production, and commodity diversity to ensure that mining
output becomes or remains economic. The anticipated marginal
contributions going forward at BPPM are high versus fixed costs
which provides a degree of liquidity protection in the event prices
decline significantly.
Risk -- Management and Retention of Key Personnel
The successful achievement of the Group's strategies, business
plans and objectives depend upon its ability to attract and retain
certain key personnel.
Mitigation/Comments
The Group's policy is to foster a management culture where
management is empowered and where innovation and creativity in the
workplace are encouraged. The Group has in place a "Share
Appreciation Rights Scheme" for Directors and senior executives to
provide incentives based on the success of the business and
continues to consult third party benchmarks for remuneration.
Risk - Country and Political
The Group's activities are based in Romania, Zimbabwe and
Tajikistan. Emerging market economies could be subject to greater
risks, including legal, regulatory, economic, bribery and political
risks, and are potentially subject to rapid change.
Mitigation/Comments
The Group's management team is experienced in its areas of
operation and skilled at operating within the framework of the
local culture in Romania, Tajikistan and Zimbabwe to progress its
objectives. The Group routinely monitors political and regulatory
developments in each of its countries of operation. In addition,
the Group actively engages in dialogue with relevant government
representatives to keep abreast of all key legal and regulatory
developments applicable to its operations. The Group has several
internal processes and checks in place to ensure that it is wholly
compliant with all relevant regulations to maintain its mining or
exploration licences within each country of operation.
Risk - Social, Safety and Environmental
The Group's success may depend upon its social, safety and
environmental performance, as failures can lead to delays or
suspension of its mining activities.
Mitigation/Comments
The Group takes its responsibilities in these areas seriously
and monitors its performance across these areas on a regular basis.
The Group has adopted and obtained ISO 9001:2015 for Quality, ISO
45001: 2018 for Safety, and ISO 140001: 2015 for Environment. As
mentioned earlier, we were very saddened on 14 July 2023 by a
fatality at BPPM. An employee was fatality injured in a mine
transportation incident.
Corporate Governance
The Company has adopted the QCA (Quoted Company Alliance) Code
on corporate governance. Details of how the Company complies with
this are set out on the Company's website. Principles which are
required to be dealt with under the Code in the Company's Annual
Report are set out below.
Business model and strategy
This is described above under Strategy and elsewhere in this
Report.
Risk Management
In addition to its other roles and responsibilities, the Audit
and Compliance Committee is responsible to the Board for ensuring
that procedures are in place and are being implemented effectively
to identify, evaluate and manage the significant risks faced by the
Company.
The Directors have established procedures, as represented by
this statement, for the purpose of providing a system of internal
control. An internal audit function is not considered necessary or
practical due to the size of the Company and the close day to day
control exercised by the Executive Directors. The Board works
closely with and has regular ongoing dialogue with the Company
Financial Director and other Executive Directors and has
established appropriate reporting and control mechanisms to ensure
the effectiveness of its control systems.
The risks facing the Company are detailed above. The Board seeks
to mitigate such risks so far as it is able to, as explained above,
but certain important risks cannot be controlled. The CEO is
primarily responsible to the Board for risk management.
In particular, the products the Company mines and is seeking to
identify are traded globally at prices reflecting supply and demand
rather than the cost of production. In Romania, the Company seeks
to protect its cash flow by means of a long-term offtake agreement,
but it does not hedge future production.
Maintenance of a well-functioning Board of Directors led by the
Chairman
Membership of the Board during the year is as follows:
Name Role Appointed
Brian Moritz Non-Executive Chairman 3 October 2016
Andrew Prelea Chief Executive Officer 1 March 2018
Roy Tucker Non-Executive Director 5 April 2005
Paul Fletcher Finance Director 6 November 2019
Craig Harvey Chief Operating Officer 1 March 2018 (resigned 3 March 2023)
Nick Hatch Non-Executive Director 9 May 2018
Nigel Wyatt Non-Executive Director 23 August 2021
Andrew Hall Commercial Director 6 December 2021
The Non-Executive Directors other than Roy Tucker are considered
to be independent.
All the Directors are subject to re-election at intervals of no
more than three years.
The table illustrates the success of the Board in refreshing its
membership.
The Board is well balanced both in its skill sets and in the
domicile of its members. Of the Executive Directors, Andrew Prelea
is resident in Romania, Andrew Hall and Paul Fletcher in the UK,
and Craig Harvey split his time between Romania and Southern
Africa, with the majority of his time spent in Romania until his
resignation on 3 March 2023. All the Non-Executive Directors are
resident in the UK.
Non-Executive Directors are committed to devote 3 days per month
to the Company. Executive Directors devote substantially the whole
of their time to the Company.
Where possible Directors are physically present at board
meetings. However, due to the wide divergence of locations,
Directors may be present by telephone.
During the year ended 30 April 2023 there were 10 board meetings
of the Company which save for the absence by one Director on one
occasion were attended by all the Directors. There were a further
10 meetings of a formal nature. There were also two General
Meetings in addition to the Annual General Meeting.
Appropriate skills and experience of the Directors
The CVs of the Directors -- four executives (three post 3 March
2023) and four non-executives -- as disclosed on the website, are
set out below. In addition, the Company has employed the outsourced
services of Ben Harber of Shakespeare Martineau as company
secretary.
Andrew Prelea -- Chief Executive Officer
Andrew has been involved in the mining sector for 11 years and
with Vast since 2013. He has spearheaded the development of the
Company's Romanian portfolio. Beginning his career in the early
1990s as a bulk iron ore and steel trader in Romania, he then went
on to develop his career in the property and earthmoving sector in
Australia before returning to Romania in 2003, initially to focus
on the development of properties for the Romanian Ministry of
Defence and latterly, private sector developments. Throughout his
30 year career, Andrew has developed extensive investor and public
relations experience and has advised the Romanian government on
wide ranging high-level topics including social housing and
economic policy. He has built a strong network of contacts across
the mining and metals industries and Europe and southern Africa, in
addition to policy makers and governmental authorities in Romania,
Tajikistan, and Zimbabwe.
Brian Moritz -- Chairman
Brian is a Chartered Accountant and former Senior Partner of
Grant Thornton UK LLP, London; he formed Grant Thornton's Capital
Markets Team which floated over 100 companies on AIM under his
chairmanship. In December 2004, he retired from Grant Thornton UK
LLP to concentrate on bringing new companies to the market. He
specialises in natural resources companies, primarily in Africa,
and was formerly chairman of Metal Bulletin plc, African Platinum
plc and Chromex Mining plc as well as currently being chairman of
several junior mining companies.
Roy Tucker -- Non-Executive Director
Roy is a Chartered Accountant with some 50 years of high level
and broad spectrum professional and business experience. He has
been the founder of a London banking group, served on bank boards
and had a position as a major shareholder of a substantial London
commodity house. He is also the founder of Legend Golf and Safari
Resort in South Africa. He has substantial investment in the
Romanian property sector.
Paul Fletcher -- Finance Director
Paul is a Chartered Accountant and Fellow of the Association of
Corporate Treasurers with 31 years' experience working in the
commodity and financial services industries. He has held a variety
of senior international finance and operational roles in trading,
processing, and financial businesses in the US, Europe, and
Asia.
Andrew Hall -- Commercial Director
Andrew has spent the last fourteen years working in natural
resources and finance linked businesses. Before joining the Company
in December 2018, Andrew previously worked at a natural resources
focussed merchant bank where he established and managed the
alternative finance distribution business covering asset managers,
private equity, investment banks, family offices and trading
houses.
Craig Harvey -- Chief Operating Officer
Craig began his career with Gold Fields of SA in 1988 as a
bursary student in Economic Geology where he worked on various
gold, platinum, coal and exploration projects. At Harmony Gold he
managed the mineral resources on various operations and was
involved in due diligence on acquisitions. He joined Simmer and
Jack with a focus on shallow hydro-thermal gold deposits in the
Eastern Transvaal and later moved into a corporate role managing
and auditing the mineral resource process across all gold and
uranium operations. Craig spent 3 years in a Principal Consultant
role for Ravensgate based in Perth, Australia, where he conducted
numerous resource estimations, valuations and technical reports
mainly in gold, uranium, copper and iron ore. Craig joined Vast
Resources as a consultant in 2013 and became Chief Operating
Officer in March 2017. During his tenure with Vast Resources, he
has been heavily involved in both Zimbabwe and Romania. Craig
resigned from the Board on 3 March 2023 and his roll on BPPM has
been allocated to the Romanian Country Manager under the
supervision of Andrew Prelea. The Romania Country Manager, Nicolae
Turdean, is a mining engineer with decades of expertise in the
mining industry and was previously President of Romania's National
Agency for Mineral Resources and prior to that CEO of Cupru Min, a
Romanian state- owned copper mine.
Nick Hatch -- Non-Executive Director
Nick has more than 37 years' experience in mining investment
banking, primarily as a mining analyst and in managing mining &
metals research and equities teams. He was most recently Director
of Mining Equity Research at Canaccord Genuity in London. Nick's
experience includes researching and advising on mining companies
and projects across the globe and across the commodity spectrum and
includes companies of all sizes. Nick left investment banking in
2017, and has set up his own company, Nick Hatch Mining Advisory
Ltd, to provide mining research, business development and financing
advice. He holds a degree in Mining Geology and is a Chartered
Engineer.
Nigel Wyatt -- Non-Executive Director
Nigel is a Chartered Engineer, a graduate of the Camborne School
of Mines. He has held senior positions in several mining and
engineering companies primarily in Southern Africa. These include
CEO of Chromex Mining Plc, group marketing director of a De Beers
subsidiary group supplying specialised, materials, engineering and
technology to the mining and industrial sectors, and commercial
director of Dunlop Industrial Products (Pty) Ltd, South Africa. He
has wide ranging experience in ore and diamond recovery
technologies and the manufacture of electronic sorting equipment.
His experience includes the design and erection of ore sorting and
treatment plants.
The Company believes that the current balance of skills on the
Board, as a whole, reflects the broad range of commercial and
professional skills that the Company requires. Among the Executive
Directors, Andrew Prelea is experienced in general management,
including identifying and negotiating new business opportunities;
Paul Fletcher is a Chartered Accountant and Fellow of the
Association of Corporate Treasurers with broad international and
financial management experience in the commodity sector, Craig
Harvey, who resigned on 3 March 2023, is a qualified geologist
experienced in constructing and operating mines, and Andrew Hall is
experienced in natural resource and finance linked businesses.
Among the Non-executives Brian Moritz is a Chartered Accountant
with senior experience. In addition to his financial skills he has
former experience as a Registered Nominated Adviser. Roy Tucker is
a Chartered Accountant with many years' experience in general
executive management. Nick Hatch is a qualified geologist with
experience in evaluating mining companies and natural resource
projects. Nigel Wyatt is a Chartered Engineer, a graduate of the
Camborne School of Mines with wide ranging experience in the
commercial aspects of mining and in ore and diamond recovery
technologies.
Importantly, three Directors without geological qualifications
have significant experience with junior companies in the natural
resources sector.
Evaluation of Board Performance
The Group is in the process of fast evolution and at this stage
in the Company's development it is not deemed necessary to adopt
formal procedures for evaluation of the Board or of the individual
Directors. There is frequent informal communication between members
of the Board and peer appraisal takes place on an ongoing basis in
the normal course of events. However, the Board will keep this
under review and may consider formalised independent evaluation
reviews at a later stage in the Company's development.
Given the size of the Company, the whole Board is involved in
the identification and appointment of new Directors and as a
result, a Nominations Committee is not considered necessary at this
stage. The importance of refreshing membership of the Board is
recognised and has been implemented. In 2018 Andrew Prelea was
appointed to replace Roy Pitchford as CEO, and Nick Hatch replaced
Brian Basham as a Non-executive Director. In November 2019, Paul
Fletcher was appointed to the Board as Finance Director, and in
2021 Nigel Wyatt was appointed to replace Eric Diack as
Non-executive Director, and Andrew Hall appointed to the Board as
Commercial Director. Nevertheless, it is envisaged that the Board
will be strengthened in due course as and when new projects are
operated by the Company.
Maintenance of Governance Structures and Processes
The corporate governance structures which the Company is able to
operate are limited by the size of the Board, which is itself
dictated by the current size and geographical spread of the
Company's operations, with Directors resident in the UK, Romania
and Southern Africa. With this limitation, the Board is dedicated
to upholding the highest possible standards of governance and
probity.
The Chairman, Brian Moritz:
-- leads the Board and is primarily responsible for the effective working of
the Board;
-- in consultation with the Board ensures good corporate governance and sets
clear expectations with regards to Company culture, values and behaviour;
-- sets the Board's agenda and ensures that all Directors are encouraged to
participate fully in the activities and decision-making process of the
Board.
The CEO, Andrew Prelea:
-- is primarily responsible for developing Vast's strategy in consultation
with the Board, for its implementation and for the operational management
of the business;
-- is primarily responsible for new projects and expansion;
-- in conjunction with the CFO and Commercial Director is responsible for
attracting finance and equity for the Company;
-- runs the Company on a day-to-day basis;
-- implements the decisions of the Board;
-- monitors, reviews and manages key risks.
The Chief Operating Officer, Craig Harvey, until his resignation
from the Board on 3 March 2023:
-- was responsible for operational improvements and efficiency of mining
operations in Romania;
-- was responsible for expansion and exploration of projects at the mine
level;
-- was responsible for the Baita Plai mine ramp-up;
-- assisted and advised on the operation and expansion of other operations
and projects;
-- provided technical input on new projects.
Craig's responsibilities following his resignation regarding
Romania have been transferred to the Romanian Country Manager,
Nicolae Turdean under the Board supervision of Andrew Prelea.
The Finance Director, Paul Fletcher:
-- is responsible for the administration of all aspects of the Group;
-- oversees the accounting and treasury function of all Group companies;
-- in conjunction with the CEO, is responsible for the financial risk
management of the Company;
-- is responsible for financial modelling to support fund raising
initiatives and structuring trade related funding;
-- is responsible for financial planning and analysis;
-- deals with all matters relating to the independent audit.
The Commercial Director, Andrew Hall:
-- works with the CEO on the Company's strategic business initiatives and
capital raising;
-- is responsible for offtake relationships;
-- is responsible for leading the Company's external and investor
communications;
-- is the main point of contact with the Company' s Nomad.
Roy Tucker who is a Non-Executive Director also provides legal,
consultancy and compliance services to the Company.
The Remuneration Committee is currently chaired by Nick Hatch
and comprises Nick Hatch, Brian Moritz and Nigel Wyatt. The
Remuneration Committee is responsible for establishing a formal and
transparent procedure for developing policy on executive
remuneration and to set the remuneration packages of individual
Directors. The Committee's policy is to provide a remuneration
package which will attract and retain Directors and management with
the ability and experience required to manage the Company and to
provide superior long-term performance.
