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Beware there’s always one. Can’t peg it back much longer surely.

12p if that’s fair value

@TaviCosta on X.

Very significant breakout in copper prices this week.

In my view, this is an important reminder that we are witnessing an inflection point in global copper demand as onshoring intensifies across nations, alongside the AI arms race and re-industrialization.

AND

After another pivotal week for gold, it's worth emphasizing that mining companies are also undergoing significant fundamental improvements.

Cash flow per share is rising rapidly, now reaching its highest level in 13 years.

This trend in the mining sector bears a resemblance to what happened in the energy industry—where skepticism persisted for years, with many investors losing faith in its profitability.

Of course, that was precisely the wrong time to hold such a view, as energy companies went on to become highly profitable and efficient.

A similar transformation now appears to be unfolding in the mining sector.

3200M drilling to go, est access May. 2025 - "Watch this space"

Https://pubs.geoscienceworld.org/segweb/economicgeology/article/119/3/525/637169/Epithermal-Gold-Discoveries-in-the-Emerging

In 2015, prospecting led Erdene to identify anomalous gold at the Bayan Khundii project, ~16 km southeast of Altan Nar, with surface rock chip samples returning up to >4,000 g/t Au (Erdene, 2015a1). Drill targeting was assisted by an IP survey despite the low sulfide content in most of the deposit, with high resistivity outlining zones of strong silicification. Results from the initial drill program at Bayan Khundii included a 7-m interval of 27.5 g/t Au from 14-m depth (Erdene, 2015b1). Subsequent exploration in the area led Erdene to discover gold mineralization at the Khar Mori (“Dark Horse”) project in early 2021, ~3 km north of the Bayan Khundii gold deposit (Erdene, 2021a1). One drill hole (AAD-58) intersected a 45-m interval of 5.97 g/t Au, beginning at 10-m depth. Later in 2021, gold mineralization was discovered in the southeastern corner of the Ulaan exploration license, called Ulaan Southeast, located approximately 800 m west of the Bayan Khundii gold deposit (Erdene 20211). One hole (UDH-10) from the maiden drill program intersected a 258-m interval which averaged 0.98 g/t Au from 92 m downhole. Subsequent drilling intersected the widest auriferous zones to date in the Khundii metallogenic province, with one 364-m interval averaging 0.79 g/t Au (including 91 m at 1.98 g/t Au).

An updated feasibility study was completed in 2023 for the Bayan Khundii gold deposit (Lawrence, 2023) based on 375 drill holes spaced at 10 to 25 m for a total of 56,249 m. The measured and indicated resource of 613,000 ounces of gold has an average grade of 2.58 g/t Au. Included within this are proven and probable reserves of 464,900 ounces gold at an average grade of 3.8 g/t Au; development has commenced.

Recent exploration in the Khundii metallogenic province by Mongolia Minerals Corporation and Steppe Gold has included geochemical and geophysical surveys, with several precious and base metal prospects announced in the Khongor and Uudam Khundii exploration licenses, respectively. Interest is increasing in this province, which is still underexplored.

FDA need to approve first.

Hence the need for £4m ish

Retail offer was separate ,no?

GENinCode plc (AIM: GENI) is pleased to announce that, it has conditionally raised gross proceeds of GBP 4.0 million (before expenses) under the Placing and Subscription, each at the Issue Price of 5 pence per share.

BHP Group Ltd has put its plan to take over rival Anglo American PLC on ice, the Financial Times reported Saturday.

Citing people close to Melbourne-based BHP, a takeover of London-based Anglo American would be too expensive following a rise in the share price of the latter.

“ . If Kazakhstan is not already on your radar as a mid-tier or major mining company then it won't be long before it is. “

They need to show revenue increase significantly to avoid raising the additional £4M.

Once funding is confirmed and FDA do approve then it’s over to manufacturing, marketing, sales, and growth.

Pumpers going to have to do better to maintain above level of last raise

A lot has been written about the New Silk Road (one-belt-one-road) and the 'Great Game' being Central Asia's role in the power struggle between East and West. Anthony Milewski wrote a good summary last year on it which can be found in the link below. I've been living in Kazakhstan for more than 3 years now and the feeling is palpable. If Kazakhstan is not already on your radar as a mid-tier or major mining company then it won't be long before it is.

#Eaststar #EST #copper #gold #exploration

Guess what’s next.

TQ -March as per timeline previous estimate.

The CARDIO inCode-Score test is being clinically adopted across leading US healthcare institutions and has now been included in the Centers for Medicare and Medicaid Services (CMS) Clinical Lab Fee Schedule (CLFS) from 2025. The CARDIO inCode test (CPT code: 0401U) price varies on a state by state basis ranging from $450 - $570 with a median price of ~$500/test. The company is also progressing its FDA 'de novo' submission for CARDIO inCode and expects to provide an update on progress over the coming months.

