REG - Vast Resources PLC - Operational Update

Vast ResourcesAnnouncement

25/04/2025 08:00

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RNS Number : 1304G  Vast Resources PLC  25 April 2025

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

25 April 2025

("Vast" or the "Company")

 

Operational Update

 

Vast Resources plc, the AIM quoted mining company, is pleased to provide the
following operational update on its mines in Romania and Tajikistan.

 

Baita Plai Polymetallic Mine (100% owned by Vast's wholly owned subsidiary,
Vast Baita Plai SA)

 

The Company has continued production at Baita Plai whilst continuing drilling
and reprofiling the underground asset.  The Company has also at the same time
entered into joint venture discussions and due diligence processes with other
mining companies regarding third party investment into Baita Plai.

 

The cost cutting measures coupled with the temporary reduction in production
following the corporate reorganisation, as set out in the Company's
announcement of 21 October 2024, are expected to benefit future operations
once the proceeds from the disposal of the recently released historical
diamond parcel (announced earlier today) are realised, debt is extinguished,
and financing has been finalised.  In addition to this, these measures have
given the Company a fresh approach to management and a longer-term strategy
for developing the Baita Plai asset.

 

The Company reported 13,562 tonnes mined during H2 2024 and produced 307.8
tonnes of copper concentrate at an average grade of 18.06% copper for this
period.

 

Manaila Polymetallic Mine (100% owned by Vast's wholly owned subsidiary, Vast
Resources Romania Ltd)

 

The Company is in discussions with potential off takers and financiers to
recommence mining operations at Manaila in H2 2025 and will update the market
as matters progress.

 

Former Hanes Gold Mine (operated under a management contract)

 

The Company has commenced development on site at the former Hanes Gold Mine
after a heavy winter.  A gravity concentrator has been installed to extract
gold and polymetallic alluvial minerals directly from the surface and is
expected to commence production at Hanes during the current quarter.  At the
same time, facilities are now ready for the Company to truck sizeable
quantities of ore to Baita Plai for processing, for which the owners of the
mine have been required to obtain further transport permitting in view of the
substantial quantities involved.  These permits have been applied for and are
expected to be approved during the current quarter.

 

With regard to the 500 tonne concentrate sale referred to in the Company's
announcement of 21 October 2024, the Company is still awaiting final assays
from the Romanian Government laboratory.  If this delay continues, the
Company will send the material to alternative laboratories abroad for the
assays if and when the Company's financial resources allow.

 

Blueberry Gold Project (29.41% interest)

 

The Company is pleased to announce that it is in receipt of separation tests
for its Blueberry Gold Project in Romania that do not involve the use of
cyanide, that were performed in Tajikistan using alternative methods at one of
Gulf International Minerals Ltd's projects.  These tests indicate an increase
from 44% recovery from traditional flotation to 77%.

 

Following receipt of these results the Company's joint venture partner is
currently preparing a new submission for an exploitation licence using these
alternative methods.  As context for this see the Company's announcement of
11 October 2018 giving drilling results.

 

The Company will update the market in due course.

 

Aprelevka Gold Mines (4.9% interest in earnings for Vast)

 

Development at the Aprelevka Gold Mines has continued encouragingly during
recent months.

 

The tertiary crushing system and the new silver processing plant has been
installed increasing silver production in March by over 100% on previous
months.  Since January 2025, the Company has hit its target of 2,000 tonnes
per day of processing, of which approximately half is primary ore and half is
tailings reprocessing.  Gold production for Q3 and Q4 was 5,225.185 oz of
gold and just over 28,341.38 oz/g of silver, a 33% increase on the same period
for 2023.

 

Work continues on increasing capacity and recoveries at the plant, and the
Company will commence the preparation of a JORC compliant Mineral Resource
Estimate for the current operating mines in H2 2025.

 

The Company anticipates providing further updates on a half-yearly basis.

 

**ENDS**

 

For further information, visit www.vastplc.com (http://www.vastplc.com) or
please contact:

 

 Vast Resources plc                                    www.vastplc.com (http://www.vastplc.com)

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

 Beaumont Cornish - Financial & Nominated Adviser      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 (http://www.shorecapmarkets.co.uk)

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

 Axis Capital Markets Limited - Joint Broker           www.axcap247.com (http://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                                         +44 (0) 20 7236 1177

 

 

Competent Person

The technical information in this announcement has been reviewed by, and the
forward-looking technical views are based on, information interpreted by Dr
Marius Zlagnean. Dr Marius Zlagnean has more than 30 years professional
experience in the mining industry and is currently a Technical Consultant for
Vast for the processing of ore in Romania and Tajikistan. He is also Head
of the Processing Techniques and Technologies Department, and former Vice
President of the Board of Directors, at the Romanian National Institute of
Research and Development for Metals and Radioactive Resources.

