30 Nvember 2018 Vast Resurces plc ( Vast r the Cmpany ) ly Prductin Summary Vast Resurces plc, the AIM listed mining cmpany with peratins in Rmania and Zimbabwe, presents its peratinal update and prductin summary fr the three mnths ended 30 September 2018 ( Q3 2018 ). T view a presentatin, which presents the Q3 2018 prductin results tgether with previus quarters, please visit the Cmpany s website: www.vastresurcesplc.cm. Q3 Prductin Overview: Slid quarter fr the Pickstne-Peerless Gld Mine ( Pickstne-Peerless ) in Zimbabwe: 3% increase in tnnes f re mined t 104,156 tnnes (Q2 2018: 100,855 tnnes*) 4% increase in tnnes f re milled t 102,416 tnnes (Q2 2018: 98,899 tnnes) 8% decrease in gld prductin t 6,397 unces (Q2 2018: 6,955 unces**) 8% decrease in gld sld t 6,519 unces (Q2 2018: 7,087 unces**) 7% decrease in milled gld grade t 2.32g/t (Q2 2018: 2.48g/t) Perfrmance and prductin at Manaila Plymetallic Mine ( Manaila ) in Rmania impacted due t a cntinued fcus n pre-stripping: 8% decrease in tnnes f re mined t 23,955 dry tnnes (Q2 2018: 26,022 dry tnnes) 15% decrease in tnnes f re milled t 23,448 dry tnnes (Q2 2018: 27,497 dry tnnes) 42% increase in the stripping rati f waste versus re t 17 x (Q2 2018: 11.9 x) 32% decrease in cpper cncentrate prduced t 615 dry tnnes (Q2 2018: 911 dry tnnes) 12% decrease in cpper cncentrate grade t 15.8% (Q2 2018: 17.9%) 68% decrease in zinc cncentrate prduced t 48 dry tnnes (Q2 2018: 151 dry tnnes) 0.3% increase in zinc cncentrate grade t 35.1% (Q2 2018: 34.8%) * Figure listed as 101,706 tnnes in annuncement f 4 July 2018 but later cnfirmed as 100,855 (a discrepancy f 0.8% which was deemed immaterial) ** June 2018 gld prductin and sales estimated in annuncement f 4 July 2018 and later cnfirmed as ttal prductin f 6,955 unces and sales f 7,087 unces nt 6,696 unces and 6,754 unces respectively as previusly stated
Andrew Prelea, Chief Executive Officer, f Vast, cmmented: Our primary fcus is n prviding the means thrugh which t ensure lng term, cnsistent and reliable prductin at ur perating assets bth in islatin, and imprtantly, in the cntext f ur grwing develpment prtfli. This is a particularly ntable when cnsidering the develpment bjectives that we have in place at Manaila and the Carlibaba extensin and metallurgical cmplex, which we believe will radically transfrm thrughput, grade and efficiency f ur peratins. Frm Q4 2016, a clear pattern f decreasing re quality emerged at Manaila, the cnsequence f cntinued mining withut the prerequisite waste pre-stripping which the Cmpany was unable t cnduct due t funding restraints at that time. Frm Q1 2018, and in line with the Cmpany s stated strategy t reslve this issue, the rati f stripping t mining starts t reverse n an upward trend, hwever until the Cmpany takes delivery f the new dumpers and excavatrs in early 2019, the targeted increase in prductivity will be delayed. The Bard is cnfident that nce the equipment is n-site the new fleet can fcus n rectifying the five quarters f negative waste stripping and expse sufficient quantities f the crrect re grades while minimising dilutin. The wrk underway at Pickstne-Peerless t expse the sulphide re will als prvide fr a mre cnsistent gld head grade which in turn will als augment the already very impressive gld prductin recrd achieved during 2018. The recent fundraising initiatives undertaken by the Cmpany, tgether with the anticipated US$5.5 millin secnd tranche payment expected frm Mercuria Energy Grup, will supprt the executin f ur develpment bjectives at Manaila and ur increasing prtfli f near-prductin assets including the Baita Plai Plymetallic Mine. With this increased fcus n ur develpment assets, Vast will begin presenting peridic Develpment Updates cvering its varius ther assets and interests, including the Baita Plai Plymetallic Mine, the Blueberry Prject and the Picirul Zimbrului and Magura Neagra licences, all lcated in Rmania, tgether with the Eureka Gld Mine and Heritage Cncessin f the Marange Diamnd Fields in Zimbabwe. We lk frward t issuing the first f these updates in due curse and detailing the prgress f activities acrss ur pre-prductin prtfli. Pickstne-Peerless Prductin Summary (cmmissined n 20 August 2015, Vast wnership 25.01%):
