8 July 2024
East Star Resources
Plc
("East Star" or the
"Company")
Achievement of Performance
Threshold
East Star Resources Plc (LSE:EST), the Kazakhstan focused copper exploration and
resource development company, announces that pursuant to the
achievement of a Mineral Resource Estimate performance threshold of
1Moz at 2 g/t gold equivalent (the "Performance Threshold") under
the share purchase agreement with the vendors of Discovery Ventures
Kazakhstan Limited (the "DVK Vendors"), and as set out in the
Company's Prospectus dated 14 December 2021, the
DVK Vendors shall have the right to receive the additional
75,000,000 Ordinary Shares ("Performance
Shares").
Following the publication of a
Maiden Mineral Resource Estimate for the Verkhuba Copper Deposit on
23 April 2024 of 20.3Mt @ 1.16% copper, 1.54% zinc and 0.27% lead
using a whole deposit cutoff grade of 0.86% copper equivalent, the
Board of East Star sought independent opinions from qualified
professionals on a gold equivalent value and has concluded that the
JORC resource comfortably exceeds the Performance
Threshold.
As part of the share purchase
agreement with the DVK Vendors, and pursuant to a Board vote to
which Alex Walker, as a related party, abstained from voting, the
Performance Shares are to be issued to the DVK Vendors in the
allocations outlined below:
|
Party
|
Performance Shares
|
|
Alexander Walker
|
31,874,202
|
|
Reedbuck Nominees Pty Ltd
|
15,937,102
|
|
Rainer Heinz Ellmies
|
15,937,102
|
|
Ilwella Pty Ltd
|
11,251,594
|
|
Total
|
75,000,000
|
The Company will make further
announcements in relation to the issue of the Performance Shares to
the DVK Vendors as required.
East Star
Resources Plc
Alex Walker, Chief Executive
Officer
Tel: +44 (0)20 7390 0234 (via Vigo
Consulting)
SI
Capital (Corporate Broker)
Nick Emerson
Tel: +44 (0)1483 413 500
Peterhouse Capital Limited (Corporate
Broker)
Tel: +44 (0) 20 7469 0930
Vigo Consulting (Investor Relations)
Ben Simons / Peter Jacob
Tel: +44 (0)20 7390 0234
About East
Star Resources Plc
East Star Resources is focused on the discovery
and development of strategic minerals required for the energy
revolution. With eight licences covering >1,000 km² in three
mineral rich districts of Kazakhstan, East Star is undertaking
an intensive exploration programme, applying modern geophysics to
discover minerals in levels that were not previously explored. East
Star's most advanced project is a copper deposit on the world-class
Rudny Altai VMS Belt where the Company is working towards the
delivery of a JORC compliant open pit copper resource close to
infrastructure, within trucking distance of third-party mills with
excess capacity. East Star's management are based permanently on
the ground, supported by local expertise, a joint venture with the
state mining company on certain projects, and grant funding from
BHP through the BHP Xplor programme for copper porphyry
exploration.
Visit our
website:
www.eaststarplc.com
Follow us on
social media:
LinkedIn: https://www.linkedin.com/company/east-star-resources/
X (formerly
Twitter): https://twitter.com/EastStar_PLC
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our email alert service to be notified whenever East Star releases
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www.eaststarplc.com/newsalerts
The person who
arranged for the release of this announcement was Alex Walker, CEO
of the Company.
This announcement contains inside information
for the purposes of Article 7 of Regulation 2014/596/EU which is
part of domestic UK law pursuant to the Market Abuse (Amendment)
(EU Exit) Regulations (SI 2019/310) ("UK MAR"). Upon the
publication of this announcement, this inside information (as
defined in UK MAR) is now considered to be in the public
domain.