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General Information East Star Resources PLC (\u201cthe Company\u201d) 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 Group is to explore opportunities in the natural resources sector specifically in relation to gold and copper extraction. The Company originally listed on the London Stock Exchange (\u201cLSE\u201d) 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 \u2013 \u201cDiscovery Ventures Kazakhstan Limited\u201d on 10 January 2022 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 (\u201cthe Group\u201d). The Group Financial Statements have been prepared and approved by the Directors in accordance with UK- adopted International Accounting Standards (\u201dIAS UK\u201d), 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-295": { "value": "PLC", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-271": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-293": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-294": { "value": "Eccleston Yards, 25 Eccleston Place, London SW1W 9NF, United Kingdom ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-272": { "value": "United Kingdom ", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-273": { "value": "The principal activity of the Group is to explore opportunities in the natural resources sector specifically in relation to gold and copper extraction. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-243": { "value": "
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 2025 have been prepared by East Star Resources PLC in accordance with UK-adopted International
Accounting Standards (\"IAS UK\") and the requirements of the Companies Act 2006. The Financial Statements
have been prepared under the historical cost convention.
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 (\u00a3) 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 (\u00a3), 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 2025. The financial statements
are presented in Pounds Sterling and rounded to the nearest thousand (\u00a3'000).
Basis of measurement
The Financial Statements have been prepared on a historical cost basis.
Reverse acquisition accounting treatment
During the period ended 31 December 2022, the Company acquired the entire share capital of Discovery
Ventures Kazakhstan Ltd. As the Company (\u201caccounting acquiree\u201d) 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 (\u201caccounting acquirer\u201d) and outside the scope of IFRS 3.
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 18 months from sign off of the annual report. In preparing these financial forecasts, the Directors have
made certain assumptions with regard to the timing and amount of future expenditure, the receipt of
management fee income from Endeavour Mining PLC under the Earn-In and Joint Venture Agreement, and
prevailing exchange rates. The Directors have considered the sensitivity of the financial forecasts to changes
in key assumptions, including potential cost overruns within committed spend and movements in USD:GBP
and KZT:GBP exchange rates.
The assessment takes account of two transformational transactions completed before 31 December 2025:
the binding Earn-In and Joint Venture Agreement with Endeavour Mining PLC (signed 13 November 2025),
under which Endeavour commits to invest up to US$25 million in staged exploration expenditure across the
Group's Kazakh gold licences with East Star expressly free-carried throughout; and the associated Endeavour
strategic investment of \u00a31,807,600. Subsequent to the year end, Endeavour converted its \u00a31,711,000
convertible loan note in full into ordinary shares in February 2026, and East Star formalised a binding joint
venture agreement with Hong Kong Xinhai Mining Services Limited in March 2026, under which Xinhai will
fund an estimated US$65 million to take the Verkhuba Copper Deposit to production at no further cost to
East Star. Under a conservative base case budget covering the 18-month period to 30 June 2027, the Group's
cash balance remains positive throughout, reaching a minimum of approximately US$2.4 million at 30 June
2027, with no additional fundraising assumed.
The Group remains in a pre-revenue exploration stage, and its continued viability beyond the period of the
going concern forecast is dependent on the successful execution of its development plans and on continued
access to funding. Whilst the recent strategic transactions described above are positive and serve to mitigate
this risk, they do not eliminate the underlying uncertainty inherent in a pre-revenue exploration business.
The Directors therefore consider, consistent with the position taken in the prior year and as is common for
exploration-stage companies, that conditions exist which represent a material uncertainty that may cast
significant doubt over the Group's and Company's ability to continue as a going concern. This material
uncertainty is also referred to in the Auditor's Report.
After due consideration of these forecasts, current cash resources, the Group's partnership arrangements
and the sensitivity of key inputs, and notwithstanding the material uncertainty described above, the
Directors are satisfied that the going concern basis of preparation remains appropriate. 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\u2019s
voting rights in an investee are sufficient to give it power, including:
the size of the Company\u2019s 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\u2019 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\u2019s 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 (Alpha, Revolut account was closed effective June 2025) 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.
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 \u2018reverse acquisition reserve\u2019 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\u2019s 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\u2019s 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\u2019s 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\u2019s 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
- Motor vehicles 5 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 \u201cmining assets\u201d 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 \u201cMine
development\u201d.
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 \u201cIFRS 16 \u2013 Leases\u201d 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 \u00a35k) 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 \u2013 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\u2019s investment in DVK
amounts to \u00a36.269 million (2024: \u00a36.269 million) and intercompany loans amount to \u00a35.593 million (2024:
\u00a34.571 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 \u2013 Note 10
Costs capitalised in respect of the Group\u2019s mining assets are required to be assessed for impairment under
the provisions of IFRS 6. The carrying value of the Group's exploration assets at 31 December 2025 was
\u00a31.892 million (2024: \u00a32.448 million). An impairment charge of \u00a31.286 million was recognised in the year
(see Note 10). 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
year in relation to exploration assets and can be further evidenced at note 10.
Rehabilitation and restoration provisions \u2013 Note 11
The Group assesses at each reporting date whether a rehabilitation and restoration provision is required
under IAS 37 in respect of its exploration activities in Kazakhstan. This assessment requires judgement in
determining whether the three recognition criteria are met: a present obligation arising from a past event, a
probable outflow of resources, and a reliable estimate of the amount. As at 31 December 2025, the Directors
have concluded that none of these criteria are met in respect of the Group's active exploration licences. No
decision has been taken to cease operations on any active licence and no physical disturbance has occurred
that would crystallise a present restoration obligation. The Directors will continue to monitor this position as
exploration activities advance.
Share based payments \u2013 Note 20
The Group issues options and warrants to its employees, directors, investors and advisors. These are valued
in accordance with IFRS 2 \u201cShare-based payments\u201d with expense for the year being \u00a30.07 million (2024: \u00a30.05
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 20. 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 adopted by the Group in the Year
The standards and interpretations that are relevant to the Group, effective in this financial year are listed
below. There has been no impact on the financial statements from the adoption of these standards.
