Vast Resources (VAST ) has released an admission document in connection with the proposed reverse takeover of Gulf International Minerals Ltd, the proposed re-admission of the company's shares to trading on Aim, and a placing and subscription to raise approximately £7.5 million at 6.25p per share.
Gulf holds a 49% interest in the joint Tajik-Canadian company Aprelevka, in joint venture with the government of Tajikistan.
Aprelevka comprises four gold mines, a central processing plant, and the Kansai tailings and the Soviet tailings in Northern Tajikistan, currently producing approximately 11,000 ounces of gold and 130,000 ounces of silver per annum from mined ore and tailings.
Just over 1.3 billion shares will be issued to the seller and the seller shareholders, representing approximately 80% enlarged share capital of Vast on Admission.
A retail offer to existing shareholders will also take place via the BookBuild platform.
In its audited results for the year ended 31 December 2025, Aprelevka generated revenue of US$36.9 million and profit before tax of US$8.5 million.
The money raised, together with the proceeds of a proposed US$10 million debt facility will be applied to fund the settlement of creditors and loans, professional fees incurred in relation to the proposed transaction, general working capital requirements and the technical development of the Aprelevka assets.
US$4 million of the proceeds of the proposed debt facility is restricted for use in project expansion at Aprelevka, with the balance of US$6 million to be applied towards the company's working capital requirements, including debt repayment.
"The proposed reverse takeover of Gulf by Vast is a transformational step for the company, delivering immediate gold and silver production from four operating mines and two tailings deposits in the prolific Tien Shan Gold Belt,” said Andrew Prelea, chief executive of Vast.
“With Aprelevka having generated revenue of US$36.9 million and profit before tax of US$8.5 million in 2025, this transaction places the company on an entirely different operational and financial footing. Moreover, it unlocks the full value of what is an exceptional portfolio of assets. Aprelevka has produced continuously since 2011, sitting within one of the most significant and underexplored mineralised trends in the world. Through our management of the Aprelevka operation since January 2024, we have already increased monthly processed volumes by 149% and demonstrated what disciplined operational leadership can achieve on the ground. Formal ownership through this transaction will allow us to accelerate that work and realise the substantial upside we see across the entire asset base.”
View from Vox
Vast intends to build a major precious metals mining force in central Asia, and with this transaction looks well on the way to doing so. The transaction has taken a while to pull together, but when it completes, and subject to shareholder approval, it will be truly transformational for the company. Established production and profits, and Vast’s existing experience of running the Aprelevka projects mean that it will hit the ground running.