Following earlier CARDIO inCode test pilots across Spain, the Catalonia ministry of health has agreed to implement CARDIO inCode to improve the risk assessment of cardiovascular disease in primary care through the Catalan Health Institute - ICS ("Institut Català de la Salut"). Catalonia is one of 17 Spanish regions providing state based health services to prevent CHD. Out of a total Spanish population of approximately 48 million, the Catalonia region has a population of 7.7m. CARDIO inCode will be provided to patients aged between 45 to 64 years targeting those at risk of CHD estimated at up up to 476,000 patients in the Catalonia region. Test volumes are expected to escalate up to approximately 1,000 patient tests through this year with volumes expanding as increasing numbers of physicians, community practices and regions are educated and onboarded for testing. The Company is also progressing pilot preparations for CARDIO inCode in other Spanish regions.

Matthew Walls, CEO of GENinCode PLC said: "The start of US revenues and inclusion in the CMS Clinical Lab Fee Schedule supports the US scale-up of CARDIO inCode for prevention of coronary heart disease. We anticipate an acceleration in adoption of CARDIO inCode across US states and health institutions post FDA approval. The success of the CARDIO inCode CHD prevention program in the Catalonia region of Spain marks a significant milestone allowing us to cross apply this state based primary care program to other Spanish regions."

The financial package consists of a Bank loan of up to €252 million (in Kazakhstan tenge equivalent) and a concessional loan of €15 million from the government of Canada under the High Impact Partnership on Climate Action.

It will allow KEGOC, which operates more than 27,800 km of overhead transmission lines across Kazakhstan, to construct around 600 kilometres of 500kV of transmission infrastructure and to facilitate integration of the West Kazakhstan Power System into the country’s Unified Power System.

The project is part of the EBRD’s efforts to help Kazakhstan implement its long-term decarbonisation strategy to achieve carbon neutrality in its power sector by 2060. It will improve power supply for the population in western Kazakhstan and facilitate the integration of up to 12 GW of renewables by 2030 across the country.

It will also help address the historical division of Kazakhstan’s power grid into three separate electricity systems. In 2004, the EBRD helped to connect the northern and southern energy systems, but West Kazakhstan Power System still operates in isolation.

The funds will go towards constructing the of 500kV Karabatan-Ulke power line (along the Atyrau-Aktobe motorway) and the 500 kV Karabatan substation and expanding the switchyards at the Karabatan (220 kV) and Ulke (500 kV) substations. The new infrastructure will strengthen domestic interconnections and enhance the reliability of power supply in western Kazakhstan.

The project is expected to reduce annual CO2 emissions by more than 200,000 tonnes. It is supported by grant funding from the government of Japan.

The Bank will also provide KEGOC with technical assistance to pilot integration of digital technologies into the grid, strengthen the company’s resilience to potential cyberattacks and introduce a new gender-responsive training.

To date, the EBRD has invested more than €10.4 billion in 332 projects in Kazakhstan, with most of those funds supporting private entrepreneurship.

Reckon KEGOC might be looking for natural resources.

https://www.ebrd.com/news/2025/ebrd-sets-an-investment-record-in-central-asia.html

“Uzbekistan and Kazakhstan were the leading recipients of the EBRD funding (€938 million and €913 million respectively). The countries also became the fifth and sixth largest investment destinations for the Bank globally“

Sustainability

“Fresh EBRD funds were committed to support greater sustainability of the national grid operators in Kazakhstan and Uzbekistan and facilitate the integration of renewables. The Bank provided a €252 million loan to the Kazakhstan Electricity Grid Operating Company (KEGOC) for the construction of around 600 km of 500kV transmission infrastructure and for the integration of the West Kazakhstan Power System into the country’s Unified Power System. Its sovereign loan of US$ 66.4 million (€ 60.3 million) to the National Electric Grid of Uzbekistan (NEGU) will support the construction of a 230 km 500 kV transmission line in the Navoi region. This project will help to eliminate bottlenecks in the grid and reduce electricity outages.”

Take it you saw this ? Initial samples are at the lab. So intial results should hopefully come back when drilling recommences,

A little video recorded before the New Year. 🎥 #EST Exploration Manager Tremain Woods gives a peek inside our winterised core logging facility at Verkhuba #copper deposit in #Kazakhstan.

Tremain inspects some core from holes drilled in 2024, taking a closer look at mineralisation.

⏭️ All samples have now been sent to the lab for assay.

“It is expected at least 1,000 metres will be drilled this year, with the remainder of the programme to be completed as early as possible in 2025, subject to weather.”