Final Results
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.
***ENDS***
*For further information, visit www.vastplc.com or please contact:*
*Vast Resources plc*
Andrew Prelea (CEO)
Andrew Hall (CCO)
www.vastplc.com
+44 (0) 20 7846 0974
*Beaumont Cornish – Financial & Nominated Advisor*
Roland Cornish
James Biddle
www.beaumontcornish.com
+44 (0) 20 7628 3396
*Shore Capital Stockbrokers Limited – Joint Broker *
Toby Gibbs / James Thomas (Corporate Advisory)
www.shorecapmarkets.co.uk+44 (0) 20 7408 4050
*Axis Capital Markets Limited – Joint Broker *
Richard Hutchinson
www.axcap247.com+44 (0) 20 3206 0320
*St Brides Partners Limited*
Susie Geliher www.stbridespartners.co.uk
+44 (0) 20 7236 1177
*OVERVIEW OF THE YEAR ENDED 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 (CaF₂) 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):
*£* * * *$* *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*: *
*£* * * *$* *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 (CaF₂) 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.
Zi*mbabwe*
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 at* *Grant date*
*Awarded during period*
*Exercised / lapsed during period*
*In issue at* *Vesting period**30 April 2022* *30 April 2023* *Start* * * *Finish*
Paul 50,000 04-Nov-19 (50,000) 04-Nov-19 03-Nov-22
Fletcher 50,000 04-Nov-19 (50,000) 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) 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) 31-Mar-20 31-Mar-23
Harvey 90,000 04-Nov-19 (90,000) 04-Nov-19 03-Nov-22 90,000 04-Nov-19 (90,000) 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) 31-Dec-22 31-Dec-25
Andrew 180,000 01-Mar-18 (180,000) 31-Mar-20 31-Mar-23
Prelea 180,000 04-Nov-19 (180,000) 04-Nov-19 03-Nov-22 180,000 04-Nov-19 (180,000) 04-Nov-19 31-Mar-23 2,000,000 05-Jul-21 (2,000,000) 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) 31-Mar-20 31-Mar-23
Tucker 90,000 04-Nov-19 (90,000) 04-Nov-19 03-Nov-22 90,000 04-Nov-19 (90,000) 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) 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) 04-Nov-19 03-Nov-22
Hall 50,000 04-Nov-19 (50,000) 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) 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,