Vast Resources Share News (VAST)

(Sharecast News) - Mining company Vast Resources released its fourth quarter production figures for the Baita Plai polymetallic mine in Romania on Wednesday, extracting 24,178 tonnes of material in the period, yielding 562 dry metric tonnes (DMT) of concentrate with a copper concentrate grade of 18%.

The AIM-traded firm said that performance marked a slight decline compared to the third quarter, where 25,600 tonnes were mined, resulting in 559 DMT of concentrate with a 21% copper concentrate grade.

Despite the decrease, it aligned with expectations as the company accessed different mining areas during the quarter.

The progression over the year reflected a pattern of fluctuation in production metrics, with the second quarter seeing 23,372 tonnes mined with 468 DMT of concentrate and a 21% copper concentrate grade.

In the first quarter, 20,728 tonnes were mined, yielding 475 DMT of concentrate with a 23% concentrate grade, and in the fourth quarter of 2022, Vast mined 17,343 tonnes, resulting in 453 DMT of concentrate with a 23% copper concentrate grade.

Since the end of the fourth quarter of 2023, Vast Resources said it had seen an improvement in concentrate quality as it gained access to higher-grade zones.

That followed the incorporation of results from the ongoing drilling programme initiated in 2023 into its mine plan.

Additionally, the board said the acceleration of the underground decline access ramp was anticipated to enhance productivity by reducing haulage times and granting expedited access to high-grade deposits at depth.

At 1241 GMT, shares in Vast Resources were down 6.22% at 0.08p.

Reporting by Josh White for Sharecast.com.