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Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
22 September 2023
Vast Resources plc
(‘Vast’ or the ‘Company’)
Baita Plai Update
Vast Resources plc, the AIM-listed mining company, announces a clarification regarding certain reports made today regarding its Baita Plai Polymetallic Mine (‘Baita Plai’) in Romania.
Certain Romanian press outlets reported strike action by mine workers at Baita Plai. The strike action, which was undertaken illegally, was reported from the mine and coordinated by a small number of individuals. The majority of the workforce remain supportive of the Company and continue to perform their duties on site without impediment; as such the impact on operations at Baita Plai is expected to be minimal.
The situation has arisen due to a delayed payment of a concentrate shipment made on 10 September 2023 which resulted in the scheduled salary payment, which had been agreed for 20 September 2023, not being made. The Company today has received confirmation that payment has been made for this shipment and the Company will make the outstanding payment due upon receiving cleared funds and will update the market as appropriate thereafter.
**ENDS**
For further information, visit www.vastplc.com or please contact:
| Vast Resources plc | www.vastplc.com |
| Beaumont Cornish – Financial & Nominated Advisor | www.beaumontcornish.com |
| Shore Capital Stockbrokers Limited – Joint Broker | www.shorecapmarkets.co.uk |
| Axis Capital Markets Limited – Joint Broker | www.axcap247.com |
| St Brides Partners Limited | www.stbridespartners.co.uk |
ABOUT VAST RESOURCES PLC
Vast Resources plc is a United Kingdom AIM listed mining company with mines and projects in Romania, Tajikistan, and Zimbabwe.
In Romania, the Company is focused on the rapid advancement of high-quality projects by recommencing production at previously producing mines.
The Company's Romanian portfolio includes 100% interest in Vast Baita Plai SA which owns 100% of the producing Baita Plai Polymetallic Mine, located in the Apuseni Mountains, Transylvania, an area which hosts Romania's largest polymetallic mines. The mine has a JORC compliant Reserve & Resource Report which underpins the initial mine production life of approximately 3-4 years with an in-situ total mineral resource of 15,695 tonnes copper equivalent with a further 1.8M-3M tonnes exploration target. The Company is now working on confirming an enlarged exploration target of up to 5.8M tonnes.