REG - East Star Resources - Final Results
18/04/2024 07:00
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RNS Number : 0498L East Star Resources PLC 18 April 2024
18 April 2024
East Star Resources PLC
("East Star" or the "Company")
Final Results for the 12 Months Ended 31 December 2023
East Star Resources Plc (LSE:EST), the Kazakhstan focused copper exploration
and resource development company, is pleased to present its annual financial
results for the year ended 31 December 2023.
Project Highlights
VMS Copper - Rudny Altai Belt
· Announced in January 2023 the identification of a substantial
copper-zinc-lead-deposit (the "Verkhuba Copper Deposit") and established an
independent JORC-compliant Exploration Target of 19-23 Mt at 1.4-1.9% CuEq
defined by extensive historical data and drilling
· Commenced diamond core drilling in August 2023 with results announced
in November 2023 confirming the potential for open pit resource development
· Announced after year-end in March 2024 the commissioning of AMC
Consultants to produce a maiden JORC Inferred Resource for the Verkhuba
Deposit - publication due imminently
· Announced after year-end in April 2024 the initiation of a formal
process including opening a data room for a potential joint venture, farm-out,
or sale of the deposit
Copper Porphyry - Balkash-Ili Volcanic Arc
· Announced after year-end in January 2024 a grant of up to US$0.5
million under the 2024 BHP Xplor programme to initiate a copper porphyry
exploration strategy in Kazakhstan
o Awarded first copper porphyry exploration licence in February 2024 - 79
km(2) tenement with a 3km long silica lithocap located ~80km north of the
large Aktogay open pit copper mine (~2.5Bt @ 0.39% Cu)
o Awarded second copper porphyry exploration licence in March 2024 - 121
km(2) tenement, with a 6km long and 3km wide silica lithocap, located ~150km
north of the large Kounrad open pit copper mine and smelter (~800Mt @ 0.62% Cu
and up to 0.76g/t Au). Licence shows historical soil anomalism indicating its
potential prospectivity for a copper porphyry deposit
Sedimentary Copper
· Announced after year-end in February 2024 a joint venture agreement
with Getech Group Plc (AIM: GTC), a world-leading locator of subsurface
resources, to explore for sediment-hosted copper deposits in Kazakhstan
Corporate
· Raised gross proceeds in October 2023 of £540,000 by way of a
placing of ordinary shares at 1.5 pence per share primarily to advance the VMS
copper project
· Chris van Wijk, a geologist who developed the porphyry exploration
strategy with East Star, joined the Board in January 2024 and became Technical
Director in February 2024
Sandy Barblett, Non-Executive Chairman, commented:
"At the beginning of 2023 we had identified what we believed to be a
substantial copper VMS deposit. Our teams undertook extensive fieldwork to
corroborate historical data before drilling in the summer. By the end of the
year, we had confirmed the Verkhuba Copper Deposit, which is located close to
processing infrastructure, and its potential for open pit development. We are
now on the cusp of delivering a maiden JORC Inferred Resource before drilling
again this season as a precursor to an economic study to demonstrate the
low-cost development potential.
As a company we have strategically focused our resources on expanding our
exposure to copper, including the establishment of three exploration
strategies capable of discovering Tier 1 copper deposits. In support of the
copper porphyry exploration strategy, East Star was one of only six companies
from more than 500 applications to be awarded the BHP Xplor grant with two out
of the six companies from the 2024 cohort being focussed on Kazakhstan.
The sedimentary copper exploration strategy with Getech conducting the initial
targeting work in exchange for a 5% project interest also has the capability
of discovering Tier 1 copper deposits. Global majors including Rio Tinto,
First Quantum and BHP have already shown an interest in sedimentary copper
exploration in Kazakhstan and this strategy plays well into Chris van Wijk's
significant exploration experience, including as the former Principal
Geologist in charge of sediment-hosted copper exploration for First Quantum.
East Star is now well and truly a copper focused company at a time of a global
and dynamic shift in attention towards a metal which is essential for
electrification.
I would like to congratulate Alex Walker and his team in Kazakhstan. While
markets have been tough and other battery metals have been under pressure,
they have skilfully skewed the portfolio towards a potentially highly
rewarding copper strategy, with a near-term development opportunity in the
Verkhuba Copper Deposit and exploration upside backed, in part, by a BHP Xplor
grant."
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
Peterhouse Capital Limited (Corporate Broker)
Peter Greensmith
Tel: +44 (0) 20 7469 0930
Vigo Consulting (Investor Relations)
Ben Simons / Peter Jacob
Tel: +44 (0)20 7390 0234
About East Star Resources PLC
East Star Resources is focused on the discovery and development of strategic
minerals required for the energy revolution. With eight licences covering
>1,000 km² in three mineral rich districts of Kazakhstan, East Star is
undertaking an intensive exploration programme, applying modern geophysics to
discover minerals in levels that were not previously explored. East Star's
most advanced project is a copper deposit on the world-class Rudny Altai VMS
Belt where the Company is working towards the delivery of a JORC compliant
open pit copper resource close to infrastructure, within trucking distance of
third-party mills with excess capacity. East Star's management are based
permanently on the ground, supported by local expertise, a joint venture with
the state mining company on certain projects, and grant funding from BHP
through the BHP Xplor programme for copper porphyry exploration.
Visit our website:
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The person who arranged for the release of this announcement was Alex Walker,
CEO of the Company.
This announcement contains inside information for the purposes of Article 7 of
Regulation 2014/596/EU which is part of domestic UK law pursuant to the Market
Abuse (Amendment) (EU Exit) Regulations (SI 2019/310) ("UK MAR"). Upon the
publication of this announcement, this inside information (as defined in UK
MAR) is now considered to be in the public domain.
CHAIRMAN'S STATEMENT
Introduction
I am pleased to present the annual financial results for East Star Resources
PLC (the "Company" or "East Star") for the period ended 31 December 2023.
At the beginning of the year, we had identified what we believed to be a
substantial copper VMS deposit. Our teams undertook extensive fieldwork to
corroborate historical data before drilling in the summer. By the end of the
year, we had confirmed the Verkhuba Copper Deposit, which is located close to
processing infrastructure, and its potential for open pit development. East
Star is now well and truly a copper focused company at a time of a global and
dynamic shift in attention towards a metal which is essential for
electrification.
Review of Operations
Copper
VMS - Rudny Altai Belt
In January 2023, East Star announced the identification of a substantial
copper-zinc-lead deposit located within the 100% owned RA3 licence, centrally
located in the world-class Rudny Altai VMS belt. The newly identified
polymetallic deposit known as the Verkhuba Copper Deposit is within the
greater Verkhuba Ore District on East Star's licences which includes other
high priority HEM anomalies.
East Star commissioned leading resource advisors AMC Consultants to determine
an independent JORC-compliant Exploration Target for the Verkhuba Deposit.
This work resulted in March 2023 in the generation of an Exploration Target of
19-23 Mt at 1.0-1.4% Cu and 1.0-1.4% Zn (1.4-1.9% CuEq), defined by 97 drill
holes comprising 42,178 m of historical diamond core drilling, reviewed by the
East Star technical team over the preceding 12 months.
In July 2023, we began to prepare the site for our own drilling. Our field
teams undertook an extensive geological traverse over the project area,
mapping more than 70 historical collar locations and copper outcrops.
During August 2023, we commenced diamond core drilling at the Verkhuba Copper
Deposit. This initial programme was aimed, amongst other things, at twinning
existing boreholes with identified strong copper mineralisation.
By November 2023, following assay results, East Star was able to confirm the
presence of the massive and disseminated sulphides containing high-grade
copper We with 62 samples contained grades above the 1% Cu and 1% Zn detection
limits including:
VU_23_DD_001
· 2.9m @ 2.08% Cu from 19.4m,
· 15.0m @ 1.56% CuEq from 27.4m, and
· 6.2m @ 1.11% CuEq from 56.4m
VU_23_DD_002
· 11.8m @ 1.41% CuEq from 171.0m, and
· 10.3m @ 1.77% CuEq from 186.8m
These initial results demonstrated that the Verkhuba Copper Deposit contained
relatively shallow high-grade copper and provided further credibility to the
historical data.
Following further review of the data, East Star confirmed in December 2023 the
potential for open pit resource development. We were delighted that we could
definitively demonstrate that the Verkhuba Copper Deposit has multiple
copper-rich ore grade intervals at mineable depths. As announced, the grades
were relatively consistent with the 1.4 - 1.8% copper grade range derived from
the 5-6Mt open-pit resource calculated from the independent resource model.
Rare Earths
East Kostanay
In April 2023, we announced assay results from initial drilling in November
2022 to test the Talairyk project for Rare Earth Element ("REE")
concentrations. The results demonstrated high grade intersections across the
tested area and broad intersections in every drill hole, validating historical
data and providing a strong indication of an REE deposit of consequential size
and grade.
Eight samples were sent for five-stage sequential leach test work to provide
an initial indication as to the leachability of the REEs from the clays.
