The company said it has been presented with a number of potential financing options that will not dilute shareholdings and it is now in talks with metal traders and debt providers.
READ: Vast Resources says drilling results at Carlibaba prospect confirm suitability as second open pit mine
Additionally, thanks to positive results from drilling and development, the company is also seeing the possibility of significant cost savings at the Manaila mine, with up to 25% of savings in production costs by eliminating certain requirements for ore transport.
Together, these possibilities could mean that Vast won’t need to rely as much on the previously announced US$10mln strategic financing, with the requirement seen reduced by as much as 50%.
“This would grant management the opportunity to reconsider the current financing proposals to the company and retain a greater proportion of the group's assets in Romania,” Vast said.
In afternoon trading, Vast Resources shares were up 10.9%, or 0.04p at 0.36p.
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