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Category: Junior: Small Producer
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Vast Resources Plc
www: www.vastresourcesplc.com     email: roy.tucker@afcrplc.com

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Notes
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Your Data

Symbol Data

Symbol Currency
LON:VAST GBX

Description

Vast Resources Plc are a gold focused junior, small producer with one mine in development in Zimbabwe and three exploration properties. They have approximately 3Moz. of gold in the reserves and resources category of which 1.5Moz. are in the measured and indicated category. They have a market capitalisation of ~$11.77M which is a fall of roughly 78% over the last seven months. As of 10/21/2018 they have ~$22M debt and ~$1.3M cash. They have 5,373M shares outstanding and trade on the London Stock Exchange.

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General Details

Financial 10/21/2018
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Mkt. Cap (FD): $53.16M $11.77M 10/21/2018 $-41.39M
Total Assets: $56.00M $56.00M 10/21/2018 $0.00M
Total Liabilities: $60.00M $60.00M 10/21/2018 $0.00M
Current Assets: $10.00M $10.00M 10/21/2018 $0.00M
Current Liabilities: $10.00M $10.00M 10/21/2018 $0.00M
Total Debt: $22.00M $22.00M 10/21/2018 $0.00M
Cash: $1.30M $1.30M 10/21/2018 $0.00M
Enterprise Value: $73.86M $32.47M 01/11/1971 $-41.39M
Cash Flow: $0.28M $0.89M never $0.61M
Cash Flow Multiple: 191.06 13.27 never -177.79
Net Debt to
Cash Flow Ratio:		 74.39 23.33 never -51.06
Finance within 1 year: Yes Yes 10/21/2018 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 10/21/2018 0.00%
Misc 10/21/2018
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 5,373,000,000 5,373,000,000 10/21/2018 0
Shares (FD): 6,400,000,000 6,400,000,000 10/21/2018 0
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a n/a 10/21/2018 n/a
Production (Gold Eq Oz.): (guess) 
15,000		 (guess) 
15,000		 10/21/2018 0
Production (Silver Eq Oz.): (guess) 
1,260,103		 (guess) 
1,326,050		 10/21/2018 65,947
Initial CapEx (Outstanding): $3.50M
6.58% of Mkt.Cap		 $3.50M
29.73% of Mkt.Cap 		10/21/2018 $0.00M
Funding Option: n/a n/a 10/21/2018 n/a
Documentation: none PRODUCER 10/21/2018 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 10/21/2018
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 0.50M 0.50M 10/21/2018 0.00M
Measured & Indicated: 1.50M 1.50M 10/21/2018 0.00M
Inferred: 1.50M 1.50M 10/21/2018 0.00M
Reserves & Resources: 3.00M 3.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 0.45M 0.45M 10/21/2018 0.00M
Measured & Indicated: 1.17M 1.17M 10/21/2018 0.00M
Inferred: 0.68M 0.68M 10/21/2018 0.00M
Reserves & Resources: 1.85M 1.85M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
15,000oz.		 (guess) 
15,000oz.		 10/21/2018 0oz.
Cash Cost: $800 $800 10/21/2018 $0.00
Extra Operating Cost: $400 $400 10/21/2018 $0.00
Average Grade: 1.50 g/t 1.50 g/t 10/21/2018 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 10/21/2018 0.00%
F
U
T
U
R
E		 Proven & Probable: 1.50M 1.50M 10/21/2018 0.00M
Annual Production: 50,000oz. 50,000oz. 10/21/2018 0oz.
Cash Cost: $800 $800 10/21/2018 $0
Extra Operating Cost: $400 $400 10/21/2018 $0
SILVER 10/21/2018
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 10/21/2018 0.00M
Measured & Indicated: n/a n/a 10/21/2018 0.00M
Inferred: n/a n/a 10/21/2018 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 10/21/2018 0.00M
Measured & Indicated: n/a n/a 10/21/2018 0.00M
Inferred: n/a n/a 10/21/2018 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 10/21/2018 $0.00
Extra Operating Cost: n/a n/a 10/21/2018 $0.00
Average Grade: n/a n/a 10/21/2018 n/a
Recovery Rate: n/a n/a 10/21/2018 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 10/21/2018 0.00M
Annual Production: n/a n/a 10/21/2018 n/a
Cash Cost: n/a n/a 10/21/2018 n/a
Extra Operating Cost: n/a n/a 10/21/2018 n/a