Sequential leach testing clearly demonstrated that a majority of REEs were
liberated from primary minerals during the weathering process and were now
associated with other mineral phases. Through this work, our understanding of
the minerology and potential for economic extraction of REEs from the Talairyk
deposit improved; however, given our portfolio focus on copper and the
near-term development opportunity, we took the decision to rationalise the
East Kostanay licences, relinquishing the Talairyk 1 area and commencing the
process of ceasing the joint venture with Phoenix Mining on the Talairyk area.
Gold
Chu-Ili Orogenic Gold Belt
In February 2023, we announced results from diamond core drilling undertaken
in 2022 on the Apmintas Licence. The results demonstrated gold bearing systems
in all three target areas. Eshkilitau II showed potential for an extensive
mineralised system with a strike of more than 1 km along a fault zone.
High-grade intersections at Southern Shabdar (32.15 g/t Au) and Eshkilitau
(14.01 g/t Au) demonstrated the existence of high-grade zones within the
mineralised systems while gold occurrences mapped over 10 km of the Eshkilitau
trend demonstrated the exploration upside within the region.
In light of our copper focus, we have rationalised the Chu-Ili orogenic
licence areas to concentrate on the extensively mineralised Eshkilitau fault
within the Apmintas Licence, while commencing the process to relinquish the
Dalny Licence and the less prospective areas of the Apmintas Licence.
Corporate Activities
In October 2023, we announced the Company had raised gross proceeds of
£546,000 by way of a placing of 36,400,000 new ordinary shares at 1.5 pence
per share. Alongside other existing and new investors, our Chief Executive
Officer and largest shareholder both participated. The funds raised have been
put towards advancing the potentially game-changing copper deposit at Verkhuba
as well as preparing a number of other targets for drill-ready status this
season such as Talovskoye. We are grateful for those investors who supported
East Star and look forward to your Company soon being underpinned by a JORC
Inferred copper resource with near-term development potential and exploration
upside across three copper exploration strategies.
Post Year-End Events
Copper
Grant from BHP Xplor for Copper Porphyry Exploration - Balkash-Ili Magmatic
Arc
We were delighted to announce in January 2023 that we had been selected to
receive a grant of up to US$500,000 under the 2024 BHP Xplor programme to
initiate a copper porphyry exploration strategy in Kazakhstan. We are
extremely proud that BHP has chosen to work with East Star and provide
non-dilutive grant funding to look for major new copper porphyry deposits in
the region. Porphyry deposits are the primary deposit style for copper
production in the world and Kazakhstan is host to several exceptional but
significantly underexplored regions that contain world-class copper porphyry
mines.
In February 2024, we were awarded our first copper porphyry exploration
licence - a 79 km(2) tenement with a 3km long silica lithocap located ~80km
north of the large Aktogay open pit copper mine (~2.5Bt @ 0.39% Cu).
In March 2024, we were awarded a second copper porphyry exploration licence -
a 121 km(2) tenement with a 6km long and 3km wide silica lithocap, located
~150km north of the large Kounrad open pit copper mine and smelter (~800Mt @
0.62% Cu and up to 0.76g/t Au). The licence shows historical soil anomalism
indicating its potential prospectivity for a copper porphyry deposit.
Sediment-Hosted Copper Exploration JV with Getech
In February 2024, we announced that we had entered into a joint venture
agreement with Getech Group PLC (AIM: GTC) ("Getech"), a world-leading locator
of subsurface resources, to explore for sediment-hosted copper deposits in
Kazakhstan. The JV will be conducted through a wholly owned East Star
subsidiary established specifically for this purpose. At no upfront cost to
East Star, this play-type adds a third geological strand to East Star's copper
exploration strategy in addition to VMS and porphyry. We look forward to
working with Getech to apply its unparallelled database and modern
geoscientific expertise to underexplored basins in Kazakhstan.
Verkhuba Copper Deposit Update
In March 2024, we were pleased to announce that we have instructed independent
experts AMC Consultants to produce a maiden JORC Inferred Mineral Resource
Estimate for the Verkhuba Copper Deposit, the publication of which is due
imminently.
In April 2024 we announced that because of interest in the Verkhuba Copper
Deposit having been received from several companies, we have initiated a
formal process including the opening of a data room for a potential joint
venture, farm-out, or sale of the deposit. The process is expected to be
finalised in June and although there can be no certainty that a transaction
will be concluded, the Company is confident of receiving multiple commercial
offers.
Director Appointment
Alongside the BHP Xplor grant, we were pleased to announce the appointment of
Chris van Wijk initially as a Non-Executive Director and subsequently in
February 2024 as the Technical Director of the Company. Chris is an
experienced geologist who specialises in project evaluation and project
generation and developed the porphyry exploration strategy with East Star. He
brings a wealth of relevant experience, including base metal and gold
exploration in Africa, Europe, the Americas, and Australia as well as joint
venture management and project evaluation for major mining companies including
BHP, IAMGOLD, First Quantum Minerals and Fortescue Metals Group. Chris'
technical expertise is a valuable addition to our Board and exploration
portfolio. He brings outstanding geological pedigree, particularly with regard
to sediment-hosted copper and porphyry exploration which, when paired with
East Star's proven ability to efficiently and effectively execute exploration
in Kazakhstan, will take the Company to the next level.
Key Financial Indicators
· Cash and cash equivalents at Year end were £635,000
· Loss before taxation for the Year was £1,528,000
· The Group held net assets at Year end of £2,813,000
Summary
I would like to congratulate Alex Walker and his team in Kazakhstan. While
markets have been tough and other battery metals have been under pressure,
they have skilfully skewed the portfolio towards a potentially highly
rewarding copper strategy, with near-term development potential at Verkhuba
and exploration upside backed, in part, by a BHP Xplor grant.
This is an extraordinary yet largely unnoticed position to be in. We are now
on the cusp of delivering a maiden JORC Inferred resource before drilling
again this season as a precursor to conducting an economic study to
demonstrate the low-cost development potential of copper which has now entered
a significant structural deficit that is expected to continue for many years
to come.
Forthcoming drilling will focus on further resource definition to convert the
open pit area at the Verkhuba Copper Deposit to JORC Indicated status as well
as further testing the continuity of the underground ore bodies to assess
development potential. A very exciting field season is soon to get underway.
Sandy Barblett
Non-Executive Chairman
17 April 2024
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER
2023
Audited Audited
Year ended 31 December 2023
Period ended 31 December 2022
Note £'000 £'000
Continuing Operations
Revenue - -
Administrative expenses 4 (710) (1,131)
Share based payments 19 (39) (244)
Impairment charge 10 & 11 (1,058) -
Other income 279 -
Operating loss (1,528) (1,375)
Reverse acquisition expense - (1,730)
Loss before taxation (1,528) (3,105)
Taxation on loss or ordinary activities 7 - -
Loss for the year from continuing operations (1,528) (3,105)
Other comprehensive income 8 (35) 70
Total comprehensive loss for the year attributable to shareholders from (1,563) (3,035)
continuing operations
Basic & dilutive earnings per share - pence 9 (0.81) (1.72)
The statement of comprehensive income has been prepared on the basis that all
operations are continuing operations.
The notes form an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2023
Audited Audited
As at 31 December
As at 31 December
2023
2022
Note £'000 £'000
NON-CURRENT ASSETS
Exploration assets 10 2,149 2,268
Earn in advance (financial asset) 11 - 57
Property, plant and equipment 12 17 25
TOTAL NON-CURRENT ASSETS 2,166 2,350
CURRENT ASSETS
Cash and cash equivalents 14 635 1,456
Trade and other receivables 16 127 133
TOTAL CURRENT ASSETS 762 1,589
TOTAL ASSETS 2,928 3,939
CURRENT LIABILITIES
Trade and other payables 17 115 127
TOTAL CURRENT LIABILITIES 115 127
TOTAL LIABILITIES 115 127
NET ASSETS 2,813 3,812
EQUITY
Share capital 18 2,187 1,823
Share premium 18 6,052 5,891
Share capital to issue 20 3,750 3,750
Share based payments reserve 19 307 268
Foreign exchange reserve 31 66
Reverse acquisition reserve 20 (4,795) (4,795)
Retained earnings (4,719) (3,191)
TOTAL EQUITY 2,813 3,812
*Non-controlling interest of £29 exists with business partner (Tau Ken
Samruk) not stated above
The Company has taken advantage of section 408 of the Companies Act 2006 and
consequently a profit and loss account has not been presented for the Company.
The Company's total comprehensive loss for the financial period was £488,178
(2022: £971,025).
The financial statements were approved and authorised for issue by the board
on 17 April 2024 and were signed on its behalf by:
Non-Executive Chairman - Sandy Barblett
The notes form an integral part of these consolidated financial statements.
