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Baita Plai Update

22 Sep 2023 07:00

Baita Plai Update

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

22 September 2023

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

Baita Plai Update

Vast Resources plc, the AIM-listed mining company, announces a clarification regarding certain reports made today regarding its Baita Plai Polymetallic Mine (‘Baita Plai’) in Romania.

Certain Romanian press outlets reported strike action by mine workers at Baita Plai. The strike action, which was undertaken illegally, was reported from the mine and coordinated by a small number of individuals. The majority of the workforce remain supportive of the Company and continue to perform their duties on site without impediment; as such the impact on operations at Baita Plai is expected to be minimal.

The situation has arisen due to a delayed payment of a concentrate shipment made on 10 September 2023 which resulted in the scheduled salary payment, which had been agreed for 20 September 2023, not being made. The Company today has received confirmation that payment has been made for this shipment and the Company will make the outstanding payment due upon receiving cleared funds and will update the market as appropriate thereafter.

**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.

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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