GCIVast Resources outlines progress across increasingly diverse portfolio in results for the year to April
Vast Resources PLC () has released results for the year ended 30 April 2024.
Revenues during the year amounted to US$2 million, down from US$3.7 million in the corresponding period a year earlier.
The drop in revenues was largely due to slower concentrate sales in Romania, and a reduction in the contribution coming in from Tajikistan.
Losses were up too, to US$14.7 million from US$10.5 million a year earlier, although foreign exchange losses amounted for US$1.3 million of the 2024 total.
Cash at the end of the period stood at US$25,000.
During the year, production from Baita Plai in Romania increased by more than a third, from 60,750 metric tonnes for the year ended 30 April 2023 to 86,171 metric tonnes for the year ended 30 April 2024.
However, sales were slower this year, particularly in the second half of the year, due to logistical and product grade consistency considerations that require that production is blended over time to achieve optimal grades for marketing.
With the anticipated ramp-up of future production, these factors would be eliminated.
During the year, the company also benefitted from the first shipment of lead and zinc from the Takob processing plant in Tajikistan in October 2023, although there was a production hiatus towards the end of 2023, due to weather and other matters not specified by the company.
The company also took an interest in the Aprelevka gold mine in Tajikistan, and executed a three-year marketing agreement with a Swiss investment company for the exclusive distribution of potentially high grade PGM concentrates produced within the EU.
In September 2024, the Company executed agreements with an ecological project to process and market products from clean-up operations at the former Hanes Gold Mine located in the Alba region of Romania.
View from Vox
It’s been a busy year for Vast, to put it mildly. The financial reorganisation at Baita Plai is now complete, and should lead to a smoother performance going forward. That’s one core aspect. But the company hasn’t been shy about doing deals, and there’s now a fair spread of assets in its portfolio and a significant chance to add value across the spectrum. Vast raised £750,000 in mid-October, so it has some room for manoeuvre, although debt rescheduling remains an issue. If the stars align, though, this could be a big year.
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