Wednesday, September 27th 2023

Vast Resources PLC

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Is the Ace Of Diamonds next out the pack for Vast Resources ?


“…The diamonds are on their way…”


Andrew Prelea has been in Zimbabwe for two months.  He’s missed anniversaries, birthdays, graduations and many significant domestic rites of passage and he’s done so as he waits for the return of his company’s diamonds.

Vast Resources is due the return of a parcel of diamonds.  Courts have ruled in the company’s favour, and the handover of the precious cargo that will assist Vast’s cash position is imminent. Indeed, the Company made a further announcement today to further update in relation to the announcement made on 3 July 2023 regarding the further extension in view of the anticipated settlement of the Company’s historic claims.

Creditors are forgiving with a debt payment deadline extended again. Prelea is understandably grateful and impatient.

“Missing the deadline of the 30th with understanding lenders is not exactly the end of the world or a company breaker,” says Prelea. “We still believe we’re heading towards the company maker, but probably a month late.”

There are other company makers in Vast’s portfolio.  Perhaps not as glamorous and sparkling as the diamonds, but there’s the Polymetallic Baita Plai mine in Romania and the Q2 production update is due in July too when investors will learn if Prelea’s previous statement of “We expect to see the increased production trend continue throughout 2023” holds true.
Watch Andrew talk to Sarah Lowther about debt, diamonds and delivering on strategic ambition.



Follow the company on Twitter @vast_resources


The author was remunerated but does not hold shares in the company