Schedule 13G/A: Corley Reports 4,697,012 Shares (15.7%) in Vast Renewables

Rhea-AI Filing Summary

Thomas Corley reports beneficial ownership of 4,697,012 ordinary shares of Vast Renewables Ltd, equal to 15.7% of the class. The stake consists of 3,564,557 ordinary shares and 1,132,455 ordinary shares underlying warrants. The percentage is calculated using 29,973,504 ordinary shares outstanding as of December 31, 2024, per an exhibit referenced in a prior Form 6-K.

The filing is a Schedule 13G/A amendment stating the securities were not acquired to change or influence control of the issuer. Corley provides a U.S. residence address and certifies sole voting and dispositive power over all 4,697,012 shares.

Positive

• Material disclosure of a 15.7% stake provides transparency on a significant shareholder position
• Clear statement of sole voting and dispositive power simplifies assessment of shareholder influence
• Warrants explicitly disclosed, allowing investors to see potential dilution from 1,132,455 underlying shares

Negative

• None.

Insights

Securities Analyst

TL;DR: A 15.7% disclosed stake is material and warrants close attention for potential voting influence and dilution effects.

The filing reports a substantial minority position: 4,697,012 shares or 15.7% of the outstanding ordinary shares, including 1,132,455 shares issuable upon exercise of warrants. From an investor perspective, holdings of this size can affect governance outcomes if the holder coordinates with others or exercises voting rights. The statement that shares were not acquired to influence control is standard for Schedule 13G filings and limits immediate control implications, but the presence of sizable warrant exposure means potential dilution and increased economic interest if exercised. The report provides clear voting and dispositive power metrics which are important for assessing near-term shareholder influence.

Corporate Governance Expert

TL;DR: Disclosure of sole voting and dispositive power over 15.7% signals a material ownership stake with governance relevance.

The filer certifies sole voting and dispositive authority for all reported shares, which simplifies analysis of influence: there are no shared voting arrangements disclosed. The filing is an amendment to a Schedule 13G, and the certification that the position is not intended to change control is a meaningful legal assertion, though it does not prevent the holder from exerting influence through routine shareholder actions. The inclusion of warrants in the beneficial-ownership calculation is prudent and highlights possible future shifts in ownership percentage upon exercise.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

Vast Renewables Ltd

(Name of Issuer)

Ordinary Shares, without par value

(Title of Class of Securities)

Q9379E105

(CUSIP Number)

09/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. Q9379E105

1

Names of Reporting Persons

Corley Thomas John

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 4,697,012.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 4,697,012.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,697,012.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

15.7 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Beneficial ownership consists of 3,564,557 Ordinary Shares as well as 1,132,455 Ordinary Shares underlying warrants. Percentage of class is based on 29,973,504 Ordinary Shares outstanding as of December 31, 2024, as reported in Exhibit 99.3 to the Current Report on Form 6-K (File No. 001-41891) filed with the SEC on February 28, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Vast Renewables Ltd
(b)	Address of issuer's principal executive offices: SUITE 7.02, 124 WALKER STREET, SUITE 7.02, 124 WALKER STREET, NORTH SYDNEY NSW, AUSTRALIA, 2060.
Item 2.
(a)	Name of person filing: Thomas Corley
(b)	Address or principal business office or, if none, residence: 132 Washington Place State College, PA 16801
(c)	Citizenship: United States
(d)	Title of class of securities: Ordinary Shares, without par value
(e)	CUSIP No.: Q9379E105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 4697012
(b)	Percent of class: 15.7 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 4697012
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 4697012
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Corley Thomas John

Signature:	Thomas Corley
Name/Title:	Individual
Date:	10/01/2025

FAQ

What stake in Vast Renewables Ltd (VSTTF) does Thomas Corley report?

Thomas Corley reports beneficial ownership of 4,697,012 shares, representing 15.7% of ordinary shares outstanding.

How is the 15.7% ownership calculated in the filing?

The percentage uses 29,973,504 ordinary shares outstanding as of December 31, 2024, per an exhibit referenced in a Form 6-K.

Does Thomas Corley have voting control over the shares?

Yes. The filing states sole voting power and sole dispositive power over all 4,697,012 shares.

Are warrants included in the reported ownership?

Yes. The position includes 1,132,455 ordinary shares underlying warrants in addition to 3,564,557 ordinary shares.

Did the filing assert intent to change control of the issuer?

No. The certification states the securities were not acquired and are not held to change or influence control of the issuer.