East Star Resources Plc: Transformational Partnership with Endeavour Mining
A $25 million+ strategic joint venture agreement for gold exploration in Kazakhstan with one of the world's leading gold producers.
Strategic Partnership Announcement
The Agreement
East Star Resources (LSE: EST) has entered into a binding Earn-In and Joint Venture Agreement with Endeavour Exploration Limited, a subsidiary of Endeavour Mining PLC (LSE: EDV/TSX: EDV).
This transformational milestone validates the quality of East Star's exploration programme and provides a clear pathway to unlock the full potential of the Company's gold exploration strategy.
Why Endeavour?
Endeavour is a top 10 global gold producer with exceptional credentials:
- One of the best discovery track records in the sector
- Built five projects in 11 years, all to plan
- Successfully operating across three jurisdictions
- World-class track record of converting discoveries into mines
Three-Stage Investment Structure
Stage 1: Initial Entry
US$5 million investment within two years to earn a 51% interest in the newly incorporated joint venture company (JVCO).
Stage 2: Expansion
Additional US$20 million over three years to increase Endeavour's interest to 70%, demonstrating continued commitment to development.
Stage 3: Development
Fund and complete a NI 43-101 compliant Pre-Feasibility Study to earn a further 10%, bringing total interest to 80%.
East Star will retain a 20% interest in JVCO upon full earn-in by Endeavour, maintaining significant exposure to project upside.
$25M+ Total Investment Commitment
$5M
Stage 1 Investment
Initial funding within two years
$20M
Stage 2 Investment
Additional funding over three years
80%
Maximum Interest
Endeavour's potential stake upon full earn-in
20%
East Star's Stake
Retained interest providing ongoing value
Key Commercial Terms
Management Role
East Star will act as Manager of the Joint Venture during the initial phase and receive remuneration for this role, ensuring operational continuity and local expertise.
Milestone Payments
Endeavour will make milestone payments to East Star during the earn-in period, subject to review by an independent Qualified Person, based on pre-agreed amounts per ounce for any Maiden Resource and maiden PFS.
Pro-Rata Funding
Following the earn-in period, both parties will fund JVCO pro-rata to their respective shareholdings, with dilution provisions in place for non-participating parties.
Strategic Assets: Two Proven, Underexplored Mineral Belts
The Agreement covers exploration across two highly prospective mineral belts in Kazakhstan, combining East Star's local knowledge with Endeavour's world-class exploration and development capabilities.
CEO Commentary: A Transformational Milestone
"We are delighted to sign this Agreement with Endeavour, which is a transformational milestone for East Star that validates the quality of our exploration programme and provides a clear pathway to unlock the full potential of our gold exploration strategy."
"Endeavour is a world class partner for East Star and we look forward to delivering value together, for all of our stakeholders."— Alex Walker, CEO of East Star Resources
Investor Webinar: Join Us
Discussion of Strategic JV Agreement
East Star will host a webcast and Q&A for investors via the Investor Meet Company platform.
- Date: Tuesday, 18 November 2025
- Time: 10:00 a.m. GMT
- Platform: Investor Meet Company
A recording of the webcast, along with accompanying slides, will be available on the Company's website later that day.
Questions can be submitted pre-event via the dashboard until 9:00 a.m. GMT on 17 November 2025, or during the live presentation.
About East Star Resources Plc
East Star Resources is focused on the discovery and development of copper and gold in Kazakhstan, pursuing multiple high-potential exploration strategies.
VMS Exploration
Volcanogenic massive sulphide exploration with a maiden JORC MRE of 20.3Mt @ 1.16% copper, 1.54% zinc and 0.27% lead in an infrastructure-rich region, amenable to low capex development.
Tier 1 Opportunities
Copper porphyry and epithermal gold exploration programmes with multiple opportunities for Tier 1 deposits across proven mineral belts.
Contact Information
East Star Resources Plc
Alex Walker
Chief Executive Officer
Chief Executive Officer
Tel: +44 (0)20 7390 0234
(via Vigo Consulting)
(via Vigo Consulting)
SI Capital (Corporate Broker)
Nick Emerson
Tel: +44 (0)1483 413 500
Vigo Consulting (Investor Relations)
Ben Simons / Peter Jacob / Anna Stacey
Tel: +44 (0)20 7390 0234