COMPANY STATMEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2023
Audited Audited
As at 31 December
As at 31 December
2023
2022
Note £'000 £'000
NON-CURRENT ASSETS
Investment in subsidiary 13 6,268 6,268
Intercompany receivables 15 3,674 2,734
TOTAL NON-CURRENT ASSETS 9,942 9,002
CURRENT ASSETS
Cash and cash equivalents 14 509 1,407
Trade and other receivables 16 47 16
TOTAL CURRENT ASSETS 556 1,423
TOTAL ASSETS 10,498 10,425
CURRENT LIABILITIES
Trade and other payables 17 82 85
TOTAL CURRENT LIABILITIES 82 85
TOTAL LIABILITIES 82 85
NET ASSETS 10,416 10,340
EQUITY
Share capital 18 2,187 1,823
Share premium 18 6,052 5,891
Share capital to issue 20 3,750 3,750
Share based payments reserve 19 307 268
Retained Earnings (1,880) (1,392)
TOTAL EQUITY 10,416 10,340
The financial statements were approved and authorised for issue by the board
on 17 April 2024 and were signed on its behalf by:
Non-Executive Chairman - Sandy Barblett
The notes form an integral part of these consolidated financial statement.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY AS AT 31 DECEMBER 2023
Share Capital Share Premium Equity reserve SBP reserve Foreign exchange reserve Reverse acquisition reserve Share Capital to be issued Retained Earnings Total Equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 31 December 2021 53 132 31 - (4) - - (86) 126
Loss for period - - - - - - - (3,105) (3,105)
Other comprehensive income - - - - 70 - - - 70
Total comprehensive income for year - - - - 70 - - (3,105) (3,035)
Transactions with owners in own capacity
Recognition of PLC equity at acquisition date 695 1,501 - 24 - 1,257 - 3,477
Remove share capital of DVK (53) (132) (31) - - 216 - - -
Issue of shares for acquisition of subsidiary 504 2,014 - - - (6,268) 3,750 - -
Issue of shares for placing 624 2,494 - - - - - - 3,118
Share issue costs - (118) - - - - - - (118)
Broker warrants issued - - - 132 - - - - 132
Employee options issued - - - 112 - - - - 112
Transactions with owners in own capacity 1,770 5,759 (31) 268 - (4,795) 3,750 - 6,721
Balance at 31 December 2022 1,823 5,891 - 268 66 (4,795) 3,750 (3,191) 3,812
Loss for period - - - - - - - (1,528) (1,528)
Other comprehensive income - - - - (35) - - - (35)
Total comprehensive income for year - - - - (35) - - (1,528) (1,563)
Transactions with owners in own capacity
Ordinary Shares issued in the period 364 182 - - - - - - 546
Share Issue Costs - (21) - - - - - - (21)
Share based payments - - - 39 - - - - 39
Transactions with owners in own capacity 364 161 - 39 - - - - 564
Balance at 31 December 2023 2,187 6,052 - 307 31 (4,795) 3,750 (4,719) 2,813
COMPANY STATEMENT OF CHANGES IN EQUITY AS AT 31 DECEMBER 2023
Share capital Share premium SBP reserve Share capital to issue Retained earnings Total equity
£'000 £'000 £'000 £'000 £'000 £'000
Balance at 30 November 2021 695 1,501 24 - (421) (1,799)
Loss for period - - - - (971) (971)
Other comprehensive income - - - - - -
Total comprehensive income for year - - - - (971) (971)
Transactions with owners in own capacity
Ordinary Shares issued in the period 1,128 4,508 - - - 5,636
Performance shares on acquisition - - - 3,750 - 3,750
Advisor warrants issued - - 132 - - 132
Employee options issued - - 112 - - 112
Share Issue Costs - (118) - - - (118)
Transactions with owners in own capacity 1,128 4,390 244 3,750 - 9,512
Balance at 31 December 2022 1,823 5,891 268 3,750 (1,392) 10,340
Loss for period - - - - (488) (488)
Other comprehensive income - - - - - -
Total comprehensive income for year - - - - (488) (488)
Transactions with owners in own capacity
Ordinary Shares issued in the period 364 182 - - - 546
Share Issue Costs - (21) - - - (21)
Share based payments - - 39 - - 39
Transactions with owners in own capacity 364 161 39 - - 564
Balance at 31 December 2023 2,187 6,052 307 3,750 (1,880) 10,416
CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 DECEMBER 2023
Year ended Period ended
31 December 2023
31 December 2022
Note £'000 £'000
Cash flow from operating activities
Loss before taxation for the financial year (1,528) (3,105)
Adjustments for:
Share based payments 19 39 244
Reverse acquisition share-based payment expense - 1,730
Settlement of fees through issue of equity - 18
Impairment charge on exploration assets* 887 -
Foreign exchange movements 97 70
Depreciation & amortization 10 9
Changes in working capital:
(Increase) / decrease in trade and other receivables 6 830
Increase / (decrease) in trade and other payables (12) 87
Net cash outflow from operating activities (501) (117)
Cash flows from investing activities
Investment in exploration assets (888) (1,449)
Purchase of property, plant & equipment (2) (9)
Cash acquired on acquisition of subsidiary - 22
Net cash flow from investing activities (890) (1,436)
Cash flows from financing activities
Proceeds from Issue of Shares 18 546 3,100
Share Issue Costs 18 (21) (118)
Net cash flow from financing activities 525 2,982
Net increase in cash and cash equivalents (866) 1,429
Cash and cash equivalents at beginning of the period 1,456 16
Foreign exchange effect on cash balance 45 11
Cash and cash equivalents at end of the period 14 635 1,456
* Impairment charge is adjusted to reflect the true cash impact in the period
and hence will not reconcile directly to the value in the Statement of
Comprehensive Income.
The notes form an integral part of these consolidated financial statements.
COMPANY STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 DECEMBER 2023
Year ended Period ended
31 December 2023
31 December 2022
Note £'000 £'000
Cash flow from operating activities
Loss for the financial year (488) (971)
Adjustments for:
Share based payments 19 39 244
Settlement of fees through issue of equity 18
Foreign exchange movements (1) -
Changes in working capital:
Decrease / (increase) in trade and other receivables (31) 66
(Decrease) in trade and other payables (2) (53)
Net cash outflow from operating activities (483) (696)
Cash flows from investing activities
Loans to subsidiaries (940) (2,127)
Net cash flow from investing activities (940) (2,127)
Cash flows from financing activities
Proceeds from Issue of Shares 18 546 3,100
Share Issue Costs 18 (21) (118)
Net cash flow from financing activities 525 2,982
Net increase in cash and cash equivalents (898) 159
Cash and cash equivalents at beginning of the period 1,407 1,248
Cash and cash equivalents at end of the period 14 509 1,407
The notes form an integral part of these consolidated financial statements.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER
2023
1. General Information
East Star Resources PLC was incorporated on 17 November 2020 in England and
Wales and remains domiciled there with Registered Number 13025608 under the
Companies Act 2006, under the name Cawmed Resources Limited. The Company
subsequently changed its name to East Star Resources Limited on 27 January
2021 and on 3 March 2021 re-registered as a PLC.
The address of its registered office and principal place of business is
Eccleston Yards, 25 Eccleston Place, London SW1W 9NF, United Kingdom.
The principal activity of the Company is to seek suitable investment
opportunities primarily in the natural resources sector.
The Company originally listed on the London Stock Exchange ("LSE") on 4 May
2021. The Company was suspended from trading on 19 July 2021 whilst managing a
reverse takeover transaction and was then re-admitted to trading on 10 January
2022. The Company successfully completed the acquisition of its Kazakhstan
based subsidiary - "Discovery Ventures Kazakhstan Limited" on 10 January and
since then has been increasing exploration operations within the region. The
consolidated financial statements are presented for the Company and all of its
subsidiaries ("the Group").
The Group Financial Statements have been prepared and approved by the
Directors in accordance with International Financial Reporting Standards
(IFRS), International standards and Interpretations (collectively IFRSs)
issued by the International Accounting Standards Boards (IASB) and with those
parts of the Companies Act 2006 applicable to those companies reporting under
IFRS.
2. Accounting policies
The principal accounting policies applied in preparation of these financial
statements are set out below. These policies have been consistently applied
unless otherwise stated.
2.1 Basis of preparation
The consolidated and parent company financial statements ("financial
statements") for the period ended 31 December 2023 have been prepared by East
Star Resources PLC in accordance with UK-adopted International Accounting
Standards ("IAS UK"). The Financial Statements have also been prepared under
the historical cost convention, as modified by the revaluation of financial
assets at fair value through profit or loss.
The functional currency for each entity in the Group is determined as the
currency of the primary economic environment in which it operates. The
functional currency of the Company is Pounds Sterling (£) as this is the
currency that finance was raised in.
The functional currency of its subsidiaries is the Kazakhstan Tenge. For all
subsidiaries these are the currencies that mainly influence labour, material
and other costs of providing services. However, the presentational currency
for the subsidiaries is United States Dollar ($) as this is the currency that
the subsidiaries are required to report to national mining authorities in.
The Group has chosen to present its consolidated financial statements in
Pounds Sterling (£), as the Directors believe it is a more convenient
presentational currency for users of the consolidated financial statements.
Foreign operations are included in accordance with the policies set out below.
The accounting period for the Group covers the year ending on 31 December 2023
and is therefore not directly comparable to the prior period as this covered a
13 month period. The financial statements are presented in Pounds Sterling and
rounded to the nearest thousand (£'000).
