REG - East Star Resources - Achievement of Performance Threshold

East Star ResourcesAnnouncement

08/07/2024 12:00

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RNS Number : 5301V  East Star Resources PLC  08 July 2024

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 (http://www.eaststarplc.com)

 

Follow us on social media:

LinkedIn: https://www.linkedin.com/company/east-star-resources/
(https://www.linkedin.com/company/east-star-resources/)

 

X (formerly Twitter): https://twitter.com/EastStar_PLC
(https://twitter.com/EastStar_PLC)

 

Subscribe to our email alert service to be notified whenever East Star
releases news:

 

www.eaststarplc.com/newsalerts (http://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.

 

 

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