viewVast Resources PLC

Quarterly Production Summary & Operations Update

/ Ticker: VAST / Index: AIM / Sector: MiningVast Resources plc

("Vast" or the "Company")4 July 2018

Vast Resources plc

, the AIM listed mining company with operations in and , presents its operational update and production summary for the three months ended ('Q2 2018').Quarterly Production Summary & Operations Update                                         

Vast Resources plcRomaniaZimbabwe30 June 2018

To view a presentation, which presents the Q2 2018 results together with previous quarters, please visit the Company's website:www.vastresourcesplc.com.

Q2 Production Overview:

Andrew Prelea, Chief Executive Officer, of Vast, commented:

"I am delighted with Vast's performance in Q2 2018, which has seen us translate the initiatives undertaken in previous months into a sustainable foundation for production growth moving forward.  This is particularly true at Manaila, where as a result of the new offtake agreement with Mercuria and improved performance in the open pit and processing plant, we have achieved record sales realisations in Q2 2018.

"The improved results at Manaila were extremely encouraging for the Company and have demonstrated that the right decision was made in Q1. Optimisation of the Iacobeni plant and the open pit at Manaila are continuing in preparation for the increase of production that will result from the new equipment being acquired utilising the recently raised funds.

"We are also very pleased with the continuing performance at Pickstone-Peerless as the mine continues to improve quarter on quarter.  As we approach the sulphide orebody, we anticipate a continuing increase in production and quality at the mine.

"Looking to our expanding portfolio, as announced on 22 June, significant progress has been made on finalising the at Baita Plai and we are currently awaiting the final step to complete in order to commence mining activities.  Work is also in progress on extending our footprint in through our current claims at Magura Neagra and Piciorul Zimbrului where we are preparing the drilling programme to commence in Q4 2018 in order to maintain the prospecting licence as well as continuing work on further opportunities in .Association on the LicenceRomaniaRomania

"Our expansion initiatives in continue to progress encouragingly.  Work at the , in which we hold a 23.75% economic interest, has commenced with the dewatering of the open pit and the process flow has been established.  The recent visit to the mine by was very encouraging and we are proud to play a part in the recovery of mining industry.ZimbabweEureka MineZimbabwe'sPresident Mnangagwa

"These are very positive times for Vast as we improve efficiencies and profitability at our current assets while preparing to bring new revenue streams on line for the company and continue looking at new opportunities to expanding the business in order to create value for shareholders."

:Pickstone-Peerless Production Summary
(commissioned on , Vast ownership 25.01%)20 August 2015

Gold produced and sold at Pickstone-Peerless rose in the quarter to their highest recorded levels exceeding the record levels achieved in the previous quarter.  The exceptionally high level of pre-stripping undertaken in Q1 2018 contributed to the high levels of ore mined and milled in Q2.  Volumes of ore milled also benefitted from an absence of mechanical problems that hampered Q1's performance.  The plant is currently processing at a steady state in excess of 30,000 tonnes per month, a level which is expected to continue into future quarters.                

Manaila Production Summary(commissioned on , Vast Ownership 100%.): 14 August 2015

Production resumed in Q2 2018 at satisfactory levels following unprecedented levels of pre-stripping, together with plant maintenance and repairs undertaken during Q1 2018.  This has placed Manaila on track to achieve the sustainable supply of product to meet the concentrate volume requirements of the offtake agreement and funding offer concluded on with Mercuria.21 March 2018

The focus on waste stripping during Q2 and particularly Q1 2018 has allowed for a continuous improvement in the ore grade delivered to the plant in Q2 when compared to the previous 3 quarters.  Similarly, the copper content of concentrate produced in Q2 improved to the required quality on the back of the improved delivered grades while maintaining the ore tonnes mined and milled on an upward trajectory.

As a result of increased pre-stripping and the efficiencies now achieved in the current plant increased production is now possible provided sufficient dumpers and excavators are available in the pit.  Part of the funds raised in the Company's recent placing will be used to pay for the deposit on new dumpers and excavators that should allow for higher equipment availability, ore and waste movement, and plant throughput.  These plans will facilitate stripping at levels sustainably higher than hitherto achieved and will allow for improved utilisation of processing capacity at the Iacobeni metallurgical plant.  The new equipment will also be required once we build the new plant at Manaila and the new open pits in the Carlibaba extension.

Production StatisticsJune2018 Quarterly Production Summary

Quarterly Conference Call

Andrew Prelea, Chief Executive of Vast, will host a conference call for shareholders at ( time) on .10.00a.m.4 July 2018UK

To participate in this conference call, please dial 0808 109 0701, or +44 (0) 20 3003 2701 if you are calling from outside of the and enter participant pin 3424497# when prompted to do so.  Please note that all lines will be muted except for Vast's management, however the Company invites shareholders to submit questions to its public relations adviser, , ahead of the call via email to or through the online chat function that will run alongside the call.UKSt Brides Partners Ltdshareholderenquiries@stbridespartners.co.uk

To access the online chat function, please use the link below and log in as a participant using the event number 957443472 followed by the password, 'Vast':


On the right-hand side of the screen you will find an option to submit questions during the call.  The Q&A function will only be made live once the call has commenced.

