Member Info for Major-Tom

CEO has played a blinder here. Relationship with a fast paced, investment ready partner to monetise any marginal / non Teir 1 assets discovered.

And another partner with the expertise and balance sheet to go after and monetise any Tier 1 Gold assets discovered.

I get more and more confident in East Star and my investment here with every update.

Great update. Xinhai not letting the grass grow under their feet.

Verkhuba Copper Update: 

> JVco formed 

> Initial funds transferred 

> Drill contract signed – 5,000m towards mine planning & feasibility 

> Licence transfer underway 

> EST on path to owning 30% of a producing copper mine 

📹More here: eaststarplc.com/link/yEvNGe

East Star will have significant cash flowing through the company relatively soon.

My own gueestimate for FCF net to East Star was around $38m per year. This was kind off confirmed by Alex in his interview with James Archer the other day when he quoted "close to 40 million bucks per year revenue".

East Star genuinely look like having significant cash flow on the horizon. This will nees to reflect on valuation and SP over the coming months.

Excellent update amd progress being made. Xinhai obviously not going to let the grass grow under their feet. In an industry where it can take 15 years to go from greenfield exploration to production and revenue the East Star model is lightening quick. Cannot see any reason we are not recieveing revenues from Verkhuba with next 17 to 24 months.

And yes Nomlugu, very good point on the legal framework governing the JV. Safe, secure and very shrewd.

More big buys printed in red. Not been able to get quote above 4.3 for those size sells all morning. So defo buys IMO

Nice wee flurry of buying this morning. Lets hope its a sign of what's to come.

Looks like I forgot to add the link to zeus explainer. 🤦🏻‍♂️

Here it is for anyone wanting a listen.

https://share.transistor.fm/s/ff3fe1a3

Zeus analyst.explains the thoughts behind thier recent broker note.

Key take aways:

✅️ Significant upside

✅️ Route to production

✅️ Materially undervalued

✅️ 13.7p current fair value

✅️ >3 times current valuation

No idea why they are selling. Hopefully they are done.

Yeah Nomlugu, Easr Star definitely have $bn potential. But the really great thing about EST is they only need to achieve around a quarter of that potential to 10 bag from here. With such a small market cap even a rerating to around £240m Mcap would see us 10 bag from here

💯 agree dibs. A lot of companies have been compared to GGP over the years. None have really lived upto it. However, I belive that East Star have that sort of potential. And, given their in country expertise and JV partners already on board I personally think they could be the real deal.

I really like the Crux interviews. Mathew Gordkn knows himself stuff, ask the right questions and cant be fobbed off with speculative hype like some of the others channels / interviewers iut there.

Really good, positve but conservative and ultimately reassuring update from Alex.

Brilliant update Magoo. For anyone that didn't attend the crux interview from yesterday covers all the dame topics.

From the crux interview I got the vibe that we could JV on Pikhet or Snowey, outwith the Endevour JV, if the IP surveyvetc. Come back positive.

Ghengis, absolutely no chance of a rasie. Company confirmed projected cash position, considering planned activities through until end of June 2027 of $2.4m. So $2.4m forecast to remain in middle of next year. IMO, East Star will be funded through until first revenues from Verkhuba.

For info, this is direct from the recently released annual results. "Subsequent to the year end, Endeavour converted its £1,711,000 convertible loan note in full into ordinary shares in February 2026, and East Star formalised a binding joint venture agreement with Hong Kong Xinhai Mining Services Limited in March 2026, under which Xinhai will fund an estimated US$65 million to take the Verkhuba Copper Deposit to production at no further cost to East Star. Under a conservative base case budget covering the 18-month period to 30 June 2027, the Group's cash balance remains positive throughout, reaching a minimum of approximately US$2.4 million at 30 June 2027, with no additional fundraising assumed."

Would be good to get a comprehensive update on this year's planned eploration activities across all licences.

Think its going to be a very active campaign.

Yeah. Excellent write up. Best I've seen so far on East Star. The right people getting interested in the right company at the right time. Perfect timing for the expected increase in newsflow.

Onwards and upwards

Oh the scars of JP. Please dont memtion golden tickets. 😭😂

TBF he was a great publicist. If only the asset backed up the hype. My real issue with JP was that IMO he knew he was selling a tall tale to investors.

However IMO Alex is a totally differnt character. He seems honest, fully aligned with investors and likes to underplay prospects rather than over play them.

A similar ride up here would be very welcome. Plenty of momey was made on the back of JP's hype. And im sure the assets EST have will stand the test of time unlike.SOU.

Love the increased focus on investor comms. The investor hub, the summary videos with recent technical RNS's and now drinks Q&A with investors. Marked change in comms just as we move into what is expected to be news rich year.

East Star are significantly undervalued considering the confirmed deal for Vekuba. However, when you start to factor in the potential deals for other assets the value gap becomes mind blowing:

Verkuba on a 5x P/E ratio would = ~$100m (~4 x current valuation)

Rulikha on a 5x P/E ration would = ~$225m (~9 x current valuation)

Combined = ~$325m (~13x current valuation)

Verkub deal already confirmed. IMO Rulikha highly like to sign similar deal this year.

And of course this excludes all the other exploration potential.

If you extrapolate similar deal over to Rulikha you can see that there is massive potential to increase future revenues even further.

At 23 Mt @ 2.4% CuEq Rulika is ~2x the grade of Verkuba resulting in more than double contained copper. ~550kt at Rulikha vs ~236kt at Verkuba. Therefor revenue numbers at Rulikha would look something like this:

Project (100%)

Production = 22 ktpa CuEq

Copper price = $14,200/t

Revenue = $370m – $380m/year (includes Zn + Pb uplift)

EBITDA margin = 50–55%

EBITDA = $185m – $210m/year

Net to East Star (30%)

Revenue = $110m – $115m/year

EBITDA = $55m – $63m/year

Deducting sustaining capex and tax would give free cashflow around $45m/year.

My own guestimates on revenue from the Xinhai Verkuba deal shows how undervalued East Star are:

Project (100%)

- Production= 10 ktpa CuEq

- Copper price = $14,200/t

- Revenue = $170M/year (includes Zn + Pb uplift)

- EBITDA margin = 50–55%

- EBITDA = $85M – $95M/year

Net to East Star (30%)

-Revenue = $51M/year

-EBITDA = $26–28M/year

Deducting sustaining capex and tax would give free cashflow around $20M/year