Standard
Impact on initial application
Effective date
Amendments to IAS 21 \u2013
Lack of Exchangeability
An entity is impacted by the amendments
when it has a transaction or an operation in a
foreign currency that is not exchangeable into
another currency at a measurement date for a
specified purpose.
A currency is exchangeable when there is an
ability to obtain the other currency (with a
normal administrative delay), and the
transaction would take place through a market
or exchange mechanism that creates
enforceable rights and obligations.
There has been no impact on the financial
statements from the adoption of this standard.
Annual periods
beginning on or after
1 January 2025
2.19 Future new standards and interpretations not yet adopted by the Group
The standards and interpretations that are relevant to the Group, effective in future financial years are listed
below. The Directors do not expect there to be an impact on the financial statements from the adoption of
these standards when they do become effective.
Standard
Impact on initial application
Effective date
Amendment to IFRS 9
and IFRS 7 \u2013
Classification and
Measurement of
Financial Instruments
These amendments:
- clarify the requirements for the timing of
recognition and derecognition of some
financial assets and liabilities, with a new
exception for some financial liabilities settled
through an electronic cash transfer system;
- clarify and add further guidance for assessing
whether a financial asset meets the solely
payments of principal and interest (SPPI)
criterion;
- add new disclosures for certain instruments
with contractual terms that can change cash
flows (such as instruments with features linked
to the achievement of ESG targets); and
- make updates to the disclosures for equity
instruments designated at Fair Value through
Other Comprehensive Income (FVOCI).
1 January 2026
(early adoption
permitted)
Amendment to IFRS 9
and IFRS 7 \u2013 Power
Purchase
Agreements (PPAs)
These amendments address power purchase
agreements. The amendments outline the factors that
an entity must consider when applying the \u2018own-use\u2019
exception under IFRS 9 to contracts for purchasing and
taking delivery of renewable electricity. This is
particularly relevant when the electricity source is
dependent on natural factors and the purchaser faces
significant volume risk.
1 January 2026
(early adoption
permitted)
IFRS 18 \u2013
Presentation and
Disclosure in
Financial Statements
This is the new standard on presentation and
disclosure in financial statements, with a focus on
updates to the statement of profit or loss. The key new
concepts introduced in IFRS 18 relate to:
\u2022 the structure of the statement of profit or loss;
\u2022 required disclosures in the financial statements for
certain profit or loss performance measures that
are reported outside an entity\u2019s financial
statements (that is, management-defined
performance measures); and
\u2022 enhanced principles on aggregation and
disaggregation which apply to the primary financial
statements and notes in general
1 January 2027
(early adoption
permitted)
Standard Impact on initial application Effective date IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures This new standard works alongside other IFRS Accounting Standards. An eligible subsidiary applies the requirements in other IFRS Accounting Standards except for the disclosure requirements and instead applies the reduced disclosure requirements in IFRS 19. \u2022 it does not have public accountability; and it has an ultimate or intermediate parent that produces consolidated financial statements available for public use that comply with IFRS Accounting Standards. 1 January 2027 (early adoption permitted) ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-274": { "value": "2.1 Basis of preparation The consolidated and parent company financial statements (\"financial statements\") for the period ended 31 December 2025 have been prepared by East Star Resources PLC in accordance with UK-adopted International Accounting Standards (\"IAS UK\") and the requirements of the Companies Act 2006. The Financial Statements have been prepared under the historical cost convention. 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 (\u00a3) 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 (\u00a3), 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 2025. The financial statements are presented in Pounds Sterling and rounded to the nearest thousand (\u00a3'000). Basis of measurement The Financial Statements have been prepared on a historical cost basis. Reverse acquisition accounting treatment During the period ended 31 December 2022, the Company acquired the entire share capital of Discovery Ventures Kazakhstan Ltd. As the Company (\u201caccounting acquiree\u201d) 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 (\u201caccounting acquirer\u201d) and outside the scope of IFRS 3. Critical accounting judgements and key sources of estimation uncertainty are disclosed in note 2.17. ", "dimensions": { "concept": "ifrs-full:DescriptionOfBasisOfPreparationOfSummarisedFinancialInformationOfJointVenture", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-275": { "value": "2.2 Going concern The Directors have prepared financial forecasts to estimate the likely cash requirements of the Group over the 18 months from sign off of the annual report. In preparing these financial forecasts, the Directors have made certain assumptions with regard to the timing and amount of future expenditure, the receipt of management fee income from Endeavour Mining PLC under the Earn-In and Joint Venture Agreement, and prevailing exchange rates. The Directors have considered the sensitivity of the financial forecasts to changes in key assumptions, including potential cost overruns within committed spend and movements in USD:GBP and KZT:GBP exchange rates. The assessment takes account of two transformational transactions completed before 31 December 2025: the binding Earn-In and Joint Venture Agreement with Endeavour Mining PLC (signed 13 November 2025), under which Endeavour commits to invest up to US$25 million in staged exploration expenditure across the Group's Kazakh gold licences with East Star expressly free-carried throughout; and the associated Endeavour strategic investment of \u00a31,807,600. Subsequent to the year end, Endeavour converted its \u00a31,711,000 convertible loan note in full into ordinary shares in February 2026, and East Star formalised a binding joint venture agreement with Hong Kong Xinhai Mining Services Limited in March 2026, under which Xinhai will fund an estimated US$65 million to take the Verkhuba Copper Deposit to production at no further cost to East Star. Under a conservative base case budget covering the 18-month period to 30 June 2027, the Group's cash balance remains positive throughout, reaching a minimum of approximately US$2.4 million at 30 June 2027, with no additional fundraising assumed. The Group remains in a pre-revenue exploration stage, and its continued viability beyond the period of the going concern forecast is dependent on the successful execution of its development plans and on continued access to funding. Whilst the recent strategic transactions described above are positive and serve to mitigate this risk, they do not eliminate the underlying uncertainty inherent in a pre-revenue exploration business. The Directors therefore consider, consistent with the position taken in the prior year and as is common for exploration-stage companies, that conditions exist which represent a material uncertainty that may cast significant doubt over the Group's and Company's ability to continue as a going concern. This material uncertainty is also referred to in the Auditor's Report. After due consideration of these forecasts, current cash resources, the Group's partnership arrangements and the sensitivity of key inputs, and notwithstanding the material uncertainty described above, the Directors are satisfied that the going concern basis of preparation remains appropriate. 