The management team will strive to answer as many questions as possible during the call.  A recording of the call will also be made available on the Company's website.

If you have any problems accessing the call, please contact on or call +44 (0) 20 7236 1177.St Brides Partners Ltdshareholderenquiries@stbridespartners.co.uk

A copy of the presentation will also be uploaded to the Research, Media & Presentations page of the website at shortly before the call commences.www.vastresourcesplc.com

:This announcement has been reviewed by Mr , Chief Operating Officer at Vast, and a member of the and the . meets the definition of a "qualified person" as defined in the AIM Note for Mining, Oil and Gas Companies.Competent Person's Review
Craig HarveyMr HarveyGeological Society of South AfricaAustralian Institute of Geoscientists


For further information, visit or please contact:www.vastresourcesplc.com

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

  • Record quarter for the ("Pickstone-Peerless") in :Pickstone-Peerless Gold MineZimbabwe
    • 56% increase in tonnes of ore mined to 101,706 tonnes (Q1 2018:  65,342 tonnes)
    • 23% increase in tonnes of ore milled to 98,899 tonnes (Q1 2018: 80,639 tonnes)
    • 10% increase in gold production to 6,969 ounces (Q1 2018: 6,326 ounces)
    • 3% increase in gold sold to 6,754 ounces (Q1 2018: 6,549 ounces)
    • 11% decrease in milled gold grade to 2.48g/t (Q1 2018: 2.78g/t) 
  • Successful turnaround at ("Manaila") in following planned plant shutdown and pre-stripping in Q1 2018:Manaila Polymetallic MineRomania
    • 70% increase in tonnes of ore mined to 26,022 dry tonnes (Q1 2018: 15,344 dry tonnes)
    • 102% increase in tonnes of ore milled to 27,497 dry tonnes (Q1 2018: 13,616 dry tonnes)
    • 39% decrease in the stripping ratio of waste versus ore to 11.9 x (Q1 2018: 19.4 x)
    • 136% increase in copper concentrate produced to 911 dry tonnes (Q1 2018: 361 dry tonnes)
    • 4% increase in copper concentrate grade to 17.9% (Q1 2018: 17.3%)
    • 80% increase in zinc concentrate produced to 151 dry tonnes (Q1 2018: 84 dry tonnes)
    • 14% increase in zinc concentrate grade to 34.8% (Q1 2018: 30.4%)
Operational data:
Pickstone-PeerlessUnitsJune'18 QuarterMar'18 QuarterDec'17 QuarterSep'17 Quarter
Ore minedTonnes101,70665,34290,87471,533
Waste and low-grade ore minedTonnes1,588,4491,596,0781,311,3291,039,570
Stripping ratioTimes15.624.414.414.5
Ore milledTonnes98,89980,63986,09768,431
Milled GradeGrams per tonne2.482.782.462.41
Gold producedOunces6,969*6,3266,0574,738
Gold soldOunces6,754*6,5495,7294,711
Gold in stock at period endOunces1,102*8871,110782
* final gold production and sales estimatedJune 2018
ManailaUnitsJune'18 QuarterMar'18 QuarterDec'17 QuarterSep'17 Quarter
Ore minedTonnes26,02215,34423,62240,462
Waste minedCubic Metre129,342119,09098,933119,003
Stripping ratioTimes11.919.410.57.4
Ore milledTonnes27,49713,61625,65439,135
Milled Grade - CuPercentage0.76%0.67%0.56%0.70%
Milled Grade - ZnPercentage0.73%0.69%0.58%0.70%
Concentrate produced - CuDry tonnes9113865621082
Concentrate produced - ZnDry tonnes1518496118
Concentrate produced - AuDry tonnes0067
Grammes per tonne86.031.4
Concentrate sold - CuDry tonnes1,04105901079
Concentrate sold - ZnDry tonnes215010092
Concentrate in stock at period end CuDry tonnes2683981241
Concentrate in stock at period end ZnDry tonnes791435963
Concentrate in stock at period end AuDry tonnes666
Andrew Prelea (Chief Executive Officer)Vast Resources plc
www.vastresourcesplc.com+44 (0) 20 7236 1177 

Roland Cornish   - Financial & Nominated Adviser Beaumont Cornish

James Biddle
+44 (0) 020 7628 3396www.beaumontcornish.com
 - Joint BrokerBrandon Hill Capital Ltd

Jonathan Evans
www.brandonhillcapital.com+44 (0) 20 3463 5016
- Joint Broker SVS Securities Plc

Tom CurranBen Tadd
www.svssecurities.com +44 (0)20 3700 0100 

Susie Geliher St Brides Partners Ltd

Charlotte Page
 www.stbridespartners.co.uk  +44 (0) 20 7236 1177

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.Source: via Globenewswire

Vast Resources plc

Quick facts: Vast Resources PLC


Price: 6.5

Market Cap: £15.66 m

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...


Markets weaken as tit-for-tat tariff war between US and China intensifies

Mining Capital's Alastair Ford gives his take on the war of words between the US and China over tariffs. US President Donald Trump's told officials to look at a further $100bln of tariffs against China. Ford also talks through changes around Zimbabwe's export credit rules. In...

on 04/06/2018

8 min read