2022 Third Quarter Baita Plai Production Report

PLC of vast resources

Vast Resources plc / Symbol: VAST / Index: AIM / Sector: Mining

October 21, 2022

Extensive plc resources
(“Vast” or the “Company”)

Q3 2022 Baita Plai Production Report

Vast Resources plc, the AIM-listed mining company, is pleased to announce an overall 20% increase in production in the third quarter from its polymetallic Baita Plai (“Baita Plai”) mine in Romania.

As indicated in the announcement made on September 26, 2022, the last month of the quarter saw an increase in production through the use of Mantis rigs resulting in a significant increase in tonnes mined and the quality of concentrate produced from an average of 16% in July and August to over 22% with peaks of 28.5%. September 2022 was the most successful underground production month at Baita Plai, with the mine producing 7,900 tonnes of ore, representing 50% of underground production in Q3 2022.

Production in July and August 2022 was affected by the need to modify the working faces to allow the implementation of the longhole stop. The initial down-drilling strategy for Long Hole Stopping was later adjusted to vertical drilling at Level 17, to mitigate drill pipe deflection and this effective drilling strategy will now be maintained.

Figure 1 below shows Q3 2022 production figures as well as a comparison with those released in Q1 and Q2 2022.

Q1 2022

Q2 2022

Q3 2022

DMT

WMT

MT

DMT

WMT

MT

DMT

WMT

MT

Total ore mined

12,561

13,020

15,673

Cu Conc sold

234

263

183

201

140

154

Cu conc product

229

257

268

295

309

340

Cu concept inventory at the end of the quarter

6

seven

91

101

260

287

Medium concept to note

19.0%

21.7%

17.2%

Figure 1

Q4 2022 production outlook

The fourth quarter of 2022 began with a further increase in the underground ore production rate compared to the average rate reached in September. The currently prepared accessible underground ore amounts to approximately 290,000 tonnes due to the change in the transition to mechanized mining. The mine is currently working in four distinct high productivity mining areas using the Long Hole Stope methodology in addition to continuing production on two working faces with the room and pillar mining method. As a result, underground production should continue to grow in the first quarter of 2023.

The completion of Spiral number 3 will further increase the volume of underground ore production which is intended to ensure mine longevity from Q2 2023.

Finally, the Company confirms that the concentrate sale scheduled for mid-October will now take place in the first week of November.

Andrew Prelea, CEO of Vast Resources PLC, said:

“This period has been successful and has allowed us to achieve the production increase from September that we are working towards. I am very encouraged by the work that is go on about the ground as we now expect further increases in the remaining weeks of Q4 and then again in Q1 2023 and beyond.

Important Notices
This announcement contains “forward-looking statements” about the Company that are subject to risks and uncertainties. Generally, the words “will”, “may”, “should”, “continue”, “believe”, “aim”, “plan”, “expect”, “aim”, “intend de”, “anticipates” or similar expressions or their negatives 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 beyond the Company’s ability to control or accurately estimate. The Company cannot guarantee that these forward-looking statements will prove to be accurate. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this announcement. The Company undertakes no obligation to publicly update or revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except to the extent required by law. requires it.

**ENDS**

For more information, visit www.vastplc.com or contact:

Extensive plc resources
Andrew Prelea (CEO)
Andrew Hall (CCO)

www.vastplc.com
+44 (0) 20 7846 0974

Beaumont Cornish – Financial Advisor and Appointed
Roland Cornish
James Biddle

www.beaumontcornish.com
+44 (0) 20 7628 3396

Shore Capital Stock Brokers Limit joint broker
Toby Gibbs / James Thomas (Business Consulting)

www.shorecapmarkets.co.uk
+44 (0) 20 7408 4050

Axis Capital Markets Limitedjoint broker
Kamran Hussain

www.axcap247.com
+44 (0) 20 3206 0320

St. Brides Partners Limited
Susie Geliher/Charlotte Page

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

ABOUT VAST RESOURCES PLC

Vast Resources plc is a UK AIM listed mining company with mines, development projects and mineral interests in Romania, Tajikistan and Zimbabwe.

In Romania, the Company is focused on rapidly advancing high-quality projects by restarting production at mines that were previously in production.

The Company’s Romanian portfolio includes a 100% interest in the producing polymetallic mine of Vast Baita Plai SA, located in the Apuseni Mountains, Transylvania, a region that hosts the largest polymetallic mines in Romania. The mine has a JORC compliant reserve and resource report which underpins the initial mine life of approximately 3-4 years with a total in situ mineral resource of 15,695 tonnes copper equivalent with an additional exploration target of 1.8 to 3 million tonnes. The Company is currently working on confirming an expanded exploration target of up to 5.8 million tonnes.

The Company also owns the Manaila polymetallic mine in Romania, which the Company is seeking to return to production after a period of care and maintenance. The Company has also been granted the Manaila Carlibaba Extended Exploitation License which will allow it to review the exploitation of mineral resources in the wider Manaila Carlibaba license area.

Vast holds an interest in a joint venture that provides a share of the revenue generated from the processing facility at the Takob mine in Tajikistan. The Takob Mine opportunity, which is 100% funded, will provide Vast with a 12.25% royalty on all sales of non-ferrous concentrate and any other metal produced.

In Zimbabwe, the Company is focused on launching the joint venture mining agreement on the community diamond concession, Chiadzwa, in the Marange diamond fields.

GLOSSARY

Dry Metric Tons (DMT)

Refers to tonnage less moisture to determine sale price

To note

The relative amount or percentage of ore contained in an ore body.

Ore

The natural material from which a mineral or minerals can be extracted at reasonable profit.

Mineralized body

A well-defined continuous mass of material of sufficient ore content to make extraction economically feasible.

Skarn

Calcareous siliceous rock produced by the metamorphic weathering of limestone or dolomite

Wet Metric Tons (WMT)

Usually quoted in terms of production for shipping terms

Competent person
The forward-looking technical opinions expressed in this announcement are based on information interpreted by Mr. Nicolae Turdean, the Company’s Romanian country manager and full-time employee of the Company. Mr. Nicolae Turdean is a Qualified Person who is a member in good standing of:

  • Romanian National Association of Mining Industry Specialists

  • General Association of Romanian Engineers

  • Romanian National Committee of Mining Engineers

Nicolae has 40 years of experience in the Romanian mining industry. He was most recently President of the National Agency for Mineral Resources. Previously, Nicolae was Managing Director of Cupru Min SA, the Romanian state-owned copper producer. Nicolae has worked closely with the Ministry of Economy and Trade, the Minister of Economy and Finance and the World Bank, and has served on the board of several companies. Nicolae holds a Bachelor of Science in Mining and a Master of Science. in management of mining activities from the Technical University of Petrosani in Romania.

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