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Baita Plai Q3 2023 Production Report

31 Oct 2023 07:00

Baita Plai Q3 2023 Production Report

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

31 October 2023

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

Baita Plai Q3 2023 Production Report

Vast Resources plc, the AIM-listed mining company, is pleased to announce the Q3 2023 production report at its Baita Plai Polymetallic Mine (‘Baita Plai’) in Romania.

Baita Plai Production:

Below are the production results for Q3 2023 with a comparison to Q2 2023.

Quarterly ReportTons MinedConc ProducedConc ProducedConc SoldConc SoldAvg. Conc GradeCu Conc Inventory at end of Quarter
  WMTDMTWMTDMT DMT 
Q2 2023 23,37251446834931621%393
July9,059228209  21%602
August8,89224823019217320%659
September7,64913312019818121%598
Q3 Total25,60060955939035421%598

Baita Plai Drilling:

As previously announced the Company continues an extensive exploration programme which continues to confirm 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.

**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.

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
1st Aug 20227:00 amGNWBaita Plai Operational Update
28th Jul 20227:00 amGNWTakob Processing Project Update
25th Jul 20224:41 pmRNSSecond Price Monitoring Extn
25th Jul 20224:36 pmRNSPrice Monitoring Extension
25th Jul 20227:00 amGNWQ2 2022 Baita Plai Production Report
18th Jul 20224:40 pmRNSSecond Price Monitoring Extn
18th Jul 20224:35 pmRNSPrice Monitoring Extension
18th Jul 20222:06 pmRNSSecond Price Monitoring Extn
18th Jul 20222:00 pmRNSPrice Monitoring Extension
4th Jul 20222:44 pmGNWTotal Voting Rights
30th Jun 20227:00 amGNWTakob Projects Update
27th Jun 20227:00 amGNWSecond Milling Circuit Completed at Baita Plai Polymetallic Mine
23rd Jun 20227:01 amGNWHolding(s) in Company
16th Jun 20227:00 amGNWHolding(s) in Company
16th Jun 20227:00 amGNWHolding(s) in Company
14th Jun 20222:55 pmGNWHolding(s) in Company
13th Jun 20228:00 amGNWSecond Mantis Jumbo Drill Rig on-site at Baita Plai
13th Jun 20227:00 amRNSPresentation and Q&A Session
10th Jun 20222:30 pmGNWResult of General Meeting, Admission Details & Total Voting Rights
10th Jun 20227:00 amGNWHolding(s) in Company
31st May 20227:00 amRNSInvestor Update and Q&A Session
26th May 20228:00 amGNWSuccessful Underground Drill Testing of Mantis CMR4 Production Rig
26th May 20227:00 amGNWNotice of General Meeting
26th May 20227:00 amGNWCorrection of Admission Date
24th May 202212:33 pmGNWUpdate regarding Atlas Special Opportunities LLC
24th May 20227:01 amGNWCompany Update – Tajikistan
24th May 20227:00 amGNWUpdate regarding Atlas Special Opportunities LLC
23rd May 20224:40 pmRNSSecond Price Monitoring Extn
23rd May 20224:35 pmRNSPrice Monitoring Extension
20th May 20221:00 pmGNWUpdate regarding date for General Meeting
18th May 20224:41 pmRNSSecond Price Monitoring Extn
18th May 20224:36 pmRNSPrice Monitoring Extension
18th May 202211:05 amRNSSecond Price Monitoring Extn
18th May 202211:00 amRNSPrice Monitoring Extension
18th May 20227:13 amGNWAtlas Special Opportunities LLC
17th May 202211:05 amRNSSecond Price Monitoring Extn
17th May 202211:00 amRNSPrice Monitoring Extension
17th May 20227:01 amGNWDelisting of Convertible Bonds from The International Stock Exchange
16th May 20224:40 pmRNSSecond Price Monitoring Extn
16th May 20224:35 pmRNSPrice Monitoring Extension
16th May 20222:38 pmRNSDelisting of Convertible Bonds from TISE
16th May 202211:35 amGNWAtlas Special Opportunities LLC
16th May 20229:35 amRNSRepayment of Atlas Special Opportunities Completed
13th May 20229:05 amRNSSecond Price Monitoring Extn
13th May 20229:00 amRNSPrice Monitoring Extension
13th May 20227:00 amGNWAtlas Special Opportunities LLC – Exercise of Conversion Rights & Total Voting Rights
12th May 20224:42 pmRNSSecond Price Monitoring Extn
12th May 20224:36 pmRNSPrice Monitoring Extension
10th May 20229:30 amGNWTotal Voting Rights
6th May 20224:40 pmRNSSecond Price Monitoring Extn

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