Basis of measurement
The consolidated financial statements have been prepared on a historical cost
basis, except for the following items (refer to individual accounting policies
for details):
- Financial instruments - fair value through profit or loss
- Financial instruments - fair value through other comprehensive
income
- Contingent consideration
- Investment property
- Revalued property, plant and equipment
- Net defined benefit liability
- Cash settled share-based payment liabilities
Reverse acquisition accounting treatment
During the last period East Star Resources PLC acquired the entire share
capital of Discovery Ventures Kazakhstan Ltd. As East Star Resources
("accounting acquiree") was purely a cash shell at time of acquisition it did
not constitute a business and therefore the acquisition was treated as a
reverse acquisition of DVK ("accounting acquirer") and outside the scope of
IFRS 3.
As a result of this comparatives of the consolidated financial statements have
been prepared to reflect the consolidated results of the Group from
acquisition date on 10 January 2022. The comparative consolidated period is
the 12 month period ending 31 December 2022 and incorporates results from DVK
for the entire period and results from East Star from acquisition date on 10
January 2022.
Critical accounting judgements and key sources of estimation uncertainty are
disclosed in note 2.17.
2.2 Going concern
The Directors have prepared financial forecasts to estimate the likely cash
requirements of the Group over the 12 months from sign off of the annual
report. Given its stage of development and lack of recurring revenues, in
preparing these financial forecasts, the Directors have made certain
assumptions with regards to the timing and amount of future expenditure over
which they have control. The Directors have considered the sensitivity of the
financial forecasts to changes in key assumptions, including, among others,
potential cost overruns within committed spend and changes in exchange rates.
The Directors plan to raise further funds during 2024 and have reasonable
expectations that sufficient cash will be raised to fund the planned
operations of the Group for a period of at least 12 months from the date of
approval of these financial statements. The funding requirement indicates that
a material uncertainty exists which may cast significant doubt over the
Group's and Company's ability to continue as a going concern, and therefore
its ability to realise its assets and discharge its liabilities in the normal
course of business. This has been detailed in the auditors report.
After due consideration of these forecasts, current cash resources, including
the sensitivity of key inputs, the Directors consider that the Group will have
adequate financial resources to continue in operational existence for the
foreseeable future (being a period of at least 12 months from the date of this
report) and, for this reason, the financial statements have been prepared on a
going concern basis. The financial statements do not include the adjustments
that would be required should the going concern basis of preparation no longer
be appropriate.
2.3 Basis of consolidation
The consolidated financial statements incorporate the financial statements of
the Company and entities controlled by the Company (its subsidiaries) made up
to 31 December each year. Per IFRS 10, control is achieved when the Company:
· has the power over the investee;
· is exposed, or has rights, to variable returns from its involvement
with the investee; and
· has the ability to use its power to affects its returns.
The Company reassesses whether or not it controls an investee if facts and
circumstances indicate that there are changes to one or more of the three
elements of control listed above. When the Company has less than a majority
of the voting rights of an investee, it considers that it has power over the
investee when the voting rights are sufficient to give it the practical
ability to direct the relevant activities of the investee unilaterally. The
Company considers all relevant facts and circumstances in assessing whether or
not the Company's voting rights in an investee are sufficient to give it
power, including:
· the size of the Company's holding of voting rights relative to the size
and dispersion of holdings of the other vote holders;
· potential voting rights held by the Company, other vote holders or
other parties;
· rights arising from other contractual arrangements; and
· any additional facts and circumstances that indicate that the Company
has, or does not have, the current ability to direct the relevant
activities at the time that decisions need to be made, including voting
patterns at previous shareholders' meetings.
Consolidation of a subsidiary begins when the Company obtains control over the
subsidiary and ceases when the Company loses control of the subsidiary.
Specifically, the results of subsidiaries acquired or disposed of during the
year are included in profit or loss from the date the Company gains control
until the date when the Company ceases to control the subsidiary. Where
necessary, adjustments are made to the financial statements of subsidiaries to
bring the accounting policies used into line with the Group's accounting
policies.
All intragroup assets and liabilities, equity, income, expenses and cash flows
relating to transactions between the members of the Group are eliminated on
consolidation.
2.4 Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, and demand
deposits with banks and other financial institutions. The Group holds the
majority of group funds in Lloyds bank equivalent accounts through a forex
platform (Alpha FX). Supplementary working capital funds are held in online
banking platforms in the UK (Revolut) and physical banks in Kazakhstan.
2.5 Equity
Share capital is determined using the nominal value of shares that have been
issued.
The Share premium account includes any premiums received on the initial
issuing of the share capital. Any transaction costs associated with the
issuing of shares are deducted from the Share premium account, net of any
related income tax benefits.
Equity-settled share-based payments are credited to a share-based payment
reserve as a component of equity until related options or warrants are
exercised or lapse.
Retained losses includes all current and prior period results as disclosed in
the income statement.
Foreign currency differences are recognised in other comprehensive income and
accumulated in the foreign exchange reserve except to the extent that the
translation difference is allocated to non-controlling interests.
(https://www.lawinsider.com/clause/reverse-acquisition-reserve) The reverse
acquisition reserve was recognised during the formation of the Group when the
legal acquiree was considered to be the accounting acquirer under the rules of
IFRS 3. As the accounting acquiree was not a business under IFRS 3, a part of
the transaction was outside the scope of IFRS 3. This resulted in the
recognition of a 'reverse acquisition reserve' on consolidation and is set out
in more detail in note 20.
Share capital to issue reserve relates to shares to be settled via the issue
of the Company's shares at the year-end which meet the definition of equity
per IAS 32 are classified as shares to be issue within equity and are held at
fair value.
2.6 Foreign currency translation
The results and financial position of all the Group entities (none of which
has the currency of a hyperinflationary economy) that have a functional
currency different from the presentation currency are translated into the
presentation currency as follows:
(i) assets and liabilities for each statement of
financial position presented are translated at the closing rate at the date of
that statement;
(ii) income and expenses for each income statement are
translated at spot exchange rates (unless the spot is not a reasonable
approximation of the cumulative effect of the rates prevailing on the
transaction dates, in which case income and expenses are translated at the
rate on the dates of the transactions); and
(iii) all resulting exchange differences are recognised in
the Statement of Comprehensive Income and accumulated in the foreign exchange
reserve in equity.
When a foreign operation is disposed of in its entirety or partially such that
control is lost, the cumulative amount in the translation reserve related to
that foreign operation is reclassified to profit or loss as part of the gain
or loss on disposal. Exchange differences arising, if any, are recognised in
other comprehensive income and accumulated in a foreign exchange reserve
(attributed to non-controlling interests as appropriate).
2.7 Financial instruments
IFRS 9 requires an entity to address the classification, measurement and
recognition of financial assets and liabilities.
a) Classification
The Group classifies its financial assets in the following measurement
categories:
· those to be measured subsequently at fair value (either through
Other comprehensive income or through profit or loss);
· those to be measured at amortised cost; and
· those to be measured subsequently at fair value through profit or
loss.
The classification depends on the Group's business model for managing the
financial assets and the contractual terms of the cash flows.
For assets measured at fair value, gains and losses will be recorded either
in profit or loss or in OCI. For investments in equity instruments that are
not held for trading, this will depend on whether the Group has made an
irrevocable election at the time of initial recognition to account for the
equity investment at fair value through other comprehensive income (FVOCI).
b) Recognition
Purchases and sales of financial assets are recognised on trade date (that
is, the date on which the Group commits to purchase or sell the asset).
Financial assets are derecognised when the rights to receive cash flows
from the financial assets have expired or have been transferred and the Group
has transferred substantially all the risks and rewards of ownership.
c) Measurement
At initial recognition, the Group measures a financial asset at its fair value
plus, in the case of a financial asset not at fair value through profit or
loss (FVPL), transaction costs that are directly attributable to the
acquisition of the financial asset.
Transaction costs of financial assets carried at FVPL are expensed in profit
or loss.
Debt instruments
Amortised cost: Assets that are held for collection of contractual cash flows,
where those cash flows represent solely payments of principal and interest,
are measured at amortised cost. Interest income from these financial
assets is included in finance income using the effective interest rate
method. Any gain or loss arising on derecognition is recognised directly in
profit or loss and presented in other gains/(losses) together with foreign
exchange gains and losses. Impairment losses are presented as a separate line
item in the statement of profit or loss.
Equity instruments
The Group subsequently measures all equity investments at fair value. Where
the Group's management has elected to present fair value gains and losses on
equity investments in OCI, there is no subsequent reclassification of fair
value gains and losses to profit or loss following the derecognition of the
investment. Dividends from such investments continue to be recognised in
profit or loss as other income when the Group's right to receive payments is
established. Changes in the fair value of financial assets at FVPL
are recognised in other gains/(losses) in the statement of profit or loss as
applicable. Impairment losses (and reversal of impairment losses) on equity
investments measured at FVOCI are not reported separately from other changes
in fair value.
d) Impairment
The Group assesses, on a forward-looking basis, the expected credit losses
associated with any debt instruments carried at amortised cost.
The impairment methodology applied depends on whether there has been a
significant increase in credit risk. For trade receivables, the Group applies
the simplified approach permitted by IFRS 9, which requires expected lifetime
losses to be recognised from initial recognition of the receivables.
2.8 Trade and other receivables
Trade receivables are initially recognised at fair value and subsequently
measured at amortised cost using the effective interest method, less any
allowance for expected credit losses. Trade receivables are generally due for
settlement within 30 days.
