Last checked at 7 Feb 2024 07:00
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
7 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.