Member Info for Major-Tom

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

There is always risk in exploration. Endeavor will help reduce that risk and at the end of the day it their money that is at risk. For me the Xinhai deal for Verkhuba was a real de-risking event. This will see EST in production and producing revenue relatively quick. I also see some major upside from Snowy and Piket. Hopeful for a JV on Piket. Maybe BHP?

Momentum looking strong. Buying relatively strong for EST. I think this could be the next big AIM mover.

Doesn't look like a spread bet / CFD rollover or a Bed and ISA. Looks to me like someone wanted a £100k slice of East Star.

Can get 21.6p for £10k dummy trade on IG. Happy to pay above mid price.

Love the Announcement Summary released withing / alongside the RNS today. Very refreshing investor communication strategy. I think everything is lining up here. Maturing Exploration inline with maturing BOD and maturing investor communications. The sky really is the limit with this one.

BHP were working with us under the explore program identifying Porphyry targets. More up BHP's street this one. However Sonia Scarselli who was VP of the BHP Eplore program is now at Endevour and on our BOD. So, I am sure Endevour and BHP are well aware how good a target this is.

Yeah sure is. Sounds like we may have out first elephant in our sights. Sohnd like could have found a very significant copper-gold porphyry target. Potential here is off the charts.

Further to my estimated revenue numbers for Verkuba. 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.

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. So, IMO if all comes off as planned for East Star their valuation should be many multiples of current valuation. An of course this excludes all the other exploration potential.

New investor hub to improve engagement with market. Good move and hopefully signals a period of increased news flow

"East Star is active in one of the world's most prospective mining regions for copper and gold. As we continue to progress our assets and unlock their underlying value, maintaining clear and consistent communication with our shareholders remains a key priority.

The launch of our Investor Hub marks an important step in enhancing our engagement with the market - offering a dedicated platform for investors to access timely updates, operational insights, and key milestones as we deliver on our strategy. This initiative underscores our commitment to transparency, accountability, and fostering long-term relationships with shareholders who share our vision for East Star Resources' growth and future success."

Excellent post nomlungo, My own guestimates on revenue from Verkuba 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

-Revenue = $51M/year

-EBITDA = $26–28M/year

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

Looks like the penny may have finally dropped here. Should be many multiples of current valuation based on the Verkhuba deal alone. Translate that accross to Rulikha, which could be proven bigger, higher grade with minimum drilling and it becomes even more absurd.

Got really high hopes for this year. Fully funded for at least 18 months maybe 2 years, binding agreement to take Verkuba to production - revenues on horizon, JV with endeavor for exploration targets that their senior VP of exploration helped find whilst at BHP. What's not to like. This has a multibagger written all over it

I think East Star should start motoring on from here. Confidence level through the roof here. Took another 300 odd thousand today.

Major Tom to ground control..........Please can we have permission to Launch

How many junior explorers can say this?

"The Directors have prepared financial forecasts to estimate the likely cash requirements of the Group over the 18 months from sign off of the annual report. In preparing these financial forecasts, the Directors have made certain assumptions with regard to the timing and amount of future expenditure, the receipt of management fee income from Endeavour Mining PLC under the Earn-In and Joint Venture Agreement, and prevailing exchange rates. The Directors have considered the sensitivity of the financial forecasts to changes in key assumptions, including potential cost overruns within committed spend and movements in USD:GBP and KZT:GBP exchange rates.

The assessment takes account of two transformational transactions completed before 31 December 2025: the binding Earn-In and Joint Venture Agreement with Endeavour Mining PLC (signed 13 November 2025), under which Endeavour commits to invest up to US$25 million in staged exploration expenditure across the Group's Kazakh gold licences with East Star expressly free-carried throughout; and the associated Endeavour strategic investment of £1,807,600. 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."

This is only going one way!

Downside is non existent here. If the Atlantic Huayou deal fell through we would be in a position where we could advance with Huayou in place of Elevra. TBH I think that I would prefer that. Advance the project with Huayou and in turn Atlantic into the $bn Lithium producer I hoped it would be.