Even better news13 Nov 2025 08:27
Endeavour announced their interims this morning which included this statement about the JV which I find encouraging:
On 25 October 2025, Endeavour signed a partnership-style joint venture (the “Joint Venture”) with East Star Resources (LSE:EST)(“East Star”), a Kazakhstan based gold and base metals explorer, targeting tier 1 gold deposits in the Central and Northern regions of Kazakhstan.The Joint Venture provides Endeavour with an opportunity to expand and diversify its tier 1 organic growth pipeline, through exploration of the highly prospective and relatively underexplored Central Asian Orogenic Belt (“CAOB”) in Kazakhstan. This approach offers a low-risk and very low-cost, phased investment through a well-integrated local partner, into a new jurisdiction that shares several similarities, in terms of geological prospectivity and exploration maturity, with West Africa.Pursuant to the Joint Venture, Endeavour has the right to earn up to an 80% interest in a newly incorporated Joint Venture Company through staged investments over three phases outlined below: Phase 1: Endeavour to invest $5m over two years to earn a 51% interest, funding a 2-year exploration programme to delineate potential tier 1 targets.Phase 2: Endeavour to invest an additional $20m over three years to earn a 70% interest, funding a 3-year exploration programme to define maiden resources.Phase 3: Endeavour to fund and complete an NI 43-101 compliant preliminary feasibility study to earn an 80% interest. Endeavour maintains the right to a go/no-go decision at each phase of investment.East Star, who have been operating in Kazakhstan for over five years, will operate the Joint Venture leveraging their local network and expertise, while Endeavour will fully fund and direct the exploration programmes, and maintain controlling votes on the Joint Venture Company’s Board and Technical Committees.Kazakhstan is extensively underlain by one of the world’s most fertile, yet underexplored gold provinces, the CAOB, containing gold endowment within Kazakhstan alone of 32.1Moz (2022 USGS estimate). The CAOB shares many characteristics with West Africa’s Birimian greenstone belt. Both belts are accretionary orogenic belts shaped by long-lived, multi-stage mineralising events with proven large, long-life, multi-million-ounce gold deposits.Exploration activity has been limited since the 1980s and historical programmes focused on shallow drilling and surface sampling, with extensive datasets available but limited modern systematic follow-up. Limited large scale exploration programmes deploying modern exploration techniques have been undertaken in the region, particularly in gold exploration, where country-wide annual exploration spend has averaged less than US$25m over the last decade [continues...]
https://www.lse.co.uk/rns/EDV/endeavour-reports-strong-q3-2025-results-h6yfv22ulxbnshz.html
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