Results round-up

Vast Resources has swung to a first-half pretax profit from continuing operations and says Romania represents a significant opportunity for the company.

Pre-tax profit for the six-month period was $265,000, from a year-ago loss of $3.6m. Revenue came in at $14.1m, from $1.04m.

Chief executive Roy Pitchford said that, as Vast's production profile continued to expand and improve, its investment proposition became more robust.

He hoped this would ultimately translate into enhanced value for shareholders.

"Production at Pickstone-Peerless has consistently surpassed expectations, having reliably exceeded 20,000 tonnes of ore per month, and is now running at a steady state," Pitchford added.

"Construction of the new sulphide plant has now commenced, with first sulphide production expected in Q3 2017. This represents an important evolution to the story at Pickstone-Peerless and demonstrates our confidence in the long-term potential of this asset."

Pitchford continued that significant optimisation work at Manaila Polymetallic Mine had been concluded during and after the period end, including the commissioning of the zinc-concentrate line, and the results of this work has delivered positive cash flow.

"Following the extension of the licence area and the publication of a maiden JORC Resource estimate, the life of the open pit has been considerably extended and we now have a robust platform to deliver a value accretive and profitable mining operation from Manaila over the long term," he said.