Member Info for scrwal

Rulikha/Talovskoye results were in the 22 Dec rns.

You only get a rns if anything needs reporting so that criteria determines when they are issued. News flow with an exploration company is always sporadic.

Hopefully Alex can tell us a fair bit but it may be a routine one explaining the 2026 EST drilling campaign only. Any info on the JVs may be limited and Alex can only talk about Rulikha, Talovskoye and Snowy and maybe a bit more on other potential targets.

This isn't news at all. The CLN was created to give the company time to get all relevant authorities etc in place to formally convert into shares - it was locked in that the conversion was going to take place as soon as it was possible and very likely that Endeavour wanted to do the transaction this way to suit their own purposes. From the get go Alex was always referring to Endeavour being a full 15% holder.

Hole 43 has improved on hole 38 but 41,2,3 were poor and may close the north end of the resource. I think they are being optimistic about it being open to the North West because of the drop off in hole 44.

29 was poor but south of 38+43 26-28 were good with 40 being a miss so the size of the find looks like it is going to be half of the 450m x 400m footprint give or take.

There is upside since the holes drilled in the past were shallower than the recent ones with good results at the depths they reached so there may well be an extra 30m of undrilled resource to be confirmed.

It will be interesting what the Exploration Target is given the shallow drilling - wouldn't be a surprise for it to be conservative and not include any estimates for the depth they didn't drill.

Silver sets a record one day fall.

There's nothing ominous really as it's down to the Wood Mackenzie work. Nobody wants to sign a definitive long term arrangement until the review is finalised and all parties are happy with the financial consequences.

Thank you for correcting my ignorance - I had assumed £200 per metre drilled was sensible but obviously not.

Hopefully if things go to plan any additional wells won't need to be financed from revenue as by that time we should have had significant funds from the Moroccan deals.

It is a bit confusing but looking at the £2M placing rns on 5th Feb 2025 there is £300,000 allocated to Snowcap 3 for +/-1,500m Appraisal,exploration,development. So the £3M looks excessive until you read page 36 Of the October presentation where it states "Proposed Snowcap-3 appraisal/development 12 development wells" so if 12 wells are being drilled whenever then £3M looks about right for them.

The recent placing rns is a bit misleading as it only refers to a single well at SC3 ( initially?) which doesn't reflect the full plan as per the October presentation.

Looks like Ilwella was also selling a lot more.

I think many people don't really understand Alex and what he was like in 2022 to mid 2024. He was very enthusiastic and upbeat about the company and did a fair few interviews. During that period we had Apmintas, Talairyk, Novoe and Verkhuba but so far only Verkhuba panned out - Novoe and Talairyk were busts and Apmintas was put on the backburner at in 2023/24 because the company became copper focussed which changed again in 2025 to gold and copper. He has expressed frustration over the share price falling when Talairyk failed even though the costs incurred were much smaller than the value fall. This may be why Alex is more cautious now and probably why the market is down on the company prospects.

Prior to last year Alex was posting a lot on X showing sites, drill cores and the like but in 2025 we heard nothing. I have no idea why things changed so dramatically and there has been no indication from Alex.

Having said that there isn't anything to comment on apart from the EST 2026 drilling program. As regards the JVs Alex will have to follow the directions from the other parties who may not want too much info being released. Also there is the issue of what may be significant for EST is very minor for the others because of their size.

The results were as expected - they weren't expecting to find much as they were hoping these confirmed that there was something rather than dirt being dug up creating the open pit.

There may/may not be a massive sulphide source which is why they are planning an EM survey but Alex has yakked about this several times in the past especially when the maiden resource figures were produced mid 2024 so he has been a bit slow to prove it one way or another.

The market reaction is overdone as no-one was expecting much really. The mineralisation/lenses may extend any further drilling results need to be much better than those today to mean anything.

It's about $1M so that gives them 10,000m of drilling which may cover Rulikha in 2026.

Mikey279

A couple of points which may seem to be nitpicking but ..

" Xinhai, under which the partner funds and develops 70% of the project through to production" - isn't correct. Xinhai fully funds and develops !00% of the mine and in return receives 70% of the JV.

"Management has highlighted potential dividends from Verkhuba from 2028," I think Alex was meaning EST will get dividends as this may be the method of realising profits from the JV and not EST actually paying dividends to shareholders, although this will be possible once EST has distributable reserves.

The 3p warrants need to be exercised by 31 Dec but the relevant shares don't have to be sold - any longer term holder will probably keep them. The share price is being held by the dilutive nature of the warrants being exercised and not necessarily the selling of the shares.

The assay results may not be significant because the Verkhuba ones are tied in with the JV and Rulikha has had a resource estimation target issued so the assays should support those figures. Talovskoye is a smaller target so decent assays may not move the needle.

The PRD figures may be correct as people seem to be attempting to use average figures but Revenue figures are up to 31 October with Oil production figures are at 31 November. Furthermore this is reported " 4. Increased Bonasse field production by 220 % since 30 October 2025.

5. Increased production from Goudron, Inniss-Trinity and Icacos fields by 5% between 1 September and 31 October

2025 through better field management." so attempting to average figures out becomes meaningless and any attempt to do so results in you disappearing up your own backside ie you can't reverse engineer the data to arrive at what PRD are claiming - it's futile.

Any major multi national will have a 5 year plan and any long term deals will reflect that time period like the EST JV. Of course they didn't mention the company as there is nothing remotely significant for Endeavour to report.

The headline references 12-15 million ounces but if you read table 1 of the rns only 6 million comes from greenfield sites with the balance coming from existing mines. They are targeting West Africa and 3 other tier 1 gold provinces of which EST should be one. Given their own criteria of 3Moz high grade resources /10+ years at 300koz pa they are only expecting to discover 2 finds in the 4 areas. Hopefully one is ours but Endeavour aren't setting the bar at a high level.

The move by Endeavour is surprising but welcome. It is unusual to start with a JV and then quickly follow that up with a buy in but not complaining. Maybe it has something to do with Snowy and Alex wrangled the deal to get the much needed shorter term funding. Hopefully Endeavour don't take too long to convert the CLN as the share price is higher and we don't want anything that could be a drag going forward.

I don't think there would necessarily be any takeover as Endeavour have taken a strategic move to protect future prospects.

Interesting that they have announced the advanced discussions regarding Verkhuba. Hopefully we get a large upfront payment which more than covers any future obligations with the JV. I expect the warrant holders are hoping things can be finalised this month as that should push the share price over the magic 3p.

Looks like we will be involved with 3 companies - Endeavour for gold , BHP for copper porphyry and whomever for Verkhuba and possibly for the other VMS projects'

Postie55

Not entirely sure what point you making. BHP and Endeavour are approaching things differently as is clearly indicated by EST agreeing various pre-emption rights with BHP which implies that EST do some drilling , get the results and then probably approach BHP to see if they are interested rather than the Endeavour immediate JV way - different courses for different horses.

It hasn't been overlooked but it's early doors exploration work which needs further development by EST who have already spent the grant so all further costs will be borne by the cash strapped company. They will need to prove any copper porphyry finds before BHP will be interested.