Key points:
- Vast Resources shares fell despite unveiling upbeat Q3 production data.
- Investors largely ignored the news maintaining their bearish sentiment.
- The firm remains on track t
The Vast Resources PLC (LON: VAST) share price fell 6.63% despite reporting a 20% overall increase in its Q3 production from its Baita Plai Polymetallic Mine in Romania. The company attributed the higher production to the mechanisation of its underground mining operations using the Mantis drill rigs.
The mining and mineral development company revealed that it recorded a significant increase in the tonnes of ore mined at Baita Plai and in the quality of concentrate produced from about 16% in July to over 22% in August after the deployment of the Mantis rigs.
Also read: The Best Nickel And Nickel Mining Stocks To Buy.
Vast Resources noted that its production in July and August was affected by the change of working faces to allow for the implementation of Long Hole Stoping. The company then adjusted the initial downward perforation strategy for Long Hole Stoping to adopt vertical drilling at Level 17.
The change in strategy allowed the company to reduce the deflection of the drilling rods, with the firm deciding to maintain the new strategy. As a result, the mining company expects its Q4 production to be higher than Q3’s.
Vast Resources now has access to about 290,000 tonnes of ore after switching to mechanised mining and is currently working on four separate high-productivity mining areas utilising the Long Hole Stope methodology. The company also continues production on two working faces utilising the room and pillar mining extraction methods.
The company expects to continue growing its underground mining operations in Q1 2023. As a result, the company will delay the concentrate shipment, expected to take place in mid-October to the first week of November.
Andrew Prelea, Vast Resources PLC’s CEO, commented: “This has been a successful period which has seen us achieve the uptick in production from September that we have been working towards. I am wholly encouraged by the work that is continuing on the ground as we now plan for further increases in the remaining weeks of Q4, and again in Q1 2023 and onwards.”
*This is not investment advice.
Vast Resources share price.
The Vast Resources share price edged 6.63% lower to trade at 0.3548p, falling from Thursday’s closing price of 0.3800.
