Vast Resources plc · LSE:VAST
Vast Resources — Investor Presentation (August 2026)
31 slides from Vast Resources's investor presentation, August 2026
Slide 1: Producing gold & silver assets in world class geology
Producing gold & silver assets in world class geology
Slide 2: Disclaimer
Disclaimer For the purposes of this disclaimer, the "Information Pack" means, collectively, (i) the following slides and the information contained in them; and (ii) the information communicated during the presentation of the slides (whether oral or otherwise) by Vast Resources plc (the "Company"). T
Slide 3: Overview
Overview • Vast is scaling towards becoming a mid-tier producer following the reverse takeover of Gulf International Minerals Limited in August 2026. • Gulf’s 49% interest in the Aprelevka Joint Venture (“Aprelevka JV”), which holds four active operational mining licences located along the Tien Shan
Slide 4: Vast Resources
Vast Resources Tajikistan A 49% beneficial interest in • AIM-quoted mining and exploration company a portfolio of producing gold dedicated to the discovery, development, and and silver assets with production of precious and base metals, significant further upside. complemented by exposure to diamond
Slide 5: Strategy
Strategy 1 2 3 4 5 6 Immediate Near-term Geographical JV with Growth Portfolio Production value catalyst Expansion Government Potential Balance Producing gold and Through low OPEX Strengthening the Secure operating Underexplored Diversified production silver assets. tailings re-processing Company's
Slide 6: Tajikistan Country Overview
COUNTRY OVERVIEW: Tajikistan Population Mining Contributes Rich Mineral Base 10.5m 20% gold, silver, antimony, zinc, copper, lithium and rare earths of industrial output • Longstanding Soviet-era mining tradition, now modernising. • Government has demonstrated commitment to attracting foreign invest
Slide 7: Gulf & Aprelevka JV
Gulf & Aprelevka JV 49% 51% equity interest held by Gulf, which equity interest held by the Government has board and managerial control of Tajikistan, ensuring strong political of Aprelevka JV. alignment. Aprelevka operates four Since January 2024, Vast has made active mining licences significant pr
Slide 8: Geology & Prospectivity
Geology & Prospectivity • The Aprelevka assets sit within the prolific Tien Shan Gold Belt, host to numerous world-class gold deposits across Central Asia. • Historic Soviet exploration generated extensive data, but modern follow-up has been limited — creating a major opportunity to unlock untapped
Slide 9: Aprelevka JV Assets, Northern Tajikistan Tien Shan Gold Belt
Aprelevka JV Assets, Northern Tajikistan Tien Shan Gold Belt 9
Slide 10: Asset Portfolio
Asset Portfolio The Tajik portfolio represents a collection of production assets and growth-stage opportunities in a world-class gold district. • Aprelevka (West & East) • Ikkizelon • Burgunda • Kyzylcheku • Kansai Tailings • Soviet Tailings Aprelevka historically had nine further brownfield polymet
Slide 11: Tajik Mineral Inventory
Tajik Mineral Inventory • The assets were discovered through initial prospecting in the MINERALISED INVENTORY VALUES 1960s followed by extensive Deposit Tonnes (Kt) Au (g/t) Ag (g/t) Au (oz) Ag (oz) exploration by the Soviets in the 1960s and 1970s. Aprelevka 200 to 3,120 2.7 to 3.0 32.0 to 40.9 17,
Slide 12: Aprelevka
Aprelevka • Discovered and outlined in 1970s by Soviet geologists and more recent drilling undertaken between 2019-2025. • Currently mined by underground mining methods. • Track record of consistent production over 22 years. Aprelevka AprelevkaProduction ProductionStatistics Statistics Mineralised I
Slide 13: Burgunda
Burgunda • A structurally controlled epithermal sulphide-vein system with eight mineralised bodies, accompanied by broad disseminated mineralisation halos in wall rocks. • Currently mined using underground mining methods. Burgunda Production Statistics Aprelevka Production Statistics Mineralised Inv
Slide 14: Ikkizelon
Ikkizelon • Historic Soviet work and recent modelling confirm four main mineralised vein systems, structurally controlled by a major north-westerly fault zone, with the principal vein hosting ~70% of known mineralisation. • The main mineralised system remains open at depth, supporting potential for
Slide 15: Kyzylcheku
Kyzylcheku • Fault-bounded gold-bearing quartz-carbonate veins and skarn-type polymetallic sulphide bodies, with notable grades of gold, silver, zinc, lead, and tungsten. • Soviet Studies showed more than 20 geophysical anomalies, and nine gold, polymetallic, and copper‐bismuth geochemical anomalies
Slide 16: Kansai Tailings Deposits
Kansai Tailings Deposits • Kansai Tailings are located adjacent to the Kansai central processing facility. • Consist of three tailings facilities generated from production between 1986 and present. • Vast is currently executing a drilling and sampling campaign with the objective of Mineralised Inven