Property

Last Analysis Data  (10/21/2018)
Stage Location Name Owned Type Au Ag Cu Notes
Development South Africa, Zimbabwe Pickstone/Peerless 50% (guess) Both show
3.5 million oz deposit (the get 50%)

Only $18 million capex

72% IRR.
Exploration Romania Baita Bihor 80% (guess) n/a show
400,000 oz deposit (gold equivalent), with exploration potential.

Copper, Gold, Silver, Lead, Zinc.
Exploration South Africa, Zimbabwe Gadzema 100% (guess) n/a n/a
Exploration S, Zimbabwe Giant 100% (guess) n/a n/a
Current Data
Stage Location Name Owned Type Au Ag Cu Notes
Development South Africa, Zimbabwe Pickstone/Peerless 50% (guess) Both show
3.5 million oz deposit (the get 50%)

Only $18 million capex

72% IRR.
Exploration Romania Baita Bihor 80% (guess) n/a show
400,000 oz deposit (gold equivalent), with exploration potential.

Copper, Gold, Silver, Lead, Zinc.
Exploration South Africa, Zimbabwe Gadzema 100% (guess) n/a n/a
Exploration S, Zimbabwe Giant 100% (guess) n/a n/a

Profitability (by resource)

Proven &
Probable		 10/21/2018
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 0.50M 0.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 2.20M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.45M 0.45M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 1.98M
Maximum Profit (Gold): $8.35M $26.62M n/a $18.27M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $8.35M $26.62M n/a $18.27M
Max Profit / Current MCap: 0.157 2.261 n/a 2.104
Max Profit Per Share (Gold): $0.00 $0.00 n/a $0.00
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.00 $0.00 n/a $0.00
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $118.14 $26.16 n/a $-91.98
FD Mkt. Cap / Silver Eq.: $1.41 $0.30 n/a $-1.11
FD Mkt. Cap / Per Metal
as % Spot Price:		 9.63% 2.04% n/a -7.60%
Measured &
Indicated		 10/21/2018
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 1.50M 1.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 6.59M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.17M 1.17M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 5.14M
Maximum Profit (Gold): $21.70M $69.21M n/a $47.50M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $21.70M $69.21M n/a $47.50M
Max Profit / Current MCap: 0.408 5.879 n/a 5.471
Max Profit Per Share (Gold): $0.00 $0.01 n/a $0.01
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.00 $0.01 n/a $0.01
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $45.44 $10.06 n/a $-35.38
FD Mkt. Cap / Silver Eq.: $0.54 $0.11 n/a $-0.43
FD Mkt. Cap / Per Metal
as % Spot Price:		 3.70% 0.78% n/a -2.92%

Reserves &
Resources		 10/21/2018
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 3.00M 3.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 13.19M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.85M 1.85M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 8.11M
Maximum Profit (Gold): $34.22M $109.13M n/a $74.91M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $34.22M $109.13M n/a $74.91M
Max Profit / Current MCap: 0.644 9.271 n/a 8.627
Max Profit Per Share (Gold): $0.01 $0.02 n/a $0.01
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.01 $0.02 n/a $0.01
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $28.81 $6.38 n/a $-22.43
FD Mkt. Cap / Silver Eq.: $0.34 $0.07 n/a $-0.27
FD Mkt. Cap / Per Metal
as % Spot Price:		 2.35% 0.50% n/a -1.85%

Future Valuation (Cash Flow & Totals)

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