The Audit and Compliance Committee is currently chaired by Brian
Moritz and comprises Brian Moritz, Nick Hatch and Nigel Wyatt. It
normally meets twice per annum to inter alia, consider the interim
and final results. In the latter case the auditors are present and
the meeting considers and takes action on any matters raised by the
auditors arising from their audit.
Matters reserved for the Board include:
-- Vision and strategy
-- Production and trading results
-- Financial statements and reporting
-- Financing strategy, including debt and other external financing sources
-- Budgets, acquisitions and expansion projects, divestments and capital
expenditure and business plans
-- Corporate governance and compliance
-- Risk management and internal controls
-- Appointments and succession plans
-- Directors' remuneration
Shareholder Communication
The Board is committed to maintaining effective communication
and having constructive dialogue with its shareholders in
accordance with Principle Two of the Quoted Companies Alliance Code
as adopted by the Company. The Company is desirous of obtaining an
institutional shareholder base, and institutional shareholders and
analysts will have the opportunity to discuss issues and provide
feedback at meetings with the Company.
The Investors section of the Company's website provides all
required regulatory information as well as additional information
shareholders may find helpful including: information on Board
members, advisors and significant shareholdings, a historical list
of the Company's Announcements, its corporate governance
information, the Company's publications including historic annual
reports and notices of annual general meetings, together with share
price information.
The results of shareholder meetings will be publicly announced
through the regulatory system and displayed on the Company's
website with suitable explanations of any actions undertaken as a
result of any significant votes against resolutions.
Section 172 (1) Statement
The Directors of the Company must act in accordance with a set
of general duties. These duties are detailed in section 172 of the
UK Companies Act 2006. This Section 172 statement explains how the
Directors fulfil these duties.
Each Director must act in a way that they consider, in good
faith, would be most likely to promote the Company's success for
the benefit of its members as a whole, and in doing so have regard
(among other matters) to:
S172(1) (a) "The likely consequences of any decision in the long
term"
The Board has focused its resources primarily on its key mining
opportunity, BPPM. The Board is also looking to expand the
Company's polymetallic footprint further afield to complement its
Romanian and Zimbabwe strategies. For further details on the
Company's strategy and the key performance indicators, please see
page 9 and 10. The Board has implemented processes to identify,
measure, manage, and mitigate risks and uncertainties arising from
the implementation of its strategy. These risks and uncertainties
are highlighted on pages 10, 11 and 12 of the annual report and the
processes by which they are managed are highlighted under the Risk
Management principles set out on the Corporate Governance section
on page 12.
S172(1) (b) "The interests of the Company's employees"
The successful achievement of the Group's strategies, business
plans and objectives depend upon its ability to attract, motivate,
and protect the safety of its employees. Health and Safety, and
Human Rights policies clearly articulate the Board's expectations
and safeguard the interests of the Company's employees. The Group's
policy is to foster a management culture where management is
empowered and where innovation and creativity in the workplace are
encouraged and rewarded. This is reflected in the performance
programs that the Company has implemented.
S172(1) (c) "The need to foster the company's business
relationships with suppliers, customers and others"
The Company has ongoing dialogue with its customers and
suppliers and ensures that a strong relationship is maintained at
the level of senior management. This ensures alignment with the
Company's business objectives and promotes strong collaboration. As
mentioned on page 16, under Shareholder Communication, the Board
maintains effective communication with its shareholders and
provides updates and information through public announcements on
the regulatory system and on the Company website.
S172(1) (d) "The impact of the company's operations on the
community and the environment"
As mentioned on page 11, under Risk -- Social, Safety and
Environmental, the Group monitors its performance across these
areas on a regular basis. The Group has adopted and obtained ISO
9001:2015 for Quality, ISO 45001: 2018 for Safety, and ISO 140001:
2015 for Environment. The Group adheres to all Covid-19 rules,
regulations, and guidelines in preventing transmission of the
infection through the workforce. As mentioned in the Chairman's
Report on page 5, the Company has also implemented formal policies
on these areas.
S172(1) (e) "The desirability of the company maintaining a
reputation for high standards of business conduct"
As more fully explained on page 5 of the Chairman's Report and
under the Corporate Governance section on page 12 the Board strives
to promote a culture based on high business conduct standards.
S172(1) (f) "The need to act fairly as between members of the
company"
Having assessed all necessary factors, and as supported by the
processes described above, the Directors consider the best approach
to delivering on the Company's strategy. This is done after
assessing the impact on all stakeholders and is performed in such a
manner so as to act fairly as between the Company's members.
Outlook
The Company has continued to invest time and resources to
implement the full transition to mechanised. The Company began a
drilling campaign with the objective of establishing an enlarged
JORC complaint Mineral Resource potentially upgrading the existing
Mineral Resource with the inclusion of a JORC compliant Exploration
target of 11.65 to 12.65 million tonnes. Initial results received
after the year end were very encouraging confirming the potential
to extend the mining area. MPM continues to hold significant value
for the Company, supported by continued strong demand for copper
and improved production techniques. The priorities this year
prevented the team from devoting time to realising the value of the
asset and we are re-engaging with investors to support at the
project level the restart of MPM. The Company also anticipates
traction on its other Romanian opportunities.
In Tajikistan, we see an exciting opportunity to develop our
position in country in polymetallics as evidenced by the signing of
an MoU in connection with the Aprelevka gold mines. In Zimbabwe,
the Group continues to focus on the historic position to a
satisfactory realisation -, post the year end, now very well
advanced.
The economic fundamentals for the Company's polymetallic
business are strong. Continued demand for copper has buoyed prices,
despite current geopolitical risks. The forecast global growth in
electric vehicles remains likely to create, over the next decade, a
shortage of copper as producers struggle to meet demand as a
consequence of declining grades, water supply issues and community
resistance holding back discovery and exploitation of new
resources.
Management believes that a combination of a bullish outlook on
polymetallics together with a reduction in Romanian risk premiums
has the potential to provide significant medium-term growth in the
share price and the financial performance of these businesses.
Many thanks to fellow Board members and management for the
commitment and hard work that has been put into the Group. I also
thank all our stakeholders for their support.
On behalf of the Board,
Andrew Prelea
Group Chief Executive Officer
REPORT OF THE DIRECTORS
for the year ended 30 April 2023
The Directors present their report together with the audited
financial statements for the twelve-month period ended 30 April
2023.
Results and dividends
The Group statement of comprehensive income is set out on page
29 and shows the profit for the period.
The Directors do not recommend the payment of a dividend (2022:
nil).
Financial instruments
Details of the use of financial instruments by the Company and
its subsidiary undertakings are contained in note 21 of the
financial statements.
Directors
The Directors who served during the period and up to the date
hereof were as follows: -
Date of Appointment
Roy Tucker 5 April 2005
Brian Moritz 3 October 2016
Andrew Prelea 1 March 2018
Craig Harvey 1 March 2018 (resigned 3 March 2023)
Nick Hatch 9 May 2018
Paul Fletcher 6 November 2019
Nigel Wyatt 23 August 2021
Andrew Hall 6 December 2021
Directors' interests
The interests in the shares of the Company of the Directors who
served during the period were as follows:
30 April 2023 30 April 2022
Ordinary Shares Ordinary Shares
Andrew Hall 115,550 115,550
Nigel Wyatt - -
Paul Fletcher 705,481 705,481
Craig Harvey* 56,500 56,500
Nick Hatch - -
Brian Moritz 250,000 250,000
Andrew Prelea 31,065,147 16,065,147
Roy Tucker 2,945,757 2,945,757
Total 35,138,435 20,138,435
=============== ===============
*For the year ended 30 April 2023, shares held by Craig Harvey
are as at 3 March 2023, the date of his resignation.
Share Appreciation Rights Scheme
The following Directors have been granted rights under the
Company's Share Appreciation Rights Scheme:
In issue In issue
at at
Exercised
30 April Awarded during / lapsed 30 April
2022 Grant date period during period 2023 Vesting period
Start Finish
Paul 50,000 04-Nov-19 (50,000) 0 04-Nov-19 03-Nov-22
Fletcher 50,000 04-Nov-19 (50,000) 0 04-Nov-19 31-Mar-23
175,000 24-Nov-20 175,000 24-Nov-20 23-Nov-23
175,000 24-Nov-20 175,000 31-Mar-21 31-Mar-24
2,000,000 05-Jul-21 (2,000,000) 0 31-Dec-22 31-Dec-25
24-Apr-23 10,750,000 10,750,000 01-May-23 31-Dec-25
24-Apr-23 10,750,000 10,750,000 01-May-23 31-Dec-25
Nick 50,000 24-Nov-20 50,000 24-Nov-20 23-Nov-23
Hatch 50,000 24-Nov-20 50,000 31-Mar-21 31-Mar-24
Craig 90,000 01-Mar-18 (90,000) 0 31-Mar-20 31-Mar-23
Harvey 90,000 04-Nov-19 (90,000) 0 04-Nov-19 03-Nov-22
90,000 04-Nov-19 (90,000) 0 04-Nov-19 31-Mar-23
100,000 24-Nov-20 100,000 24-Nov-20 23-Nov-23
100,000 24-Nov-20 100,000 31-Mar-21 31-Mar-24
2,000,000 05-Jul-21 (2,000,000) 0 31-Dec-22 31-Dec-25
Andrew 180,000 01-Mar-18 (180,000) 0 31-Mar-20 31-Mar-23
Prelea 180,000 04-Nov-19 (180,000) 0 04-Nov-19 03-Nov-22
180,000 04-Nov-19 (180,000) 0 04-Nov-19 31-Mar-23
2,000,000 05-Jul-21 (2,000,000) 0 31-Dec-22 31-Dec-25
24-Apr-23 15,000,000 15,000,000 01-May-23 31-Dec-25
24-Apr-23 15,000,000 15,000,000 01-May-23 31-Dec-25
Roy 90,000 01-Mar-18 (90,000) 0 31-Mar-20 31-Mar-23
Tucker 90,000 04-Nov-19 (90,000) 0 04-Nov-19 03-Nov-22
90,000 04-Nov-19 (90,000) 0 04-Nov-19 31-Mar-23
112,500 24-Nov-20 112,500 24-Nov-20 23-Nov-23
112,500 24-Nov-20 112,500 31-Mar-21 31-Mar-24
2,000,000 05-Jul-21 (2,000,000) 0 31-Dec-22 31-Dec-25
24-Apr-23 7,000,000 7,000,000 01-May-23 31-Dec-25
24-Apr-23 7,000,000 7,000,000 01-May-23 31-Dec-25
Andrew 50,000 04-Nov-19 (50,000) 0 04-Nov-19 03-Nov-22
Hall 50,000 04-Nov-19 (50,000) 0 04-Nov-19 31-Mar-23
100,000 24-Nov-20 100,000 24-Nov-20 23-Nov-23
100,000 24-Nov-20 100,000 31-Mar-21 31-Mar-24
2,000,000 05-Jul-21 (2,000,000) 0 31-Dec-22 31-Dec-25
24-Apr-23 10,250,000 10,250,000 01-May-23 31-Dec-25
24-Apr-23 10,250,000 10,250,000 01-May-23 31-Dec-25
12,355,000 86,000,000 (11,280,000) 87,075,000
========== ============== ============== ==========
See note 23 for further details of the SARS.
Directors' remuneration
2023 2022
Salary/Fees Other Total Salary/Fees Other Total
$'000 $'000 $'000 $'000 $'000 $'000
Nigel Wyatt 27 - 27 20 - 20
Paul Fletcher 176 1 177 193 7 200
Craig Harvey 192 - 192 192 - 192
Nick Hatch 27 - 27 30 - 30
Brian Moritz 28 - 28 31 - 31
Andrew Prelea 258 - 258 258 - 258
Roy Tucker 83 - 83 135 - 135
Andrew Hall 162 14 176 75 10 85
Total 953 15 968 934 17 951
=========== ===== ===== =========== ===== =====
* The Company has developed a practice of deferring payment of
varying proportions of sums earned by Directors until the Company
liquidity position improves.
As at 30 April 2023 a total of US$1,052,484 was owed to
Directors (Brian Moritz -- US$116,763, Nick Hatch -- US$104,666,
Roy Tucker US$282,318, Nigel Wyatt -- US$46,721, Paul Fletcher
US$245,231, Andrew Prelea US$106,280, Craig Harvey US$138,920, and
Andrew Hall -- US$11,585). As at 30 April 2022 a total of
US$647,230 was owed to the Directors (Brain Moritz - US$88,442,
Nick Hatch - US$78,040, Roy Tucker - US$222,463, Nigel Wyatt -
US$20,095, Paul Fletcher - US$90,453, Andrew Prelea - US$83,059,
Craig Harvey - US$56,960, and Andrew Hall - US$7,718).
Future developments
The Company's plans for future developments are more fully set
down in the Strategic Report, on pages 7 to 18.
Research and development
The Company has assessed the suitability of X-Ray Sorting
Technology ('XRT') to optimise the production profile of BPPM. The
test results received from TOMRA indicate that the implementation
of XRT equipment significantly improves the economics of the
mine.
The Company began a drilling campaign at BPPM with the objective
of establishing an enlarged JORC compliant Mineral Resource
potentially upgrading the existing Mineral Resource with the
inclusion of a JORC compliant Exploration Target of 11.65 to 12.65
million tonnes. Initial results received after the year end were
very encouraging confirming the potential to extend the mining
area.
Disabled employees
The Group gives full consideration to applications for
employment from disabled persons where the candidate's particular
aptitudes and abilities are consistent with adequately meeting the
requirements of the job. Opportunities are available to disabled
employees for training, career development and promotion.
Where existing employees become disabled, it is the Company's
policy to provide continuing employment wherever practicable in the
same or an alternative position and to provide appropriate training
to achieve this aim.
Streamlined Energy and Carbon Reporting (SECR) regulations
The Company did not consume more than 40,000kWh of energy in the
UK in the reporting period and is therefore exempt from reporting
under these regulations.
Auditors
All of the current Directors have taken all the steps that they
ought to have taken to make themselves aware of any information
needed by the Group's auditors for the purposes of their audit and
to establish that the auditors are aware of that information. The
Directors are not aware of any relevant audit information of which
the auditors are unaware. Vast's auditor, Crowe U.K. LLP, was
initially appointed on 25 April 2016 and it is proposed by the
Board that they be reappointed as auditors at the forthcoming
AGM.
Events after the reporting date
These are more fully disclosed in Note 28.
By order of the Board
Ben Harber
Secretary
30 October 2023
Statement of Directors' responsibilities
The Directors are responsible for preparing the Strategic
Report, the Directors' Report and the financial statements in
accordance with applicable law and regulations.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law the Directors
have elected to prepare the financial statements in accordance with
UK-adopted International Accounting Standards and applicable
law.