Slide 17: Soviet Tailings Deposits
Soviet Tailings Deposits Unlocking immediate value from historical high-grade material • High-Grade Tailings Resource: Gold grades up to 1.77 g/t Au and 450 g/t Ag Mineralised Inventory: confirmed by laboratory testing. • Mineralised Tonnes: • Low Technical Risk: Metallurgical test work demonstrates
Slide 18: Mined Production 2023-2025
Mined Production 2023-2025 2023 2024 2025 Mine Mined Gold Silver Mined Gold Silver Mined Gold Silver Tonnes g/t g/t Tonnes g/t g/t Tonnes g/t g/t Aprelevka 57,900 1.81 17.94 65,559 1.51 14.98 45,675 1.27 13.90 Burgunda Open Pit 77,494 1.28 17.82 80,284 0.99 14.94 27,782 1.24 18.96 Burgunda Undergrou
Slide 19: Gold & Silver Production 2023-2025
Gold & Silver Production 2023-2025 Feed – Mining Feed – Tailings Feed – Total Gold Produced Silver Produced Year t Au g/t Ag g/t t Au g/t Ag g/t t Au g Ag g g oz g oz 2023 266,446 1.22 22.31 - - - 266,446 326,268 5,945,733 268,878 8,644 2,088,321 67,140 2024 324,791 0.99 21.82 49,681 0.52 18.5 374,4
Slide 20: CAPEX & Project Investment (FY25)
CAPEX & Project Investment (FY25) Total CAPEX installation spend = US$ 3.22 million • Buildings = US$ 0.69 million • Machinery and equipment = US$ 1.97 million • Transport = US$ 0.54 million Growth CAPEX ~ US$0.50m • Soviet Tailings pilot plant: ~US$0.10m • Soviet Tailings MRE drill programme: ~US$0
Slide 21: CAPEX Strategy: Sustaining Reliability & Enabling Growth
CAPEX Strategy: Sustaining Reliability & Enabling Growth Sustaining CAPEX Growth CAPEX Operational Continuity Expansion & New Revenue Streams • Fleet renewal required due to high proportion of existing mining equipment • Aprelevka Tailings Testing Project (JORC MRE) near end-of-life, driving heavy m
Slide 22: Productivity Levers
Productivity Levers 1. Geotechnical Optimisation (Q2 2026 priority) • Reduce dilution Targeted application • Improve stope design and ground control of these levers may • Increase recovered tonnes and grade support 2. Fleet & Equipment Optimisation improvements in • Right-size and modernise equipmen
Slide 23: Additional Growth via New Feed Streams
Additional Growth via New Feed Streams Near-term growth is Soviet-Era Tailings Retreatment driven by productivity • Adds a non-underground feed source • Increases total processed tonnes and tailings feed, with • Reduces reliance on underground mining alone longer-term upside • Enables feed blending
Slide 24: Cost Performance & AISC Improvement Opportunity
Cost Performance & AISC Improvement Opportunity* • AISC: currently at ~US$2,000 /oz with further improvement planned • Primary driver: Fixed infrastructure costs being carried with reduced ROM volumes • Technical conducted to date indicates reduction in AISC of approximately 10% achievable within 20
Slide 25: Romanian Portfolio
Romanian Portfolio Baita Plai Polymetallic Mine Manaila-Carlibaba Complex 100% Owned by Vast Resources 100% Owned by Vast Resources • Underground polymetallic mine in Bihor County Romania. • JORC compliant Measured and Indicated Mineral Resource of 3.6Mt grading 0.93% copper, 0.29% lead, • Exclusive
Slide 26: Romanian Portfolio – Commodity Diversification & Near-Term Production
Romanian Portfolio – Commodity Diversification & Near-Term Production Blueberry Gold Project Hanes Ecological Project: • Vast has a 29.41% interest in the Blueberry Project, a 7.285km² brownfield • Contract with an ecological project to process and market products from area of prospectivity in the G
Slide 27: Historic Parcel
Historic Parcel Vast is currently Initial tender of industrial and Higher quality stones will be conducting sales relating to low-higher quality gemstones sold in an orderly manner to a historic diamond parcel, generated US$1.084 million in maximise value for returned to Vast in 2025. November 2025.
Slide 28: Investment Case
Investment Case • Transformational Acquisition: The Gulf RTO has added producing gold and silver assets and exposure to one of the most significant, underexplored mineralised trends globally. • Strong Government Partnership: Stable joint venture structure providing security of tenure and alignment w
Slide 29: Experienced Board
Experienced Board Andrew Prelea Paul Fletcher Brian Moritz Chief Executive Officer Financial Director Chairman Andrew has been with Vast since 2013, leading the Paul has over 31 years’ experience working in the Brian is a Chartered Accountant and former development of the Company’s Romanian and Taji
Slide 30: Experienced Board
Experienced Board Nick Hatch James McFarlane Roy Tucker Nigel Wyatt Non Executive Director Non Executive Director Non Executive Director Non Executive Director Nick has over 35 years’ experience James McFarlane is a globally experienced Roy is a Chartered Accountant with Nigel is a chartered enginee
Slide 31: Thank you.
VW vast Thank you. vast O.