Vast Resources PLC (LON:VAST) has delivered interim results for what its chief executive says was a “critical period” to unlock value in its key assets.

For the six months to 31 October, the mining firm reported a loss after tax of US$3.5mln, 36% less than a year ago, while it had also reduced its overhead and administrative expenses by 19% to US$2mln.

READ: Vast Resources kicks off new drill programme at the Baita Plai

Foreign exchange losses also shrank to US$800,000 from US$1.4mln in the six months, with Vast’s period-end cash balance at US$1.2mln compared to US$775,000 in 2018.

“This has been a busy and critical period in the Company’s development. We were able to register some notable accomplishments in the half-year and after the period end that provide the necessary operational and financial platform to allow the Company to begin to unlock the underlying value of its key assets, the Baita Plai Polymetallic Mine and the Chiadzwa Community Diamond Concession”, said Vast chief executive Andrew Prelea.

Post-period-end, the company said it has revised an agreement with Botswana Diamonds PLC (LON:BOD) allowing BOD to acquire a 2.5% interest in the cashflows generated from Vast’s share in the Chiadzwa concession in exchange for providing “know-how for all aspects of exploration, mining, processing and marketing”.

The firm has also begun cold commissioning of the Baita Plai mine and a drilling programme to establish a JORC resource.

Vast shares were 2.9% higher at 0.3p in late-afternoon trading on Friday.