 

Dr Zlagnean is a Qualified Person who is a Member in good standing of the:

Balkan Mineral Processing Technical Academy;

National Association of Specialists in Geology and
Mining, Bucharest (Romania);

Executive Board of the XIII Balkanic Mineral Processing
Congress, Bucharest;

Scientific Committee of the journal "Buletin CENTIREM";

Scientific Council National Institute of Research;

 and Development for Metals and Radioactive Resources.

 

Dr Zlagnean is a mining engineer and has a PhD in engineering in centrifugal
concentration of gold-silver precious metals at the University Petrosani. He
is an accredited expert of the National Agency for Mineral Resources
of Romania.

 

 

The following is a summary of technical terms:

 Ag                          Silver
 Au                          Gold
 Cu                          Copper
 PGM                         Platinum Group Metals
 Grade                       Grade(s) means the quantity of ore or metal in a specified quantity of rock
 Mineral Resource            A 'Mineral Resource' is a concentration or occurrence of solid material of
                             economic interest in or on the Earth's crust in such form, grade (or quality),
                             and quantity that there are reasonable prospects for eventual economic
                             extraction. The location, quantity, grade (or quality), continuity and other
                             geological characteristics of a Mineral Resource are known, estimated or
                             interpreted from specific geological evidence and knowledge, including
                             sampling. Mineral Resources are sub-divided, in order of increasing geological
                             confidence, into Inferred, Indicated and Measured categories.
 Inferred Mineral Resource   An 'Inferred Mineral Resource' is that part of a Mineral Resource for which
                             quantity and grade (or quality) are estimated on the basis of limited
                             geological evidence and sampling. Geological evidence is sufficient to imply
                             but not verify geological and grade (or quality) continuity. It is based on
                             exploration, sampling and testing information gathered through appropriate
                             techniques from locations such as outcrops, trenches, pits, workings and drill
                             holes.
 Indicated Mineral Resource  An 'Indicated Mineral Resource' is that part of a Mineral Resource for which
                             quantity, grade (or quality), densities, shape and physical characteristics
                             are estimated with sufficient confidence to allow the application of Modifying
                             Factors in sufficient detail to support mine planning and evaluation of the
                             economic viability of the deposit.
 Exploration Target          An Exploration Target is a statement or estimate of the exploration potential
                             of a mineral deposit in a defined geological setting where the statement or
                             estimate, quoted as a range of tonnes and a range of grade (or quality),
                             relates to mineralisation for which there has been insufficient exploration to
                             estimate a Mineral Resource.
 Mineral Reserve             An 'Ore Reserve' is economically minable part of a Measured and/or Indicated
                             Mineral Resource. It includes diluting materials and allowances for losses,
                             which may occur when the material is mined or extracted and is defined by
                             studies at Pre-Feasibility level as appropriate that include application of
                             Modifying Factors. Such studies demonstrate that, at the time of reporting,
                             extraction could be reasonably justified.
 JORC Code                   Australasian Institute of Mining and Metallurgy Joint Ore Reserves Committee
                             code on mineral resources and ore reserves
 Mineralisation              Process of formation and concentration of elements and their chemical
                             compounds within a mass or body of rock

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.

 

The Company retains a continued presence in Zimbabwe.  The Company is
re-engaging its future investment strategy in Zimbabwe and has commenced
discussions with further mining concessions in-country alongside its wider
portfolio.

 

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.

 

Also in Tajikistan, Vast has been contracted to develop and manage the
Aprelevka gold mines on behalf of its owner Gulf International Minerals Ltd
("Gulf") under which Vast is entitled, inter alia, to 10% of the earnings that
Gulf receives from its 49% interest in Aprelevka in joint venture with the
government of Tajikistan.  Aprelevka holds four active operational mining
licences located along the Tien Shan Belt that extends through Central Asia,
currently producing approximately 11,600oz of gold and 116,000 oz of silver
per annum.  It is the intention of the Company to assist in increasing
Aprelevka's production from these four mines closer to the historical peak
production rates of approximately 27,000oz of gold and 250,000oz of silver per
year from the operational mines.

 

Nominated Adviser

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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