Under company law the Directors must not approve the financial
statements unless they are satisfied that they give a true and fair
view of the state of affairs of the company and the group and of
the profit or loss of the group for that period. In preparing these
financial statements, the Directors are required to:
-- select suitable accounting policies and then apply them consistently;
-- make judgments and accounting estimates that are reasonable and prudent;
-- state whether applicable accounting standards have been followed, subject
to any material departures disclosed and explained in the financial
statements;
-- prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the company will continue in business.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Group's
transactions and disclose with reasonable accuracy at any time the
financial position of the Group and enable them to ensure that the
financial statements comply with the Companies Act 2006. They are
also responsible for safeguarding the assets of the Group and hence
for taking reasonable steps for the prevention and detection of
fraud and other irregularities.
They are further responsible for ensuring that the Strategic
Report and the Report of the Directors and other information
included in the Annual Report and Financial Statements is prepared
in accordance with applicable law in the United Kingdom.
The maintenance and integrity of the Group's website is the
responsibility of the Directors.
Legislation in the United Kingdom governing the preparation and
dissemination of the accounts and the other information included in
annual reports may differ from legislation in other
jurisdictions.
Independent Auditor's Report to the Members of Vast Resources
Plc
Opinion
We have audited the financial statements of Vast Resources plc
(the "Parent Company") and its subsidiaries (the "Group") for the
year ended 30 April 2023, which comprise:
-- the Group statement of comprehensive income for the year ended 30 April
2023;
-- the Group and Parent Company statements of changes in equity for the year
ended 30 April 2023
-- the Group and Parent Company statements of financial position as at 30
April 2023;
-- the Group and Parent Company statements of cash flows for the year then
ended; and
-- the notes to the financial statements, including a summary of significant
accounting policies.
The financial reporting framework that has been applied in the
preparation of the financial statements is applicable law and
UK-adopted International Accounting Standards.
In our opinion the financial statements:
-- give a true and fair view of the state of the Group's and of the Parent
Company's affairs as at 30 April 2023 and of the Group's loss for the
period then ended;
-- have been properly prepared in accordance with UK-adopted International
Accounting Standards; and
-- have been prepared in accordance with the requirements of the Companies
Act 2006.
Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilities under those standards are further described in the
Auditor's responsibilities for the audit of the financial
statements section of our report. We are independent of the Group
and the Parent Company in accordance with the ethical requirements
that are relevant to our audit of the financial statements in the
UK, including the FRC's Ethical Standard as applied to listed
entities, and we have fulfilled our other ethical responsibilities
in accordance with these requirements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide
a basis for our opinion.
Material uncertainty related to going concern
We draw attention to the basis of preparation and going concern
assessment note on page 34 in the financial statements, which
indicates the Group will require funding for general working
capital and to repay the debts owed to Mercuria Energy Trading SA
(Mercuria) and A&T Investments Sarl ("Alpha") by 30 November
2023. Whilst the Group continues progress with the realisation of
the proceeds associated with a historic claim, there is ongoing
discussion with investor and debt providers for alternative funding
arrangements beyond 30 November 2023, but no binding agreements are
in place. As stated in this note, these events or conditions, along
with the other matters as set forth in the note, indicate that a
material uncertainty exists that may cast significant doubt on the
Group's and Parent Company's ability to continue as a going
concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the
directors use of the going concern basis of accounting in the
preparation of the financial statements is appropriate. Our
evaluation of the directors' assessment of the group and entity's
ability to continue to adopt the going concern basis of accounting
included:
-- We obtained managements going concern assessment, assessed the
appropriateness of the approach and tested the mathematical accuracy of
the model;
-- We assessed the accuracy of management's past forecasting for the
previous financial years by comparing management's forecasts to actual
results for those years and have considered the impact on the working
capital forecast;
-- We assessed and challenged the key assumptions into the model including
metal prices, operating expenditure and production volumes and agreeing
to forecast data;
-- We reviewed management's assessment regarding the material uncertainty
disclosed in the basis of preparation and going concern assessment and
considered the impact the quantum and timing of these cashflow, together
with actions in the events that key financing events are delayed or do
not occur; and
-- We assessed the adequacy of the disclosures made in the financial
statements.
Our responsibilities and the responsibilities of the directors
with respect to going concern are described in the relevant
sections of this report.
Overview of our audit approach
Materiality
In planning and performing our audit we applied the concept of
materiality. An item is considered material if it could reasonably
be expected to change the economic decisions of a user of the
financial statements. We used the concept of materiality to both
focus our testing and to evaluate the impact of misstatements
identified.
Based on our professional judgement, we determined overall
materiality for the Group financial statements as a whole to be
$220,000 (2022: $210,000), based on approximately 1% of the Group's
assets. Materiality for the Parent Company financial statements as
a whole was set at $130,000 (2022: $125,000), based on
approximately 5% of the Company's normalised loss before tax.
We use a different level of materiality ('performance
materiality') to determine the extent of our testing for the audit
of the financial statements. Performance materiality is set based
on the audit materiality as adjusted for the judgements made as to
the entity risk and our evaluation of the specific risk of each
audit area having regard to the internal control environment. This
is set at $154,000 (2022: $140,000) for the Group and $91,000
(2022: $87,500) for the Parent Company.
Where considered appropriate performance materiality may be
reduced to a lower level, such as, for related party transactions
and directors' remuneration.
We agreed with the Audit and Compliance Committee to report to
it all identified errors in excess of $6,600 (2022: $6,000). Errors
below that threshold would also be reported to it if, in our
opinion as auditor, disclosure was required on qualitative
grounds.
Overview of the scope of our audit
Of the Group's reporting components, in addition to the Parent
Company, we identified two entities comprising one component
requiring audit procedures to be performed for group reporting
purposes, the component is located in Romania. The components
within the scope of our work accounted for 100% of the group's
total assets and 100% of the result for the period. The work on
these components was performed by local auditors under our
direction and review.
We issued instructions to the local auditors which included
details of the significant areas to be covered, including the key
audit matters detailed below, and the information required to be
reported back. We reviewed the audit work performed by the
component auditors, communicated our findings therefrom and any
further work required by us was then performed by the local
auditor.
Key Audit Matters
Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the financial
statements of the current period and include the most significant
assessed risks of material misstatement (whether or not due to
fraud) that we identified. These matters included those which had
the greatest effect on: the overall audit strategy, the allocation
of resources in the audit; and directing the efforts of the
engagement team. These matters were addressed in the context of our
audit of the financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these
matters.
In addition to the matter described in the 'Material uncertainty
related to going concern section, we have determined the following
key audit matters. This is not a complete list of all risks
identified by our audit.
Key audit matter How the scope of our audit addressed
the key audit matter
---------------------------------- -----------------------------------------------------------
Carrying value of property, We obtained management's impairment
plant and equipment assessment of assets, reviewed the
At 30 April 2023 the group impairment model and discussed the
had property, plant and key inputs into the model with management.
equipment of $17.8million We performed audit procedures, including
(2022: $16.2million). The applying challenge regarding the reasonableness
group incurred a loss from on the inputs into the model as follows:
operations of $10.5 million -- the forecast cash flows within the assessment period;
(2022: $15.5 million) and -- the expected margin and prevailing commodity prices:
therefore there could be -- the discount rate applied to the forecast; and
evidence that these assets -- benchmarked the underlying key input assumption to
are impaired. the market information.
We tested the accuracy of management's
forecasting through a comparison of
budget to actual data and historical
variance trends.
We considered and assessed the managements'
sensitivity analysis whether a reasonably
possible change to a key input would
result in an impairment charge. We
also considered the disclosure made
in the financial statements relating
to impairments are
appropriate.
---------------------------------- -----------------------------------------------------------
Carrying value of investments We obtained management's assessment
and intercompany receivables of the impairment of investment in
-- Parent Company subsidiaries and the intercompany
The carrying value of investments receivables. We considered the following
in subsidiaries in the matters:
Parent Company financial -- Management's assessment as to whether any indication
statements at 30 April of impairment existed. This includes considering the
2023 was $23.3million (2022: existence of any indication of discontinued
$23.3million) as well as activities, management's future plans for the
intercompany receivables business, and the market capitalisation of the Group.
of $33.5million (2022: -- We reviewed management's impairment model and
$25.2million). The valuation discussed the key inputs into the model with
of these investments and management. This includes applying challenge
the recovery of the intercompany regarding the reasonableness on the key inputs
receivables are almost assumption used by management in assessing the
entirely dependent on the forecast cashflows of the underlying assets in the
successful execution of subsidiary and thus the ability of the subsidiaries
the business plan. Failure to generate profit and ultimately remit that to the
to execute the business Parent Company; and
plan would likely result -- We assessed the adequacy of the associated disclosure
in an impairment to the in the financial statements.
carrying value of the investments
in loans to subsidiaries.
---------------------------------- -----------------------------------------------------------
Our audit procedures in relation to these matters were designed
in the context of our audit opinion as a whole. They were not
designed to enable us to express an opinion on these matters
individually and we express no such opinion.
Other information
The directors are responsible for the other information
contained within the annual report. The other information comprises
the information included in the annual report, other than the
financial statements and our auditor's report thereon. Our opinion
on the financial statements does not cover the other information
and, except to the extent otherwise explicitly stated in our
report, we do not express any form of assurance conclusion
thereon.
Our responsibility is to read the other information and, in
doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge
obtained in the audit or otherwise appears to be materially
misstated. If we identify such material inconsistencies or apparent
material misstatements, we are required to determine whether this
gives rise to a material misstatement in the financial statements
themselves. If, based on the work we have performed, we conclude
that there is a material misstatement of this other information, we
are required to report that fact. We have nothing to report in this
regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion based on the work undertaken in the course of our
audit
-- the information given in the strategic report and the directors' report
for the financial year for which the financial statements are prepared is
consistent with the financial statements; and
-- the strategic report and the directors' report have been prepared in
accordance with applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the group and the
parent company and their environment obtained in the course of the
audit, we have not identified material misstatements in the
strategic report or the directors' report.
We have nothing to report in respect of the following matters
where the Companies Act 2006 requires us to report to you if, in
our opinion:
-- adequate accounting records have not been kept by the parent company, or
returns adequate for our audit have not been received from branches not
visited by us; or
-- the parent company financial statements are not in agreement with the
accounting records and returns; or
-- certain disclosures of directors' remuneration specified by law are not
made; or
-- we have not received all the information and explanations we require for
our audit.
Responsibilities of the directors for the financial
statements
As explained more fully in the directors' responsibilities
statement, the directors are responsible for the preparation of the
financial statements and for being satisfied that they give a true
and fair view, and for such internal control as the directors
determine is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, the directors are
responsible for assessing the Group's and Parent Company's ability
to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the
Group or the Parent Company or to cease operations, or have no
realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial
statements
Our objectives are to obtain reasonable assurance about whether
the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an
auditor's report that includes our opinion. Reasonable assurance is
a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAs (UK) will always detect a
material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial
statements.
Irregularities, including fraud, are instances of non-compliance
with laws and regulations. We design procedures in line with our
responsibilities, outlined above, to detect material misstatements
in respect of irregularities, including fraud. The extent to which
our procedures are capable of detecting irregularities, including
fraud is detailed below:
We obtained an understanding of the legal and regulatory
frameworks within which the Group operates, focusing on those laws
and regulations that have a direct effect on the determination of
material amounts and disclosures in the financial statements. The
laws and regulations we considered in this context were relevant
company law and taxation legislation in the UK and Romania being
the principal jurisdictions in which the Group operates.
We identified the greatest risk of material impact on the
financial statements from irregularities, including fraud, to be
the override of controls by management. Our audit procedures to
respond to these risks included enquiries of management about their
own identification and assessment of the risks of irregularities,
sample testing on the posting of journals and reviewing accounting
estimates for biases in particular where significant judgements are
involved (see Key Audit Matters above).
Owing to the inherent limitations of an audit, there is an
unavoidable risk that some material misstatements of the financial
statements may not be detected, even though the audit is properly
planned and performed in accordance with the ISAs (UK).
The potential effects of inherent limitations are particularly
significant in the case of misstatement resulting from fraud
because fraud may involve sophisticated and carefully organised
schemes designed to conceal it, including deliberate failure to
record transactions, collusion or intentional misrepresentations
being made to us.
A further description of our responsibilities for the audit of
the financial statements is located on the Financial Reporting
Council's website at: www.frc.org.uk/auditorsresponsibilities. This
description forms part of our auditor's report.
Use of our report
This report is made solely to the company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006.
Our audit work has been undertaken so that we might state to the
company's members those matters we are required to state to them in
an auditor's report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to
anyone other than the company and the company's members as a body,
for our audit work, for this report, or for the opinions we have
formed.
John Glasby (Senior Statutory Auditor)
for and on behalf of
Crowe U.K. LLP
Statutory Auditor
London
30 October 2023
Group statement of comprehensive income
for the year ended 30 April 2023
30 Apr 2023 30 Apr 2022
12 Months 12 Months
Group Group
Note $'000 $'000
Revenue 3,720 3,781
Cost of sales (8,402) (7,403)
Gross loss (4,682) (3,622)
Overhead expenses (3,454) (9,380)
Depreciation of property, plant and
equipment 2 (706) (812)
Share option and warrant expense 2, 23 (274) (356)
Sundry income (5) 59
Exchange gain / (loss) 2 1,411 (3,754)
Other administrative and overhead expenses (3,880) (4,517)
-----------
Fair value movement in available for sale
investments - (3)
Loss from operations (8,136) (13,005)
Finance expense 4 (2,370) (2,487)
Loss before taxation from continuing operations (10,506) (15,492)
Taxation charge 5 - -
Total (loss) after taxation for the
period (10,506) (15,492)
Other comprehensive income
Items that may be subsequently reclassified
to either profit or loss
Exchange gain /(loss) on translation of foreign
operations (1,197) 2,219
Total comprehensive expense for the period (11,703) (13,273)
=========== ===========
(Loss) per share - basic and diluted
- amount in cents ($) 8 (0.56) (5.73)
The accompanying accounting policies and notes on pages 34 to 66
of the annual report form an integral part of these financial
statements.
Group statement of changes in equity
for the year ended 30 April 2023
Foreign currency
Share Share Share option translation Retained
capital premium reserve reserve deficit Total
$'000 $'000 $'000 $'000 $'000 $'000
At 30 April 2021 41,092 89,348 2,982 (2,595) (121,709) 9,118
Total comprehensive loss for the
period - - - 2,219 (15,492) (13,273)
Share option and warrant charges - - 356 - - 356
Share options and warrants lapsed - - (967) - 967 -
Share warrants issued under share
issuance - (203) 203 - - -
Shares issued:
- for cash consideration 175 4,353 - - 4,528
- to settle liabilities 191 1,209 - - - 1,400
At 30 April 2022 41,458 94,707 2,574 (376) (136,234) 2,129
------- ------- ------------ ---------------- --------- --------
Total comprehensive loss for the
period - - - (1,197) (10,506) (11,703)
Share option and warrant charges - - 274 - - 274
Share options and warrants lapsed - - (2,193) - 2,193 -
Share warrants issued to lender - - 277 - - 277
Shares issued:
- for cash consideration 2,285 7,531 - - 9,816
- to settle liabilities 630 1,120 - - - 1,750
At 30 April 2023 44,373 103,358 932 (1,573) (144,547) 2,543
------- ------- ------------ ---------------- --------- --------
The accompanying accounting policies and notes on pages 34 to 66
form an integral part of these financial statements.
