Romania is the main focus for Vast Resources (LON:VAST), where it has the producing Manaila polymetallic mine and the Baita Plai mine, where it aims to restart mining early in 2016.
Posting interim results for the six months to end September, the firm said it also aims to convert resources at Baita Plai to JORC standard and recommission two of the current three ball mills at the site.
It noted that while it earns operational income from Manaila and the Pickstone-Peerless gold mine in Zimbabwe, it will need further funding to bring Baita Plai into production and for further capex required to increase production there.
Vast revealed it was in "advanced" discussion with a funding source and is "very confident" of being able to raise such funds.
At Manaila, the firm aims to improve the open cast mine to increase volumes and expand the mining licence area to increase the potential to increase the mine life.
On the sector generally, it said large and small high cost producers are likely to be forced out of the market, reducing supply/metal inventories, which should along with little exploration being carried out, lead to a recovery in metal prices in the medium to long term.
In keeping with a firm at this stage, the total loss for the six months was US$3.64 million (2014: US$2.76 million).