2.9 Trade and other payables
These amounts represent liabilities for goods and services provided to the
consolidated entity prior to the end of the financial year and which are
unpaid. Due to their short-term nature, they are measured at amortised cost
and are not discounted. The amounts are unsecured and are usually paid within
30 days of recognition.
2.10 Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation
and any accumulated impairment losses.
When the Group acquires any plant and equipment it is stated in the accounts
at its cost of acquisition less a provision.
Depreciation is charged to write off the costs less estimated residual value
of plant and equipment on a straight basis over their estimated useful lives
being:
- Plant and equipment 5-7 years
- Furniture and fittings 5-7 years
- Computer equipment 3 years
Estimated useful lives and residual values are reviewed each year and amended
as required.
2.11 Exploration and evaluation assets
Intangible assets represent exploration and evaluation assets (IFRS 6 assets),
being the cost of acquisition by the Group of rights, licences and know-how.
Such expenditure requires the immediate write-off of exploration and
development expenditure that the Directors do not consider to be supported by
the existence of commercial reserves.
All costs associated with mineral exploration and investments, are capitalised
on a project-by-project basis, pending determination of the feasibility of the
project. Costs incurred include appropriate technical and administrative
expenses but not general overheads and these assets are not amortised until
technical feasibility and commercial viability is established. If an
exploration project is successful, the related expenditures will be
transferred to "mining assets" and amortised over the estimated life of the
commercial ore reserves on a unit of production basis.
The recoverability of all exploration and development costs is dependent upon
the discovery of economically recoverable reserves, the ability of the Group
to obtain necessary financing to complete the development of reserves and
future profitable production or proceeds from the disposition thereof.
Exploration and evaluation assets shall no longer be classified as such when
the technical feasibility and commercial viability of extracting mineral
resources are demonstrable. When relevant, such assets shall be assessed for
impairment, and any impairment loss recognised, before reclassification to
"Mine development".
2.12 Share based payments
The Group has made awards of warrants and options on its unissued share
capital to certain parties in return for services provided to the Group. The
valuation of these warrants involved making a number of critical estimates
relating to price volatility, future dividend yields, expected life of the
options and interest rates. These assumptions have been integrated into the
Black Scholes Option Pricing model and the Monte Carlo valuation model to
derive a value for any share-based payments. These assumptions are described
in more detail in the notes.
2.13 Taxation
Tax currently payable is based on taxable profit for the period. Taxable
profit differs from profit as reported in the income statement because it
excludes items of income and expense that are taxable or deductible in other
years and it further excludes items that are never taxable or deductible. The
liability for current tax is calculated using tax rates that have been enacted
or substantively enacted by the balance sheet date.
Deferred tax is the tax expected to be payable or recoverable on temporary
differences between the carrying amounts of assets and liabilities in the
group or parent company financial statements and the corresponding tax bases
used in the computation of taxable profit and is accounted for using the
balance sheet liability method. As there is no reasonable expectation of
future revenues to which tax losses could be applied no deferred tax asset has
been recognised.
2.14 Leases
The Group recognises the guidelines set out in "IFRS 16 - Leases" and are
allocated between principal and finance cost. The finance cost is charged to
profit or loss over the lease period. Right-of-use assets are measured at cost
which comprises the following:
- The amount of the initial measurement of the lease liability;
- Any lease payments made at or before the commencement date less any
lease incentives received;
- Any initial direct costs; and
- Restoration costs.
Payments associated with short-term leases (term less than 12 months) and all
leases of low-value assets (generally less than £5k) are recognised on a
straight-line basis as an expense in profit or loss. The short term lease
exemption has been utilised by the Group in relation to property leases held
in the Kazakhstan and the UK. These leases are on a rolling month-month basis
and hence there is no long term commitment entered into and are also low-value
assets.
2.15 Contingent asset
A contingent asset is a possible asset that arises from past events, and whose
existence will be confirmed only by the occurrence or non-occurrence of one or
more uncertain future events not wholly within the control of the entity.
Contingent assets in these financial statements relate to VAT that is only
offsetable against future revenue and hence these amounts are contingent on
this occurrence and are classified as so.
2.16 Other comprehensive income
Gains or losses on the translation of currencies into the presentational
currency are recognised as other comprehensive income in the Statement of
Profit and Loss and Other Comprehensive Income and transferred to a separate
foreign exchange reserve under equity.
2.17 Critical accounting judgements and key sources of
estimation uncertainty
The preparation of the financial statements in conformity with IFRSs requires
management to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets,
liabilities, income and expense. Actual results may differ from these
estimates. Estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognised in the period in which
the estimates are revised and in any future periods affected. The areas
involving a higher degree of judgement or complexity, or areas where
assumptions and estimates are significant to the financial statements, are
disclosed below:
Impairment of investments and loans to subsidiaries - Note 13 & 15
The Group and the Company assess at each reporting date whether there is any
objective evidence that investments in and loans to subsidiaries are
impaired. The value of the Company's investment in DVK amounts to approx.
£6.275 million and intercompany loans amount to approx. £3.674 million. To
determine whether there is objective evidence of impairment, a considerable
amount of estimation is required in assessing the ultimate realisation of
these investments/receivables, including valuation, creditworthiness and
future cashflows. As at the year end the Directors do not assess there to be
any impairment of these amounts.
Recoverable value of exploration assets - Note 10
Costs capitalised in respect of the Group's mining assets are required to be
assessed for impairment under the provisions of IFRS 6 (2023: approx. £2.149
million) Such an estimate requires the Group to exercise judgement in respect
of the indicators of impairment and also in respect of inputs used in the
models which are used to support the carrying value of the assets. Such inputs
include estimates of mineral reserves, production profiles, commodity prices,
capital expenditure, inflation rates, and pre-tax discount rates that reflect
current market assessments of (a) the time value of money; and (b) the risks
specific to the asset for which the future cash flow estimates have not been
adjusted. Management have concluded that it is appropriate to process an
impairment charge in the period in relation to exploration assets and can be
further evidenced at note 10.
The Directors have made an assessment and concluded that it is appropriate to
process impairment charges in the year specifically relating to licenses held
within the joint venture agreement held with Phoenix Mining Limited in
relation to the rare earths exploration. As this agreement has been terminated
the Directors believe it necessary to impair the entirety of the investment
and this charge can be seen in the statement of comprehensive income.
Share based payments - Note 19
The Group issues options and warrants to its employees, directors, investors
and advisors. These are valued in accordance with IFRS 2 "Share-based
payments" (2023: approx. £0.04 million). In calculating the related charge
on issuing shares and warrants the Group will use a variety of estimates and
judgements in respect of inputs used including share price volatility, risk
free rate, and expected life. Changes to these inputs may impact the related
charge.
In the period the Group implemented a long-term incentive program for
employees which can be evidence further at note 19. These options have various
vesting dates and conditions and have been valued using the Black-Scholes
method to assign an appropriate value in the financial statements.
2.18 New standards and interpretations not yet adopted
At the date of approval of these financial statements, the following standards
and interpretations which have not been applied in these financial statements
were in issue but not yet effective:
Standard Effective date Overview
Amendments to IAS 1 1 January 2024 (early adoption permitted) The standard has been amended to clarify that the classification of
liabilities as current or non-current should be based on rights that exist at
the end of the reporting period.
Classification of Liabilities as Current or Non-current
In order to conclude a liability is non-current, the right to defer settlement
of a liability for at least 12 months after the reporting date must exist as
at the end of the reporting period.
The amendments also clarify that (for the purposes of classification as
current or non-current), settlement is the transfer of cash, the entity's own
equity instruments (except as described below), other assets or services.
Amendments to IAS 1 1 January 2024 (early adoption permitted) The standard confirms that only those covenants with which an entity must
comply on or before the end of the reporting period affect the classification
of a liability as current or non-current.
Non-current Liabilities with Covenants
Amendments to IFRS 16 1 January 2024 (early adoption permitted) The amendments address the accounting that should be applied by a
seller-lessee in a sale and leaseback transaction when the leaseback contains
variable lease payments, such as turnover rentals, that do not depend on an
index or rate.
Lease Liability in a Sale and Leaseback
Specifically, they confirm that the 'lease payments' or the 'revised lease
payments' arising from the leaseback arrangement are measured in such a way
that no gain or loss is recognised on the right of use retained by the
seller-lessee.
Amendments to IAS 7 and IFRS 7 1 January 2024 (early adoption permitted) The amendments require an entity to disclose information about its supplier
finance arrangements to enable users of financial statements to assess the
effects of those arrangements on the entity's liabilities and cash flows and
on the entity's exposure to liquidity risk.
Supplier Finance Arrangements
Amendments to IAS 21 - Lack of Exchangeability 1 January 2025 (early adoption permitted) The amendments have been made to clarify:
- when a currency is exchangeable into another currency; and
- how a company estimates a spot rate when a currency lacks exchangeability.
The effect of these amended Standards and Interpretations which are in issue
but not yet mandatorily effective is not expected to be material.
2.19 New standards and interpretations adopted
Standard Overview
IFRS 17 Insurance Contracts IFRS 17 will replace IFRS 4 Insurance Contracts, a temporary standard which
permits a variety of accounting practices for insurance contracts.