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-276": { "value": "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\u2019s voting rights in an investee are sufficient to give it power, including: the size of the Company\u2019s 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\u2019 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\u2019s 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-277": { "value": "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 (Alpha, Revolut account was closed effective June 2025) and physical banks in Kazakhstan. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-278": { "value": "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. 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 \u2018reverse acquisition reserve\u2019 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\u2019s 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-279": { "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). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-280": { "value": "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\u2019s 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\u2019s 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\u2019s 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-281": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-282": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-283": { "value": "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 - Motor vehicles 5 years Estimated useful lives and residual values are reviewed each year and amended as required. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-284": { "value": "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 \u201cmining assets\u201d 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 \u201cMine development\u201d. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-285": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-286": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-287": { "value": "2.14 Leases The Group recognises the guidelines set out in \u201cIFRS 16 \u2013 Leases\u201d 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 \u00a35k) 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-288": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-289": { "value": "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. ", "dimensions": { "concept": "est:DescriptionOfAccountingPolicyForOtherComprehensiveIncomeExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-290": { "value": "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 \u2013 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\u2019s investment in DVK amounts to \u00a36.269 million (2024: \u00a36.269 million) and intercompany loans amount to \u00a35.593 million (2024: \u00a34.571 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 \u2013 Note 10 Costs capitalised in respect of the Group\u2019s mining assets are required to be assessed for impairment under the provisions of IFRS 6. The carrying value of the Group's exploration assets at 31 December 2025 was \u00a31.892 million (2024: \u00a32.448 million). An impairment charge of \u00a31.286 million was recognised in the year (see Note 10). 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 year in relation to exploration assets and can be further evidenced at note 10. Rehabilitation and restoration provisions \u2013 Note 11 The Group assesses at each reporting date whether a rehabilitation and restoration provision is required under IAS 37 in respect of its exploration activities in Kazakhstan. This assessment requires judgement in determining whether the three recognition criteria are met: a present obligation arising from a past event, a probable outflow of resources, and a reliable estimate of the amount. As at 31 December 2025, the Directors have concluded that none of these criteria are met in respect of the Group's active exploration licences. No decision has been taken to cease operations on any active licence and no physical disturbance has occurred that would crystallise a present restoration obligation. The Directors will continue to monitor this position as exploration activities advance. Share based payments \u2013 Note 20 The Group issues options and warrants to its employees, directors, investors and advisors. These are valued in accordance with IFRS 2 \u201cShare-based payments\u201d with expense for the year being \u00a30.07 million (2024: \u00a30.05 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 20. 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-291": { "value": "2.18 New standards and interpretations adopted by the Group in the Year The standards and interpretations that are relevant to the Group, effective in this financial year are listed below. There has been no impact on the financial statements from the adoption of these standards. Standard Impact on initial application Effective date Amendments to IAS 21 \u2013 Lack of Exchangeability An entity is impacted by the amendments when it has a transaction or an operation in a foreign currency that is not exchangeable into another currency at a measurement date for a specified purpose. A currency is exchangeable when there is an ability to obtain the other currency (with a normal administrative delay), and the transaction would take place through a market or exchange mechanism that creates enforceable rights and obligations. There has been no impact on the financial statements from the adoption of this standard. Annual periods beginning on or after 1 January 2025 ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-292": { "value": "2.19 Future new standards and interpretations not yet adopted by the Group The standards and interpretations that are relevant to the Group, effective in future financial years are listed below. The Directors do not expect there to be an impact on the financial statements from the adoption of these standards when they do become effective. Standard Impact on initial application Effective date Amendment to IFRS 9 and IFRS 7 \u2013 Classification and Measurement of Financial Instruments These amendments: - clarify the requirements for the timing of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system; - clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion; - add new disclosures for certain instruments with contractual terms that can change cash flows (such as instruments with features linked to the achievement of ESG targets); and - make updates to the disclosures for equity instruments designated at Fair Value through Other Comprehensive Income (FVOCI). 1 January 2026 (early adoption permitted) Amendment to IFRS 9 and IFRS 7 \u2013 Power Purchase Agreements (PPAs) These amendments address power purchase agreements. The amendments outline the factors that an entity must consider when applying the \u2018own-use\u2019 exception under IFRS 9 to contracts for purchasing and taking delivery of renewable electricity. This is particularly relevant when the electricity source is dependent on natural factors and the purchaser faces significant volume risk. 1 January 2026 (early adoption permitted) IFRS 18 \u2013 Presentation and Disclosure in Financial Statements This is the new standard on presentation and disclosure in financial statements, with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to: \u2022 the structure of the statement of profit or loss; \u2022 required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity\u2019s financial statements (that is, management-defined performance measures); and \u2022 enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general 1 January 2027 (early adoption permitted) Standard Impact on initial application Effective date IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures This new standard works alongside other IFRS Accounting Standards. An eligible subsidiary applies the requirements in other IFRS Accounting Standards except for the disclosure requirements and instead applies the reduced disclosure requirements in IFRS 19. \u2022 it does not have public accountability; and it has an ultimate or intermediate parent that produces consolidated financial statements available for public use that comply with IFRS Accounting Standards. 1 January 2027 (early adoption permitted) ", "dimensions": { "concept": "ifrs-full:ExplanationOfNotAppliedNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-244": { "value": "
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 2025 (2024: \u00a3nil).
