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29/05/2024
Mining News

Vast Resources details strong operational progress in full-year update

Vast Resources announced final results for the 12 months ended April 30 2023. The company’s flagship asset is the Baita Plai polymetallic mine in Romania.

Vast reported unchanged revenues for the year at US$3.7m, compared to last year’s US$3.8m as higher sales were offset by lower copper prices. Vast achieved a 14% decrease in administrative and overhead expenses at US$3.9m compared to US$4.5m a year ago largely attributed to a reduction in its expatriate employee headcount.

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Losses narrowed to US$10.5m from last year’s US$15.5m. Taking into account currency swings, losses remains broadly unchanged at US$11.9m. Forex gains for the year amounted to US$1.4m compared to losses of US$3.8m last year. Cash at the year-end was US$0.5m from US$0.13m a year ago.

Operationally, Baita Plai increased milled production significantly to 60,750 Mt from 38,108 Mt on April 30 2022. Vast continued to invest in Baita Plai to support its transition to mechanised mining with long-hole stopping introduced during the period and a second milling circuit completed.

Vast aims to upgrade Baita Plai’s existing mineral resource including a JORC compliant exploration target of 11.65 to 12.65 Mt at 0.98% to 1.69% copper, 0.23% to 0.57% lead, and 0.17% to 0.62% zinc. The company said initial results from the drilling campaign were “very encouraging”, confirming the potential to extend the mining area.

At the Takob project in Tajikistan, Vast achieved steady state production of 95% fluorite and successfully executed an exclusive offtake contract with Trafigura PTE, one of the world’s leading commodity trading companies, for the sale of bulk concentrates produced at Takob.

 

Source: Vox Markets

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