Copper Joint Ventures Update
Summary by AI BETAClose X
11 November 2026
East Star Resources Plc
(“East Star” or the “Company”)
Copper Joint Ventures Update
Verkhuba drilling exceeds 4,800 metres and initial Rulikha drilling programme completed
East Star Resources Plc (LSE: EST), the Kazakhstan-focused gold and copper exploration and development company, is pleased to provide updates on its two copper development partnerships in Kazakhstan’s East Region.
East Star’s Verkhuba Copper Deposit ("Verkhuba") is being advanced through a joint venture with Hong Kong Xinhai Mining Services Ltd ("Xinhai"), with East Star retaining 30% ownership at production.
East Star’s Rulikha Copper Project (“Rulikha”) is being advanced through a joint venture with Nova Ltd (“Nova”), with East Star retaining 25-35% ownership at production.
Key Points
Verkhuba
- 20 diamond drill holes totalling over 4,800 metres have now been completed through a two-rig programme to support resource conversion, geological modelling, mine planning and feasibility studies – drilling set to continue for as long as weather permits
- c.9.5 line km of ground electromagnetic (“EM”) surveying undertaken, with three conductors being modelled for potential drill testing
- Metallurgical test work on samples to improve recoveries and inform plant design has commenced, and contractor selection for engineering studies, environmental work and other permitting requirements is being finalised
- Xinhai has completed its full Stage 1 investment obligations totalling A$1.5 million and an initial 15% interest in the joint venture company has been transferred to Xinhai
Rulikha
- First five drill holes totalling over 1,290 metres have now been completed
- Drilling is expected to continue to 3,000 metres which will qualify Nova for its initial 10% of the joint venture company
- Fully winterised drill rig is expected to continue drilling to enable a maiden resource by Q2 2027
Alex Walker, CEO of East Star, commented:
"We are pleased with the progress being made with our joint venture partners across both VMS copper exploration and development projects.
We expect the drilling already completed at Verkhuba will result in Indicated and potentially some Measured resources which will enable detailed mine planning for the initial few years of mining at least. Metallurgical test work has also commenced to improve on recoveries demonstrated in the 1990 Technical Economic Report* and assist in plant design. Our recent meeting with the local authorities was very positive, and we welcome their continued support and offers of assistance with ecology, infrastructure planning and permitting.
At Rulikha, I was impressed by the speed and quality of the drilling operation during my visit to the site and core shed, with Nova demonstrating themselves to be another high-quality joint venture partner. With the first 1,290 metres complete, we look forward to progressing swiftly to the next stages.”
Follow this link to watch a short video of CEO Alex Walker discussing this announcement: https://eaststarplc.com/link/PZpaYe.
Verkhuba Update
More than 4,800 metres of diamond drilling have now been completed at Verkhuba. The programme is designed to support resource conversion, geological modelling, mine planning and feasibility studies, with a particular emphasis on defining the initial years of mining operations.
Approximately 9.5 line km of ground EM surveying was also undertaken. A fixed-loop EM using three loop setups across nine mapped lines at the Verkhuba deposit with two conductors being modelled for potential drill testing and a single line survey east of the historic Pokrovskoye mine where a conductor was modelled coinciding with the earlier HeliTEM target, also being assessed for potential drill testing. Contractors are being finalised for engineering studies, environmental work and other permitting requirements.
Following completion of Xinhai's Stage 1 investment obligations totalling A$1.5 million, an initial 15% interest in Verkhuba Ltd has now been transferred to Xinhai. The work programme is fully funded by the joint venture at no cost to East Star. East Star remains fully carried through to production at which point the Company will retain a 30% interest in the producing mine.
A recent meeting between Alex Walker, CEO of East Star, management representatives from Xinhai, the Deputy Akim of Shemonaikha and the Akim of Verkhuba was very positive. Both Akimats reiterated their support for the project and offered further assistance with ecological studies, infrastructure planning and permitting.
Rulikha Update
The first five drill holes at Rulikha, totalling 1,290 metres, are now complete with drilling expected to continue through winter. Additional holes have been planned to bring the initial drilling programme to up to 3,000 metres. Once completed, the programme will qualify Nova for the first tranche of its interest in the joint venture company, representing 10% of Rulikha Ltd. Further drilling is expected to enable a JORC or KAZRC compliant resource which will qualify Nova for a 25% interest in the JV Company.
A consultant resource geologist is being selected to advise on a further resource definition programme after completion of the first 3,000 metres.
*Derevtsov, G.V., & Kudryashov, A.M. (1990). Report on the results of prospecting and evaluation works within the Ubinsky site for 1987–90 (Vol. 1: Text). Ust-Kamenogorsk: Irtysh Geological Exploration Expedition. State registration No. 9-87-18/4; Inventory No. 41195.
Contacts:
East Star Resources Plc
Alex Walker, Chief Executive Officer
Tel: +44 (0)20 7390 0234 (via Vigo Consulting)
SI Capital (Corporate Broker)
Nick Emerson
Tel: +44 (0)1483 413 500
Vigo Consulting (Investor Relations)
Ben Simons / George Pope
Tel: +44 (0)20 7390 0234
About East Star Resources Plc
East Star Resources (LSE: EST) is a copper and gold exploration and development company focused on Kazakhstan, advancing a portfolio of projects through strategic partnerships and high-impact exploration.
The Company is progressing two copper projects towards production at no further cost to East Star: Verkhuba (20.3Mt @ 1.16% Cu, 1.54% Zn and 0.27% Pb), with East Star retaining a 30% interest through its joint venture with Xinhai Mining; and Rulikha (23Mt @ 2.4% CuEq exploration target), with East Star retaining a 25-35% interest through its joint venture with a Kazakh mining company.
East Star is also engaged in a US$25m+ strategic gold exploration joint venture with FTSE 100 Endeavour Mining (the Company’s largest shareholder) while independently pursuing other copper porphyry and epithermal gold targets.
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The person who arranged for the release of this announcement was Alex Walker, CEO of the Company.
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