Company statement of changes in equity
for the year ended 30 April 2023
Share Share Share option Foreign currency Retained
capital premium reserve translation reserve deficit Total
$'000 $'000 $'000 $'000 $'000 $'000
At 30 April 2021 41,092 89,348 2,982 (4,954) (87,779) 40,689
Total comprehensive loss for
the period - - - - (3,448) (3,448)
Share option and warrant
charges - - 356 - - 356
Share options and warrants
lapsed - - (967) - 967 -
Share warrants issued under
share issuance - (203) 203 - - -
Shares issued:
- for cash consideration 175 4,353 - - - 4,528
- to settle liabilities 191 1,209 - - - 1,400
At 30 April 2022 41,458 94,707 2,574 (4,954) (90,260) 43,525
======= ======= ============ ==================== ======== =======
Total comprehensive loss for
the period - - - - (2,689) (2,689)
Share option and warrant
charges - - 274 - - 274
Share options and warrants
lapsed - - (2,193) - 2,193 -
Share warrants issued to
lender - - 277 - - 277
Shares issued:
- for cash consideration 2,285 7,531 - - - 9,816
- to settle liabilities 630 1,120 - - - 1,750
At 30 April 2023 44,373 103,358 932 (4,954) (90,756) 52,953
======= ======= ============ ==================== ======== =======
The accompanying accounting policies and notes on pages 34 to 66
of the annual report form an integral part of these financial
statements.
Group and Company statements of financial position
As at 30 April 2023
30 Apr 30 Apr 30 Apr 30 Apr
2023 2022 2023 2022
Group Group Company Company
$'000 $'000 $'000 $'000
Assets Note
Non-current assets
Property, plant and equipment 10 17,840 16,212 3 3
Available for sale investments 16 891 891 891 891
Investment in subsidiaries 11 - - 23,302 23,302
Investment in associates 12 417 417 417 417
Loans to group companies 13 - - 33,920 25,402
19,148 17,520 58,533 50,015
--------- --------- -------- --------
Current assets
Inventory 14 973 839 - -
Receivables 15 2,936 2,834 1,024 648
Cash and cash equivalents 530 103 460 86
Total current assets 4,439 3,776 1,484 734
--------- --------- -------- --------
Total Assets 23,587 21,296 60,017 50,749
Equity and Liabilities
Capital and reserves attributable
to equity holders of the
Parent
Share capital 22 44,373 41,458 44,373 41,458
Share premium 22 103,358 94,707 103,358 94,707
Share option reserve 932 2,574 932 2,574
Foreign currency translation
reserve (1,573) (376) (4,954) (4,954)
Retained deficit (144,547) (136,234) (90,756) (90,260)
Total equity 2,543 2,129 52,953 43,525
--------- --------- -------- --------
Non-current liabilities
Provisions 19 1,165 1,145 - -
Trade and other payables 20 1,933 1,954 - -
3,098 3,099 - -
--------- --------- -------- --------
Current liabilities
Loans and borrowings 17 9,169 10,316 5,605 5,300
Trade and other payables 18 8,777 5,752 1,459 1,924
Total current liabilities 17,946 16,068 7,064 7,224
--------- --------- -------- --------
Total liabilities 21,044 19,167 7,064 7,224
Total Equity and Liabilities 23,587 21,296 60,017 50,749
The accompanying accounting policies and notes on pages 34 to 66
of the annual report form an integral part of these financial
statements. The parent Company reported a loss after taxation for
the year of US$ 2.689 million (2022: US$ 3.448 million loss). The
financial statements on pages 29 to 66 of the annual report were
approved and authorised for issue by the Board of Directors on 30
October 2023 and were signed on its behalf by:
Paul Fletcher Registered number 5414325
Director 30 October 2023
Group and Company statements of cash flow
for the year ended 30 April 2023
30 Apr 30 Apr 30 Apr 30 Apr
2023 2022 2023 2022
Group Group Company Company
$'000 $'000 $'000 $'000
CASH FLOW FROM OPERATING ACTIVITIES
Profit (loss) before taxation
for the period (10,506) (15,492) (2,689) (3,448)
Adjustments for:
Depreciation 706 812 - -
Share option expense 274 356 274 356
Finance expense 2,370 2,487 1,597 1,979
Unrealised foreign currency exchange
loss / (gain) (1,661) 3,946 - -
(8,817) (7,891) (818) (1,113)
-------- -------- ------- --------
Changes in working capital:
Decrease (increase) in receivables (101) 373 (376) (149)
Decrease (increase) in inventories (134) 97 - -
Increase (decrease) in payables 2,656 3,859 (465) 1,294
2,421 4,329 (841) 1,145
-------- -------- ------- --------
Taxation paid - - - -
Cash (used in) / generated by
/ operations (6,396) (3,562) (1,659) 32
Investing activities:
Payments to acquire property,
plant and equipment (1,896) (1,467) - -
Disposal proceeds of property,
plant and equipment 25 - - -
Payments to acquire investments
in associates - (417) - (417)
Advanced loans to group companies - - (8,518) (5,029)
.
Total cash used in investing activities (1,871) (1,884) (8,518) (5,446)
-------- -------- ------- --------
Financing Activities:
Proceeds from the issue of ordinary
shares 9,816 4,528 9,816 4,528
Proceeds from loans and borrowings
granted 4,500 - 4,500 -
Repayment of loans and borrowings (5,622) (364) (3,765) (343)
Total proceeds from financing
activities 8,694 4,164 10,551 4,185
-------- -------- ------- --------
Increase (decrease) in cash and
cash equivalents 427 (1,282) 374 (1,229)
Cash and cash equivalents at beginning
of period 103 1,385 86 1,315
Cash and cash equivalents at end
of period 530 103 460 86
-------- -------- ------- --------
The accompanying notes and accounting policies on pages 34 to 66
of the annual report form an integral part of these financial
statements.
Statement of accounting policies
for the year ended 30 April 2023
General information
Vast Resources plc and its subsidiaries (together "the Group")
are engaged principally in the exploration for and development of
mineral projects in Sub-Saharan Africa and Eastern Europe. Since
incorporation the Group has built an extensive and interesting
portfolio of projects in these jurisdictions, and has invested in a
mineral mining project in Central Asia. The Company's ordinary
shares are listed on the AIM market of the London Stock
Exchange.
Vast Resources plc was incorporated as a public limited company
under UK Company Law with registered number 05414325. It is
domiciled in England and Wales with its registered office at 60
Gracechurch Street, London EC3V 0HR.
Basis of preparation and going concern assessment
The principal accounting policies adopted in the preparation of
the financial information are set out below. The policies have been
consistently applied throughout the current year and prior year,
unless otherwise stated. These financial statements have been
prepared in accordance with UK-adopted International Accounting
Standards and the Companies Act 2006.
The financial statements are prepared under the historical cost
convention on a going concern basis. In certain prescribed
circumstances the use of fair value accounting has been
adopted.
The Group made a loss for the year of $10.51 million (2022:
$15.49 million). The Group recorded net cash used in operating
activities of $6.40 million (2022: $3.56 million). At the reporting
date the group held cash and cash equivalents of $0.53 million
(2022: $0.1 million) and had net current liabilities of $13.51
million (2022: $12.29 million). Subsequent to the year end, the
Company raised $4.41 million from the placing of new shares for
mine operations, capital expenditure and general working
capital.
The Company will require funding to repay the Mercuria and Alpha
loans and to provide general working capital. The original maturity
date for these facilities was 15 May 2023 and this has been
extended on several occasions with the current extension by mutual
agreement running to 30 November 2023. The Company has been in
continuing discussions with Mercuria and Alpha for extensions in
the repayment date for the totality of the debt owed so as to allow
further time to realise the proceeds associated with a historic
claim in its operations. The Company expects these to repay both
Mercuria and Alpha, with the balance, together possibly with an
element of debt financing in discussion, to provide necessary funds
for working capital and BPPM expansion purposes. At the date of
this Report the Company expects the historic claim proceeds receipt
very shortly, although there can be no certainty as to the precise
date. While management is confident that with continued progress in
the realisation process Mercuria and Alpha would remain supportive
beyond 30 November, the Company is also in discussions with
investors and debt providers to provide funding after 30 November.
At the date of this report, there is neither a legally binding
extension of the Mercuria and Alpha loans beyond 30 November nor
alternative legally binding funding arrangements. These conditions
indicate the existence of a material uncertainty which may cast
significant doubt about the Group's and Company's ability to
continue as a going concern. The financial statements do not
include the adjustment that would result if the Group and Company
were unable to continue as a going concern.
Changes in Accounting Policies
At the date of authorisation of these financial statements, a
number of Standards and Interpretations were in issue and effective
for the first time this financial year. The Directors do not
anticipate that the adoption of these standards and
interpretations, or any of the amendments made to existing
standards as a result of the annual improvements cycle, will have a
material effect on the financial statements in the year of initial
application.
Areas of estimates and judgement
The preparation of the Group financial statements in conformity
with UK adopted International Accounting Standards (UK IAS)
requires the use of estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during
the reporting period. Although these estimates are based on
management's best knowledge of current events and actions, actual
results may ultimately differ from those estimates. The estimates
and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities in the
next financial year are discussed below:
Accounting estimates
a) Impairment of mining assets
The Group reviews, on an annual basis, whether deferred
exploration costs, acquired either as intangible assets, as
property, plant and equipment, or as mining options or licence
acquisition costs, have suffered any impairment. The recoverable
amounts are determined based on an assessment of the economically
recoverable mineral reserves, the ability of the Group to obtain
the necessary financing to complete the development of the reserves
and future profitable production or proceeds from the disposition
of recoverable reserves.
The Group uses discounted cash flow techniques ("DCF") and, as
relevant industry benchmarks, to assess whether any impairment is
necessary. Revenue projections used in DCF are based on production
plans associated with the Company's estimate of economically
recoverable mineral reserves and are modelled using prevailing
commodity market prices with an appropriate down stress applied.
Production cost inputs used in DCF are referenced to observable
inputs in accordance with the production plan and are applied
conservatively. The Group applies a pre-tax discount rate of 15% in
its DCF modelling, reflecting its assessment of the market cost of
capital for such assets under the Capital Asset Pricing Model
("CAPM"). The results of these assessments indicate that the fair
value of the Group's mining assets is significantly more than their
carry value. There have been no fundamental changes in the quality
and condition of these assets versus the previous year. The Group
also sensitised a reasonable possible movement in key assumptions
such as a reduction of forecast commodity prices by up to 15% and a
higher discount rate up to 20%. Under these scenarios, there are no
impairment indictors identified.
The mining assets are disclosed in note 10 to the financial
statements.
b) Provisions
The Group is required to estimate the cost of its obligations to
realise and rehabilitate its mining properties.
The estimation of the cost of complying with the Group's
obligations at future dates and in economically unpredictable
regions, and the application of appropriate discount rates thereto,
gives rise to significant estimation uncertainties.
Accounting judgements
c) Going concern and the Company's Inter-company loan recoverability
The recoverability of inter-company loans advanced by the
Company to subsidiaries depends also on the subsidiaries realising
their cash flow projections, which is linked to the future
cashflows expected to be generated from certain underlying assets
of the Company's subsidiaries which are predominantly the mining
assets within the property, plant and equipment assets. The going
concern considerations are highlighted above. The results of these
assessments indicate that the recoverable amount of these mining
assets are significantly more than the carrying value of the
Company's loans to its subsidiaries.
d) VAT recoverable
In countries where the Group has productive mining operations
carried out by its subsidiaries those subsidiaries are registered
for Value Added Tax (VAT) with their respective local taxation
authorities and, as their outputs are predominantly zero-rated for
VAT, receive net refunds of VAT in respect of input tax borne on
their inputs. This amount is carried as a receivable until refunded
by the State.
The amount carried as a receivable is determined in accordance
with the returns submitted to the taxation authorities.
Basis of consolidation
Where the Company has control over an investee, it is classified
as a subsidiary. The Company controls an investee if all three of
the following elements are present: power over the investee,
exposure to variable returns from the investee, and the ability of
the investor to use its power to affect those variable returns.
Control is reassessed whenever facts and circumstances indicate
that there may be a change in any of these elements of control.
The consolidated financial statements present the results of the
Company and its subsidiaries ("the Group") as if they formed a
single entity. Inter-company transactions and balances between
Group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of
business combinations using the acquisition method. In the
statement of financial position, the acquiree's identifiable
assets, liabilities and contingent liabilities are initially
recognised at their fair values at the acquisition date. The
results of acquired operations are included in the consolidated
statement of comprehensive income from the date on which control is
obtained. They are deconsolidated from the date on which control
ceases.
Financial instruments
The Group's principal financial assets are cash and cash
equivalents and receivables. The Group also holds a long-term
investment available for sale. The Group's principal financial
liabilities are trade and other payables, and loans and
borrowings.
The Group's accounting policy for each category of financial
asset is as follows:
Financial assets held at amortised cost
Trade receivables and other receivables are classified as
financial assets held at amortised cost as they are held within a
business model whose objective is to collect contractual cashflows
which are solely payments of principal and interest. They are
initially recognised at fair value plus transaction costs that are
directly attributable to their acquisition or issue and are
subsequently carried at amortised cost using the effective interest
rate method, less provision for impairment.
Impairment provisions are recognised under the expected loss
model with changes in the provision being recorded in the statement
of comprehensive income. For receivables, which are reported net,
such provisions are recorded in a separate allowance account with
the loss being recognised within administrative expenses in the
statement of comprehensive income. On confirmation that the
receivable will not be collectable, the gross carrying value of the
asset is written off against the associated provision.
Financial assets held at fair value
Financial assets held for trading are measured at fair value
through the profit and loss account as their value will be
recovered through sale.
Cash and cash equivalents
These amounts comprise cash on hand and balances with banks.
Cash equivalents are short term, highly liquid accounts that are
readily converted to known amounts of cash. They include short-term
bank deposits.
Financial liabilities
The Group's financial liabilities consist of trade and other
payables (including short terms loans) and long term secured
borrowings. These are initially recognised at fair value and
subsequently carried at amortised cost, using the effective
interest method. Where any liability carries a right to
convertibility into shares in the Group and the Group has an
unconditional right to avoid delivering cash, the fair value of the
equity and liability portions of the liability is determined at the
date that the convertible instrument is issued, by use of
appropriate discount factors.
Foreign currency
The functional currency of the Company and all of its
subsidiaries outside Romania is the United States Dollar, while the
functional currency of the Company's Romanian subsidiaries is the
Romanian Lei (RON). These are the currencies of the primary
economic environment in which the Company and its subsidiaries
operate.
