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Pin to quick picksVast Res Regulatory News (VAST)

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Baita Plai Q4 2023 Production Report

7 Feb 2024 07:00

RNS Number : 2303C
Vast Resources PLC
07 February 2024
 

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

 

?February 2024

Vast Resources plc

('Vast' or the 'Company')

 

Baita Plai Q4 2023 Production Report

 

Vast Resources plc, the AIM-listed mining company, is pleased to announce the Q4 2023 production report at its Baita Plai Polymetallic Mine ('Baita Plai') in Romania.

 

Production for the quarter is provided below with a comparison to previous quarters*.

 

Period

Tonnes mined

Concentrate produced (DMT)

Cu concentrate grade

Q4 2023

24,178

562

18%

Q3 2023

25,600

559

21%

Q2 2023

23,372

468

21%

Q1 2023

20,728

475

23%

Q4 2022

17,343

453

23%

*Investors should note the Company's decision, given several factors including the variation of shipping schedules, to simply report quarterly production going forward; sales and other operating information will be included in the Company's financial reports as usual going forward.

 

As expected, the average copper concentrate grade decreased during the quarter due to the area that was being mined. However, subsequent to the period end, the quality of concentrate has improved as the Company begins to access higher grade zones.

 

The Company has incorporated the results from its ongoing drilling programme that commenced in 2023 into its mine plan. This, together with the acceleration of the underground decline access ramp, is expected to substantially increase productivity through reduced underground haulage times and provide accelerated access to high grades at depth. As a result, the Company expects the overall grade of concentrate produced by the mine to increase and a reduction in grade variability.

 

 

**ENDS**

 

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

 

Vast Resources plcAndrew Prelea (CEO)

 

www.vastplc.com +44 (0) 20 7846 0974

Beaumont Cornish - Financial & Nominated Advisor

Roland Cornish

James Biddle

 

www.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 Limited

Susie Geliher / Zoe Briggs

www.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. Vast has also been contractually appointed to manage and develop the Aprelevka Gold Mines located along the Tien Shan Belt that extends through Central Asia, currently producing approximately 11,600 oz of gold and 116,000 oz of silver per annum. It is the intention to increase production closer to historical peak production of 27,000 oz gold and 250,000 oz silver. Vast will be entitled to a 4.9% effective interest in the mines with the option to acquire equity in the future.

 

The Company retains a continued presence in Zimbabwe in respect of the Historic claims.

 

 

Beaumont Cornish Ltd

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UPDFLFEEFDIRIIS
Date   Source Headline
4th Jul 20233:00 pmGNWCompany Update
3rd Jul 20237:00 amGNWCompany Update
26th Jun 20231:30 pmGNWResults of General Meeting
21st Jun 20239:56 amGNWDebt Extension Confirmation
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16th Jun 20238:30 amGNWInstitutional Investor TR-1 Disclosure
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14th Apr 20237:00 amGNWMajor Institutional Shareholder TR-1 Disclosure
12th Apr 20237:05 amGNWPlacing to raise £978,967.40 and Baita Plai Update
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