(‘Vast’ or the ‘Company’)
Q4 2022 Baita Plai Production Report
Further to the interim production update made last month, the Company is pleased to report that it has exceeded the forecasted figures announced on
Figure 1 below shows the Q4 2022 production figures as well as a comparison to those published in Q1, Q2 & Q3 2022.
Quarter Period | Tons Mined | Cu Conc Produced (WMT) | Cu Conc Produced (DMT) | Cu Conc Sold (WMT) | Cu Conc Sold (DMT) | Average Cu | Cu Conc Inventory at end of Quarter (WMT) | Cu Conc Inventory at end of Quarter (DMT) |
Q1 2022 | 12,561 | 257 | 229 | 263 | 234 | 19% | 7 | 6 |
Q2 2022 | 13,020 | 295 | 268 | 201 | 183 | 22% | 101 | 91 |
Q3 2022 | 15,673 | 340 | 309 | 154 | 140 | 17% | 287 | 260 |
Q4 2022 | 17,343 | 498 | 453 | 546 | 488 | 23% | 239 | 225 |
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
Andrew Prelea, Chief Executive Officer at
“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 H2 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:
Andrew Prelea (CEO) | www.vastplc.com +44 (0) 20 7846 0974 |
www.beaumontcornish.com +44 (0) 20 7628 3396 | |
www.shorecapmarkets.co.uk +44 (0) 20 7408 4050 | |
Axis Capital Markets Limited – Joint Broker | www.axcap247.com +44 (0) 20 3206 0320 |
Susie Geliher / | www.stbridespartners.co.uk +44 (0) 20 7236 1177 |
ABOUT
In
The Company's Romanian portfolio includes 100% interest in
The Company also owns the
Vast has an interest in a joint venture company which provides a share of revenue generated from the
In
GLOSSARY
Dry Metric Tonnes (DMT) | Refers to the tonnage minus humidity to determine sales price |
Grade | The relative quantity or percentage of ore mineral content in an orebody. |
Ore | The naturally occurring material from which a mineral(s) can be extracted at a reasonable profit. |
Wet Metric Tonnes (WMT) | Usually quoted in terms of production for shipping terms |
COMPETANT PERSON
The forward-looking technical views made in this announcement is based on information interpreted by Mr
Romanian National Association of Specialists in Mining IndustryGeneral Association of Romanian Engineers Romanian National Committee of Mining Engineers
Nicolae has 40 years’ experience in the Romanian mining industry. He was most recently President of the
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