Vast Resources PLC’s (LON:VAST) prelims chart the transition of the company into production at sites in Romania and Zimbabwe.
Financially, this was apparent as the company posted revenues of US$7.2mln in for the 12 months to March 31.
Significant investment in Pickstone-Peerless (gold, Zimbabwe) and the Manaila Polymetallic Mine in Romania meant the company ended the year with a US$6.9mln loss from continuing operations.
Possibly of more interest to the wider investing world was operational performance.
So in Zimbabwe, where processing began last August, 5,406 ounces of the yellow metal were produced. The pace of production has increased somewhat with 4,542 ounces unearthed in the first quarter of the new financial year.
Mining operations started in Romania just over a year ago and Manaila produced 1,567 tonnes of concentrate in the period under review. In the first quarter it shipped 727 tonnes, which represents an annual run rate of just under 3,000 tonnes.
The company has a decent cash cushion after raising US$2.66mln over the summer.
“Rest assured the board are doing their utmost to get the business to a cash positive position, from where we can build long-term value,” said chairman William Battershill.