GCIVast Resources shares gain on strong Q2 production at Baita Plai
() , a mining company with projects in Europe, Tajikistan, and Zimbabwe, updated markets on Q2 2023 production at its flagship Baita Plai polymetallic mine in Romania.
As previously announced, Vast achieved operational breakeven at Baita Plai during the quarter. June saw a notable increase in production due to the opening of sub level 5, allowing mining on multiple fronts.
In total, Baita Plai produced 514 wet metric tons (WMT) of concentrate in Q2 2023, with a content of 21% copper. 55% of this production took place in June due operational improvements implemented in April and May to access the aforementioned new mining area, as well as drilling activity required for the exploration programme at the site.
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The above quarter-on-quarter chart puts into context June 2023's production achievement, also representing 52% of the entire Q1 2023 WMT concentrate production level, and showing a clear increase for the month over previous periods. Vast noted that the reduction in concentrates sold in Q2 was due to timing differences.
As noted two weeks ago, Vast received highly positive initial results from Phase 1 of its exploration programme at Baita Plaim, which confirmed the potential to extend the mining area and establish a JORC-compliant resource estimate. The results further enhanced the project's already strong economics, with significant copper percentages found in the samples and thickness of the ore intersected exceeding initial estimates.
Achieving operational breakeven was an important step for Baita Plai, with June's stellar performance carrying strong momentum into H2 production, and name plate capacity anticipated in Q3 2023. Today's production numbers continue to support the case of Baita Plai being a long-term profitable asset, and shares jumped 6.45% on the news.
With Phase 2 of the programme coming up, as well as a JORC-compliant resource and potential mine area extension, investors have a lot to look forward to in the coming months.
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