Vast Resources (VAST ) has hailed the “operational progress” made at the Group’s Baita Plai Polymetallic Mine in Romania as it continues to advance its development plan at the site.  

The AIM-listed mining company unveiled to investors that the decline project to Level 19 is progressing on schedule and that in addition, it has commenced mining fresh higher grade ore at Baita Plai in accordance with the revised mechanised mine plan revealed last month. 

‘Mining and concentrate production has and will continue uninterrupted during this development phase at Baita Plai,’ Vast noted. It added that underground production is currently focused on Levels 17 and 18 in addition to the new mining area on Level 19. 

The exploration drilling targeting the downdip extension of the Antonio skarn from 19 level to 22 level is expected to commence in June 2021 as per the new mechanised mine plan. 

The arrival of the new mechanised mining equipment has commenced on site with the remaining equipment expected to arrive in accordance with the new mine plan schedule. 

Meanwhile, the Group recalled its announcement made on 30th March 2021 regarding the new mechanised mine plan in which it stated that no further funding for capex or opex was required to implement the new mine plan and future capex will be funded from cash flows. 

In accordance with this previous statement, the Company confirmed to investors this morning that it is not planning a placing following the proposed capital reorganisation. 

"I am delighted with the operational progress that we have made in recent weeks and we remain well capitalised to achieve our development plan at Baita Plai without needing to come back to the market for the foreseeable future,” said Andrew Prelea, Vast’s CEO. 

He said, “We will look to provide further updates from Baita Plai via our social media platforms and via the regulatory news channels as appropriate over the coming days and weeks." 

Shares in Vast Resources soared by 38.71% in value to 0.107p following this morning’s news. 

Reasons to VAST

Vast Resources is a United Kingdom AIM listed mining company with mines and projects in Romania and Zimbabwe. In Romania, the Company is focused on the rapid advancement of high-quality projects, particularly its wholly owned producing Baita Plai Polymetallic Mine. 

Valuable Portfolio 

Romania 

The company previously reported the first commercial sale of concentrate produced at its Baita Plai Polymetallic Mine (‘Baita Plai’) in Romania last month. Vast confirmed at the time that this first delivery of concentrate has been completed ‘in accordance with expectations.’ 

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.  

Last year, the company enlarged its exploration target at the Baita Plai Polymetallic Mine to between 3.2m–5.8m tonnes following the group’s analysis of further historical drilling data.  

Elsewhere, Vast has been granted the Manaila Carlibaba Extended Exploitation Licence that will allow it to re-examine the exploitation of the mineral resources within the larger Manaila Carlibaba licence area.  

Zimbabwe 

In Zimbabwe, Vast is focused on the commencement of the joint venture mining agreement on the Chiadzwa Community Concession Block of the Chiadzwa Diamond Fields. 

Multiple Re-Rating Catalysts 

Vast is on track to surpass its initial copper concentrate sales delivery targets and expects delivery of between 350-400 tonnes of copper concentrate to commodity group Mercuria.   

Production of Cu concentrate in October was estimated to be more than 50% of the total FY20 target with first deliveries to Mercuria expected imminently.   

In December 2020, Vast announced that it had completed a placing to raise £4.8m ($6.45m) placing at 0.132p to satisfy expected requirements from the international banking institution which it said will enable it to ramp up to full production at its Baita Plai Polymetallic Mine. 

Andrew Prelea, CEO of Vast said the facility is “a key corporate and commercial objective for Vast, and one which I believe will prove beneficial for shareholders as we move into 2021.” 

He said this development “will provide Vast with the financial optionality to successfully capitalise on the anticipated ramp up to full production at our Baita Plai Polymetallic Mine.” 

Vast said it remains well funded following this placing and it reported earlier this month that it was making solid progress with the ramp up to full production at the Baita Plai Mine. 

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