Amendments to IFRS 17 - Initial Application of IFRS 17 & IFRS 9 Many insurance entities will now be applying both IFRS 17 and IFRS 9 for the
first time in annual reporting periods beginning on or after 1 January 2023.
Comparative Information
Amendments to IAS 1 and IFRS Practice Statement 2 - Making Materiality The amendments to IAS 1 will require an entity to disclose material accounting
Judgements policies. Accounting policy information is likely to be considered material if
users need the disclosure to understand other material information in the
Disclosure of Accounting Policies accounts.
Amendments to IAS 8 - Accounting Policies, Changes in Accounting Estimates and The amendments introduce a definition for accounting estimates which is
Errors 'monetary amounts in financial statements that are subject to measurement
uncertainty'. Measurement uncertainty will arise when monetary amounts
required to apply an accounting policy cannot be observed directly. In such
cases, accounting estimates will need to be developed using judgements and
Definition of Accounting Estimates assumptions.
Amendments to IAS 12 - Income Taxes This amendment to IAS 12 Income Taxes introduces an exception to the "initial
recognition exemption" when the transaction gives rise to equal taxable and
Deferred Tax related to Assets and Liabilities arising from a Single deductible temporary differences.
Transaction
Amendments to IAS 12 - Income Taxes This amendment to IAS 12 Income Taxes introduces disclosures to help investors
better understand a company's exposure to income taxes arising from the
International Tax Reform - Pillar Two Model Rules reform, particularly before legislation implementing the rules is in effect.
The effect of these amended Standards and Interpretations which are in issue
have not had a material effect on the financial statements.
3. Segmental analysis
The Group manages its operations in two segments, being exploration activities
in Kazakhstan and corporate functions in the United Kingdom. The results of
these segments are regularly reviewed by the board as a basis for the
allocation of resources, in conjunction with individual investment appraisals,
and to assess their performance.
The Group generated no revenue during the year ended 31 December 2023 (2022:
£0).
United Kingdom Kazakhstan Total
£'000 £'000 £'000
Administrative expenses (449) (261) (710)
Share based payments (39) - (39)
Impairment charge - (1,058) (1,058)
Other income - 279 279
Operating loss from continued operations per reportable segment (488) (1,040) (1,528)
Reportable segment assets 557 2,372 2,929
Reportable segment liabilities (83) (33) (116)
Total 474 2,339 2,813
Segment assets and liabilities are allocated based on geographical location.
4. Administrative expenses
Administrative expenses for the Group can further be broken down as per below:
Year ended Period ended
31 Dec 2023
31 Dec 2022
£'000 £'000
Professional fees (189) (340)
Directors' fees* (161) (335)
Salaries & wages (55) (89)
Geological consulting and exploration costs (111) -
Insurance (7) (25)
Consultants (29) -
Travel - (33)
Foreign Exchange 9 83
VAT write off - (279)
Other administrative expenses (167) (113)
Administrative expenses (710) (1,131)
*Please see Directors Remuneration report for breakdown
5. Employees
The average number of persons employed by the Group (including directors)
during the period ended 31 December 2023 was:
2023 2022
Management 5 4
Non-management 7 7
12 11
The highest paid director received total remuneration of approx. £163,000
including share-based payments (2022: approx. £308,000)
6. Auditor's Remuneration
Year ended 31 December 2023 Period ended 31 December 2022
£'000
£'000
Fees payable for the audit of the Group's financial statements 44 45
Fees payable for review of the Group's interim financial statements - 3
44 48
7. Taxation
Year ended Period ended
31 December 2023 31 December 2022
£'000 £'000
A reconciliation of the tax charge appearing in the income statement to the
tax that would result from applying the standard rate of tax to the results
for the year is:
Loss per accounts (1,528) (3,105)
Tax credit at the weighted standard average rate of corporation tax in the UK (298) (606)
of 19% and Kazakhstan of 20%
Adjustment for items disallowable for tax 7 375
Tax losses for which no deferred tax is recognised (291) 231
Tax expense recognised in accounts - -
The Group has estimated tax losses carried forward of approx. £2,768,000
(2022: approx. £1,279,000) The taxed value of the unrecognised deferred tax
asset is approx. £542,000 and these losses do not expire. No deferred tax
assets in respect of tax losses have been recognised in the accounts as there
is currently insufficient evidence of the timing of suitable future taxable
profits against which they can be recovered.
8. Other comprehensive income
Items credited to the other comprehensive income line in the statement of
comprehensive income relate to the impact of foreign exchange movements when
translating the statement of financial position from functional to
presentational currencies on consolidation. The corresponding movement is
offset against the foreign exchange reserve in the statement of financial
position:
Year ended 31 December 2023 Period ended 31 December 2022
£'000
£'000
Foreign currency movements (35) 70
(35) 70
9. Earnings per share
The calculation of the basic and diluted earnings per share is calculated by
dividing the profit or loss for the year by the weighted average number of
ordinary shares in issue during the year.
Year ended Period ended
31 December 2023 31 December 2022
Loss attributable to shareholders of East Star Resources PLC - £'000 (1,528) (3,105)
Weighted number of ordinary shares in issue 189,850,164 180,843,292
Basic & dilutive earnings per share from continuing operations - pence (0.81) (1.72)
There is no difference between the diluted loss per share and the basic loss
per share presented. Share options and warrants could potentially dilute basic
earnings per share in the future but were not included in the calculation of
diluted earnings per share as they are anti-dilutive for the year presented.
In the current year no adjustment is required to account for the reverse
takeover transaction. In the previous period the weighted average number of
shares was adjusted for the impact of the reverse acquisition as follows:
- Prior to the reverse takeover, the number of shares is based on DVK,
adjusted using the share exchange ratio arising on the reverse takeover; and
from the date of the reverse takeover, the number of share is based on the
Company. The prior year number of shares is also adjusted using the share
exchange ratio.
10. Exploration assets
Group
Exploration assets
£'000
Cost and carrying value - 1 January 2022 -
Additions 2,268
Impairment charge -
At 31 December 2022 2,268
Additions 888
Foreign exchange (75)
932
Impairment on licenses (932)
At 31 December 2023 2,149
Exploration and evaluation assets relate specifically to expenditure to
support the exploitation of exploration licenses held in the Kazakhstan based
subsidiaries. The Group holds a total of 8 licenses across 3 mineral districts
being specifically the Chu-Ili belt, East Kostanay region and Rudny Altai
belt.
In accordance with IFRS 6, the Directors undertook an assessment of the
following areas and circumstances which could indicate the existence of
impairment
• The Group's right to explore in an area has expired, or will
expire in the near future without renewal;
• No further exploration or evaluation is planned by the Company or
in conjunction with potential joint venture partners;
• The Board may consider to discontinue exploration and evaluation
in an area due to the absence of a commercial level of reserves;
• Existing joint venture agreements have been terminated;
• Sufficient data exists to indicate that the book value may not be
fully recovered from future development and production.
The Directors concluded that an impairment charge need be processed in the
period in relation to the licenses as detailed below:
i) License 670 - Dalny: The exploration asset relating
to license 670 was fully impaired in the period. No further exploration is
planned by the Group.
ii) License 774 - Apmintas: The exploration asset
relating to license 774 has been partially impaired in the period. The Company
is in the process of relinquishing 40% of the tenement package considered to
be less prospective for a commercial gold discovery.
A 10% movement either way in the KZT/GBP exchange rate would change the fair
value by approximately £215,000.
11. Earn in advance (financial asset)
Group
Earn in advance
£'000
Cost and carrying value - 1 January 2022 -
Additions 57
Impairment charge -
At 31 December 2022 57
Additions 57
Foreign exchange 12
Impairment on licenses (126)
At 31 December 2023 -
The licenses held jointly with Phoenix Mining Ltd in relation to rare earths
are referred to above as a financial asset as they do not currently satisfy
all the requirements of IFRS 6 to be capitalised as an exploration asset.
In the period an impairment charge was processed in relation to the licences
as the joint venture agreement with Phoenix Mining Ltd was terminated. An
impairment charge of £126,174 has been included in the accounts to write down
the value of the assets to their fair value less cost to sell.
