(Alliance News) - Vast Resources PLC's shares surged on Tuesday after the firm reported that revenue more than tripled in its first quarter on a contribution from Tajikistan and higher production.
Shares were up 46% at 0.50 pence each on Tuesday morning in London.
The miner with projects in Romania and Zimbabwe generated revenue of USD2.3 million in its first quarter ended March 31, more than tripled from USD970,465 in the final quarter of financial 2022.
The company attributed this to a contribution from its joint venture in Tajikistan.
Further, ore milled at its Baita Plai polymetallic mine increased by 24% to 12,103 tonnes from 9,743 tonnes, quarter-on-quarter. Dry-metric tonnes production rose 17% on the fourth quarter to 229 tonnes from 196 tonnes, it said.
Vast Resources said that mechanisation is expected to "substantially increase" its production of copper concentrate, starting in June. This is anticipated to be reflected in results from the third quarter onwards.
Going forward, the company plans to create additional revenue streams planned through other metal sales such as Molybdenum.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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Vast Res (VAST)