Transactions entered into by the Group entities in a currency
other than the currency of the primary economic environment in
which it operates (the "functional currency") are recorded at the
rates ruling when the transactions occur. Foreign currency monetary
assets and liabilities are translated at the rates ruling at the
date of the statement of financial position. Exchange differences
arising on the retranslation of unsettled monetary assets and
liabilities are similarly recognised immediately in profit or
loss.
For consolidation purposes, the results and financial position
of a Group entity whose functional currency differs from the
Group's presentation currency is translated into the Group's
presentation currency as follows: assets and liabilities are
translated at the closing rate; income and expenses are translated
at the average rate for the period, and; all resulting exchange
differences are recognised in other comprehensive income.
The exchange rates applied at each reporting date were as
follows:
-- 30 April 2023 $1.2568: GBP1 and $1: RON
4.4915 and $1: ZWL 1,047.44
-- 30 April 2022 $1.2572: GBP1 and $1: RON
4.6774 and $1: ZWL 159.35
-- 30 April 2021 $1.3818: GBP1 and $1: RON
4.0621 and $1: ZWL 85.75
On 22 February 2019 all United States dollar balances in
Zimbabwe were restated as RTGS (Real Time Gross Settlement)
balances, later renamed Zimbabwe Dollar (ZWL), as a separate and
distinct currency tradeable against the US dollar. On 27 March 2020
the Government of Zimbabwe pegged the rate of exchange at $1: 25.
Subsequently, the ZWL has depreciated significantly. This has an
immaterial impact on the balance sheet and profit and loss for the
year ended 30 April 2023 and for the ongoing financial position of
our operations in Zimbabwe.
Intangible assets - Mining rights
Mineral rights are recorded at cost less amortisation and
provision for diminution in value. Amortisation will be over the
estimated life of the commercial ore reserves on a unit of
production basis.
Licences for the exploration of natural resources will be
amortised over the lower of the life of the licence and the
estimated life of the commercial ore reserves on a unit of
production basis.
Inventories
Inventories are initially recognised at cost, and subsequently
at the lower of cost and net realisable value. Cost comprises all
costs of purchase, costs of conversion and other costs incurred in
bringing the inventories to their present location and condition.
Weighted average cost is used to determine the cost of ordinarily
inter-changeable items.
Mining inventory includes run of mine stockpiles, minerals in
circuit, finished goods and consumables. Stockpiles, minerals in
circuit and finished goods are valued at their cost of production
to their point in process using a weighted average cost of
production, or net realisable value, whichever is the lower. Low
grade stockpiles are only recognised as an asset when there is
evidence to support the fact that some economic benefit will flow
to the Company on the sale of such inventory. Consumables are
valued at their cost of acquisition, or net realisable value,
whichever is the lower.
Investment in subsidiaries and associates
The Company's investment in its subsidiaries and associates is
recorded at cost less any impairment.
Associates
Where the Group has the power to participate in (but not
control) the financial and operating policy decisions of another
entity, it is classified as an associate. Associates are initially
recognised in the consolidated statement of financial position at
cost. Subsequently associates are accounted for using the equity
method, where the Group's share of post-acquisition profits and
losses and other comprehensive income is recognised in the
consolidated statement of profit and loss and other comprehensive
income (except for losses in excess of the Group's investment in
the associate unless there is an obligation to make good those
losses).
Profits and losses arising on transactions between the Group and
its associates are recognised only to the extent of unrelated
investors' interests in the associate. The investor's share in the
associate's profits and losses resulting from these transactions is
eliminated against the carrying value of the associate. Any premium
paid for an associate above the fair value of the Group's share of
the identifiable assets, liabilities and contingent liabilities
acquired is recognised as goodwill and included in the carrying
amount of the associate. Where there is objective evidence that the
investment in an associate has been impaired the carrying amount of
the investment is tested for impairment in the same way as other
non-financial assets.
Revenue
Revenue from the sales of goods is recognised when the Group has
performed its contractual obligations and it is probable that the
Group will receive the previously agreed upon payment. These
criteria are considered to be met when the goods are loaded at the
plant and consigned to the buyer. Revenue for services is
recognised as those services are performed under contractual
obligations with the customer.
Under IFRS 15, the freight service on export commodity contracts
with CIF/CFR terms represents a separate performance obligation,
and a portion of the revenue earned under these contracts,
representing the obligation to perform the freight service, is
deferred and recognised over time as this obligation is fulfilled.
The sale of concentrate, along with the associated costs, is
recognised at the point of time that the goods are delivered to the
customer.
Provided the amount of revenue can be measured reliably and it
is probable that the Group will receive any consideration, revenue
for services is recognised in the period in which they are
rendered.
Pension costs
Contributions to defined contribution pension schemes are
charged to profit or loss in the year to which they relate.
Production expenses
Production expenses include all direct costs of production but
exclude depreciation of property plant and equipment involved in
the mining process, and mine and Company overhead.
Property, plant, and equipment
Land is not depreciated. Items of property, plant and equipment
are initially recognised at cost and are subsequently carried at
depreciated cost. As well as the purchase price, cost includes
directly attributable costs and the estimated present value of any
future costs of dismantling and removing items. The corresponding
liability is recognised within provisions.
Depreciation is provided on all other items of property and
equipment so as to write off the carrying value of items over their
expected useful economic lives. It is applied at the following
rates:
Buildings -- 2.5% per annum, straight line
Plant and machinery -- 15% per annum, reducing balance
Fixtures, fittings & equipment -- 20% per annum, reducing balance
Computer assets -- 33.33% per annum, straight line
Motor vehicles -- 15% per annum, reducing balance
Capital works in progress: Property, plant and equipment under
construction are carried at its accumulated cost of construction
and not depreciated until such time as construction is completed or
the asset put into use, whichever is the earlier.
Proved mining properties
Depletion and amortisation of the full-cost pools is computed
using the units-of-production method based on proved reserves as
determined annually by management.
Provision for rehabilitation of mining assets
Provision for the rehabilitation of a mining property on the
cessation of mining is recognised from the commencement of mining
activities. This provision accounts for the full cost to
rehabilitate the mine according to good practice guidelines in the
country where the mine is located, which may involve more than the
stipulated minimum legal commitment.
When accounting for the provision the Company recognises a
provision for the full cost to rehabilitate the mine and a matching
asset accounted for within the non-current mining asset. The
rehabilitation provision is discounted using an appropriate
discount rate, which is linked to the currency in which the costs
are expected to be incurred, and the applicable inflation rate
applied to the cash flows. The unwinding of the discounting effect
is recognised within finance expenses in the income statement.
Share based payments
Equity-settled share-based payments
Where share options are awarded to employees, the fair value of
the options at the date of grant is charged to profit or loss over
the vesting period. Non-market vesting conditions are taken into
account by adjusting the number of equity instruments expected to
vest at each reporting date so that, ultimately, the cumulative
amount recognised over the vesting period is based on the number of
options that eventually vest.
Where the terms and conditions of options are modified before
they vest, the increase in the fair value of the options, measured
immediately before and after the modification, is also charged to
profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than
employees, the fair value of goods and services received is charged
to profit or loss, except where it is in respect to costs
associated with the issue of shares, in which case, it is charged
to the share premium account.
Remuneration shares
Where remuneration shares are issued to settle liabilities to
employees and consultants, any difference between the fair value of
the shares on the date of issue and the carrying amount of the
liability is charged to profit or loss.
Stripping costs
Costs incurred in stripping the overburden to gain access to
mineral ore deposits are accounted for as follows:
Stripping costs incurred during the development phase of the
mine (before production begins) are capitalised as part of the
depreciable cost of building, developing and constructing the mine.
Capitalised costs are amortised using the units of production
method, once production begins.
Stripping costs incurred during the production phase of the mine
which give rise to the production of usable inventory are accounted
for in accordance with the principles contained in the Group's
policy on Inventories. Stripping costs incurred in the production
phase of the mine which result in improved access to ore are
capitalized and recognized as additions to non-current assets
provided that it is probable that the future economic benefit from
improved access to the ore body associated with the stripping
activity will flow to the Company, that it is possible to identify
the component of the ore body to which access has been improved and
that the costs relating to the stripping activity associated with
that component of the ore body can be measured reliably.
Tax
The major components of income tax on the profit or loss include
current and deferred tax.
Current tax
Current tax is based on the profit or loss adjusted for items
that are non-assessable or disallowed and is calculated using tax
rates that have been enacted or substantively enacted by the
reporting date.
Tax is charged or credited to the statement of comprehensive
income, except when the tax relates to items credited or charged
directly to equity, in which case the tax is also dealt with in
equity.
Deferred tax
Deferred tax assets and liabilities are recognised where the
carrying amount of an asset or liability in the statement of
financial position differs to its tax base, except for differences
arising on:
-- The initial recognition of goodwill;
-- The initial recognition of an asset or liability in a transaction which
is not a business combination and at the time of the transaction affects
neither accounting or taxable profit; and
-- Investments in subsidiaries and jointly controlled entities where the
Group is able to control the timing of the reversal of the difference and
it is probable that the differences will not reverse in the foreseeable
future.
Recognition of deferred tax assets is restricted to those
instances where it is probable that taxable profit will be
available against which the difference can be utilised.
The amount of the asset or liability is determined using tax
rates that have been enacted or substantively enacted by the
reporting date and are expected to apply when deferred tax
liabilities/(assets) are settled/(recovered). Deferred tax balances
are not discounted.
New IFRS accounting standards
A number of new standards and amendments to standards and
interpretations have been issued but are not yet effective.
At the date of authorisation of these financial statements, the
Directors have reviewed the standards in issue by the UK
Endorsement Board ("UKEB"), which are effective for annual
accounting periods ending on or after the stated effective date. In
their view, none of these standards would have a material impact on
the consolidated financial statements.
Notes to financial statements
for the year ended 30 April 2023
1 Segmental analysis
The Group operates in one business segment, the development and
mining of mineral assets. The Group has interests in two
geographical segments being Southern Africa (primarily Zimbabwe)
and Europe and Central Asia (primarily Romania and Tajikistan
focusing on polymetallic opportunities). The group combines its
Tajikistan and Romanian operations into one geographical segment,
Europe and Central Asia, as these operations are managed together
as a single geography utilising common resources and leveraging
commercial and strategic synergies.
The Group's operations are reviewed by the Board (which is
considered to be the Chief Operating Decision Maker ('CODM')) and
split between mining exploration and development and administration
and corporate costs.
Exploration and development is reported to the CODM only on the
basis of those costs incurred directly on projects. All costs
incurred on the projects are capitalised in accordance with IFRS 6,
including depreciation charges in respect of tangible assets used
on the projects.
Administration and corporate costs are further reviewed on the
basis of spend across the Group.
Decisions are made about where to allocate cash resources based
on the status of each project and according to the Group's strategy
to develop the projects. Each project, if taken into commercial
development, has the potential to be a separate operating segment.
Operating segments are disclosed below on the basis of the split
between exploration and development and administration and
corporate.
Revenue comprises of the sale of concentrates of $2.66million
(2022: $2.25million) and services rendered of $1.06million (2022:
$1.53million). The Group derives revenue from two customers (2022:
two), each exceeding 10% of total revenues.
Mining, exploration, Admin and
and development corporate Total
Europe & Central
Asia Africa
$'000 $'000 $'000 $'000
Year to 30 April 2022
Revenue 3,720 - - 3,720
Production costs (8,402) - - (8,402)
Gross profit (loss) (4,682) - - (4,682)
Depreciation (704) - (2) (706)
Share option and warrant
expense - - (274) (274)
Sundry income (5) - - (5)
Exchange (loss) gain 1,098 - 313 1,411
Other administrative and
overhead expenses (2,165) - (1,715) (3,880)
Finance expense (775) - (1,595) (2,370)
Taxation (charge) - - - -
Profit (loss) for the
year (7,233) - (3,273) (10,506)
30 April 2022
Total assets 22,290 - 1,297 23,587
Total non-current assets 17,916 - 1,232 19,148
Additions to non-current
assets 1,595 - 301 1,896
Total current assets 4,374 - 65 4,439
Total liabilities 13,937 - 7,107 21,044
Mining, exploration, and Admin and
development corporate Total
Europe & Central
Asia Africa
$'000 $'000 $'000 $'000
Year to 30 April 2022
Revenue 3,781 - - 3,781
Production costs (7,403) - - (7,403)
Gross profit (loss) (3,622) - - (3,622)
Depreciation (806) - (6) (812)
Share option and warrant
expense - - (356) (356)
Sundry income 59 - - 59
Exchange (loss) gain (3,359) - (395) (3,754)
Other administrative and
overhead expenses (2,565) - (1,952) (4,517)
Fair value movement in available
for sale investments - - (3) (3)
Finance expense (508) - (1,979) (2,487)
Taxation (charge) - - - -
Profit (loss) for the year (10,801) - (4,691) (15,492)
30 April 2022
Total assets 19,614 - 1,682 21,296
Total non-current assets 16,549 - 971 17,520
Additions to non-current
assets 1,467 - - 1,467
Total current assets 3,065 - 711 3,776
Total liabilities 11,938 - 7,229 19,167
2 Group loss from operations
2023 2022
Group Group
$'000 $'000
Operating loss is stated after charging/
(crediting):
Auditors' remuneration (note 3) 99 91
Depreciation 706 812
Employee pension costs 353 283
Share option expense 274 356
Foreign exchange (gain) / loss (1,411) 3,754
3 Auditor's remuneration
2023 2022
Group Group
$'000 $'000
Fees payable to the Company's auditor for the
audit of the Company's annual accounts 67 60
Fees payable to the Company's auditor for other
services:
- Audit of the accounts of subsidiaries 32 31
- Other services - -
99 91
===== =====
4 Finance expense
Finance expense 2023 2022
Group Group
$'000 $'000
Finance expense on secured borrowings 1,572 2,473
Finance expense on unsecured borrowings 430 14
Finance charges on taxes payable (note 20) 368 -
2,370 2,487
===== =====
5 Taxation
2023 2022
Group Group
$'000 $'000
Income tax on profits - -
Deferred tax charge - -
Tax charge (credit) - -
======== ========
2023 2022
Group Group
$'000 $'000
The tax assessed for the year is lower than
the standard rate of corporation tax in the
UK. The differences are explained as follows:
Loss before taxation (10,506) (15,492)
Loss before taxation at the standard rate of
corporation tax in the UK of 19% (2023: 19%) 1,992 2,943
Difference in tax rates in foreign jurisdictions (249) (348)
Income not chargeable to tax 46 -
Expenses not allowed for tax 650 304
Short term timing differences 7 14
Loss carried forward (2,446) (2,913)
Income tax charge on profits - -
-------- --------
There was no taxation charge during the year (2022: US$
nil).
Deferred tax assets are only recognised in the Group where the
company concerned has a reasonable expectation of future profits
against which the deferred tax asset may be recovered.
