Vast Resources expects production levels to increase further
Miner Vast Resources saw a record quarter over at its Pickstone-Peerless gold mine in Zimbabwe and anticipates production and quality at the mine to continue to increase moving forward.
FTSE AIM All-Share
729.38
16:54 14/11/24
Mining
10,475.37
16:38 14/11/24
Vast Resources
0.07p
16:55 14/11/24
AIM-quoted Vast mined 101,706 tonnes of ore at the African project, a 56% year-on-year increase, and milled 23% more for a total of 80,639 tonnes. Gold production increased 10% to 6,969 ounces.
Elsewhere, Vast reported a successful turnaround at its Manaila polymetallic mine in Romania. Boosting ore mined 70% to 26,022 tonnes and ore milled 102% to 27,497 tonnes.
Andrew Prelea, chief executive officer of Vast, said, "The improved results at Manaila were extremely encouraging for the company and have demonstrated that the right decision was made in Q1.
"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," added Prelea.
As of 1000 BST, Vast shares had gained 2.05% to 0.60p.