12. Property, plant & equipment
Group
Plant and equipment £'000 Furniture and fittings £'000 Computer equipment £'000 Total
£'000
Cost
Opening balance - 1 January 2023 29 2 7 38
Additions 2 - - 2
At 31 December 2023 31 2 7 40
Depreciation
Opening balance - 1 January 2023 (12) - (1) (13)
Charge for the period (7) (1) (2) (10)
At 31 December 2023 (19) (1) (3) (23)
Net book value 31 December 2022 17 2 6 25
Net book value 31 December 2023 12 1 4 17
Plant and equipment £'000 Furniture and fittings £'000 Computer equipment £'000 Total
£'000
Cost
Opening balance - 1 January 2022 26 1 3 30
Additions 3 1 4 8
At 31 December 2022 29 2 7 38
Depreciation
Opening balance - 1 January 2022 (5) - - (5)
Charge for the period (7) - (1) (8)
At 31 December 2022 (12) - (1) (13)
Net book value 31 December 2021 21 1 3 25
Net book value 31 December 2022 17 2 6 25
13. Investment in subsidiaries
Company
£'000
Cost and carrying value - 1 December 2021 -
Additions:
Share acquisition on RTO 2,250
Convertible loan note 268
Consideration shares 3,750
At 31 December 2022 6,268
Additions -
Impairment -
At 31 December 2023 6,268
List of Subsidiaries
Name Business Activity Country of Incorporation Registered Address Percentage Holding
Discovery Ventures Kazakhstan Limited Mineral exploration Kazakhstan VP 32, building 12/1, Dinmuhamed Konaev street, Yesil district, Astana, 100%
Z05H9B0, Kazakhstan
Chu Ili Resources ltd* Mineral exploration Kazakhstan bld. 12/1, VP 32, 3rd floor, IHUB coworking, D. Konayev Street, Yessil 80%
district, Astana city, Z05H9B0, Kazakhstan
Rudny Resources ltd* Mineral exploration Kazakhstan bld. 12/1, VP 32, 3rd floor, IHUB coworking, D. Konayev Street, Yessil 80%
district, Astana city, Z05H9B0, Kazakhstan
*Subsidiaries held indirectly through Discovery Ventures Kazakhstan
14. Cash and cash equivalents
Group Company
As at As at As at As at
31 December 2023
31 December 2022
31 December 2023
31 December 2022
£'000
£'000
£'000
£'000
Cash at bank 635 1,456 509 1,407
15. Inter-company receivable
Company
As at 31 December 2023 As at 31 December 2022
£'000
£'000
Inter-company loan - DVK 3,674 2,734
3,674 2,734
16. Trade and other receivables
Group Company
As at As at As at As at
31 December 2023
31 December 2022
31 December 2023
31 December 2022
£'000
£'000
£'000
£'000
VAT receivable 17 15 17 6
Prepayments 39 24 20 -
Other debtors 71 94 10 10
127 133 47 16
17. Trade and other payables
Group Company
As at As at As at As at
31 December 2023
31 December 2022
31 December 2023
31 December 2022
£'000
£'000
£'000
£'000
Trade payables 71 54 38 32
Accruals 44 54 44 45
Other payables - 19 - 8
115 127 82 85
18. Share capital and share premium
Group
Ordinary Shares Share Capital Share Premium Total
# £'000 £'000 £'000
At 31 December 2021 70,590 53 132 185
Transfer of capital to reverse acquisition reserve (70,590) (53) (132) (185)
Share capital of the Company at acquisition 69,540,164 695 1,501 2,196
Issue of shares for acquisition of subsidiary 50,350,000 504 2,014 2,518
Issue of ordinary shares 62,360,000 624 2,494 3,118
Share issue costs - - (118) (118)
At 31 December 2022 182,250,164 1,823 5,891 7,714
Issue of ordinary shares(1) 36,400,000 364 182 546
Share issue costs - - (21) (21)
At 31 December 2023 218,650,164 2,187 6,052 8,239
(1) On 16 October 2023, the Company issued 36,400,000 ordinary shares at
£0.015 as part of a share placement.
The share premium represents the difference between the nominal value of the
shares issued and the actual amount subscribed less; the cost of issue of the
shares, the value of the bonus share issue, or any bonus warrant issue.
The Company has only one class of share. All ordinary shares have equal voting
rights and rank pari passu for the distribution of dividends and repayment of
capital.
19. Share based payments reserve
Group Company
£'000 £'000
Opening balance - 1 December 2021 - 24
Acquired equity as part of acquisition 24 -
Advisor warrants issued 132 132
Employee options issued 112 112
As at 31 December 2022 268 268
Employee options issued(1) 32 32
LTIP options issued(2) 7 7
As at 31 December 2023 307 307
(1) On 13 December 2021, 11,250,000 employee options were granted. These
options have an exercise price of £0.05 and expire 5 years from the grant
date. Value attributed to the share based payments reserve in the current
period represents the pro-rata portion of the expense brought to account over
the vesting period.
(2) On 1 March 2023 the remuneration committee approved the adoption of a
long-term incentive plan ("LTIP"). On the recommendation of the Remuneration
Committee, the Company has granted an aggregate of 4,432,326 options over new
ordinary shares in the Company to employees and non-executive directors of the
Company to be approved by shareholders at the next Annual General Meeting.
Value attributed to the share based payments reserve in the current period
represents the pro-rata portion of the expense brought to account over the
vesting period
Share based payments valuation
The charges associated with the share based payments have been applied to the
statement of profit or loss and other comprehensive income. The following
tables summarises the valuation techniques and inputs used to calculate the
values of share based payments in the period:
Options
Grant date Number Share price Exercise price Volatility % RF Rate % Technique
£ £
01/03/2023 4,251,167 0.035 0.043 77 3.5 Black Scholes
Warrants
As at 31 December 2023
Weighted average exercise price Number of warrants
Brought forward at 1 January 2023 14,813,505
Lapsed in period 5p (6,000,000)
Granted in period 3p 36,400,000
Vested in period 3p 36,400,000
Outstanding at 31 December 2023 4p 45,213,505
Exercisable at 31 December 2023 4p 45,213,505
The weighted average time to expiry of the warrants as at 31 December 2023 is
1.06 years.
Options
As at 31 December 2023
Weighted average exercise price Number of options
Brought forward at 1 January 2023 5p 11,250,000
Granted in period 4.3p 4,794,644
Cancelled in period 4.3p (1,110,144)
Vested in period
-
Outstanding at 31 December 2023 5p 14,934,500
Exercisable at 31 December 2023 3,750,000
The weighted average time to expiry of the options as at 31 December 2023 is
4.67 years.
The option vesting conditions of the LTIP options are as below:
- 50% of the Shares under Option (rounded down to the nearest whole
number) shall Vest on the first anniversary of the Date of Grant;
- 25% of the Shares under Option (rounded down to the nearest whole
number) shall Vest on the second anniversary of the Date of Grant;
- 25% the remaining number of the Shares under Option shall Vest on
the third anniversary of the Date of Grant.
20. Reverse acquisition
On 10 January 2022, the Company acquired the share capital of Discovery
Ventures Kazakhstan Limited ("DVK"), through an issue of 45,000,000
consideration shares the entire share capital of DVK, whose principal activity
is to undertake exploration activities relating to gold and copper mineral
resources in Kazakhstan.
Although the transaction resulted in DVK becoming a wholly owned subsidiary of
the Company, the transaction constitutes a reverse acquisition as in
substance, it has resulted in a fundamental change in the business of the
Company with the sole director of DVK becoming the Chief Executive Officer of
the Company. Thus, the executive management of DVK now exerts significant
influence over the executive management of the Company.
The shareholders of DVK acquired a 27.63% interest in the Company and the
transaction has therefore been accounted for as a reverse acquisition. As the
Company's activities prior to the acquisition were purely the maintenance of
the Main Market LSE Listing, acquiring DVK and raising equity finance to
provide the required funding for the operations of the acquisition the
directors did not consider this to meet the definition of a business in
accordance with IFRS 3.
Accordingly, this reverse acquisition does not constitute a business
combination. Although, the reverse acquisition is not a business combination,
the Company has become a legal parent and is required to apply IFRS 10 and
prepare consolidated financial statements. The Directors have prepared these
financial statements using the reverse acquisition methodology, but rather
than recognising goodwill, the difference between the equity value given up by
the DVK shareholders and the share of the fair value of net assets gained by
the DVK shareholders is charged to the statement of comprehensive income as a
share-based payment on reverse acquisition, and represents in substance the
cost of acquiring a Main Market LSE listing.
In accordance with reverse acquisition accounting principles, these
consolidated financial statements represent a continuation of the consolidated
statements of DVK and its subsidiaries and include:
- The assets and liabilities of DVK and its subsidiaries at their
pre-acquisition carrying value amounts and the results for both periods; and
- The assets and liabilities of the Company as at 10 January 2022 and
its results from the date of the reverse acquisition on 10 January 2022 to 31
May 2022.
On 10 January 2022, the Company issued 45,000,000 ordinary shares to acquire
the entire share capital of DVK. As part of the acquisition the Company also
agreed to settle a separate convertible loan note held by DVK through the
issue of 5,350,000 shares. On the same date, the Company was readmitted to the
Main Market of the LSE, after completing its second placing round with a
placing share price of £0.05 and therefore the Company has valued the
investment in DVK at £6,267,500. (This figure includes both the initial
consideration mentioned above as well as the contingent consideration on
completion milestones)
Because the legal subsidiary, DVK, was treated on consolidation as the
accounting acquirer and the legal Parent Company, East Star, was treated as
the accounting subsidiary, the fair value of the shares deemed to have been
issued by DVK was calculated at £3,477,008 based on an assessment of the
purchase consideration for a 100% holding of East Star of 69,540,164 shares at
a weighted average placing price of £0.05 per share (being the share price of
East Star at acquisition).