Tax losses 2023 2022 2023 2022
Group Group Company Company
$'000 $'000 $'000 $'000
Accumulated tax losses 81,378 65,240 43,061 40,649
However, these losses will only be recoverable against future
profits, the timing of which is uncertain, and a deferred tax asset
has not been recognised in respect of these losses. A deferred tax
asset has not been recognised in respect of accumulated tax losses
for the Company.
6 Employees
2023 2022
Group Group
$'000 $'000
Staff costs (including directors) consist of:
Wages and salaries -- management 1,350 1,318
Wages and salaries -- other 6,095 5,712
7,445 7,030
----- -----
Consultancy fees 20 185
Social Security costs 28 64
Healthcare costs 18 -
Pension costs 353 283
7,864 7,562
----- -----
The average number of employees (including directors)
during the year was as follows:
Management 14 15
Other operations 336 352
350 367
----- -----
7 Directors' remuneration
2023 2022
Group Group
$'000 $'000
Directors' emoluments 953 934
Company contributions to pension schemes 12 17
Healthcare costs 3 -
Termination payments - -
Directors and key management remuneration 968 951
===== =====
The Directors are considered to be the key management of the
Group and Company. The highest paid Director received an amount of
$257,628 (2022: $258,259).
Five of the Directors at the end of the period have share
options receivable under long term incentive schemes.
8 Earnings per share
30 Apr 2023 30 Apr 2022
Group Group
Profit and loss per ordinary share has been
calculated using the weighted average number
of ordinary shares in issue during the relevant
financial year.
The weighted average number of ordinary shares
in issue for the period is: 1,862,916,300 270,291,660
Profit / (loss) for the period: ($'000) (10,506) (15,492)
Profit / (Loss) per share basic and diluted
(cents) (0.56) (5.73)
The effect of all potentially dilutive share
options is anti-dilutive.
9 Loss for the financial year
The Company has adopted the exemption allowed under Section
408(1b) of the Companies Act 2006 and has not presented its own
income statement in these financial statements.
10 Property, plant, and equipment
Plant and Fixtures, fittings Computer Buildings Mining Capital Work
machinery and equipment assets Motor vehicles and Improvements assets in progress Total
Group $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
Cost at 1 May 2021 4,554 75 165 738 3,326 12,128 2,743 23,729
Additions during the
period 28 5 12 45 - 256 1,121 1,467
Reclassification (568) 2 - 98 168 892 (592) -
Foreign exchange
movements (571) (10) (17) (118) (348) (1,206) (289) (2,559)
Cost at 30 April 2022 3,443 72 160 763 3,146 12,070 2,983 22,637
---------- ------------------ -------- -------------- ----------------- ------- ------------ -------
Additions during the
year 10 - - - - 177 1,709 1,896
Reclassification 443 - - 303 - 691 (1,437) -
Disposals during the
year (5) - - (37) - - - (42)
Foreign exchange
movements 134 3 4 40 102 367 79 729
Cost at 30 April 2023 4,025 75 164 1,069 3,248 13,305 3,334 25,220
---------- ------------------ -------- -------------- ----------------- ------- ------------ -------
Depreciation at 1 May
2021 2,949 65 100 225 1,089 1,413 604 6,445
Charge for the year 281 14 16 27 138 336 - 812
Reclassification - (4) 4 - - - - -
Foreign exchange
movements (392) (10) (13) (62) (190) (165) - (832)
Depreciation at 30 April
2022 2,838 65 107 190 1,037 1,584 604 6,425
---------- ------------------ -------- -------------- ----------------- ------- ------------ -------
Charge for the year 262 8 10 61 86 279 - 706
Reclassification - (4) 4 - - - - -
Disposals during the
year (1) - - (16) - - - (17)
Foreign exchange
movements 120 2 4 19 59 62 - 266
Depreciation at 30 April
2023 3,219 71 125 254 1,182 1,925 604 7,380
---------- ------------------ -------- -------------- ----------------- ------- ------------ -------
Net book value at 1 May
2021 1,605 10 65 513 2,237 10,715 2,139 17,284
---------- ------------------ -------- -------------- ----------------- ------- ------------ -------
Net book value at 30
April 2022 605 7 53 573 2,109 10,486 2,379 16,212
Net book value at 30
April 2023 806 4 39 815 2,066 11,380 2,730 17,840
10 Property, plant, and equipment (cont.)
Plant and Fixtures, fittings Computer
Company machinery and equipment assets Total
$'000 $'000 $'000 $'000
Cost at 30 April 2021 30 5 28 63
Additions during the period - - - -
Disposals during the period - - - -
Cost at 30 April 2022 30 5 28 63
---------- ------------------ -------- -----
Additions during the year - - - -
Disposals during the year - - - -
Cost at 30 April 2023 30 5 28 63
---------- ------------------ -------- -----
Depreciation at 30 April
2021 30 5 24 59
Charge for the period - - 1 1
Disposals during the period - - - -
Depreciation at 30 April
2022 30 5 25 60
---------- ------------------ -------- -----
Charge for the year - - - -
Disposals during the year - - - -
Depreciation at 30 April
2023 30 5 25 60
---------- ------------------ -------- -----
Net book value at 30 April
2022 - - 3 3
========== ================== ======== =====
Net book value at 30 April
2023 - - 3 3
========== ================== ======== =====
11 Investments in subsidiaries
2023 2022
Company Company
$'000 $'000
Cost at the beginning of the year 23,302 23,302
Additions during the year - -
Cost at the end of the year 23,302 23,302
======= =======
The principal subsidiaries of Vast Resources plc, all of which
are included in these consolidated Annual Financial Statements, are
as follows:
Country Proportion held
Company of registration Class by group Nature of business
------------------------ ----------------- --------- ----------------- ------------------
2023 2022
------------------------ ----------------- --------- ------ --------- ------------------
Vast Baita Plai SA
(formerly African
Consolidated Resources Mining exploration
SRL) Romania Ordinary 100% 100% and development
------------------------ ----------------- --------- ------ --------- ------------------
Sinarom Mining Group Mining exploration
SRL Romania Ordinary 100% 100% and development
------------------------ ----------------- --------- ------ --------- ------------------
Vast Resources Romania
Ltd United Kingdom Ordinary 100% 100% Holding company
------------------------ ----------------- --------- ------ --------- ------------------
Vast Resources Zimbabwe Mining exploration
(Private) Limited Zimbabwe Ordinary 100% 100% and development
------------------------ ----------------- --------- ------ --------- ------------------
The table above shows the principal subsidiaries of the Company.
A full list of all group subsidiaries is given in Note 29, at the
end of this report.
12 Investment in associates
Investment in associates comprises the acquisition cost of an
effective interest of 24.5% in Central Asia Minerals and Metals Ore
Trading FZCO ("CAMM").
13 Loans to group companies
Loans to Group companies are repayable on demand. The treatment
of this balance as non-current reflects the Company's expectation
of the timing of receipt. Recoverability of these balances is
linked to the future cashflows expected to be generated from
certain underlying assets of the Company's subsidiaries which are
predominantly property, plant and equipment assets. The recoverable
amount of these underlying assets is determined based on an
assessment of the economically recoverable mineral reserves, the
ability of the subsidiaries to complete the development of the
reserves and future profitable production or proceeds from the
disposition of the recoverable reserves. Based on this review, the
carrying value of these underlying assets was not impaired and
there were no indications the subsidiaries would be unable to repay
any borrowing obligations. Accordingly, no impairment was
recognised in these financial statements.
14 Inventory
Apr 2023 Apr 2022 Apr 2023 Apr 2022
Group Group Company Company
$'000 $'000 $'000 $'000
Minerals held for sale 402 185 - -
Production stockpiles 6 6 - -
Consumable stores 565 648 - -
973 839 - -
======== ======== ======== ========
During the year, US$8.402 million (2022: US$7.403 million)
inventories relating to revenue were recognised as costs in the
income statement.
15 Receivables
Apr 2023 Apr 2022 Apr 2023 Apr 2022
Group Group Company Company
$'000 $'000 $'000 $'000
Trade receivables 215 151 - -
Other receivables 1,624 1,658 653 268
Short term loans 335 312 269 246
Prepayments 125 183 71 118
VAT 637 530 31 16
2,936 2,834 1,024 648
======== ======== ======== ========
Of which: not impaired
as at 30 April 2023
and past due in the
Of which: following periods:
------------------------------------
Carrying Neither More than
amount before impaired Not more three months
deducting Related nor past than and not More
any impairment Impairment Net carrying due on 30 three more than than
loss loss amount April 2023 months six months six months
Trade
receivables 215 - 215 - 79 116 20
Other
receivables 1,624 - 1,624 1,617 - - 7
1,839 - 1,839 1,617 79 116 27
--------------- ----------- ------------ ----------- -------- ------------- -----------
At the reporting date, included within VAT receivable is an
amount in respect of VAT owed to Vast Baita Plai SA (formerly
African Consolidated Resources SRL) of US$ 450,678 (RON 2,024,222).
The amount represents VAT paid on the Baita Plai Mine's care
operations. As reported previously, ANAF, the Romanian revenue
authority had refused to accept amounts included in this balance as
a legitimate VAT receivable as a mining licence was not then in
place for Baita Plai Mine. On 15th October 2018, the mining licence
was granted. The Romanian Courts ruled in favour of the Company and
the tax authorities have appealed against the decision. The Company
continues to maintain that the case has no merit.
16 Available for sale investments
In the year to 30 April 2020, the Company acquired an investment
in the Convertible 15% Loan Notes of EMA of principal value
US$750,000. The transaction value was US$891,164. These notes fund
EMA's and Blueberry's working capital and capital expenditure
requirements in relation to exploration at the Blueberry mine and
other matters necessary for the purpose of achieving an IPO. The
conversion feature of the loan notes allows the holder to convert
every US$ 10,000 of principal into 0.075% of shares at the time of
the IPO. These notes are held for sale and are carried at fair
value through the profit and loss account as their value will be
recovered through sale. Management is targeting a sale in the
financial year ended 30 April 2025 and has therefore classified the
investment in non-current assets. The project is its early stages
of development and there is insufficient more recent information to
reliably measure the fair value of the project, on the basis
management consider cost to be the best estimate of fair value of
the instrument.
17 Loans and borrowings
Apr 2023 Apr 2022 Apr 2023 Apr 2022
Group Group Company Company
$'000 $'000 $'000 $'000
Non-current
Secured borrowings 8,213 10,075 4,666 5,100
Unsecured borrowings 728 - 728 -
less amounts payable in less
than 12 months (8,941) (10,075) (5,394) (5,100)
- - - -
======== ======== ======== ========
Current
Secured borrowings - - - -
Unsecured borrowings 227 240 210 199
Bank overdrafts 1 1 1 1
Current portion of long-term
borrowings - secured 8,213 10,075 4,666 5,100
- unsecured 728 - 728 -
9,169 10,316 5,605 5,300
-------- -------- -------- --------
Total loans and borrowings 9,169 10,316 5,605 5,300
Current secured borrowings consist of:
-- US$3,546,600 (2022: US$4,975,129) secured offtake finance from Mercuria
Energy Trading SA. The loan is secured by a charge on the assets held by
Sinarom Mining Group SRL which is the holder of the rights to the Manaila
Mine and by a pledge on the shares of Vast Resources PLC 100% holding.
The loan bore floating rate interest during the period of 10.7%. The
repayment of the loan is to be made from surplus cashflows generated from
BPPM.
-- US$4,665,643 (2022: US$NIL) secured finance from A&T Investments Sarl
('Alpha'). The loan has a 12 month term and a fixed rate of interest of
20%. The loan and interest were originally due for repayment on 15 May
2023 and has been extended to 30 November 2023. Alpha has been granted
first lien security over a real estate asset in Bucharest, Romania, in
order to provide enhanced security. An existing shareholder of the
Company has been granted a first ranking security over the Baita Plai
Polymetallic Mine ('BBPM') in return for allowing this asset to be used
as enhanced collateral. Alpha has been granted a second ranking security
over BPPM.
-- During the year, the Company settled the convertible bond from Atlas
Capital Markets Limited, amounting to US$5,100,000.
Current unsecured borrowing consists of:
-- US$17,781 (2022: US$40,753) loans owed to the former non-controlling
interests in Vast Baita Plai SA. These include amounts owed to the
following director: Roy Tucker (US$5,766). These loans are interest free
and have no fixed terms of repayment. There is no expectation that these
loans will be called in the short-term.
-- US$937,995 (2022: US$199,266) of third-party loans comprising a loan from
M Semere of US$210,495 bearing an interest rate of 6%, a third-party loan
of US$625,000 bearing an interest rate of 10%, and a short-term third
party loan of US$102,500 which was repaid after the year-end. There is no
expectation that the outstanding loans will be called in the short-term.
Reconciliation of liabilities arising from financing
activities
Non-cash changes
Amortised
Cash finance Loans repaid Warrants
2023 Group 01-May-22 -flows charges in shares issued 30-Apr-23
$'000s $'000s $'000s $'000s $'000s $'000s
Long-term
borrowings - - -
Short-term
borrowings 10,316 (1,122) 2,002 (1,750) (277) 9,169
Total
liabilities
from financing
activities 10,316 (1,122) 2,002 (1,750) (277) 9,169
========= ======= ========= ============ ======== =========
Non-cash changes
Amortised
Cash finance Loans repaid Warrants
2022 Group 01-May-21 -flows charges in shares issued 30-Apr-22
$'000s $'000s $'000s $'000s $'000s $'000s
Long-term
borrowings - - -
Short-term
borrowings 9,593 (364) 2,487 (1,400) - 10,316
Total
liabilities
from financing
activities 9,593 (364) 2,487 (1,400) - 10,316
========= ======= ========= ============ ======== =========
Non-cash changes
Amortised
Cash finance Loans repaid Warrants
2023 Company 01-May-22 -flows charges in shares issued 30-Apr-23
$'000s $'000s $'000s $'000s $'000s
Long-term
borrowings - - - -
Short-term
borrowings 5,300 735 1,597 (1,750) (277) 5,605
Total
liabilities
from financing
activities 5,300 735 1,597 (1,750) (277) 5,605
========= ====== ========= ============ ======== =========
Non-cash changes
Amortised
Cash finance Loans repaid Warrants
2022 Company 01-May-21 -flows charges in shares issued 30-Apr-22
$'000s $'000s $'000s $'000s $'000s
Long-term
borrowings - - - -
Short-term
borrowings 5,064 (343) 1,979 (1,400) - 5,300
Total
liabilities
from financing
activities 5,064 (343) 1,979 (1,400) - 5,300
========= ====== ========= ============ ======== =========
18 Trade and other payables
Apr 2023 Apr 2022 Apr 2023 Apr 2022
Group Group Company Company
$'000 $'000 $'000 $'000
Trade payables 3,458 2,608 173 548
Other payables 1,872 1,751 1,232 1,262
Other taxes and social security
taxes 3,346 1,325 12 80
Accrued expenses 101 68 42 34
8,777 5,752 1,459 1,924
======== ======== ======== ========
Total 121 days
$'000 30 days 60 days 90 days 120 days or more
Trade payables 3,458 652 169 316 153 2,168
Other payables 1,872 679 1,193
Total 5,330 1,331 169 316 153 3,361
====== ======= ======= ======= ======== ========
19 Provisions
Apr 2023 Apr 2022 Apr 2023 Apr 2022
Group Group Company Company
$'000 $'000 $'000 $'000
Provision for rehabilitation of mining
properties
- Provision brought forward from
previous periods 1,145 1,206 - -
- Liability recognised during
period - - - -
- Effect of foreign exchange 20 (61) -
1,165 1,145 - -
======== ======== ======== ========
As more fully set out in the Statement of Accounting Policies on
page 38, the Group provides for the cost of the rehabilitation of a
mining property on the cessation of mining. Provision for this cost
is recognised from the commencement of mining activities.
