{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Company Interviews","title":"East Star Resources (LSE:EST) - Drilling Through 2027 on Kazakhstan Copper and Gold Assets","html":"<iframe width=\"100%\" height=\"180\" frameborder=\"no\" scrolling=\"no\" seamless src=\"https://share.transistor.fm/e/cce2442d\"></iframe>","width":"100%","height":180,"duration":2708,"description":"Interview with Alex Walker, Director & CEO of East Star Resources PLC\nOur previous interview: https://www.cruxinvestor.com/posts/east-star-resources-lseest-secures-2nd-copper-jv-agreement-with-rulikha-project-in-kazakhstan-11740\nRecording date: 14th October 2026\nEast Star Resources (LSE:EST) is a London-listed copper and gold explorer in Kazakhstan. Its main appeal is the deal structure, not any single deposit. CEO Alex Walker has put partners in place who fund the most expensive and dilutive stages of mine development. East Star keeps a fixed share of each project in return.\nThe most advanced asset is Verkhuba, a JORC inferred resource of 20.3 Mt at 1.16% copper, 1.54% zinc and 0.27% lead. Hong Kong Xinhai Mining Services Limited is funding the project to production. East Star would then own 30% of a planned 1 Mtpa operation, with no debt repayment, capital payback or waterfall. Xinhai has given an indicative capital cost of about $65 million for the plant. Under East Star’s structure, a cost overrun does not change its percentage. Two rigs are drilling to upgrade resource confidence, and the programme is expected to pass 5,000 metres before winter. The results will feed a mine plan and the mining licence application, which is already in preparation. Metallurgical test work is starting, replacing recovery data from around 1990.\nRulikha is the second copper project. It is a VMS exploration target of up to 23 Mt at 2.4% copper equivalent, based on historical drilling. East Star has signed a binding Heads of Agreement with Kazakh partner Nova Ltd. The definitive JV agreement is still under negotiation. If the partner builds the mine without debt repayment, East Star keeps 25%. If the partner chooses a debt structure, East Star receives 12.25% of allocated revenue until the debt is repaid, then 35%. A five-hole, roughly 1,500-metre programme began on October 2026 to verify the historical intersections. A resource drill-out would follow if they are confirmed.\nThe...","thumbnail_url":"https://img.transistorcdn.com/1wv-MFlQAgnm-ca64e5kK4984dZB0os8-HJdRVsI74M/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9zaG93/LzEzNTcyLzE2MjM5/NTQyMDctYXJ0d29y/ay5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}