Vast Resources plc provided production guidance for the third quarter of 2022. For the third quarter, the Company continues to forecast a substantial increase in copper concentrate tonnage produced due to the successful implementation of the Mantis CMR4 Jumbo Drilling rig to access the ore on 17 level as well as the increased ability to process ore due to the second milling circuit being commissioned as announced on 27 June 2022. In addition to the increase in copper concentrate produced, a substantial increase in the number of primary metres developed is forecast.

This is due to the implementation of the second Mantis CMR4 Jumbo Drilling rig on the main belt incline on 18 level, whereby the original mine plan envisaged can be brought online. Current advance per blast from the main belt decline vary between 2.0m and 2.2m per blast, an excellent ratio to the length of hole drilled to the achieved advance. The drill rig was extensively tested in a non-production environment to ascertain the capabilities of the machine for long hole production drilling.

The drill rig has successfully completed a number of holes at varying inclinations, including vertically down, to depths of up to 12 meters. The machine is currently deployed on 17 level in the production area drilling the first set of long holes for long hole production blasting.