Vast Resources’ auditor has flagged a material uncertainty over whether the miner can continue as a going concern, despite a Glencore loan and a reverse takeover. The audited results for the 12 months to the 30th of April 2026 were published today at 7am UK time.
Vast (AIM:VAST) has producing and development assets in Tajikistan and Romania. Revenue rose to US$0.836m from US$0.484m, up 72.7% by our calculation, and all of it came from selling diamonds out of a historic parcel. Loss after tax widened to US$10.451m from US$6.573m, 59.0% higher by our calculation, and year-end cash was US$39 thousand.
The company puts the wider loss down to transaction costs on the Gulf reverse takeover and an environmental penalty. Other administrative and overhead expenses rose to US$6.909m from US$3.162m, up 118.5% by our calculation.
The penalty, US$1.5m, was imposed in September on its Romanian subsidiary VBP SA and is recognised in accruals. Vast disputes it on procedural and technical grounds, legal proceedings are ongoing and the outcome is uncertain.
The funding position changed after the year-end. In August the reverse takeover of Gulf International Minerals completed, bringing about US$11.3m of gross equity proceeds and a US$10m, two-year facility from Glencore International AG, a subsidiary of Glencore plc.
Of that facility, US$4m is for improving and expanding Aprelevka and US$6m is working capital, including debt repayment. Gulf holds 49% of Aprelevka, a gold and silver operation in northern Tajikistan; the Government of Tajikistan owns the other 51%.
Vast then repaid Mercuria Energy Trading SA and A&T Investments SARL in full. Loans owed to the two, US$10.520m, had been in default at 30 April.
This has been another challenging year, but one in which the Company has successfully reset its strategic direction.
Brian Moritz, Non-Executive Chairman
The auditor, Crowe U.K. LLP, left its opinion unmodified but drew attention to the going-concern uncertainty. It rests on uncertain cash flows from the Gulf deal and on the timing and size of receipts from processing Soviet Tailings. The directors reach the same conclusion.
The company describes Aprelevka as profitable and cash-generative, and expects the Soviet Tailings flotation line to be commissioned in the fourth quarter of 2026. Commercial production had not started when the accounts were approved.
Moritz, chairman since 2016, intends to retire from the board by the end of this calendar year, with a further announcement on timing and board changes to follow.
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