Vast Resources (VAST) has highlighted significant strategic and operational progress in its FY26 results, driven by the expansion of its mining interests in Tajikistan.
The major milestone came after the reporting period, when Vast completed its reverse takeover of Gulf International Minerals on 19 August 2026, securing a 49% interest in the Aprelevka gold and silver operation in Tajikistan.
The company is making substantial progress at Aprelevka, where it provided management services throughout the year. Plant processing volumes increased 37% to 614,000 tonnes, representing growth of 116% over two years.
The acquisition was accompanied by an equity raise generating US$11.3 million and a US$10 million two-year financing facility from Glencore. This enabled Vast to repay US$10.9 million owed to secured lenders, while US$4 million of the Glencore facility has been allocated towards production improvements and expansion at Aprelevka.
In Romania, operations at the Baita Plai Polymetallic Mine remained suspended pending a comprehensive technical review aimed at repositioning the asset for future development. Meanwhile, the Manaila Polymetallic Mine continued on care and maintenance, with Vast initiating a restructuring process after the year end to facilitate a potential restart under a new 20-year mining licence.
The company also progressed efforts to maximise returns from its historic Zimbabwe diamond parcel through enhanced cleaning, sorting and beneficiation processes, although sales and processing activities experienced delays.
Revenues for the year ended 30 April 2026 were US$0.836 million compared to US$0.484 million for the year ended 30 April 2025. No concentrate sales were executed during the year and revenues represent the sale of diamonds from the historic parcel.
Vast's Chairman Brian Moritz said: "This has been another challenging year, but one in which the Company has successfully reset its strategic direction. The continued support and resolve of shareholders and other stakeholders is much appreciated. To fellow directors, thank you for your advice and support, and to management and staff in all jurisdictions thank you for your continued effort on behalf of the Company."
Moritz has also indicated his intention to retire from the Board by the end of 2026, as the company reviews its leadership structure following the acquisition.
View from Vox
Vast's FY26 results highlight a significant strategic transformation, with the completed Aprelevka acquisition establishing a stronger operational presence in Tajikistan. The substantial increase in processing volumes and funding secured for expansion provide a platform for further development, while the planned restructuring and technical reassessment of its Romanian assets could unlock additional value over the longer term.