VAST Resources PLC (LON:VAST) is moving ahead with off-take discussions with additional third parties after partner Mercuria decided not to go through with a proposed US$5.5mln pre-payment financing.
Some initial due diligence has already been initiated by potential off-take partners, a non-binding indicative term sheet has been received and others are promised very shortly.
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Legal work will commence shortly, and it is anticipated that the process will not be protracted.
Vast believes the technical and legal due diligence that has already been performed on Baita Plai is robust and can be used to accelerate the process of securing off-take prepayment finance.
Amicable discussions are in process with Mercuria on the future relationship between Mercuria and Vast with regard to offtake from Manaila and the obligations of the company with regard to financing already advanced.