The fair value of the net assets of East Star at acquisition was as follows:
£'000
Cash and cash equivalents 1,835
Convertible loan notes 609
Other receivables 151
Trade and other payables (848)
Net assets 1,747
The difference between the deemed cost (£3,477,008) and the fair value of the
net assets assumed above of £1,747,053 resulted in £1,729,955 being expensed
within "reverse acquisition expenses" in accordance with IFRS 2, Share Based
Payments, reflecting the economic cost to DVK shareholders of acquiring a
quoted entity.
The reverse acquisition reserve which arose from the reverse takeover is made
up as follows:
£'000
Pre-acquisition equity(1) (473)
DVK share capital at acquisition(2) 216
Investment in DVK(3) (6,268)
Reverse acquisition expense(4) 1,730
(4,795)
1. Recognition of pre-acquisition equity of East Star as at 10
January 2022.
2. DVK had equity at the date of acquisition of £216,050. As these
financial statements present the capital structure of the legal parent entity,
the equity of DVK is eliminated.
3. The value of the shares issued by the Company in exchange for the
entire share capital of DVK as at the share price used in the placing that
occurred simultaneously (£0.05). The above entry is required to eliminate the
balance sheet impact of this transaction.
I. Initial consideration: 45 million shares at £0.05 (£2,250,000)
II. Contingent consideration: 75 million shares at £0.05 (£3,750,000)
III. Convertible loan notes settled on behalf of DVK through issue of
5.35m shares at £0.05 (£267,500)
4. The reverse acquisition expense represents the difference between
the value of the equity issued by the Company, and the deemed consideration
given by DVK to acquire the Company.
21. Financial Instruments and Risk Management
Capital management
The Group manages its capital to ensure that entities in the Group will be
able to continue as a going concern while maximising the return to
stakeholders. The overall strategy of the Company and the Group is to minimise
costs and liquidity risk.
The capital structure of the Group consists of equity attributable to equity
holders of the parent, comprising issued share capital, share premium, reverse
acquisition reserves, foreign exchange reserves and retained earnings as
disclosed in the Consolidated Statement of Changes of Equity.
The Group is exposed to a number of risks through its normal operations, the
most significant of which are interest, credit, foreign exchange and liquidity
risks.
The management of these risks is vested to the Board of Directors. The
sensitivity has been prepared assuming the liability outstanding was
outstanding for the whole period. In all cases presented, a negative number in
profit and loss represents an increase in expense/decrease in income.
General objectives and policies
As alluded to in the Directors report the overall objective of the Board is to
set policies that seek to reduce risk as far as practical without unduly
affecting the Group's competitiveness and flexibility. Further details
regarding these policies are detailed below.
Principal financial instruments
The principal financial instruments used by the Group from which the financial
risk arises are as follows:
Policy on financial risk management
The Group's principal financial instruments comprise cash and cash
equivalents, other receivables, trade and other payables. The Group's
accounting policies and methods adopted, including the criteria for
recognition, the basis on which income and expenses are recognised in respect
of each class of financial asset, financial liability and equity instrument
are set out in note 2 - "Accounting Policies".
The Group does not use financial instruments for speculative purposes. The
carrying value of all financial assets and liabilities approximates to their
fair value.
Derivatives, financial instruments and risk management
The Group does not use derivative instruments or other financial instruments
to manage its exposure to fluctuations in foreign currency exchange rates,
interest rates and commodity prices.
Foreign currency risk
The Group operates in a global market with income and costs arising in a
number of currencies and is exposed to foreign currency risk arising from
commercial transactions, translation of assets and liabilities and net
investment in foreign subsidiaries. Exposure to commercial transactions arise
from sales or purchases by operating companies in currencies other than the
Group's functional currency. Currency exposures are reviewed regularly.
The Group has a limited level of exposure to foreign exchange risk through its
foreign currency denominated cash balances, trade receivables and payables:
31 Dec 2023
£GBP £'000
Cash and cash equivalents 126
Trade and other receivables 80
Trade and other payables (33)
173
Credit risk
Credit risk refers to the risk that a counterparty will default on its
contractual obligations resulting in financial loss to the Group . The Group
has adopted a policy of only dealing with creditworthy counterparties. The
Group's exposure and the credit ratings of its counterparties are monitored by
the Board of Directors to ensure that the aggregate value of transactions is
spread amongst approved counterparties.
The Group applies IFRS 9 to measure expected credit losses for receivables,
these are regularly monitored and assessed. Receivables are subject to an
expected credit loss provision when it is probable that amounts outstanding
are not recoverable as set out in the accounting policy.
The Group's principal financial assets are cash and cash equivalents. Cash
equivalents include amounts held on deposit with financial institutions.
The credit risk on liquid funds held in current accounts and available on
demand is limited because the Group's counterparties are banks with high
credit-ratings assigned by international credit-rating agencies.
The Group has zero trade receivables and therefore there is no risk relating
to a 3(rd) party being unable to service its obligations.
The Group's maximum exposure to credit risk is limited to the carrying amount
of financial assets recorded in the financial statements.
Interest rate risk
The Group currently has no borrowings. The Group's principal financial assets
are cash and cash equivalents. Cash equivalents include amounts held on
deposit with financial institutions. The effect of variable interest rates is
not significant.
Liquidity risk
During the period ended 31 December 2023, the Group was primarily financed by
cash raised through equity funding and supplemented by funds provided through
the BHP Xplor program. Funds raised surplus to immediate requirements are held
as cash deposits in Sterling except for minor working capital requirements
held in subsidiary bank accounts.
In managing liquidity risk, the main objective of the Group is to ensure that
it has the ability to pay all of its liabilities as they fall due. The Group
monitors its levels of working capital to ensure that it can meet its
liabilities as they fall due.
The table below shows the undiscounted cash flows on the Group's financial
liabilities as at 31 December 2023 on the basis of their earliest possible
contractual maturity.
Total Within 2 months Within 2-6 months
£'000 £'000 £'000
At 31 Dec 2023
Trade payables 71 71 -
22. Financial assets and liabilities
Financial assets/liabilities at amortised cost
Group - Year ended 31 Dec 2023 2022
£'000 £'000
Trade and other receivables(1) 88 109
Cash and cash equivalents 635 1,456
Trade and other payables(2) (71) (73)
652 1,492
Financial assets/liabilities at amortised cost
Company - Period ended 31 Dec 2023 2022
£'000 £'000
Trade and other receivables(1) 27 15
Cash and cash equivalents 509 1,407
Trade and other payables(2) (38) (40)
498 1,382
(1) Trade and other receivables excludes prepayments
(2) Trade and other payables excludes accruals
23. Related Party Transactions
Orana Corporate LLP - Service Agreement
During the year, £58,300 was paid to Orana Corporate LLP of which Anthony
Eastman is a director of East Star Resources PLC and Orana during the period
for the provision of corporate accounting services. £1,000 was deferred to be
settled at a later date.
Other than these there were no other related party transactions.
Directors remuneration
See Directors report for details on Directors remuneration in the period.
24. Ultimate Controlling Party
As at 31 December 2023, there was no ultimate controlling party of the Group.
25. Capital Commitments
The Group is committed to the following minimum expenditure across various
licenses within 12 months from 31 December 2023:
License area License Owner Annual minimal expenditures on exploration
£
Apmintas 774-EL Chu-Ili Resources Limited 157,168
Novo 2 847-EL Rudny Resources Limited 118,252
Novo 1 914-EL Rudny Resources Limited 179,733
RA 1 1799-EL Discovery Ventures Kazakhstan Limited 32,032
RA 3 1795-EL Discovery Ventures Kazakhstan Limited 20,867
RA 4 2546-EL Discovery Ventures Kazakhstan Limited 6,620
Snowy 2506-EL Copperland 41,237
Ayogoz 2483-EL Copperland 30,746
Total 586,655
26. Contingent assets
VAT recoverable
The subsidiaries of East Star Resources had accrued an amount of £293,078
relating to VAT incurred on expenditure on the various mining licenses to 31
December 2023. As the Group is currently not generating revenue these amounts
can not be offset but are retained in the event that revenue is generated in a
period of 5 years from incurring the expense.
Per "IAS 37 - Provisions, Contingent Liabilities and Contingent Assets" this
amount should not be recognised as an asset due to the uncertainty of economic
benefits flowing to the Group but is disclosed as a contingent asset as the
inflow of economic benefits is probable.
27. Contingent liabilities
There were no contingent liabilities over the Group as at 31 December 2023.
28. Events Subsequent to period end
BHP Xplor Program
On 22 January 2024 the Company announced that it had been selected to receive
a grant of up to US$500,000 from BHP under the 2024 BHP Xplor Programme to
initiate a copper porphyry exploration strategy in Kazakhstan.
Appointment of director
On 22 January 2024 the Company appointed Chris van Wijk as a Non-Executive
Director and subsequently on 29 February 2024 he was appointed as Technical
Director.
Sediment-Hosted Copper Exploration JV with Getech
In February 2024, the Company announced it had entered into a joint venture
agreement with Getech Group PLC (AIM: GTC) ("Getech"), a world-leading locator
of subsurface resources, to explore for sediment-hosted copper deposits in
Kazakhstan.
Verkhuba Copper Deposit Update
In March 2024, the Company announced it had instructed independent experts AMC
Consultants to produce a maiden JORC Inferred Resource for the Verkhuba Copper
Deposit.
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