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
Andrew 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.