Pickstne-Peerless cntinues t make slid prgress with tnnes mined and milled marginally higher than the previus quarter s then-recrd tnnages. The plant is currently prcessing at a steady state in excess f 34,000 tnnes per mnth, a level which is expected t cntinue int future quarters. Gld unces prduced and sld decreased by 8%, crrelating with a 7% reductin in the milled gld grade hwever this is in line with Cmpany s strategy t ensure that nne f the xide re is left behind in the pit, as prcessing the xide and sulphide re tgether is less efficient and recveries are sub-ptimal. Once the xides are depleted, the Cmpany will cmmence prcessing the higher-grade sulphide re. Manaila Prductin Summary (cmmissined n 14 August 2015, Vast Ownership 100%.): Cpper and zinc prductin in Q3 2018 was adversely affected by high levels f pre-stripping with available equipment priritised int waste stripping activity. This prcess has been dminant thrughut mst f 2018 and will likely cntinue at the current pen pit peratins fr the remainder f the calendar year as the Cmpany lks t ensure lng-term sustainable prductin frm the enlarged Manaila cmplex, which will include the new pits in the Carlibaba extensin. The pre-stripping prgramme, which impacted prductin levels, was cmpunded by inclement weather and pump failures the latter f which has nw been rectified. The high level f necessary pre-stripping this quarter has placed further pressure n the current mining fleet, in terms f the re mining capability, and the cumulative impact f this has placed Manaila behind schedule in meeting the cncentrate vlume requirements f the fftake agreement and funding ffer cncluded n 21 March 2018 with Mercuria. The Bard has been advised that the previusly annunced additinal dumpers and excavatrs are expected t becme peratinal during Q1 2019. Enhanced excavatr capacity and transprt assets will facilitate stripping at levels sustainably higher than hithert achieved and will allw fr imprved utilisatin f prcessing capacity at the Iacbeni metallurgical plant. The new equipment will als be required nce we build the new plant at Manaila and the new pen pits in the Carlibaba extensin. Further annuncements will be made regarding the delivery f the expanded mining fleet in due curse. Prductin Statistics
September 2018 ly Prductin Summary Operatinal data Pickstne-Peerless Units Sept'18 June'18 Mar'18 Dec'17 Sep 18 Net attributable t Vast Ore mined Tnnes 104,156 100,855* 65,342 90,874 - Waste and lw-grade re mined Tnnes 1,789,092 1,583,680 1,596,078 1,311,329 - Stripping rati Times 17.2 15.7 24.4 14.4 - Ore milled Tnnes 102,416 98,899 80,639 86,097 - Milled Grade Grams per tnne 2.32 2.48 2.78 2.46 - Gld prduced Ounces 6,397 6,955 6,326 6,057 1,600 Gld sld Ounces 6,519 7,087 6,549 5,729 1,630 Gld in stck at perid end Ounces 633 755 887 1,110 158 Calculated based n Vast s 25.01% ecnmic interest in Pickstne-Peerless Manaila Units Sept'18 June'18 Mar'18 Dec'17 Ore mined Tnnes 23,955 26,022 15,344 23,622 Waste mined Cubic Metre 161,586 129,342 119,090 98,933 Stripping rati Tnnes 17 11.9 19.4 10.5 Ore milled Tnnes 23,448 27,497 13,616 25,654 Milled Grade - Cu Percentage 0.62% 0.76% 0.67% 0.56% Milled Grade - Zn Percentage 0.60% 0.73% 0.69% 0.58% Cncentrate prduced - Cu Dry tnnes 615 911 386 562 Percentage 15.8% 17.9% 17.3% 16.3% Cncentrate prduced - Zn Dry tnnes 48 151 84 96 Percentage 35.1% 34.8% 30.4% 37.1%
Cncentrate prduced - Au Dry tnnes 0 0 0 6 Grammes per tnne 86.0 Cncentrate sld - Cu Dry tnnes 832 1,041 0 590 Cncentrate sld - Zn Dry tnnes 0 197 0 100 Cncentrate in stck at perid end Cu Cncentrate in stck at perid end Zn Cncentrate in stck at perid end Au Dry tnnes 51 268 398 12 Dry tnnes 145 97 143 59 Dry tnnes 6 6 6 6 ly Cnference Call Andrew Prelea, Chief Executive f Vast, will hst a cnference call fr sharehlders at 10.00a.m. (UK time) n Mnday 3 December 2018. T participate in this cnference call, please dial 0808 109 0701, r +44 (0) 20 3003 2701 if yu are calling frm utside f the UK and enter participant pin 3712342# when prmpted t d s. Please nte that all lines will be muted except fr Vast's management, hwever the Cmpany invites sharehlders t submit questins t its public relatins adviser, St Brides Partners Ltd, ahead f the call via email t sharehlderenquiries@stbridespartners.c.uk r thrugh the nline chat functin that will run alngside the call. T access the nline chat functin, please use the link belw and lg in as a participant using the event number 951 608 056 fllwed by the passwrd, 'Resurces': https://sbmf.webex.cm/sbmf/nstage/g.php?mtid=ed9194548d3d5d5d48581c80583fb c8c3 On the right-hand side f the screen yu will find an ptin t submit questins during the call. The Q&A functin will nly be made live nce the call has cmmenced. The management team will strive t answer as many questins as pssible during the call. A recrding f the call will als be made available n the Cmpany's website.
