Shares in Vast Resources PLC (AIM:VAST) climbed 6% to 0.12p after the company reported what it called “promising results” from its first diamond tender.
The AIM-quoted miner sold 123,928.8 carats out of a 126,677.5-carat parcel, a 98% sales rate. Most of the stones were lower-grade gems and industrial diamonds, with 123,711.8 carats sold at an average price of $6.87 per carat.
A further 216.97 carats of higher-grade gems achieved an average price of $1,084.30 per carat.
Total revenue to Vast, after commissions, came in at about $1.09 million and is expected to be received shortly.
Around 2,965.68 carats of higher-grade stones remained unsold. Vast said these will continue to be marketed and are likely to be offered alongside stones that have not yet gone to tender.
The company expects these higher-quality goods to deliver most of the eventual value.
Chief executive Andrew Prelea said the auction “paves the way for future tenders for the higher quality stones”, adding that the company would update the market as further sales progress.