Vast Resources shares shot up 60% as it said shipments from its Baita Plai polymetallic mine (BPPM) in Romania should increase during 2023, putting it on track to achieve 14,000t production and profitability in the first half of the year.
A restructuring of BPPM in July 2022 increased monthly capacity and allowed one to two commercial quantity shipments in the final quarter of the year.
Manaila, another mine in Romania, is on care and maintenance with the plan to restart production once new lenders have been found for the project.
Elsewhere, the Takob mine tailings project in Tajikistan is ramping up with revenues to come from the sale of non-ferrous concentrates and other metals, while the log jam in Zimbabwe is moving closer to being cleared with the commencing of legal action over rough diamonds held in safe custody.
Revenue in the half year to 31 October 2022 rose by 69% to US$1.9mln with losses of US$6.8mln (US$7.3mln).
Vast Resources, which raised US$1.5mln in October, said it is also engaging with investors over refinancing a US$4mln debt facility.
Shares were 0.48p, up 0.18p.