Vast Resources Plc / Ticker: VAST / Index: AIM / Sector: Mining
18 September 2023
Vast Resources Plc
('Vast' or the 'Company')
Vast Resources Plc, the AIM-listed mining company, is pleased to announce an update further to the announcement made on 7 August 2023 regarding the recovery of the historic parcel.
Due to the recent election process over the course of the past month, the Company has been unable to progress the settlement of the historic parcel as it had expected, however, the Company remains confident of finalising the process and it will report further progress to the market.
For further information, visit www.vastplc.com or please contact:
|Vast Resources Plc |
Andrew Prelea (CEO)
Andrew Hall (CCO)
+44 (0) 20 7846 0974
|Beaumont Cornish - Financial & Nominated Advisor |
+44 (0) 20 7628 3396
|Shore Capital Stockbrokers Limited - Joint Broker |
Toby Gibbs / James Thomas (Corporate Advisory)
+44 (0) 20 7408 4050
|Axis Capital Markets Limited - Joint Broker |
+44 (0) 20 3206 0320
|St Brides Partners Limited |
+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. Processing of stockpiled ore on site is expected to commence in mid-2022.