Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
30 June 2022
Vast Resources plc
(‘Vast’ or the ‘Company’)
Takob Projects Update
Vast Resources plc, the AIM-listed mining company, is pleased to announce an update regarding its Takob joint venture projects at the Takob Mine in Tajikistan, namely the “Takob Processing Project” and the “Takob Tailings Project” with Open Joint Stock Company Korkhanai Boygardonii Takob ("Takob") and which were announced on 3 and 24 May 2022.
Takob Processing Project
Processing of two months worth of stockpiled ore commencing in July 2022
Refurbishment of the Takob processing plant nearing completion
New equipment on site and in the process of being commissioned
Vast will receive a participation equivalent to a 12.25 percent royalty over all sales of non-ferrous concentrate and any other metals produced from the Takob Processing Project
The royalty equivalent revenue from the Takob Processing Project will supplement the Company’s revenue from concentrate sales from the Company’s 100% owned Baita Plai Polymetallic Mine in Romania
The new equipment now on site, including Surge Tank, Filter Press and Mixing Tanks, will facilitate the commencement of the first phase of plant production under the Master Agreement between Central Asia Minerals and Metals Ore Trading FZCO and Takob. The equipment planned for the second phase of plant production is focused on improvements in quality and the separation of metals including the non-ferrous concentrates has already been ordered and is expected to arrive on site in Q3 2022.
Takob Tailings Project
The Company continues to make good progress alongside our joint venture partner Formin TJK. The Company will report on the surveying, soil sampling and preliminary drilling work being conducted on the Takob Tailing Project in due course.
Andrew Prelea, Chief Executive Officer of Vast Resources, commented:
“The Takob processing plant is in the final stages of refurbishment, with all major equipment on site ahead of planned commissioning by the end of July. We have two months of stockpiled ore ready to be processed now, and the intention is to blend this with fresh ore over the coming months.
“It is very encouraging to see this ambitious development schedule being met, with the potential for material revenue to be generated for the Company in a matter of weeks.
“With the potential to produce royalty equivalent revenues in the short term, and the prospect of large scale tailings processing in the medium term, all delivered through a financing structure which insulates Vast shareholders from dilution, I am confident that our activities in Tajikistan will prove to be very rewarding for the Company.”
For further details on the Takob Processing and the Takob Tailings Projects, see the announcements made on 3 and 24 May 2022 via the Company’s website - https://www.vastplc.com/news/
Market Abuse Regulation (MAR) Disclosure
Certain information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 (“UK MAR”) until the release of this announcement.
For further information, visit www.vastplc.com or please contact:
Vast Resources plc
Beaumont Cornish – Financial & Nominated Advisor
Shore Capital Stockbrokers Limited – Joint Broker
Axis Capital Markets Limited – Joint Broker
St Brides Partners Limited
ABOUT VAST RESOURCES PLC
Vast Resources plc is a United Kingdom AIM listed mining company with mines, development projects and mining interests 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 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.
The Company also owns the Manaila Polymetallic Mine in Romania, which the Company is looking to bring back into production following a period of care and maintenance. The Company has also been granted the Manaila Carlibaba Extended Exploitation Licence that will allow the Company to re-examine the exploitation of the mineral resources within the larger Manaila Carlibaba licence area.
Vast has an interest in a joint venture company which provides exposure to a near term revenue opportunity from the Takob Mine processing facility in Tajikistan. The Takob Mine opportunity, which is 100% financed, will provide Vast with a 12.25 percent royalty over all sales of non-ferrous concentrate and any other metals produced. Processing of stockpiled ore on site is expected to commence in mid-2022.
In Zimbabwe, the Company is focused on the commencement of the joint venture mining agreement on the Community Diamond Concession, Chiadzwa, in the Marange Diamond Fields.