Vast Resources pushes back Gulf acquisition deadline as diamond sales and financing shift

Vast Resources (LSE:VAST) has extended the long-stop date for completing its proposed acquisition of Gulf International Minerals to 5 May 2026. The company said due diligence on the transaction is largely complete, with the publication of an admission document expected in April, subject to regulatory approvals in Tajikistan and the completion of a related equity placing.

The acquisition is intended to strengthen Vast’s exposure to the Aprelevka gold operations, which the company views as a central growth opportunity within its Central Asian portfolio.

Separately, Vast reported delays to planned diamond sales as geopolitical tensions in the Middle East have disrupted its original sales channels. The company is now redirecting those sales through alternative routes in Antwerp, which is expected to affect the timing of near-term cash inflows.

To manage liquidity during this period, Vast is negotiating extensions on its existing loan facilities until 30 April 2026. The company plans to use proceeds from the upcoming diamond sales, funds raised through the placing linked to the acquisition, and potential offtake agreements or additional financing to repay creditors. However, both the financing arrangements and completion of the Gulf acquisition remain subject to uncertainty.

Vast Resources continues to face significant financial and operational pressures, including declining revenues and ongoing losses. Technical indicators for the stock remain negative, suggesting a bearish trend, while valuation metrics provide limited support. Together, these factors contribute to a weak near-term outlook for the company.

More about Vast Resources

Vast Resources plc is an AIM-listed mining company with operations and development projects in Romania, Tajikistan and Zimbabwe. In Romania, the company owns the Baita Plai and Manaila polymetallic mines, where it is focused on restarting production and expanding resource potential at historically producing sites. In Tajikistan, Vast holds royalty and management interests in the Takob and Aprelevka gold mines, while also exploring future mining opportunities in Zimbabwe.