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Baita Plai Q2 Production Report

2 Aug 2023 07:00

Baita Plai Q2 Production Report

Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining

2 August 2023

Vast Resources plc(‘Vast’ or the ‘Company’)

Baita Plai Q2 Production Report

Vast Resources plc, the AIM-listed mining company, is pleased to announce the Q2 production report at its Baita Plai Polymetallic Mine (‘Baita Plai’) in Romania.

Baita Plai Production:

As announced on 7 July 2023 the Company achieved operational breakeven at Baita Plai in June 2023. The increase in production in June was due to the opening of sub level 5 which allows mining on multiple fronts. In Q2 2023, 514 WMT of concentrate was produced with a content of 21% copper. 55% of this production took place in June as a result of preparations made in April & May to access the new mining area in sub level 5 as well as drilling activity required for the exploration programme. June concentrate production was also marked by an increase in copper grade up to 22% Cu concentrate.

Reflecting on June’s performance compared to previous quarters, June 2023 also represented 52% of the entire Q1 2023 WMT concentrate production level showing a clear and marked increase for this month over previous periods.

Below are the production results for Q2 2023 with a comparison to Q1 2023. The reduction in concentrates sold is due to timing differences.

Quarterly ReportTons MinedConc ProducedConc ProducedConc SoldConc SoldAvg. Conc GradeCu Conc Inventory at end of Quarter
  WMTDMTWMTDMT DMT 
Q1 2023 20,7253947551645923%241
April5,900110101  17.6%342
May7,27212211216614920.0%305
June10,20028225518316722.0%393
Q2 Total23,37251446834931621.0%393

Baita Plai Drilling:

As announced on 17 July 2023 the Company has received initial positive results from Phase 1 of an extensive exploration programme which has confirmed the potential to extend the mining area and establish a revised JORC compliant Mineral Resource and in due course an Ore Reserve for its licence renewal in August 2024.

Andrew Prelea, Chief Executive Officer at Vast Resources PLC, commented:

“Achieving operational breakeven is a great result for us and the team and Baita Plai, and we are pleased to see June’s performance as we continue our production ramp up plans. Our production goals are linked closely with our exploration activities, and the positive Phase 1 results reported post period end give the team further confidence in our ability to establish Baita Plai as a profitable long-life mine.”

**ENDS**

For further information, visit www.vastplc.com or please contact:

Vast Resources plcAndrew Prelea (CEO)Andrew Hall (CCO)www.vastplc.com+44 (0) 20 7846 0974
Beaumont Cornish – Financial & Nominated AdvisorRoland CornishJames Biddlewww.beaumontcornish.com+44 (0) 20 7628 3396
Shore Capital Stockbrokers Limited – Joint Broker Toby Gibbs / James Thomas (Corporate Advisory)www.shorecapmarkets.co.uk +44 (0) 20 7408 4050
Axis Capital Markets Limited – Joint Broker Richard Hutchinson www.axcap247.com +44 (0) 20 3206 0320
St Brides Partners LimitedSusie Geliherwww.stbridespartners.co.uk+44 (0) 20 7236 1177

ABOUT VAST RESOURCES PLC

Vast Resources plc is a United Kingdom AIM listed mining company with mines and projects in Romania, Tajikistan, and Zimbabwe.

In Romania, the Company is focused on the rapid advancement of high-quality projects by recommencing production at previously producing mines.

The Company's Romanian portfolio includes 100% interest in Vast Baita Plai SA which owns 100% of the producing Baita Plai Polymetallic Mine, located in the Apuseni Mountains, Transylvania, an area which hosts Romania's largest polymetallic mines. The mine has a JORC compliant Reserve & Resource Report which underpins the initial mine production life of approximately 3-4 years with an in-situ total mineral resource of 15,695 tonnes copper equivalent with a further 1.8M-3M tonnes exploration target. The Company is now working on confirming an enlarged exploration target of up to 5.8M tonnes.

The Company also owns the Manaila Polymetallic Mine in Romania, which the Company is looking to bring back into production following a period of care and maintenance. The Company has also been granted the Manaila Carlibaba Extended Exploitation Licence that will allow the Company to re-examine the exploitation of the mineral resources within the larger Manaila Carlibaba licence area.

Vast has an interest in a joint venture company which provides exposure to a near term revenue opportunity from the Takob Mine processing facility in Tajikistan. The Takob Mine opportunity, which is 100% financed, will provide Vast with a 12.25 percent royalty over all sales of non-ferrous concentrate and any other metals produced. Processing of stockpiled ore on site is expected to commence in mid-2022.

In Zimbabwe, the Company is preparing for the release of its diamonds previously mined by the Company and preparing for their marketing. Upon the finalisation of the process the Company will recommence its focus on the finalisation of the mining agreement on the Community Diamond Concession in the Marange Diamond Fields.