31 December 2025
United Kingdom
Kazakhstan Total
\u00a3'000 \u00a3'000 \u00a3'000
Administrative expenses
(546)
(403) (949)
Share based payments
(66)
- (66)
Impairment charge
-
(1,286) (1,286)
Other income
-
- -
Operating loss from continued operations (612) (1,689) (2,301)
per reportable segment
Reportable segment assets
2,
586
1,842
4,428
Reportable segment liabilities
(
1,938
)
(
5
5
)
(
1,99
3
)
Total
648
1,78
7
2,43
5
31 December 2024
United Kingdom
Kazakhstan Total
\u00a3'000 \u00a3'000 \u00a3'000
Administrative expenses
(491)
(896) (1,387)
Share based payments
(47)
- (47)
Impairment charge
-
(62) (62)
Other income
394
- 394
Operating loss from continued operations (144) (958) (1,102)
per reportable segment
Reportable segment assets
785
2,486
3,271
Reportable segment liabilities
(67)
(49)
(116)
Total
718
2,437
3,155
Segment assets and liabilities are allocated based on geographical location.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-245": { "value": "
4. Administrative expenses
Administrative expenses for the Group can further be broken down as per below:
Year ended Year ended
31 Dec 2025 31 Dec 2024
\u00a3'000 \u00a3'000
Professional fees (147) (196)
Directors\u2019 fees (173) (116)
Salaries & wages (169) (82)
Geological consulting and exploration costs (2) (15)
Insurance (23) (6)
Consultants (27) (52)
Travel (67) (33)
Foreign Exchange (254) (788)
Other administrative expenses (87) (99)
Administrative expenses (949) (1,387)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-246": { "value": "
5. Employees
The average number of persons employed by the Group (including directors) during the period ended 31
December 2025 was:
202
5
2024
Management
5
5
Non
-
management
8
8
13 13
The highest paid director received total remuneration of \u00a3196,000 (2024: \u00a3147,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-247": { "value": "
6. Auditor\u2019s Remuneration
Year
ended 31
Year
ended
31
December 2025 December 2024
\u00a3'000 \u00a3'000
Fees payable for the audit of the
Group\u2019s financial statements
4
8
4
6
4
8
4
6
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-248": { "value": "
7. Taxation
Year ended Year ended
31 December 31 December
2025 2024
A reconciliation of the tax charge appearing
\u00a3\u2019000 \u00a3\u2019000
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
(
2
,
301
)
(1,102)
Tax credit at the weighted standard
average rate of corporation tax in the UK
of 25% and Kazakhstan of 20%
(491)
(227)
Adjustment for items disallowable for tax
66
47
Tax losses for which no deferred tax is
recognised
425 180
Tax expense recognised in accounts
-
-
The Group has estimated tax losses carried forward of \u00a36,028,000 (2024: \u00a33,870,000) The taxed value of the
unrecognised deferred tax asset is \u00a31,147,000 (2024: \u00a3722,000) 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.
There are no other factors following this change that may affect future tax charges.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-249": { "value": "
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
Year
ended 31
December 2025 December 2024
\u00a3'000 \u00a3'000
Foreign currency movements
82
233
82
233
", "dimensions": { "concept": "est:DisclosureOfOtherComprehensiveIncomeExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-250": { "value": "
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
Year
ended
31 December 31 December
2025 2024
Loss attributable to shareholders of East Star Resources PLC - \u00a3\u2019000
(2,301)
(1,102)
Weighted number of ordinary shares in issue
424,291,761
264,288,870
Basic & dilutive earnings per share from continuing operations
\u2013
(0.54) (0.42)
pence
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 due to the group
making a loss they were not included in the calculation of diluted earnings per share as they are anti-dilutive
for the year and prior year presented.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-251": { "value": "
10. Exploration assets
Group
\u00a3\u2019000
Cost and carrying value
\u2013
1 January 202
4
2,
149
Additions
578
Foreign exchange
(
249
)
Impairment on licenses
(
30
)
At 31 December 202
4
2,
448
Additions
821
Foreign exchange
(9
1
)
Impairment on licenses
(1,286)
At 31 December 202
5
1,892
Exploration and evaluation assets relate specifically to expenditure incurred to support the exploitation of
exploration licences held by the Group's Kazakhstan-based subsidiaries. Following the termination of the
Rudny Resources licences during the year, the Group holds a total of 8 active licences across three mineral
provinces of Kazakhstan, being the Rudny Altai VMS belt, the Karaganda / Balkash-Ili arc and the Chu-Ili
region.
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.
Following this assessment, the Directors concluded that an impairment charge of \u00a31,285,476 (KZT
883,645,525) was required in the current year in respect of the following licences:
Rudny Resources Limited \u2014 \u00a31,242,077 (KZT 853,812,758): The impairment represents the full write-
off of capitalised exploration expenditure following the termination on 23 September 2025 of two
exploration licences prior to commercial discovery: Licence No. 847-EL (Novo 2) and Licence No. 914-
EL (Novo 1). No further exploration activity will be undertaken under these licences.
Copperland Limited \u2014 \u00a343,399 (KZT 29,832,766): The impairment represents the write-off of
capitalised exploration expenditure in respect of Licence No. 2483-EL (Ayagoz), relinquished by
Copperland Ltd prior to commercial discovery. The Copperland subsidiary continues to hold two
active exploration licences \u2014 Snowy (2506-EL) and Piket (3720-EL) \u2014 under which exploration
activities are ongoing.
A 10% movement either way in the KZT/GBP exchange rate would change the carrying value by
approximately \u00a3189,000 (2024: \u00a3245,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-252": { "value": "
11. Earn in advance (financial asset)
Group
\u00a3\u2019000
Cost and carrying value
\u2013
1 January 202
4
-
Additions
32
Foreign exchange
-
Impairment on licenses
(
32)
At 31 December 202
4
-
Additions
-
Impairment on licenses
-
At 31 December 202
5
-
The licences 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 prior year, an amount of \u00a332,000 was incurred with respect to potential rehabilitation costs for the
Talyryk licences which was impaired immediately.
