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 Report	Tons Mined	Conc Produced	Conc Produced	Conc Sold	Conc Sold	Avg. Conc Grade	Cu Conc Inventory at end of Quarter
		WMT	DMT	WMT	DMT		DMT
Q2 2023	23,372	514	468	349	316	21%	393
July	9,059	228	209			21%	602
August	8,892	248	230	192	173	20%	659
September	7,649	133	120	198	181	21%	598
Q3 Total	25,600	609	559	390	354	21%	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 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 LimitedSusie Geliher	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. 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
Grade	The relative quantity or percentage of ore mineral content in an orebody.
Ore	The naturally occurring material from which a mineral(s) can be extracted at a reasonable profit.
Orebody	A continuous well-defined mass of material to sufficient ore content to make extraction economically feasible.
Skarn	Lime-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.