If yu have any prblems accessing the call, please cntact St Brides Partners Ltd n sharehlderenquiries@stbridespartners.c.uk r call +44 (0) 20 7236 1177. A cpy f the presentatin will als be upladed t the Research, Media & Presentatins page f the website at www.vastresurcesplc.cm shrtly befre the call cmmences. Cmpetent Persn s Review: This annuncement has been reviewed by Mr Craig Harvey, Chief Operating Officer at Vast, and a member f the Gelgical Sciety f Suth Africa and the Australian Institute f Gescientists. Mr Harvey meets the definitin f a "qualified persn" as defined in the AIM Nte fr Mining, Oil and Gas Cmpanies. **ENDS** Fr further infrmatin, visit www.vastresurcesplc.cm r please cntact: Vast Resurces plc Andrew Prelea (Chief Executive Officer) www.vastresurcesplc.cm +44 (0) 20 7236 1177 Beaumnt Crnish - Financial & Nminated Adviser Rland Crnish James Biddle www.beaumntcrnish.cm +44 (0) 020 7628 3396 Brandn Hill Capital Ltd Jint Brker Jnathan Evans www.brandnhillcapital.cm +44 (0) 20 3463 5016 SVS Securities Plc Jint Brker Tm Curran Ben Tadd www.svssecurities.cm +44 (0) 20 3700 0100 St Brides Partners Ltd Susie Geliher Juliet Earl www.stbridespartners.c.uk +44 (0) 20 7236 1177 The infrmatin cntained within this annuncement is deemed by the Cmpany t cnstitute inside infrmatin as stipulated under the Market Abuse Regulatins (EU) N. 596/2014 ( MAR ).
Ntes Vast Resurces plc is an AIM listed mining and resurce develpment cmpany fcussed n the rapid advancement f high-quality brwnfield prjects and recmmencing prductin at previusly prducing mines in Rmania and Zimbabwe. Vast Resurces currently wns and perates the Manaila Plymetallic Mine in Rmania, which was cmmissined in 2015, and is fcussed n its expansin thrugh the develpment f a secnd pen pit peratin and new metallurgical cmplex at the Carlibaba Extensin Area. The Cmpany s Rmanian prtfli als includes interests in tw brwnfield develpment prjects; the Baita Plai Plymetallic Mine (80% interest), which has a reprted 1,800,000-tnne cpper-silver-zinc-lead-gld-tungsten-mlybdenum re bdy at 6% cpper equivalent (Russian Reserves and Resurces Reprting System) within the mining licence area; and the Blueberry Prject (29.41% interest), a 7.285km² brwnfield area f prspectivity in the Glden Quadrilateral f Rmania lcated in the immediate vicinity f the nw clsed Baia de Aries mine. The Cmpany als has interests in a number f prjects in Zimbabwe including a cntrlling 25 per cent. interest in the prducing Pickstne-Peerless Gld Mine, a 23.75% ecnmic interest in the Eureka Gld Mine, and an 86.67% interest in a SPV which has a due diligence access agreement and pre-agreed jint venture terms n a diamnd cncessin within the Marange Diamnd Fields, widely cnsidered t be ne f the richest surces f alluvial diamnds glbally.