This provision accounts for the estimated full cost to
rehabilitate the mines at Manaila and Baita according to good
practice guidelines in the country where the mine is located, which
may involve more than the stipulated minimum legal commitment.
When accounting for the provision the Group recognises a
provision for the full cost to rehabilitate the mine and a matching
asset accounted for within the non-current mining asset.
20 Trade and other payables
Vast Baita Plai SA ('VBP') reached an agreement in principle
with ANAF in December 2021 to defer the current payroll tax
liability over a five year period. The final repayment schedule was
established on 20 May 2022. The amounts included in trade and other
payables (non-current liabilities) represent those amounts that are
due for repayment beyond one year from the balance sheet date.
Apr-23 Apr-22
$000's $000's
Amounts due between one and two years 455 340
Amounts due between two and three years 579 409
Amounts due between three and four
years 725 493
Amounts due between four and five years 174 712
1,933 1,954
====== ======
After the year end, the Company has entered into discussions for
a new and required restructuring plan in order to ensure the
Company can affordably repay the total amounts due to the tax
authorities
21 Financial instruments -- risk management
Significant accounting policies
Details of the significant accounting policies in respect of
financial instruments are disclosed on page 35. The Group's
financial instruments comprise available for sale investments, cash
and items arising directly from its operations such as trade and
other receivables, trade payables and loans.
Financial risk management
The Board seeks to minimise its exposure to financial risk by
reviewing and agreeing policies for managing each financial risk
and monitoring them on a regular basis. No formal policies have
been put in place in order to hedge the Group and Company's
activities to the exposure to currency risk or interest risk;
however, the Board will consider this periodically. No derivatives
or hedges were entered into during the year.
The Group and Company is exposed through its operations to the
following financial risks:
-- Credit risk
-- Market risk (includes cash flow interest rate risk and foreign currency
risk)
-- Liquidity risk
The policy for each of the above risks is described in more
detail below.
The principal financial instruments used by the Group, from
which financial instruments risk arises are as follow:
-- Receivables
-- Cash and cash equivalents
-- Trade and other payables (excluding other taxes and social security) and
loans
-- Available for sale investments
The table below sets out the carrying value of all financial
instruments by category.
2023 2022 2023 2022
Group Group Company Company
$'000 $'000 $'000 $'000
Loans and receivables
Cash and cash equivalents 530 103 460 86
Receivables 2,936 2,834 1,024 648
Loans to Group Companies - - 33,920 25,402
Financial assets held for sale
Available for sale investments 891 891 891 891
Other liabilities
Trade and other payables (excl
short term loans) 8,777 5,752 1,459 1,924
Loans and borrowings 9,169 10,316 5,605 5,300
The available for sale investment is recognised in the financial
statements at fair value through to profit or loss account and are
classified within the level 1 Category. There were no transfers
between fair value hierarchies during 2022 and 2023.
Credit risk
Financial assets, which potentially subject the Group and the
Company to concentrations of credit risk, consist principally of
cash, short-term deposits, an available for sale investment in 15%
loan notes funding the Blueberry project, and other receivables.
Cash balances are all held at recognised financial institutions.
The 15% loan notes are considered fully recoverable given the
project prospects. Receivables are presented net of allowances for
doubtful receivables.
The Company has a credit risk in respect of inter-company loans
to subsidiaries. The recoverability of these balances is dependent
on the commercial viability of the exploration activities
undertaken by the respective subsidiary companies. The credit risk
of these loans is managed as the directors constantly monitor and
assess the viability and quality of the respective subsidiary's
investments in intangible mining assets.
Maximum exposure to credit risk
The Group's maximum exposure to credit risk by category of
financial instrument is shown in the table below:
2023 2023 2022 2022
Carrying Maximum Carrying Maximum
value exposure value exposure
$'000 $'000 $'000 $'000
Cash and cash equivalents 530 530 103 103
Receivables 2,936 2,936 2,834 2,834
Available for sale investments 891 891 891 891
The Company's maximum exposure to credit risk by category of
financial instrument is shown in the table below:
2023 2023 2022 2022
Carrying Maximum Carrying Maximum
value exposure value exposure
$'000 $'000 $'000 $'000
Cash and cash equivalents 460 460 86 86
Receivables 1,024 1,024 648 648
Available for sale investments 891 891 891 891
Loans to Group Companies 33,920 33,920 25,402 25,402
Market risk
Cash flow interest rate risk
The Group has adopted a non-speculative policy on managing
interest rate risk. Only approved financial institutions with sound
capital bases are used to borrow funds and for the investments of
surplus funds.
At the reporting date, the Group had a cash balance of $0.530
million (2022: $0.103 million) which was made up as follows:
2023 2022
Group Group
$'000 $'000
Sterling 457 3
United States Dollar 3 41
Euro - 42
Lei (Romania) 70 17
530 103
===== =====
At the reporting date, the Company had a cash balance of $0.460
million (2022: $0.086 million) which was made up as follows:
2023 2022
Company Company
$'000 $'000
Sterling 457 4
United States Dollar 3 39
Euro - 42
Lei (Romania) - 1
460 86
======= =======
The Group had interest bearing debts at the current year end of
US$9.151 million (2022: US$10.275 million). These are made up as
follows:
Interest
rate 2023 Group 2022 Group 2023 Company 2022 Company
$'000 $'000 $'000 $'000
Secured
short-term
loans 10-20% 8,213 10,075 4,666 5,100
Unsecured loans 6-10% 938 200 939 200
9,151 10,275 5,605 5,300
---------- ---------- ------------ ------------
Borrowings of US$3.547 million carry a floating interest rate
with the remainder having fixed rates. An increase in interest
rates of 1% would increase the annual finance expense by US$34,547.
All Company borrowings are at fixed rates.
Foreign currency risk
Foreign exchange risk is inherent in the Group's and the
Company's activities and is accepted as such. The Company's
production, underlying value, and funding is referenced to and
denominated in the United States Dollar and therefore foreign
currency exchange risk arises where any balance is held, or costs
incurred, in currencies other than United States Dollars. At 30
April 2023 and 30 April 2022, the currency exposure of the Group
was as follows:
Currency exposure -
Group
Sterling US Dollar Euro Other Total
At 30 April 2023 $'000 $'000 $'000 $'000 $'000
Cash and cash equivalents 457 3 - 70 530
Trade and other receivables 74 1,055 45 1,762 2,936
Trade and other payables (802) (690) (42) (7,243) (8,777)
Available for sale
investments - 891 - - 891
At 30 April 2022
Cash and cash equivalents 3 41 42 17 103
Trade and other receivables 30 582 170 2,052 2,834
Trade and other payables (1,004) (585) (330) (3,833) (5,752)
Available for sale
investments - 891 - - 891
The effect of a 10% strengthening of Sterling against the US
dollar at the reporting date, all other variables held constant,
would have resulted in increasing post tax losses by $27,100 (2022:
$97,000 decrease). Conversely the effect of a 10% weakening of
Sterling against the US dollar at the reporting date, all other
variables held constant, would have resulted in decreasing post tax
losses by $27,100 (2022: $97,000 increase)
At 30 April 2023 and 30 April 2022, the currency exposure of the
Company was as follows:
Currency exposure -
Company
Sterling US Dollar Euro Other Total
At 30 April 2023 $'000 $'000 $'000 $'000 $'000
Cash and cash equivalents 457 3 - - 460
Trade and other receivables 73 906 45 - 1,024
Loans to Group companies - 33,920 - - 33,920
Trade and other payables (802) (651) (42) 36 (1,459)
Available for sale
investments - 891 - - 891
At 30 April 2022
Cash and cash equivalents 4 39 42 1 86
Trade and other receivables 30 513 105 - 648
Loans to Group companies - 25,402 - - 25,402
Trade and other payables (1,003) (584) (330) (7) (1,924)
Available for sale
investments - 891 - - 891
Liquidity risk
Any borrowing facilities are negotiated with approved financial
institutions at acceptable interest rates. All assets and
liabilities are at fixed and floating interest rate. The Group and
the Company seeks to manage its financial risk to ensure that
sufficient liquidity is available to meet the foreseeable needs
both in the short and long term. See also references to Going
Concern disclosures in the Strategic Report on page 10.
The Group's total contractual future cashflows for loans and
borrowings are shown in the table below:
2023 2023 2022 2022
Carrying Total Contractual Carrying Total Contractual
value Future Cashflows value Future Cashflows
Loans and
borrowings 9,169 9,317 10,316 10,754
The Group's estimated future interest charges are shown in the
table below:
Apr-23 Apr-22
$000's $000's
Estimated future interest charges for
the Group within one year. 148 438
The Company's contractual future cashflows for loans and
borrowings are shown in the table below:
2023 2023 2022 2022
Total Contractual Carrying Total Contractual
Carrying value Future Cashflows value Future Cashflows
Loans and
borrowings 5,605 5,756 5,300 5,364
The Company's estimated future interest charges are shown in the
table below:
Apr-23 Apr-22
$000's $000's
Estimated future interest charges for the
Company within one year. 134 64
The maturity of the Group's and Company's loans and borrowings
are shown below:
Interest
rate 2023 Group 2022 Group 2023 Company 2022 Company
$'000 $'000 $'000 $'000
Secured short-term
loans 10-20% 8,213 10,075 4,666 5,100
Unsecured loans 0-10% 956 241 939 200
9,169 10,316 5,605 5,300
---------- ---------- ------------ ------------
These loans are repayable as
follows:
-Within 1 year 9,169 10,316 5,605 5,300
-Between 1 and 2 - - - -
years
-In more than 2 - - - -
years
As set out in Note 18 of the consolidated trade and other
payables balance of US$5.330 million, US$1.500 million is due for
payment within 60 days of the reporting date. The maturity profile
of interest-bearing debts is highlighted above. The secured
short-term loans are due for repayment on 30 November 2023.
Capital
The objective of the Directors is to maximise shareholder
returns and minimise risks by keeping a reasonable balance between
debt and equity.
Debt equity ratio
The Group's debt to equity ratio is 339.7% (2022:
479.7%), calculated as follows: Apr 2023 Apr 2022
$000's $'000
Loans and borrowings 9,169 10,316
Less: cash and cash equivalents (530) (103)
Net debt 8,639 10,213
Total equity 2,543 2,129
Debt to capital ratio (%) 339.7% 479.7%
22 Share capital
Ordinary 0.1p Deferred 0.9p TOTAL
Nominal Nominal Share Share
No of shares value No of shares value Capital premium
As at 30 April
2021 21,300,489,500 28,242 863,562,664 12,850 41,092 89,348
Capital
Reorganization (21,087,484,605) (27,959) 2,343,053,845 27,959 0 0
Issued during
the period * 277,342,966 366 - - 366 5,359
As at 30 April
2022 490,347,861 649 3,206,616,509 40,809 41,458 94,707
Issued during
the year * 2,437,296,281 2,915 - - 2,915 8,651
As at 30 April
2023 2,927,644,142 3,564 3,206,616,509 40,809 44,373 103,358
---------------- -------- ------------- ------- ------- -------
* Details of the shares issued during the year are as shown in
the table below and in the Statement of Changes of Equity on pages
30-31 of the annual report.
There were no shares reserved for issue under share options at
30 April 2023 (2022: nil).
On 6 May 2021 the Company concluded a capital reorganisation
which comprised two distinct parts, firstly a consolidation of the
existing Ordinary Shares on a 1 for 100 basis, and then a
subdivision of each resulting ordinary share of 10p into one new
Ordinary Share and eleven new Deferred Shares. The effect of this
reorganisation was to reduce the number of ordinary shares in issue
by a factor of 100. The effect of this capital reorganisation is
highlighted in the above table.
The deferred shares carry no rights to dividends or to
participate in any way in the income or profits of the Company.
They may receive a return of capital equal to the amount paid up on
each deferred share after the ordinary shares have received a
return of capital equal to the amount paid up on each ordinary
share plus GBP10,000,000 on each ordinary share, but no further
right to participate in the assets of the Company. The Company may,
subject to the Statutes, acquire all or any of the deferred shares
at any time for no consideration. The deferred shares carry no
votes.
The ordinary shares carry all the rights normally attributed to
ordinary shares in a company subject to the rights of the deferred
shares.
See also Note 28 on page 63 for details of share issues after
the reporting date.
Date of issue
Issue price
2023 No of shares (p) Purpose of issue
03-May-22 29,648,978 0.400 Settle debt
06-May-22 89,255,224 0.270 Settle debt
18-May-22 151,260,080 0.270 Settle debt
31-May-22 241,799,020 0.270 Settle debt
15-Jun-22 214,285,715 0.700 Placing with investors
15-Jun-22 249,046,446 0.700 Subscription by investors
29-Sep-22 164,000,000 0.400 Placing with investors
31-Oct-22 652,000,000 0.225 Placing with investors
10-Feb-23 15,000,000 0.550 Subscription by management
10-Feb-23 54,545,454 0.550 Placing with investors
20-Feb-23 363,636,364 0.550 Placing with investors
18-Apr-23 67,000,000 0.460 Placing with investors
26-Apr-23 145,819,000 0.460 Placing with investors
2,437,296,281
-------------
Date of issue
Issue price
2022 No of shares (p) Purpose of issue
06-May-21 0 0.000 CAPITAL REORGANISATION
13-Aug-21 5,611,110 6.300 Placing with investors
13-Aug-21 3,580,952 6.300 Subscription by investors
24-Aug-21 18,784,760 6.300 Placing with investors
03-Nov-21 10,000,000 2.500 Placing with investors
11-Nov-21 44,000,000 2.500 Placing with investors
30-Nov-21 1,512,416 2.470 To settle liabilities
01-Dec-21 1,540,160 2.430 To settle liabilities
02-Dec-21 1,577,229 2.370 To settle liabilities
11-Jan-22 4,676,536 1.570 To settle liabilities
24-Feb-22 14,806,819 1.240 To settle liabilities
24-Mar-22 13,195,122 0.860 To settle liabilities
30-Mar-22 14,772,333 0.770 To settle liabilities
12-Apr-22 19,400,315 0.590 To settle liabilities
20-Apr-22 50,000,000 0.840 Subscription by investors
21-Apr-22 48,414,060 0.480 To settle liabilities
25-Apr-22 25,471,154 0.450 To settle liabilities
277,342,966
------------
23 Share based payments
Equity -- settled share-based payments
The Company has granted share options and warrants to Directors,
staff and consultants.