Rehabilitation and Restoration Provisions
The Group has assessed its rehabilitation and restoration obligations in accordance with IAS 37 \u2014 Provisions,
Contingent Liabilities and Contingent Assets in respect of its exploration activities in Kazakhstan as at 31
December 2025. The Directors have concluded that no rehabilitation provision is required. The Group's
current exploration activities do not give rise to present obligations for site restoration that meet the IAS 37
recognition criteria of a present obligation, probable outflow and reliable estimate. No rehabilitation
expenditure was incurred during the year ended 31 December 2025. The Directors will continue to monitor
rehabilitation obligations as exploration activities advance and will recognise a provision at the earliest point
at which the IAS 37 recognition criteria are met.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-253": { "value": "
12. Property, plant & equipment
Furniture
Motor Plant and and Computer Total
vehicle equipment fittings equipment
Group \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
Opening balance
\u2013
1 January 202
5
2
8
31
2
7
68
Additions
12
-
-
1
13
Foreign exchange
(
1
)
-
-
-
(
1)
At
31 December 202
5
3
9
31
2
8
80
Depreciation
Opening balance
\u2013
1 January 202
5
(1)
(26)
(1)
(5)
(33)
Charge for the year
(4)
(3)
-
(2)
(9)
At 31 December 202
5
(
5
)
(2
9
)
(1)
(
7
)
(
42
)
Net book value 31 December 202
4
27
5
1
2
35
Net book value 31 December 202
5
3
4
2
1
1
3
8
Furniture
Motor Plant and and Computer Total
vehicle equipment fittings equipment
Group \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
Opening balance
\u2013
1 January 2024
-
31
2
7
40
Additions
31
-
-
2
33
Foreign exchange
(3)
-
-
(2)
(5)
At 31 December 2024
28
31
2
7
68
Depreciation
Opening balance
\u2013
1 January 2024
-
(19)
(1)
(3)
(23)
Charge for the year
(1)
(7)
-
(2)
(10)
At 31 December 2024
(1)
(26)
(1)
(5)
(33)
Net book value 31 December 2023
-
12
1
4
17
Net book value 31 December 2024
27
5
1
2
35
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-254": { "value": "
13. Investment in subsidiaries
Company
\u00a3\u2019000
Cost and carrying value
\u2013
3
1
December
202
3
6,268
Additions during the year
1
At 31 December 202
4
6,26
9
Additions during the year -
At 31 December 202
5
6,
269
List of Subsidiaries * Subsidiaries held indirectly through Discovery Ventures Kazakhstan ** Subsidiary held indirectly through MVLKAZ Holdings Limited Incorporation of Joint Venture Entities \u2014 Endeavour Mining JV Subsequent to the year end, East Star procured the incorporation in the Astana International Financial Centre of Cook JV Co, a private company limited by shares, being the joint venture company (\"JVCO\") established pursuant to the Earn-In and Joint Venture Agreement with Endeavour Exploration Limited dated 13 November 2025. Cook JV Co in turn incorporated a subsidiary, Cook Exploration, as a limited liability partnership under Kazakhstani law, to hold and operate the Project Licences in accordance with the terms of the Agreement. Both entities were incorporated after 31 December 2025 and are accordingly not included in the list of subsidiaries as at the balance sheet date. At the date of approval of these financial statements, East Star holds 100% of Cook JV Co pending Endeavour's acquisition of its earn-in interest through staged exploration investment of up to US$25 million. Prior to acquiring its Stage 1 earn-in interest, Endeavour holds negative control rights as creditor of Cook JV Co under the associated Loan Agreement. Cook JV Co and Cook Exploration will be consolidated from the date of their incorporation. However, upon Endeavour acquiring its Stage 1 earn-in interest of 51%, East Star's interest in Cook JV Co will reduce to 49% and the entity will be deconsolidated and reclassified as a joint arrangement, accounted for using the equity method in accordance with IFRS 11. Given that the Stage 1 work programme commenced in 2026 with US$2.3 million already committed by Endeavour, it is possible Name Business Activity Country of %age %age Incorporatio Holding Holding n Registered Address 2025 2024 Discovery VP 32, building 12/1, Ventures Mineral Kazakhstan Dinmuhamed Konaev street, 100% 100% Kazakhstan exploration Yesil district, Astana, Limited Z05H9B0, Kazakhstan bld. 12/1, VP 32, 3rd floor, Chu Ili Resources Mineral Kazakhstan IHUB coworking, D. Konayev 80% 80% ltd* exploration Street, Yessil district, Astana city, Z05H9B0, Kazakhstan bld. 12/1, VP 32, 3rd floor, Rudny Resources Mineral Kazakhstan IHUB coworking, D. Konayev 80% 80% ltd* exploration Street, Yessil district, Astana city, Z05H9B0, Kazakhstan bld. 12/1, VP 32, 3rd floor, Copperland Mineral Kazakhstan IHUB coworking, D. Konayev 100% 100% Limited * exploration Street, Yessil district, Astana city, Z05H9B0, Kazakhstan MVLKAZ Holdings Holding United Eccleston Yards, 25 Eccleston 100% 100% Limited company Kingdom Place, London, SW1W 9NF VP 32, building 12/1, MVLKAZ Limited Mineral Kazakhstan Dinmuhamed Konaev street, 100%100 ** exploration Yesil district, Astana, Z05H9B0, Kazakhstan
that this transition occurs during the year ending 31 December 2026. The Group will disclose the impact of
this transition in its consolidated financial statements for the year ending 31 December 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-255": { "value": "
14. Cash and cash equivalents
Group Company
As at
As at
As at
As at
31 December 31 December 31 December 31 December
2025 2024 2025 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cash at bank
442
678 440 658
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-256": { "value": "
15. Inter-company receivable
Company
As at
31
As at
31
December 2025 December 2024
\u00a3'000 \u00a3'000
Inter
-
company loan
receivable
5,593
4,571
5,593
4,571
", "dimensions": { "concept": "est:DisclosureOfInterCompanyReceivableExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-257": { "value": "
16. Trade and other receivables
Group Company
As at
As at
As at
As at
31 December 31 December 31 December 31 December
2025 2024 2025 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
VAT receivable
13
23 13 23
Prepayments
25
24 17 19
Other debtors
2,018
63 1,974 10
2,056 110 2,004 52
Expected credit loss model under IFRS 9 has not been applied with respect to receivables due to this being
inappropriate for the above receivables. Other debtors increased significantly at the year-end due to
amounts receivable from Endeavour in respect of the Convertible Loan Note, as well as exercised warrants,
both of which were settled in January 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-258": { "value": "
17. Convertible Loan Note
Company
As at 31
As at 31
December 2025 December 2024
\u00a3'000 \u00a3'000
Convertible Loan Note
1,711
-
1,711
-
On 1 December 2025, the Company issued an unsecured convertible loan note (\"CLN\") of \u00a31,711,000 to
Endeavour Mining PLC, convertible into 74,391,304 ordinary shares at a conversion price of \u00a30.023 per share.
