Vast Resources plc, the AIM-listed mining company, is pleased to announce that in Q4 2022 it achieved a 47% overall increase in copper concentrate production, a 248% increase in copper concentrate sold and a 35% increase in copper concentrate grade from its Baita Plai Polymetallic Mine (‘Baita Plai’) in Romania compared with Q3 2022.
Further to the interim production update made last month, the Company is pleased to report that it has exceeded the forecasted figures announced on 16 December 2022, and that the December shipment was delivered as stated.
Figure 1 below shows the Q4 2022 production figures as well as a comparison to those published in Q1, Q2 & Q3 2022.
Figure 1
H1 2023 Outlook
The Company is pleased to report that production continued during the Christmas and New Year period with minimal down time at Baita Plai which further supports the Company’s target of moving towards name plate capacity of 14,000 tonnes per month in H1 2023. The Company can also confirm it continues to schedule further sales of concentrate with the next shipment planned in the second half of January 2023.
Andrew Prelea, Chief Executive Officer at Vast Resources PLC, commented:
“ Q4 2022 production has seen a significant increase in mining and concentrate production as a result of the changes that have been implemented at Baita Plai during the course of H 2 2022 .
“ Management strongly believes in Baita Plai’s increasing performance and to achieve our goal of heading towards name plate capacity in H1 2023. Based on current production trends we have seen another significant increase in production and sales in Q4 2022 and we expect to see the trend continue into Q1 2023 and beyond . ”
Important Notices
This announcement contains ‘forward-looking statements’ concerning the Company that are subject to risks and uncertainties. Generally, the words ‘will’, ‘may’, ‘should’, ‘continue’, ‘believes’, ‘targets’, ‘plans’, ‘expects’, ‘aims’, ‘intends’, ‘anticipates’ or similar expressions or negatives thereof identify forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company’s ability to control or estimate precisely. The Company cannot give any assurance that such forward-looking statements will prove to have been correct. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this announcement. The Company does not undertake any obligation to update or revise publicly any of the forward-looking statements set out herein, whether as a result of new information, future events or otherwise, except to the extent legally required.
**ENDS**
For further information, visit www.vastplc.com or please contact:
Vast Resources plc
Andrew Prelea (CEO)
Andrew Hall (CCO)
+44 (0) 20 7846 0974
