East Star Resources Share Discussion Threads

[scrwal] 12/12/2024 12:34

At least we are getting some tweets about Verkhuba. I wonder what Alex means by "Good progress and expect to make reasonable dent in 4,000m programme before winter break"?
What does he think is reasonable?

There appears to be a lot of selling the last couple of days but that is misleading and wrong as my 5k purchase @1.29p is shown as a sell because it was below mid-market so other similar trades could be buys as well.

[smackeraim] 09/12/2024 08:16

Low volume here, but the opportunity to tuck some away near the funding price is slowly disappearing.

[smackeraim] 03/12/2024 09:38

You don't know exactly what amount was offered, but you can take a stab in the dark from his comments in the transcript from webinar after placing. It was higher than here, put it that way. --So we initially announced in March that we had intended on running a process on VCUBA. eStar was drawn into that process, arguably prematurely due to an unsolicited offer that was significantly more than our market capitalization at the time. That's a true statement at three and a half P as it is today at one P, even after the capital raising. Unfortunately, it was with conditions and counterparty risk that the board ultimately weren't willing to accept. We advanced and passed technical due diligence with a number of other parties and have since, especially since the 4th of June update, received further interest in conducting due diligence from at least four other parties, the most recent of which was last week. And so we still see this process very much as incomplete and ongoing

[scrwal] 02/12/2024 15:37

We don't really know how much was offered for Verkhuba, only that it was deemed insufficient. Hopefully expectations after the drilling etc become more aligned so that it is sold.

[thelung] 02/12/2024 14:37

Just need to focus on Verkhuba, increase the resource and the classification, remind the market what is there and what someone offered for it at the start of the year.

[thelung] 02/12/2024 14:35

It may have gone into another company ran by Alex...........

(in jest :-))

[scrwal] 02/12/2024 12:43

So they are concentrating on Snowy and have dropped Ayagoz. A bit more detail should be given about Ayagoz - is it a complete bust or has it been trumped by much more promising results and EST can only advance a single project currently?

[soulsauce] 02/12/2024 09:22

Agree, although it might be worth Alex taking a NED on that has more market experience.

[smackeraim] 02/12/2024 07:56

It's cheap, here. If you have the patience to wait .. just sayin

[smackeraim] 02/12/2024 07:53

East Star Resources Plc (LSE:#EST), which is exploring for copper in Kazakhstan, is pleased to provide an update on its copper porphyry exploration strategy at the Snowy licence, on the paleozoic Balkash-Ili volcanic arc, which was initially funded by a US$500,000 BHP Xplor grant. Highlights:·    Soil sampling has identified a very large gold (Au) in soil anomaly (5km by 1km), coincident with the alteration signature from the multispectral imagery and directly along strike from an artisanal gold mine·    A second large anomaly (2km by 2km) with porphyry potential, has been identified through strong molybdenum ("Mo") and bismuth ("Bi") pathfinder elements, with results indicating >10 times Mo and >100 times Bi above anomalous thresholds

[scrwal] 13/11/2024 12:35

Presentation released on website - this is what was used for the Investor Meet interview on 7 Oct.

[shortcpx] 12/11/2024 09:00

You're also hoping he releases results in a timely fashion. Remember how long it took to get the gold results in 21/22

[scrwal] 11/11/2024 13:48

Shame they couldn't have done this much much earlier.
Alex is hoping to let us know results early next year but if they drill 1000m before end of 2024 then are they likely to drill another 1000m in the next two winter months leaving 2000m left or will it be 3000m to drill starting March ish in which case results won't be out until the middle of Q2 at best.

We have still been told absolutely nothing about Snowy and Ayagoz since 12 August following the completion of the soil sampling.

[smackeraim] 11/11/2024 10:11

#EST hired Positive Group Kazakhstan to conduct the drilling at the Verkhuba #copper deposit. Positive has a strong track record of working safely in mountainous regions & cold weather. We're very happy with the quality & speed of the work so far.https://x.com/eaststar_plc/status/1855904946698232111?s=46

[shortcpx] 06/11/2024 09:24

Winter campaign, why not last year then? As for performance shares, no one read the prospectus. You'd think they would amend it given the share price performance has been atrocious...

[smackeraim] 06/11/2024 07:56

Drilling Commences at Verkhuba Copper Deposit East Star Resources Plc (LSE:EST), which is exploring for copper in Kazakhstan, is pleased to announce the commencement of the next phase of drilling at the Verkhuba copper deposit in the East Region of Kazakhstan.

[scrwal] 04/11/2024 17:15

It wasn't anything to do with the remuneration committee.

It was the acquisition of Discovery Ventures Kazakhstan Ltd in December 2021 where the purchase price included "The Sellers shall have the right to receive an additional 75,000,000 Ordinary Shares (the "Performance Shares") upon the confirmation of a mineral resource on one of the Licences of at least one million ounces of gold equivalent at an average grade of at least two grammes per tonne of gold equivalent;"
So when the JORC was issued and the terms confirmed the performance shares had to be issued.

[walter walcarpets] 04/11/2024 17:13

True Spangle, a cracking own goal. Perhaps we need a new striker with a bit of nous.

[scrwal] 04/11/2024 16:30

That's the problem which has been created by management.
They may not have liked what was offered for the sale of Verkhuba but that ignored the upside from the proceeds they would have got which would have meant there was no need for future raises in the medium turn as the company would be fully funded. Instead we have massive capital destruction with hopes of getting more for Verkhuba but only if third parties are more amenable towards the company expectations which may not happen again.

[mattybuoy] 04/11/2024 15:40

I like Kazakhstan and I like EST's assets, but the problem is they don't have anything like enough money to prove things out. How many more paltry raises at 1p will it take to make significant progress? How many billions of shares?

[scrwal] 04/11/2024 12:36

Company tweet on 1st Nov states that the first IP survey has started at Talovskoye which is good news. But bear in mind this was a priority target at the start of the year and this is the first bit of work being done this year on the find.

I shall be doing very small top ups using my monthly free trade but do not expect much of an upwards price movement - the rise earlier in the year fuelled by Verkhuba and then hit by the performance shares and then the non sale/JV has turned the market against EST as it has failed to monetise Verkhuba when the impression given was somewhat optimistic. This has meant that a negative track record has been created and even though we may get some porphyry results sometime they won't move the needle as those assets are nowhere near a JORC, same applies to the VMS etc.
The only thing will be positive news regarding the proving up of Verkhuba and monetisation of it and not going it alone.
Unfortunately we have been given an extremely flexible timeframe for all matters VMS which could stretch out for 6 months because of the winter.

[scrwal] 29/10/2024 14:23

The IPs are in progress with reasonable weather for the next couple of weeks but if there are 10 consecutive days of bad weather the operators can shut things down and won't restart until April.
Subject to the above drilling hopefully happens early next year on all 4 targets with 2/3 holes each.
All the above will be funded by the last raise.

There are 4 new parties in the data room currently. Alex is still looking for a JV as the sale offers have been far too small. He mentioned that the company had a NPV of $240M for Verkhuba. Not willing to sell.
There is scope for increasing deposit - mineralised lenses don't connect as drill holes too far apart so want to get confirmation that they do connect which increases size. There is an em anomaly on the edge to be explored.

Drill results will be announced before next fundraise.

Drop in share price disappointing - Alex has spent more on the additional placings than his disposable income. The company is still an exploration company and he is looking for returns exceeding well over 100%.