PKF supports Vast Resources Plc on its reverse takeover of Gulf International Minerals Limited.
We are pleased to have supported Vast Resources Plc on its reverse takeover of Gulf International Minerals Limited, alongside a placing and subscription raising approximately £7.5 million and the re-admission of the enlarged group to trading on AIM.
The transaction provides Vast with a 49% indirect interest in Aprelevka, a producing gold and silver operation in Tajikistan comprising four gold mines, a central processing plant and associated tailings assets. Aprelevka currently produces approximately 11,000oz of gold and 130,000oz of silver per annum.
As part of the transaction, Vast has raised approximately £7.5 million through the placing of 94.4 million new ordinary shares and subscription for 26.4 million new ordinary shares at an issue price of 6.25 pence per share. Following completion of the acquisition, the seller and seller shareholders hold approximately 80% of the enlarged share capital.
For the year ended 31 December 2025, Aprelevka generated revenue of US$36.9 million and profit before tax of US$8.5 million, reflecting strong operational performance and growth.
“Exceptional professional service. Timely, supportive and value added. Made all the more impressive given the complexity of the transaction.”
Paul Fletcher, CFO, Vast Resources Plc
The PKF Littlejohn team advising on the transaction comprised Adam Humphreys and Jamie Legge.
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