THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

12 December 2023

East Star Resources Plc

("East Star" or the "Company")

Verkhuba Copper Deposit Drill Results Update

Open pit potential confirmed

East Star Resources Plc (LSE:EST), which is defining mineral resources in Kazakhstan for the energy revolution, is very pleased to provide an update on the assays from drilling at the Verkhuba Copper Deposit on the Rudny Altai volcanogenic massive sulfide ("VMS") belt, which confirm the potential for resource development by way of open pit mining.

Highlights:

Alex Walker, East Star CEO, commented:

"We are delighted with the results of high-grade assays from our recent Verkhuba drilling campaign. We can now definitively demonstrate that the Verkhuba Deposit has multiple copper-rich ore grade intervals at mineable depths. Grades are relatively consistent with the 1.4 - 1.8% copper grade range derived from the 5-6Mt open-pit resource calculated from the independent resource model. This gives confidence in the accuracy of the more than 42,000m of historical drilling used in calculating our JORC-compliant exploration target. Additional ore lenses and lower grade halos not reported in historical drilling, and therefore not a part of the existing resource model, should increase the total tonnes of ore expected in future resource models.

The vast majority of the ore is copper; however, it is good to see zinc as well as silver in intersections. Silver grades, not included in the previous resource model, indicate the potential for gold credits that could further improve the project's economics - which are already compelling given existing regional infrastructure.

Kazakhstan continues to be a fantastic jurisdiction for resource exploration, with strong support for new projects being demonstrated at the federal and local levels.  There's a lot to be excited about in East Star's future."

Next Steps

The Company is in the process remodelling the historical drilling and will undertake a geostatistical analysis of the results against the historical results to understand what additional work is required to progress Verkhuba to a JORC-compliant resource.

This remodelling is expected to be undertaken over the holiday period with an updated resources model expected in early 2024. The updated model will also inform the follow up drill programme which will be planned with the purpose of progressing the open pit development concept through to a stage where economic feasibility can be demonstrated, and a mining licence application can begin.

East Star's geological team has also been undertaking additional desktop work on targets within the existing licences in the Rudny Altai belt. Field work will commence as soon as possible in 2024 to advance these exciting targets to drill ready status.

Notes

CuEq grades are calculated using the below metal prices and recoveries:

All intersections above 0.38% CuEq cut-off are listed in Annex A.

Drilling within the Verkhuba Deposit totalled 1,084.1m. The drill programme was lower than the originally intended 3,000m as the Company believed the potential to achieve a sufficient comparison to the historical drill results, specific to the most likely development option, being the primary open pit, could be achieved from fewer drill metres and therefore decided to conserve capital until the comparison is complete and an updated resource model can be produced to better inform the next drill programme. 

Laboratory Process

Samples were prepared by ALS in Ust-Kamenogorsk and then sent to ALS in Karaganda (the "Lab") to initially undergo assay by ICP Aqua Regia (AR) digest (ME-ICP41). 23 blanks, 20 certified reference materials (CRM), and 21 duplicates were inserted into the batch of 388 samples from the core. A statistical analysis of the results confirmed blanks and standards were within acceptable error limits. In 62 samples from the batch, copper or zinc grades were above the upper detection limit of the method (10,000 ppm).

ICP 4 acid digest with a higher upper detection limit (ME-OG62) was then applied to the 62 samples sent for re-assay for copper and zinc. 3 blanks, 3 CRM, and 3 duplicates were inserted into the batch. 1 CRM within this batch failed, being more than 3 standard deviations from the certified copper and zinc content. 10 samples and the failed CRM were then re-assayed by the Lab.

Re-assay results were within expected range with regards to the CRM and are considered accurate, however, in 9 of the 10 samples, reported copper grades were up to 10% higher than in the original assays reported by ALS. The Company is discussing with the Lab the processes and potential for a re-assay of the 62 high-grade samples to ensure the most precise measurements are used for future resource calculations.

East Star Resources Plc

Alex Walker, Chief Executive Officer

Tel: +44 (0)20 7390 0234 (via Vigo Consulting)

SI Capital (Corporate Broker)

Nick Emerson

Tel: +44 (0)1483 413 500

Peterhouse Capital Limited (Corporate Broker)

Peter Greensmith

Tel: +44 (0) 20 7469 0930

Vigo Consulting (Investor Relations)

Ben Simons / Peter Jacob

Tel: +44 (0)20 7390 0234

About East Star Resources Plc

East Star Resources is focused on the discovery and development of strategic minerals required for the energy revolution. With an initial nine licences covering 1,321.5 km² in three mineral rich districts of Kazakhstan, East Star is undertaking an intensive exploration programme, applying modern geophysics to discover minerals in levels that were not previously explored. The Company also intends to further expand its licence portfolio in Kazakhstan. East Star's management are based permanently on the ground, supported by local expertise, and joint ventures with the state mining company.

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The person who arranged for the release of this announcement was Alex Walker, CEO of the Company.

Competent Persons Statement

The information in this release that relates to Exploration Results has been reviewed by Mr Mikhail Tsypukov. Mr Tsypukov is a Fellow of the Institute of Materials, Minerals and Mining (FIMMM, Reg. No 459707). He has a PhD in geology from A.P. Vinogradov Institute of Geochemistry Siberian Branch Russian Academy of Sciences with over 30 years of experience of gold and base metal exploration in Russia, Kazakhstan, Mongolia, Rwanda and Islamic Republic of Mauritania.

Mr Tsypukov has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and the activity being undertaken to qualify as a Competent Person as defined in 2012 Edition of the "Australasian Code for Reporting of Exploration targets, Exploration Results, Mineral Resources and Ore Reserves", also known as the JORC code. The JORC code is a national reporting organisation that is aligned with CRIRSCO. Mr Tsypukov consents to the inclusion in the announcement of the matters based on his information in the form and context in which they appear.

Annex A - Drill Results Table