GLOSSARY

Dry Metric Tonnes (DMT)Refers to the tonnage minus humidity to determine sales price
GradeThe relative quantity or percentage of ore mineral content in an orebody.
OreThe naturally occurring material from which a mineral(s) can be extracted at a reasonable profit.
OrebodyA continuous well-defined mass of material to sufficient ore content to make extraction economically feasible.
SkarnLime-bearing siliceous rock produced by the metamorphic alteration of limestone or dolomite
Wet Metric Tonnes (WMT)Usually quoted in terms of production for shipping terms

Competent PersonThe forward-looking technical views made in this announcement is based on information interpreted by Mr Nicolae Turdean, the Our Romanian Country Manager and a full-time employee of the Company. Mr Nicolae Turdean is a Qualified Person who is a Member in good standing of the:

Romanian National Association of Specialists in Mining IndustryGeneral Association of Romanian EngineersRomanian National Committee of Mining Engineers

Nicolae has 40 years’ experience in the Romanian mining industry. He was most recently President of the National Agency for Mineral Resources. Prior to this, Nicolae was the Chief Executive of Cupru Min SA, the Romanian state-owned copper producer. Nicolae has worked closely with the Ministry of Economy and Commerce, the Minister of Economy and Finance, and the World Bank, as well as serving on the Board of Administration for a number of companies. Nicolae holds both a Bachelor of Mining Science and a MSc. in the Management of Mining Activities from the Technical University of Petrosani in Romania.

Date   Source Headline
11th Jun 20247:00 amGNWTajikistan – Aprelevka Update
10th Jun 20241:36 pmGNWBaita Plai Update
4th Jun 20247:00 amGNWBaita Plai Q1 2024 Production Report and Aprelevka production update
22nd May 202412:00 pmRNSHolding(s) in Company
20th May 20247:00 amGNWHolding(s) in Company
15th May 20247:07 amRNSPlacing & Update on Refinancing
8th May 20241:12 pmGNWUpdate on Debt Funding
29th Apr 20247:00 amGNWUpdate on Funding and on Repayment of Asset Based Debt Facility & General Corporate Update
2nd Apr 202412:23 pmRNSHolding(s) in Company
13th Mar 20247:00 amGNWNew Copper Offtake Secured with Trafigura for Baita Plai
29th Feb 202412:32 pmGNWMiscellaneous
20th Feb 20247:00 amGNWHoldings in Company
14th Feb 20247:00 amRNSNotice of GM
7th Feb 20247:00 amRNSBaita Plai Q4 2023 Production Report
31st Jan 20247:00 amGNWInterim Results: 1 May 2023 – 31 October 2023
26th Jan 20242:30 pmGNWHolding(s) in Company
25th Jan 20242:00 pmGNWHolding(s) in Company
23rd Jan 20247:00 amGNWPlacing to raise £1,255,625
22nd Jan 20247:00 amGNWPlatinum Group Metals (PGM) Agreement
16th Jan 202410:05 amRNSCompletion of transaction regarding Aprelevka
15th Jan 20241:30 pmGNWUpdate on Debt Funding
7th Dec 202312:30 pmGNWMOU regarding Aprelevka Gold Mines
4th Dec 202312:00 pmGNWUpdate on Debt Funding
29th Nov 20233:30 pmGNWResults of AGM
28th Nov 20233:00 pmGNWDeath of Director
13th Nov 20238:00 amRNSHolding(s) in Company
6th Nov 202311:00 amGNWNotice of AGM
6th Nov 20237:00 amGNWUpdate on Debt Funding
31st Oct 20237:00 amGNWBaita Plai Q3 2023 Production Report
31st Oct 20237:00 amGNWFinal Results
23rd Oct 20233:47 pmRNSHolding(s) in Company
19th Oct 20237:00 amRNSTajikistan Update
6th Oct 20237:00 amGNWPlacing to raise £1,819,350 and Company Update
4th Oct 20237:00 amGNWUpdate on Debt Funding
3rd Oct 20236:05 pmGNWHolding(s) in Company
2nd Oct 20237:00 amGNWUpdate on Debt Funding
28th Sep 202312:37 pmGNWBaita Plai Update
22nd Sep 20237:00 amGNWBaita Plai Update
18th Sep 20237:00 amGNWCompany Update
1st Sep 202310:00 amGNWUpdate on Debt Funding
7th Aug 20237:00 amGNWCompany Update
2nd Aug 20237:00 amGNWBaita Plai Q2 Production Report
28th Jul 20231:00 pmGNWMajor Institutional Shareholder TR-1 Disclosure
19th Jul 20238:32 amGNWInstitutional Shareholder TR-1 Disclosure
17th Jul 20237:00 amRNSPhase 1 Drill Results at Baita Plai Mine
14th Jul 20235:18 pmRNSBaita Plai Report
7th Jul 20237:00 amGNWPlacing to Raise £1.7m and Company Update
4th Jul 20233:00 pmGNWCompany Update
3rd Jul 20237:00 amGNWCompany Update
26th Jun 20231:30 pmGNWResults of General Meeting

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