Vast Resources plc updated its report on gold production at the four Aprelevka mines for May 2024 given in the announcement of 4 June 2024 where the production had been estimated based on a calculation of throughput and grade. Following completion of the smelting, the actual production for May 2024 showed an increase from 933oz as had been estimated to 1,059oz ? significantly higher than the April production of 805oz and March production of 643oz.

The Company announced that further to the announcement of 15 May 2024, which gave details of an update resource report by Formin on the mine with the specific name Aprelevka, Formin has now provided Gulf International Minerals Ltd. ?(Gulf?) with updated Resource Reports based on the SRK produced wireframes, collated historic data and the 2019-2022 drilling results on the other three active mines in the Aprelevka group, namely Burgunda, Ikkizelon and Kyzylcheku (the ?Reports?). Russia is a member of CRIRSCO (Committee for Mineral Reserves International Reporting Standards), as are 14 other countries including Australasia, Canada, Europe, South Africa and the USA. However, these national/regional codes are not identical and the Russian code, NAEN, is neither directly comparable with other codes that are frequently used to calculate reserves and resources such as JORC nor is it commonly used by AIM companies.

Accordingly, caution should be taken in interpreting these NAEN resources if used for investment purposes. The Company?s mineral reporting standard remains JORC, and it remains committed to reporting MREs under JORC. As outlined in the announcement of 19 October 2023, the Company will manage the mining and development activities of the mines in the Aprelevka group referenced above for a 5-year period.

In consideration, Vast will be entitled to a 10% share of the earnings before interest, tax and depreciation that Gulf receives from its 49% interest in Aprelevka. Vast will also have the right at any time from 1 January 2025 until the end of the 5-year management period (i) to convert its earnings share entitlement into a 10% equity interest in Gulf and (ii) to acquire up to 20% of the share capital of Gulf at market value at the time of acquisition, market value to be determined by the auditors in default of an agreement between the parties. The financing required to carry out the present intended development at the mines will be arranged by Gulf International Minerals ltd, under regular banking terms and conditions repayable in priority to any dividends being paid by Aprelevka.

The Operator of Aprelevka is the local management team in conjunction with Vast Resources PLC who is designated under its management agreement to engage third party contractors to undertake the day-to-day activities of the mining operation.