Vast Resources PLC (LON:VAST) shares ticked higher as it reported on a strong second quarter operationally and expects output from its mines in Romania and Zimbabwe to continue increasing.
At the Manaila polymetallic mine in Romania, where progress was notable, there was a 41% increase in the three months in the amount mined, compared to the previous quarter this year and a 57% increase in tonnes milled.
READ: Vast Resources inks US$10mln funding deal for Romania project
There was also a 57% increase in copper concentrate produced, to 828 dry tonnes, and a 19% increase in zinc concentrate produced to 157 dry tonnes.
At Pickstone Peerless in Zimbabwe, there was a recovery after the high rainfall in the first quarter, and there was a 33% increase in ore mined, 15% increase in tonnes milled and a 36% increase in gold production versus the first quarter.
Roy Pitchford, chief executive, said the production upturn was expected to continue throughout the third quarter.
"This improvement has been delivered through our Romanian operational team's efficient and effective attention to remedial actions undertaken during Q1 and Q2 2017 to resolve persistent open-pit and production issues, and will support the delivery of a consistent 15,000 tonnes per month mill feed from September."
At Manaila, progress has been made with concentrate production from testing the Knelson Concentrator, which extracts a pyrite concentrate containing gold credits.
The aim is this will contribute to Manaila's revenue, enhancing overall production.
At Pickstone-Peerless, Pitchford said the construction of the sulphide processing facility was progressing on schedule, ahead of commissioning in the third quarter of 2017.
This should increase production capacity by around 75%, promising a significant increase in ounces produced, he said.
"We remain confident that the underlying quality and value prospects of our mines in both Zimbabwe and Romania are excellent and expect production rates to be further enhanced going forward."
In addition, on the Baita Plai project in Romania, the firm noted it was still awaiting a mining sub-licence.
Once granted, the firm expects production could begin within six months and has forecast a capex budget of $1.2mln.
Vast shares rose 5.97% in London to 0.36p.