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Vast Resources Shares Rally on Positive Baita Plai Update

Sam Boughedda trader
Updated 27 Apr 2021

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Mine Drilling

Shares of AIM-listed mining company Vast Resources (LON: VAST) are rallying after the company announced the decline project to Level 19 is progressing on schedule and it has commenced mining fresh higher grade ore at its Baita Plai Polymetallic Mine ‘Baita Plai' in Romania.

Mining and concentrate production will continue uninterrupted during the development phase at Baita Plai, with underground production currently focused on Levels 17 & 18 in addition to the new mining area on Level 19.

According to Vast’s new mechanised mine plan, exploration drilling targeting the downdip extension of the Antonio skarn from 19 to 22 level will begin in June 2021.

The new mechanised mining equipment has begun to arrive on-site, with the remaining equipment expected to arrive under the new mine plan schedule.

The company stated that no further funding was required to implement the new mechanised mining plan, and any future capital expenditure will be financed from cashflows.

“I am delighted with the operational progress that we have made in recent weeks and we remain well capitalised to achieve our development plan at Baita Plai without needing to come back to the market for the foreseeable future,” said Andrew Prelea, CEO of Vast Resources.

Vast’s share price is currently trading 31.48% above Monday’s close at 0.1019p.

Should you invest in Vast Resources shares?

Vast Resources shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are Vast Resources shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies

Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.