- Vast Resources
- 12 June 2025 17:35:42
Source: Sharecast
The AIM-listed miner said it had established a new group technical services function composed of experienced engineers and geologists to assess its asset base and support long-term operational planning.
Early analysis of a representative sample from its diamond consignment showed encouraging quality indicators, with initial sales via public or private tender expected to begin in the coming weeks.
In Romania, the firm said the review would focus on the Baita Plai polymetallic mine, with operations temporarily suspended for up to three months to allow for the development of a new mine plan.
That, the board said, was likely to include a drilling programme aimed at expanding and increasing confidence in the existing JORC resource.
Vast said it was also evaluating the potential restart of its Manaila-Carlibaba copper project in the second half of 2025, as it continued discussions with potential offtake partners.
The company said the strategic overhaul was supported by confidence in expected revenue from its upcoming diamond sales, which followed the return of stones under a recent settlement agreement.
“Our recent success with the return of the Historic Parcel of diamonds has sparked a comprehensive review of our asset portfolio and our strategy for becoming a mid-tier production company,” said chief executive officer Andrew Prelea.
“Our Romanian assets, specifically Baita Plai and Manaila-Carlibaba, hold significant value for the company.”
Prelea said the firm was now working towards realising the potential of those assets through a “comprehensive and diligent” technical assessment, including the development of a sustainable mining plan at Baita Plai, and the opportunity of restarting mining activities at Manaila-Carlibaba.
“I look forward to providing updates on these processes in the coming months, along with news on the expected diamond sales in the coming weeks.”
At 1231 BST, shares in Vast Resources were down 2.61% at 0.43p.
Reporting by Josh White for Sharecast.com.