The CLN is interest-free save where, if not converted within 12 months, interest becomes payable. The CLN
is classified as a non-current liability at 31 December 2025. Subsequent to the year end, on 10 February 2026,
the CLN was converted in full into 74,391,304 new ordinary shares, admitted to trading on 16 February 2026,
increasing Endeavour's total shareholding to 78,591,304 ordinary shares representing 14.3% of the
Company's enlarged issued share capital.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-259": { "value": "
18. Trade and other payables
Group Company
As at
As at
As at
As at
31 December 31 December 31 December 31 December
2025 2024 2025 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade payables
123
71 68 22
Accruals
158
44 158 44
Other payables
1
1 1 1
282 116 227 67
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-260": { "value": "19. Share capital and share premium
Ordinary
Share
Share
Group and Company Shares Capital Premium Total
#
\u00a3
\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 31 December 2023
218,650,164
2,187
6,052
8,23
9
Issue of ordinary shares
\u2013
exercise of
warrants
1,200,333
12
24
36
Issue of ordinary shares
\u2013
performance
shares milestones reached
1
75,000,000
750
3,000
3,750
Issue of ordinary shares
\u2013
share
placement
2
100,926,292
1,009
151
1,160
Issue of ordinary shares
\u2013
fees settled in
shares
2
1,739,130
17
3
20
Share issue costs
-
-
(
52
)
(
52
)
At 31 December 2024
397,515,919
3,
975
9,
1
78
13,
153
Issue of ordinary shares
\u2013
Subscription
and WRAP retail offer
3
 47,868,616
479
144
623
Issue of ordinary shares
\u2013
Strategic
investment by Endeavour Mining
4
 4,200,000
42
55
97
Issue of ordinary shares
\u2013
fees settled in
shares
5
 25,590,545
256
511
767
Share issue costs
-
-
(
54
)
(17)
At 31 December 2025
475,175,080
4,752
9,8
34
14,
586
1 In July 2024, the Mineral Resource Estimate performance threshold of 1Moz at 2 g/t gold equivalent as per the share purchase agreement with the vendors of DVK was met resulting in the issue of 75m performance shares. The value of these shares of \u00a33.75m were transferred from Shares to be Issued. 2 On 16 October 2024, the Company issued 100,926,292 ordinary shares at \u00a30.0115 as part of a share placement along with 1,739,130 ordinary shares at the same price in settlement of \u00a320,000 accrued director fees. 3 In June 2025, the Company issued 47,868,616 ordinary shares at \u00a30.013 per share by way of an oversubscribed Subscription and WRAP Retail Offer, raising gross proceeds of \u00a3622,292. 4 On 1 December 2025, the Company issued 4,200,000 ordinary shares at \u00a30.023 per share to Endeavour Mining PLC as part of a \u00a31,807,600 strategic investment, raising gross proceeds of \u00a396,600 from the share issuance, accompanied by the issue of an unsecured convertible loan note of \u00a31,711,000 convertible into 74,391,304 ordinary shares at \u00a30.023 per share, upon which Endeavour will hold 15% of the Company's enlarged issued share capital. 5 On 30 December 2025, the Company received warrant exercise notices for 25,590,545 ordinary shares at \u00a30.03 per share, raising gross proceeds of \u00a3767,716, bringing the Company's total issued share capital to 475,175,080 ordinary shares. 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, being ordinary shares at a nominal value of \u00a30.01 (2024: \u00a30.01).
All ordinary shares have equal voting rights and rank pari passu for the distribution of dividends and
repayment of capital.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-261": { "value": "
20. Share based payments reserve
Group
Company
\u00a3\u2019000 \u00a3\u2019000
As at 31 December 2023
307
307
Employee options issued 32 32
LTIP options issued
15
15
As at 31 December 2024
354
354
Employee options issued
1
 32 32
LTIP options issued
2
 61 61
Broker warrants
3
 (27) (27)
As at 31 December 2025
420
420
1
On 13 December 2021, 11,250,000 employee options were granted. These options have an exercise price
of \u00a30.05 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\"). 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.
