Vast Resources (VAST ) announced this morning a 20% increase in production in Q3 from its Baita Plai Polymetallic Mine in Romania.

Vast Resources said it saw increased production in September via utilisation of its Mantis rigs at Baita Plai. Usage of the rigs resulted in a significant increase in tonnes mined and the quality of the concentrate produced, from an average of 16% in July and August to over 22% in September with peaks of 28.5%.

September was therefore the most successful month of underground production at Baita Plai, the company said. The mine produced 7,900 tonnes of ore, accounting for 50% of production in Q3 2022.

Vast noted that production in July and August was affected by a requirement to change working faces in order to enable implementation of Long Hole Stoping. The initial downward perforation strategy for Long Hole Stoping was then adjusted to vertical drilling in Level 17, to mitigate against deflection of the drilling rods. Vast said it would maintain this drilling strategy going forward.

Post-period, 4Q 2022 saw a further increase in production compared to September's average rate. Currently, prepared accessible underground ore stands at c. 290,000 tonnes. Vast said the mine is presently active in four separate high productivity areas utilising Long Hole Stope methodology, in addition to continuing production on two working faces with room and pillar mining method of extraction.

Therefore, underground production at Baita Plai is expected to continue its growth into Q1 2023.

Vast further confirmed that the sale of concentrate expected in mid-October will now occur in the first week of November.

Andrew Prelea, CEO, commented: "This has been a successful period which has seen us achieve the uptick in production from September that we have been working towards. I am wholly encouraged by the work that is continuing on the ground as we now plan for further increases in the remaining weeks of Q4, and again in Q1 2023 and onwards."

 

View from Vox

Vast Resources' successful implementation of the Mantis CMR4 Jumbo Drilling system has boosted performance significantly at Baita Plai, as evidenced by today's release. Cu Conc DMT produced from the mine has increased progressively quarter-on-quarter, from 229 in Q1 to 268 in Q2, to 309 in Q3. WMT and Total production have increased by similar margins (see chart above).

The trend is expected to continue following the transition to mechanised mining, utilising Long Hole Stope methodology. The completion of Spiral number 3 will further increase the volume of production at Baita Plai from Q2 2023, ensuring the longevity of the mine.

With two Mantis CMR4 rigs now deployed, the momentum in production is all but certain to accelerate at Baita Plai. The two mills combined can process 14,000 tonnes per month, the company said in a 27 June statement. The presence of bismuth and molybdenum at Baita Plai further underscore its strategic value.

Vast raised £656K on 26 September via a placing of ordinary shares at 0.40p, ensuring its operations continue to be supported over the coming weeks and months.

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