In June 2015, the Company also established a Share Appreciation
Scheme to incentivise Directors and senior executives. The basis of
the Scheme is to grant a fixed number of 'share appreciation
rights' (SARs) to participants. Each SAR is credited rights to
receive at the discretion of the Company ordinary shares in the
Company or cash to a value of the difference in the value of a
share at the date of exercise of rights and the value at date of
grant. The SARS are subject to various performance conditions.
The tables below reconcile the opening and closing number of
SARs in issue at each reporting date:
In issue
Exercise at 30 April Issued Lapsed during Exercised In issue at Final exercise
price 2022 during year* year during year 30 April 2023 date
Options
1.21p 60,000,000 60,000,000 Dec-25*
1.21p 50,000,000 50,000,000 Dec-25
19.8p 10,000,000 (10,000,000) - Dec-25**
19.8p 700,000 700,000 Nov-23
19.8p 700,000 700,000 Mar-24
25p 520,000 (520,000) - Nov-22
25p 620,000 (620,000) - Mar-23
45p 50,000 (50,000) - Dec-22***
50p 470,000 (470,000) - Mar-23
13,060,000 110,000,000 (11,660,000) - 111,400,000
------------ ------------- ------------- ------------ --------------
*60,000,000 SARs exercisable subject to shareholder authority at
GM which was received after the year end
**Vests upon one day VWAP share price reaching not less than 20p for
a continuous period of 20 consecutive business days where the first
of such days falls on or before 31 December 2022
***Extended from 30 June 2020 to 31
December 2022
Exercise In issue
price at
30 April Issued Lapsed during Exercised In issue at Final exercise
2021* during year* year during year 30 April 2022 date
Options
19.8p 10,000,000 10,000,000 Dec-25**
19.8p 700,000 700,000 Nov-23
19.8p 700,000 700,000 Mar-24
25p 520,000 520,000 Nov-22
25p 620,000 620,000 Mar-23
30p 200,000 (200,000) - Mar-22
45p 50,000 50,000 Dec-22***
50p 480,000 (480,000) - Mar-22
50p 470,000 470,000 Mar-23
3,740,000 10,000,000 (680,000) - 13,060,000
------------ ------------- ------------- ------------ --------------
* Prior years SARS awards have been restated to reflect the share
capital reorganisation effected on 5 May 2022
**Vests upon one day VWAP share price reaching not less than 20p for
a continuous period of 20 consecutive business days where the first
of such days falls on or before 31 December 2022
***Extended from 30 June 2020 to 31
December 2022
The tables below reconcile the opening and closing number of
share option and warrants in issue at each reporting date:
In issue
Exercise at 30 April Issued during Lapsed during Exercised In issue at Final exercise
price 2022 year year during year 30 April 2023 date
1.44p - 45,167,118 - - 45,167,118 May-23
0.525p 160,000,000 - - - 160,000,000 Dec-25
26p* 5,176,048 - (5,176,048) - - Jan-23
165,176,048 45,167,118 (5,176,048) - 205,167,118
variable 23,150,000 - - - 23,150,000 See Note
188,326,048 45,167,118 (5,176,048) - 228,317,118
In issue
Exercise at 30 April Issued during Lapsed during Exercised In issue at Final exercise
price 2021* year year during year 30 April 2022* date
0.525p - 160,000,000 - - 160,000,000 Dec-25
26p* 5,176,048 - - - 5,176,048 Jan-23
5,176,048 160,000,000 - - 165,176,048
variable 23,150,000 - - - 23,150,000 See Note
28,326,048 160,000,000 - - 188,326,048
*Prior years warrants issued have been restated to reflect the share
capital reorganisation effected on 6 May 2022
* Extended from June 2019
Note: These warrants are only exercisable in the event of a default in repayment of the Mercuria loan.
2023 2022
Weighted average Weighted average
exercise price exercise price
(pence) Number (pence) Number
Outstanding at the beginning
of the year 2.80 178,236,048 27.77 8,916,048
Granted during the
year 1.28 155,167,118 1.66 170,000,000
Lapsed during the
year 22.98 (16,836,048) 44.12 (680,000)
Outstanding at the end of
the year 0.98 316,567,118 2.80 178,236,048
Exercisable at the end of
the year 0.98 256,567,118 2.80 8,236,048
The weighted average remaining lives of the SARs, share options
or warrants outstanding at the end of the period is 28 months
(2022: 14 months). Of the 316,567,118 SARs, options and warrants
outstanding at 30 April 2023 (2022: 178,236,048), 256,567,118
(2022: 8,236,048) are fully vested in the holders and are
exercisable at that date.
Fair value of share options
The fair values of share options and warrants granted have been
calculated using the Black Scholes pricing model which takes into
account factors specific-to-share incentive plans such as the
vesting periods of the plan, the expected dividend yield of the
Company's shares and the estimated volatility of those shares.
Based on the above assumptions, the fair values of the options
granted are estimated to be:
Share Option Risk
or Warrant Share price free
Grant Exercise Vesting at date of Life Dividend interest Fair
date Price periods grant Volatility (years) yield rate value
Apr-22 0.525 Apr-23 0.525 105% 1 nil 0.69% 0.21
May-22 1.44 May-23 0.012 123% 1.00 nil 0.94% 0.005
Apr-23 1.21 Dec-25 0.615 150% 2.67 nil 4.18% 0.0044
Volatility has been based on historical share price information.
A higher rate of volatility is used when determining the fair value
of certain options in order to reflect the special conditions
attached thereto.
Based on the above fair values the expense arising from
equity-settled share options and warrants made was $274,052 (2022:
$356,015).
Warrant and Share option expense
Apr 2023 Apr 2022
Group Group
$'000 $'000
Warrant and share option expense:
- In respect of remuneration contracts 274 356
- In respect of financing arrangements - -
Total expense / (credit) 274 356
======== ========
24 Reserves
Details of the nature and purpose of each reserve within owners'
equity are provided below:
-- Share capital represents the nominal value at 0.1p each of the shares in
issue.
-- Share premium represents the balance of consideration received net of
fund-raising costs in excess of the par value of the shares.
-- The share options reserve represents the accumulated balance of share
benefit charges recognised in respect of share options granted by the
Company, less transfers to retained losses in respect of options
exercised or lapsed.
-- The foreign currency translation reserve represents amounts arising on
the translation of the Group and Company financial statements from
Sterling to United States Dollars, as set out in the Statement of
Accounting Policies on page 36, prior to the change in functional
currency to United States Dollars, together with cumulative foreign
exchange differences arising from the translation of the Financial
Statements of foreign subsidiaries; this reserve is not distributable by
way of dividends.
-- The retained deficit reserve represents the cumulative net gains and
losses recognised in the Group statement of comprehensive income.
25 Related party transactions
Company and group
Directors and key management emoluments are disclosed in notes 6
and 7.
Group
At the reporting date, there was an amount owing by Vast Baita
Plai SA (formerly African Consolidated Resources SRL) to Ozone
Homes SRL (Ozone) of US$3,734 (2022: US$3,586) in respect of
transactions undertaken by Ozone in 2014. Ozone is a company
controlled by Andrew Prelea, the Group CEO and senior Group
executive in Romania.
During the year, the company had a service contract with Roy
Tucker to provide office premises and associated services totalling
US$21,722 excluding VAT (2022: US$24,360).
During the year, the Company provided services of US$1.064
million to CAMM, its 24.5% associate company, who provides these
services on a back-to-back basis to Takob, a third party. These
amounts have been recognised in revenues.
26 Contingent liabilities
In the normal course of conducting business in Romania, the
Company's Romanian businesses are subject to a number of legal
proceedings and claims. These matters comprise claims by the
Romanian tax authorities. The Company records liabilities related
to such matters when management assesses that settlement of the
exposure is probable and can be reasonably estimated. Based on
current information and legal advice, management does not expect
any such proceedings or claims to result in liabilities and
therefore no liabilities have been recorded at 30 April 2023.
However, these matters are subject to inherent uncertainties and
there exists the remote possibility that the outcome of these
proceedings and claims could have a material impact on the
Group.
27 Contingent assets
As mentioned in the Strategic Report, the company has an
historic claim in its operations. No asset has been recorded in
respect of the claim.
28 Events after the reporting date
Ordinary Shares issued and warrants exercised post reporting
date
GBP $ Shares issued Issued to
3,520,350 4,409,350 1,419,000,000 Placing with investors
3,520,350 4,409,350 1,419,000,000
--------- --------- -------------
The Company has executed a Memorandum of Understanding (MoU)
which will give it an interest in, and management responsibility
for, the Aprelevka gold mines in the Tien Shan Belt of
Tajikistan.
29 Group subsidiaries
A full list of all subsidiary companies and their registered
offices is given below:
Country Group Nature of
Company of registration Interest business
Note 2023 2022 2021 2020
Mining
Sinarom Mining Group SRL Romania 2 100% 100% 100% 100% production
Mining
Vast Baita Plai SA* Romania 1 100% 100% 100% 80% development
AP Mining Group Ltd UK 3 100% 100% 100% nil Dormant
Vast Resources Enterprises Mining
Limited UK 3 100% 100% 100% nil investment
Vast Resources Nominees Limited Nominee
** UK 3 100% 100% 100% 100% company
Mining
Vast Resources Romania Limited UK 3 100% 100% 100% 100% investment
Accufin Investments (Private)
Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Aeromags (Private) Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Cadex Investments (Private) Claim
Limited Zimbabwe 4 100% 100% 100% 100% holding
Campstar Mining (Private) Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Holding
Central Asia Investments Ltd United Kingdom 3 49% 49% nil nil company
Chaperon Manufacturing (Private)
Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Charmed Technical Mining (Private)
Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Chianty Mining Services (Private)
Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Claim
Conneire Mining (Private) Limited Zimbabwe 5 100% 100% 100% 100% holding
Corampian Technical Mining
(Private) Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Dashaloo Investments (Private) Claim
Limited Zimbabwe 5 100% 100% 100% 100% holding
Deep Burg Mining Services (Private)
Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Deft Mining Services (Private)
Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Exchequer Mining Services (Private) Claim
Limited Zimbabwe 5 100% 100% 100% 100% holding
Febrim Investments (Private)
Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Heavystuff Investment Company Claim
(Private) Limited Zimbabwe 5 100% 100% 100% 100% holding
Hemihelp Investments (Private)
Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Isiyala Mining (Private) Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Katanga Mining (Private) Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Kengen Trading (Private) Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Kielty Investments (Private)
Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Lafton Investments (Private) Claim
Limited Zimbabwe 4 100% 100% 100% 100% holding
Lomite Investments (Private) Claim
Limited Zimbabwe 4 100% 100% 100% 100% holding
Lucciola Investment Services
(Private) Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Malaghan Investments (Private)
Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Methven Investment Company
(Private) Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Mimic Mining (Private) Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Monteiro Investments (Private)
Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Claim
Mystical Mining (Private) Limited Zimbabwe 5 100% 100% 100% 100% holding
Naxten Investments (Private) Asset
Limited Zimbabwe 5 100% 100% 100% 100% holding
Nedziwe Mining (Private) Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Notebridge Investments (Private)
Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Olebile Investments (Private) Claim
Limited Zimbabwe 5 100% 100% 100% 100% holding
Perkinson Investments (Private) Claim
Limited Zimbabwe 5 100% 100% 100% 100% holding
Pickstone-Peerless Mining (Private)
Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Possession Investment Services Claim
(Private) Limited Zimbabwe 5 100% 100% 100% 100% holding
Prudent Mining (Private) Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Rania Haulage (Private) Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Regsite Mining Services (Private)
Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Riberio Mining Services (Private)
Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Sackler Investments (Private) Claim
Limited Zimbabwe 5 100% 100% 100% 100% holding
Schont Mining Services (Private) Claim
Limited Zimbabwe 5 100% 100% 100% 100% holding
Swadini Miners (Private) Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Tamahine Investments (Private)
Limited Zimbabwe 5 100% 100% 100% 100% Dormant
The Salon Investments (Private)
Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Vast Resources Zimbabwe (Private) Mining
Limited Zimbabwe 5 100% 100% 100% 100% investment
Vono Trading (Private) Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Wynton Investment Company (Private)
Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Zimchew Investments (Private)
Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Isiyala Mining (Private) Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Katanga Mining (Private) Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Kengen Trading (Private) Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Kielty Investments (Private)
Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Lafton Investments (Private) Claim
Limited Zimbabwe 5 100% 100% 100% 100% holding
Lomite Investments (Private) Claim
Limited Zimbabwe 5 100% 100% 100% 100% holding
Lucciola Investment Services
(Private) Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Malaghan Investments (Private)
Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Methven Investment Company
(Private) Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Mimic Mining (Private) Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Monteiro Investments (Private)
Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Claim
Mystical Mining (Private) Limited Zimbabwe 5 100% 100% 100% 100% holding
Naxten Investments (Private) Asset
Limited Zimbabwe 5 100% 100% 100% 100% holding
Nedziwe Mining (Private) Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Notebridge Investments (Private)
Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Olebile Investments (Private) Claim
Limited Zimbabwe 5 100% 100% 100% 100% holding
Perkinson Investments (Private) Claim
Limited Zimbabwe 5 100% 100% 100% 100% holding
Pickstone-Peerless Mining (Private)
Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Possession Investment Services Claim
(Private) Limited Zimbabwe 5 100% 100% 100% 100% holding
Prudent Mining (Private) Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Rania Haulage (Private) Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Regsite Mining Services (Private)
Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Riberio Mining Services (Private)
Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Sackler Investments (Private) Claim
Limited Zimbabwe 5 100% 100% 100% 100% holding
Schont Mining Services (Private) Claim
Limited Zimbabwe 5 100% 100% 100% 100% holding
Swadini Miners (Private) Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Tamahine Investments (Private)
Limited Zimbabwe 5 100% 100% 100% 100% Dormant
The Salon Investments (Private)
Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Vast Resources Zimbabwe (Private) Mining
Limited Zimbabwe 5 100% 100% 100% 100% investment
Vono Trading (Private) Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Wynton Investment Company (Private)
Limited Zimbabwe 5 100% 100% 100% 100% Dormant
Zimchew Investments (Private)
Limited Zimbabwe 5 100% 100% 100% 100% Dormant
* Formerly African Consolidated Resources SRL
**Formerly ACR Nominees Ltd
Notes - Addresses of Registered offices:
1 Sat Iacobeni,Str.Minelor Nr.20, Jud. Suceava, Romania
2 Str.9 Mai, Nr.20, Baia Mare, Jud.Maramures, 430274 Romania
3 Nettlestead Place, Nettlestead, Maidstone, Kent ME18 6HE, United Kingdom
4 121 Borrowdale Road, Gun Hill, Harare, Zimbabwe
5 6, John Plagis Avenue, Alexandra Park, Harare, Zimbabwe
(END) Dow Jones Newswires
October 31, 2023 03:00 ET (07:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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