Additionally, on 11 March 2025, 8,458,688 options were granted to employees and directors under the
Company's Long-Term Incentive Plan at an exercise price of \u00a30.015 per share, vesting on 11 March 2026 and
expiring 10 February 2035, with a total fair value of \u00a348,349 calculated using the Black-Scholes model. The share-based payment charge recognised in the year ended 31 December 2025 is \u00a339,076. 3 On 13 June 2025, 351,582 warrants were issued to SI Capital Ltd (exercise price \u00a30.013, expiring 13 June 2028) with a fair value of \u00a33,293, and 446,538 warrants were issued to Cavendish Securities Plc (exercise price \u00a30.03, expiring 13 June 2026) with a fair value of \u00a3722. During the year, 2,146,000 warrants with an exercise price of \u00a30.05 expired unexercised and the associated share-based payment reserve of \u00a330,583 was reversed to profit or loss. 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: Warrants
Grant date Number
Share
price \u00a3
Exercise
price \u00a3
Expiry date
Volatility
%
RF Rate
%
Technique
13 June
2025
351,582
0.0133
0.013
13 June
2028
125
4.2
Black Scholes
13 June
2025
446,538
0.0133
0.030
13 June
2026
125
4.2
Black Scholes
Options Share Exercise Volatility RF Rate Grant date Number Expiry date Technique price \u00a3 price \u00a3 % % 11 March 10 February 8,458,688 0.009 0.015 85 4.2 Black Scholes 2025 2035 Warrants As at 31 December 2025 Weighted average Number of exercise price warrants Brought forward at 1 January 2024 4.00p 45,213,505 Lapsed in period 5.00p (1,200,000) Exercised in period 3.00p (1,200,333) Granted in period 3.00p 1,578,130 Granted in period 1.15p 286,956 Outstanding at 31 December 2024 3.33p 44,678,258
Exercisable at 31 December 2024
3.33p
44,678,258
Brought forward at 1 January 2025
3.33p
44,678,258
Lapsed in period
5.00p
(2,146,000)
Lapsed in period
3.00p
(11,187,252)
Exercised in period
3.00p
(25,590,545)
Granted in period
1.30p
351,582
Granted in period
3.00p
446,538
Outstanding at 31 December 2025
4.50p
6,552,581
Exercisable at 31 December 2025
4.50p
6,552,581
The weighted average time to expiry of the warrants as at 31 December 2025 is 1.10 years (2024: 0.92 years). Options As at 31 December 2025 Weighted average exercise price Number of options Brought forward at 1 January 2024 5p 14,934,500 Granted in period Vested in period 4.3p 2,125,584 Outstanding at 31 December 2024 4.8p 14,934,500 Exercisable at 31 December 2024 4.7p 5,875,584 Brought forward at 1 January 2025 4.8p 14,934,500 Granted in period 1.5p 8,639,847 Vested in period 1.5p 1,198,661 Outstanding at 31 December 2025 3.7p 23,574,347 Exercisable at 31 December 2025 3.7p 7,074,245 The weighted average time to expiry of the options as at 31 December 2025 is 5.02 years (2024: 3.68 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-262": { "value": "
21. Other Reserves
Share capital to issue reserve
Shares to be issued as part of the DVK acquisition based on performance milestones. The reserve at 31
December 2024 represented contingent consideration for the DVK acquisition which fully vested and was
settled by the issue of shares during 2024. The reserve has been \u00a3nil throughout the year ended 31 December
2025.
Foreign exchange reserve
Foreign exchange differences arising on translating subsidiary financial statements into the Group's
presentation currency.
Share based payment reserve
Cumulative charge recognised under IFRS 2 in respect of share-based payment awards.
Reverse acquisition reserve
Represents the difference between the pre-acquisition value of the equity of the Parent Company and the
investment in DVK, net of expenses, arising on the reverse acquisition of DVK by the Company in January
2022.
Retained earnings
Retained earnings represents cumulative profits and losses net of dividends and other adjustments.
22. Reverse acquisition
On 10 January 2022, the Company acquired the entire share capital of Discovery Ventures Kazakhstan Limited
(\"DVK\"), whose principal activity is to undertake exploration activities relating to gold and copper mineral
resources in Kazakhstan, through the issue of 45,000,000 consideration shares.
Although DVK became a wholly owned subsidiary of the Company, the transaction constitutes a reverse
acquisition as in substance it resulted in a fundamental change in the business of the Company. The
transaction has been accounted for as a reverse acquisition and, as the Company's activities prior to the
acquisition were purely the maintenance of the Main Market LSE listing, the directors did not consider this
to meet the definition of a business in accordance with IFRS 3. Accordingly, 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 is charged to the statement of comprehensive income as a share-based payment on reverse
acquisition, representing in substance the cost of acquiring a Main Market LSE listing.
The fair value of the net assets of East Star at acquisition was as follows:
\u00a3\u2019000
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 (\u00a33,477,000) and the fair value of the net assets assumed above of
\u00a31,747,000 resulted in \u00a31,730,000 being expensed within \"reverse acquisition expenses\" in accordance with
IFRS 2.
The reverse acquisition reserve which arose from the reverse takeover is made up as follows:
\u00a3\u2019000
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 \u00a3216,000. 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 (\u00a30.05). The above entry is required to
eliminate the balance sheet impact of this transaction.
I. Initial consideration: 45 million shares at \u00a30.05 (\u00a32,250,000)
II. Contingent consideration: 75 million shares at \u00a30.05 (\u00a33,750,000)
III. Convertible loan notes settled on behalf of DVK through issue of 5.35m shares at \u00a30.05
(\u00a3267,500)
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-263": { "value": "
23. 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\u2019s 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\u2019s principal financial instruments comprise cash and cash equivalents, other receivables, trade and
other payables. The Group\u2019s 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 \u2013 \u201cAccounting Policies\u201d.
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\u2019s 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 December
31 December
2025 2024
\u00a3 GBP
\u00a3'000
\u00a3'000
Cash and cash equivalents
2
19
Trade and other receivables
50
58
Trade and other payables
(56)
(49)
(4)
28
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\u2019s 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\u2019s 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\u2019s 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\u2019s 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\u2019s 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 2025, the Group was primarily financed by cash raised through equity
funding. 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 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\u2019s financial liabilities as at 31 December
2025 on the basis of their earliest possible contractual maturity.
