Vast Resources (VAST ) booked a pre-tax loss of US$4.4 million for the six months to October 2025, an increase over the corresponding period a year earlier that was caused by transaction costs related to the proposed acquisition of Gulf International Minerals.

Cost associated with maintaining the Baita Plai polymetallic mine ("BPPM") at which operations have been suspended on a temporary basis, ran to just over US$660,000. 

Cash at the end of the period was US$1.26 million, although debt remained substantial at US$11.7 million.

Vast is conducting a comprehensive review of the geology of the project and mining strategy at Baita Plai. This review will include the generation of a new mine plan, supported, if necessary, by a drilling program to further inform the mining studies. 

This move coincided with the establishing of a technical services function for the company, including mining engineers, geologists and operational management, tasked with a review of Vast's asset base.

Meanwhile, Vast has also been working with specialist consultants to develop new cleaning and sorting processes specific to its Zimbabwe rough diamonds, which are unique in character and require several layers of cleaning and preparation to maximise their value at tender. 

On 1st December 2025, the company announced the sale of 123,711.8 carats of lower value gem and industrial stones, sold at an average price of US$6.87 per carat.

Then, on 22nd December 2025, Vast entered into a conditional share purchase agreement with Bay Square Pacific Limited to acquire Gulf International Minerals for an all share consideration. 

 “Gulf International Minerals Limited has a 49% interest in a Tajikistan joint venture with the Ministry of Industry and New Technologies,” said Vast’s chairman Brian Moritz. 

“The joint venture owns and operates several gold mines in Northern Tajikistan. The proposed transaction constitutes a reverse takeover transaction pursuant to Aim Rule 14 and, accordingly, will require approval of the shareholders. In conjunction with the proposed transaction, the company intends to raise further capital. Once completed, the board of directors of the company expect the proposed transaction to have a transformational impact on Vast and is expected to progress the company towards becoming a mid-tier mining company, delivering strong, diversified revenues and cashflows for shareholders. Through the proposed transaction, Vast will gain exposure to immediate production and near-term value opportunities, including tailings reprocessing.”

Moritz continued: “The company has agreed a debt extension with its current lenders to 30 January 2026 and continues to discuss arrangements with both Alpha and Mercuria to allow the company to repay the debts from the revenue generated from diamond sales, together with proceeds from an intended placing as part of the above proposed transaction, and proceeds from new offtake financing arrangements and/or wider funding arrangements.”

Separately, Vast also released details of a competent person’s report on the Gulf International’s Aprelevka assets. This showed that resources could go as high as 700,000 ounces of gold and more than 50 million ounces of silver. 

 

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Vast intends to use the revenue from upcoming diamond sales, together with proceeds from the placing of approximately £7.5 million expected to be undertaken in conjunction with the proposed acquisition of Gulf to pay off its creditors in full, although it may be that offtake or additional funding arrangements will be needed. Still, the transaction is set to be transformational for the company, moving it firmly into the world of precious metals production at a time when silver and gold prices are running very, very hot. Whisper it softly, but the in-situ value of the silver at Aprelevka at the top end of the estimates could be more than half a billion dollars. Of course, a number like that needs to be taken with a massive pinch of salt, allowing for costs and other factors to come into play before any true and meaningful valuation can be established. Still, it’s an intriguing situation for a company that’s currently capitalised at just £6 million to be in.