REG - Vast Resources PLC - Baita Plai Q4 2023 Production Report

Vast ResourcesAnnouncement

07/02/2024 07:00

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RNS Number : 2303C  Vast Resources PLC  07 February 2024

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 plc                                    www.vastplc.com

Andrew Prelea (CEO)                                  +44 (0) 20 7846 0974

 Beaumont Cornish - Financial & Nominated Advisor      www.beaumontcornish.com (http://www.beaumontcornish.com)

 Roland Cornish                                        +44 (0) 20 7628 3396

 James Biddle

 Shore Capital Stockbrokers Limited - Joint Broker     www.shorecapmarkets.co.uk

                                                      +44 (0) 20 7408 4050
 Toby Gibbs / James Thomas (Corporate Advisory)

 Axis Capital Markets Limited - Joint Broker           www.axcap247.com
 Richard Hutchinson                                     +44 (0) 20 3206 0320

 St Brides Partners Limited                            www.stbridespartners.co.uk (http://www.stbridespartners.co.uk)

 Susie Geliher / Zoe Briggs                            +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.

 

 

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