Within 2
Within 2
-
6
Total months months
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At
3
1
Dec
ember
202
5
Trade payables
282
124
158
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-264": { "value": "
24. Financial assets and liabilities
Financial assets/liabilities at amortised cost
Group
\u2013
Year ended 31 Dec
ember
202
5
202
4
\u00a3'000
\u00a3'000
Trade and other receivables
1
2,031
86
Cash and cash equivalents
442
678
Trade and other payables
2
(
125
)
(72)
2,348
692
Financial assets/liabilities at amortised cost
Company
\u2013
Year ended 31 December
2025
2024
\u00a3'000
\u00a3'000
Trade and other receivables
1
1,974
33
Cash and cash equivalents
440
658
Trade and other payables
2
(
68
)
(23)
2,346
668
1
Trade and other receivables excludes prepayments
2
Trade and other payables excludes accruals
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-265": { "value": "
25. Statement of Net Debt
Group
Company
Year ended 31
Year ended 31
Year ended 31
Year ended 31
December 2025 December 2024 December 2025 December 2024
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Total bank loans and
overdraft
\u2013 \u2013 \u2013 \u2013
Less: cash and cash
(442) (678) (440) (658)
equivalents
Net debt / (cash)
(442)
(678)
(440)
(658)
Total equity attributable to
shareholders of the parent
2,435 3,155 12,368 11,483
Gearing
n/a
n/a
n/a
n/a
", "dimensions": { "concept": "est:DisclosureOfStatementofNetDebt", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-266": { "value": "26. Related Party Transactions Orana Corporate LLP - Service Agreement During the year, \u00a354,000 of fees were accrued to Orana Corporate LLP (2024: \u00a345,000), of which \u00a35,520 was owing at year end (2024: \u00a35,430) for the provision of corporate accounting services. Anthony Eastman is a director of East Star Resources PLC and Orana.Other than these there were no other related party transactions. Directors remuneration See Directors report for details on Directors remuneration in the period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfTransactionsWithRelatedParty", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-267": { "value": "27. Ultimate Controlling Party As at 31 December 2025, there was no ultimate controlling party of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-268": { "value": "
28. Capital Commitments
The Group is committed to the following minimum expenditure across various licenses within 12 months
from 31 December 2025:
Annual minimal
License area
License
Owner
expenditures on exploration
\u00a3
\u2019000
Apmintas
774-EL
Chu-Ili Resources Limited
102
RA 1
1799-EL
Discovery Ventures Kazakhstan Limited
39
RA 3
1795-EL
Discovery Ventures Kazakhstan Limited
29
Snowy
2506-EL
Copperland Limited
29
RA 4
2546-EL
Discovery Ventures Kazakhstan Limited
8
RA 5
3631-EL
Discovery Ventures Kazakhstan Limited
8
Piket
3720-EL
Copperland Limited
34
Judzha
3724-EL
Discovery Ventures Kazakhstan Limited
15
Total
264
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-269": { "value": "
29. Contingent assets
VAT recoverable
The subsidiaries of East Star Resources had accrued an amount of \u00a312,887 (2024: \u00a338,000) relating to VAT
incurred on expenditure on the various mining licenses to 31 December 2025. As the Group is currently not
generating revenue these amounts cannot be offset but are retained if revenue is generated in a period of 5
years from incurring the expense.
Per \u201cIAS 37 \u2013 Provisions, Contingent Liabilities and Contingent Assets\u201d 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.
30. Contingent liabilities
There were no contingent liabilities over the Group as at 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-270": { "value": "
31. Events subsequent to year end
Convertible Loan Note Conversion
On 10 February 2026, the \u00a31.711 million unsecured convertible loan note (\"CLN\") held by Endeavour Mining
PLC (LSE: EDV/TSX: EDV) and recognised as a non-current liability at 31 December 2025 (see Note 17), was
converted into equity.
The conversion resulted in the allotment of 74,391,304 new ordinary shares in the Company at a conversion
price of \u00a30.023 per share. The new shares were admitted to trading on the Main Market of the London Stock
Exchange and to listing on the equity shares (transition) category of the FCA's Official List on 16 February
2026.
Following this conversion, Endeavour Mining's ownership in the Company increased to 78,591,304 ordinary
shares, representing 14.3% of the Company's issued share capital. Endeavour Mining, a FTSE 100 constituent
and one of the world's leading gold producers, has made a total investment into the Company of over \u00a31.8
million. Following these transactions, the Company's total issued share capital comprises 549,566,384
ordinary shares with voting rights, with no shares held in Treasury.
Incorporation of Joint Venture Entities \u2014 Endeavour Mining JV
Subsequent to the year end, East Star incorporated Cook JV Co in the Astana International Financial Centre,
being the joint venture company established pursuant to the Earn-In and Joint Venture Agreement with
Endeavour Exploration Limited dated 13 November 2025. Cook JV Co in turn incorporated Cook Exploration,
a limited liability partnership under Kazakhstani law, to hold and operate the Project Licences. Both entities
were incorporated after 31 December 2025 and are not included in the subsidiary list at the balance sheet
date.
East Star holds 100% of Cook JV Co pending Endeavour's earn-in. Upon Endeavour acquiring its Stage 1
interest of 51%, Cook JV Co will be deconsolidated and reclassified as a joint arrangement under IFRS 11.
Given that US$2.3 million has already been committed under Stage 1, this transition may occur during the
year ending 31 December 2026 and will be disclosed accordingly.
Xinhai Mining Joint Venture Agreement
On 19 March 2026, East Star formalised a joint venture agreement with Hong Kong Xinhai Mining Services
Limited (\"Xinhai\") for the development of the Verkhuba Copper Deposit (RA 3, Licence 1795-EL). Under the
agreement, Xinhai will fund 100% of all costs from resource definition drilling through to commissioning \u2014
an estimated US$65 million \u2014 in exchange for up to a 70% interest in a newly incorporated joint venture
company. East Star is fully carried and retains a 30% interest in the producing mine. Resource definition
drilling is targeted to commence by June 2026.
The JVA gives binding legal effect to the Heads of Agreement signed on 11 December 2025, referenced in
Notes 10 and 13, and is treated as a non-adjusting post-balance sheet event under IAS 10.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138001Y6SMQC8DX2B40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }