Vast Resources (VAST) has entered into a US$10 million term loan facility with Glencore International AG, providing funding for the expansion of its Aprelevka gold project in Tajikistan and group working capital requirements ahead of its planned readmission to AIM.
The facility follows Vast's £7.8 million fundraising and proposed reverse takeover of Gulf International Minerals, which holds a 49% interest in the Aprelevka joint venture. The transaction is expected to complete following Vast's general meeting on 18 August 2026, with trading on AIM expected to resume on 19 August.
Under the Glencore facility, US$4 million is restricted for expansion at Aprelevka, while the remaining US$6 million will support group working capital requirements, including debt repayment. The funding therefore provides additional financial support as Vast moves towards ownership of the producing gold operation.
Aprelevka comprises four gold mines, a processing plant and two tailings deposits in northern Tajikistan. The joint venture generated US$36.9 million of revenue and US$8.5 million of pretax profit in 2025, highlighting the earnings potential of the asset being brought into Vast through the reverse takeover.
The Glencore loan will be repaid by instalments, with the first principal repayment due on 31 March 2027 and the final repayment due two years after the 19 August 2026 closing date. Interest is payable at Term Secured Overnight Financing Rate (SOFR) plus 5% per annum, reducing to 3.75% following certain qualifying events.
As part of the financing arrangements, Vast has granted Glencore security over its 100% interest in Gulf International Minerals following completion of the proposed transaction. Glencore will also have a right of first offer for 60 months from drawdown covering future mineral concentrate and other polymetallic mined commodity production from Vast's operations, subject to certain exclusions and existing third-party commitments.
Vast will also issue Glencore 10 million warrants over new ordinary shares at an exercise price of 7.5 pence per share. The warrants will be exercisable for three years from the closing date, subject to customary adjustments.
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The Glencore facility adds substantial funding alongside Vast's recent £7.8 million raise as it prepares to bring Aprelevka into the group. With Aprelevka already producing and generating profits, the financing should give Vast a stronger platform as it returns to AIM.