We are conducting routine maintenance on portfolio manager. We'll be back up as soon as possible. Thanks for your patience.

East Star Resources interim loss widens on move to Kazakhstan

(Alliance News) - East Star Resources PLC on Tuesday posted a ballooning loss in the first half ...

Alliance News 23 August, 2022 | 9:33AM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - East Star Resources PLC on Tuesday posted a ballooning loss in the first half of its financial year as it paid a reverse acquisition expense from its move to Kazakhstan in January.

Pretax loss in the six months to May 31 widened to GBP2.1 million from GBP74,000 a year prior.

The gold and copper exploration company focused on Kazakhstan had paid a GBP1.6 million reverse acquisition expense, compared to no such cost a year ago.

The company expects targets at its Rudny Altai volcanogenic massive sulphide licenses in East Kazakhstan to be identified by the end of 2022 and initial drilling to start in the field season of 2023.

In January, East Star raised about GBP3.4 million following the reverse acquisition of Discovery Ventures Kazakhstan Ltd, which holds four licenses in two producing mineral belts in Kazakhstan.

Back then, Chief Executive Officer Alex Walker said the conditions in the central Asian landlocked country now are similar to that of Western Australia in the 1970s, with high grade deposits the firm expects to be highly profitable.

East Star Resources shares were 0.4% lower at 4.48 pence each in London on Tuesday morning.

By Tom Budszus; tombudszus@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
East Star Resources PLC 1.20 GBX 0.00 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2024 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures