22nd Apr 2025 11:59
(Alliance News) - East Star Resources PLC on Tuesday said its pretax loss narrowed in 2024 despite higher administrative costs as it faced lower impairments.
The Kazakhstan-focused copper exploration and resource development company said its pretax loss narrowed to GBP1.1 million in 2024 from GBP1.5 million in the previous year.
Administrative expenses increased 95% to GBP1.4 million from GBP710,000, while impairment costs fell to GBP62,000 from GBP1.1 million in 2023.
East Star said it raised gross proceeds of GBP1.2 million with backing from an existing major shareholder, directors and a "resource-focused institution" during the year.
The exploration company did not record any revenue in 2024, unchanged from the prior year.
During the year it published a maiden inferred mineral resources for the Verkhuba copper deposit of 20.3 million tonnes.
"Ask any mining investor in 2025 what they want - they'll tell you copper and gold. Ask a seasoned mining executive where they see huge exploration opportunity - they'll almost certainly list Kazakhstan. Look no further than East Star which represents access to Tier 1 copper and gold discovery opportunities in Kazakhstan," said Non-Executive Chair Sandy Barblett.
"The exploration season is approaching. East Star will be drilling new targets and conducting geophysics across multiple licences. 2025 is going to be huge for East Star."
Shares in East Star Resources were up 18% at 1.30 pence in London on Tuesday morning.
By Michael Hennessey, Alliance News reporter
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