The Vast Resources PLC (LON: VAST) share price initially surged 7.79% higher after releasing its Q4 2022 production figures, which were higher than expected. The company increased its copper concentrate production by 47% in Q4 versus Q3 2022.
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Other highlights of today’s production data included a 35% increase in the quality grade of the copper concentrate produced and a 248% surge in the copper concentrate sold from its Baita Plai Polymetallic Mine in Romania.
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Vast Resources noted that its final production figures for Q4 2022 were higher than the estimates provided on 16 December 2022. The company attributed the higher production to the uninterrupted operations during the Christmas and New Year holidays.
The mining company reiterated its goal of raising its nameplate production capacity to 14,000 tonnes per month by the end of H1 2023. The firm also revealed that it was scheduling more concentrate sales, with the next shipment expected in the second half of January.
Investors cheered today’s announcement, which indicated that the company is still working hard to up its production and sales figures.
Andrew Prelea, Vast Resources PLC’s CEO, commented: “Q4 2022 production has seen a significant increase in mining and concentrate production as a result of the changes that have been implemented at Baita Plai during the course of H2 2022. Management strongly believes in Baita Plai’s increasing performance and to achieve our goal of heading towards nameplate capacity in H1 2023. Based on current production trends, we have seen another significant increase in production and sales in Q4 2022, and we expect to see the trend continue into Q1 2023 and beyond.”
Investors' reaction to today’s announcement was not as strong as I would have expected, given the impressive figures posted by Vast Resources. It appears that investor sentiment towards the company and the mining industry, in general, remains quite negative.
Vast Resources shares are still trading near the record lows hit in December despite the firm’s upbeat results.
*This is not investment advice.
The Vast Resources share price.
The Vast Resources share price edged 7.79%% higher to trade at 0.2102p, from Tuesday’s closing price of 0.1950p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.