olivLaw · European equity research
East Star Resources PLC EST.L
United Kingdom · London Stock Exchange · ISIN GB00BN92HZ16 · Vertical: Listed companies from United Kingdom
East Star Resources PLC is a mineral exploration company targeting copper and gold in Kazakhstan, with its Verkhuba project central to the story, where a partner EPC company bears costs through to commissioning. Interest from major international miners and the country's new subsoil framework make its profile relevant in 2026, while exploration is largely funded by partners, with copper trading above 12,000 USD per tonne.
At the close of 05 Nov 2026, East Star Resources PLC (EST.L) stock was 0.11 GBP (−8.33% on the day), with market capitalisation 468.7 k GBP, beta 0.78, 52-week range 0.02–0.13 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 61.6
- strong (55–70)
- Bollinger (20, 2)
- 0.06 – 0.12
- in the upper half of the band · %B 0.81 · band width 68.3%
- SMA 50 / 200
- 0.09 / 0.05
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.01 / 0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +26.1% | −0.6% | +26.8 pp | — |
| 3 months | +165.1% | −4.2% | +169.2 pp | — |
| 6 months | +223.5% | +4.3% | +219.2 pp | — |
| Year to date | +238.5% | +7.5% | +231.0 pp | — |
| 1 year | +537.7% | +9.9% | +527.8 pp | +5.8% |
| 3 years | +780.0% | +49.8% | +730.2 pp | +26.3% |
| 5 years | unavailable | +42.8% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 0 | 0 | 0 |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -1.5 m | -1.1 m | -2.3 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -0.42 | -0.54 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | -503.0 k | -576.0 k | -2.5 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 442.0 k GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 2.4 m GBP
- Total assets
- 4.4 m GBP
- Debt / equity
- unavailable
- Current ratio
- 8.86x
- ROE
- -82.3%
- ROA
- -59.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 635.0 k | 678.0 k | 442.0 k | esef· 12 May 2026verified |
| Receivables | 127.0 k | 110.0 k | 2.1 m | esef· 12 May 2026verified |
| Current assets | 762.0 k | 788.0 k | 2.5 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 17.0 k | 35.0 k | 38.0 k | esef· 12 May 2026verified |
| Total assets | 2.9 m | 3.3 m | 4.4 m | esef· 12 May 2026verified |
| Accounts payable | 115.0 k | 116.0 k | 282.0 k | esef· 12 May 2026verified |
| Current liabilities | 115.0 k | 116.0 k | 282.0 k | esef· 12 May 2026verified |
| Total liabilities | 115.0 k | 116.0 k | 2.0 m | esef· 12 May 2026verified |
| Equity | 2.8 m | 3.2 m | 2.4 m | esef· 12 May 2026verified |
| Shares outstanding at year end | — | 2.6 m | 4.3 m | esef· 12 May 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -501.0 k | -543.0 k | -2.5 m | esef· 12 May 2026verified |
| Capex | 2.0 k | 33.0 k | 13.0 k | esef· 12 May 2026verified |
| Free cash flow | -503.0 k ≈ | -576.0 k ≈ | -2.5 m ≈ | esef· 12 May 2026derived |
| Investing cash flow | -890.0 k | -611.0 k | -834.0 k | esef· 12 May 2026verified |
| Financing cash flow | 525.0 k | 1.1 m | 3.1 m | esef· 12 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 12.5% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 468.7 k GBP
Key indicators
Coverage and freshness
Score by group
13% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 8.9x | 100 (on a fixed band) | 33% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -543.2% | 0 (on a fixed band) | 67% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
EAST STAR RESOURCES PLC (EST.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 0 GBP in 2025; ROE -82.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 8.9x
What contradicts it
- FCF yield: -543.2%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
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|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| EST.LEast Star Resources PLC | 468.7 k | — | -82.3% | — | unavailable | +419% / +730% |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for EST.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
East Star Resources PLC is a mineral exploration company targeting copper and gold in Kazakhstan, with its Verkhuba project central to the story, where a partner EPC company bears costs through to commissioning. Interest from major international miners and the country's new subsoil framework make its profile relevant in 2026, while exploration is largely funded by partners, with copper trading above 12,000 USD per tonne 1.
SWOT
Strengths
- Partnerships with large companies reduce the company's direct financing burden on key projects, especially Verkhuba.
- The company owns 100% of the Rulikha VMS project, giving it full control over a large exploration target.
- As a founding member of the Kazakhstan Chamber of Mines, it has early visibility over regulatory changes.
Weaknesses
- Annual losses and declining net assets show the company depends on external funding to continue its activity.
- The management team is small, and the loss of a key person could affect operations.
- The Verkhuba resource is classified as Inferred, so estimates could still be revised after future drilling.
Opportunities
- If drilling at Verkhuba confirms the resource, the project could move into development with funding already committed by Xinhai.
- The Endeavour gold partnership could produce new discoveries on the Balkash-Ili licences.
- The new subsoil framework could open more areas for exploration and attract new international partners.
Threats
- Mine development depends on obtaining and keeping government permits, and delays could affect project timelines.
- Fluctuations in copper or gold prices could change the economic viability of the projects.
- Geopolitical tensions in the region could affect financing or export requirements.
Risks
- Dependence on partner fundinghigh
If Xinhai or Endeavour fail to meet their obligations or milestones slip, development could be slowed.
- Exploration and results riskhigh
Drilling results can differ from current estimates, and the economic value could turn out lower than anticipated.
- Permits and regulatory approvalsmedium
The company needs approvals for transferring the licence to the joint venture company and for new permits, and delays could affect the schedule.
- Currency exposuremedium
Fluctuations between sterling, the US dollar and the tenge can affect results and liquidity, since most funds are held in sterling.
- Changes in regulationlow
Changes to mining legislation or stricter enforcement could have a significant impact on the company.
Investment thesis
What would need to be true (bull case)
- If drilling at Verkhuba confirms and extends the resource, the project could reach production at minimal cost to the company.
- High copper prices and major-company interest in Kazakhstan could support the value of the company's assets.
- Rulikha, wholly owned by the company, could become an important source of value if permits are obtained on time.
What would break the thesis
- The company reported losses and a decline in net assets, and dependence on external funding could become a problem if partners withdraw.
- Existing resources remain in the Inferred category, and exploration results are uncertain by nature.
- Political and regulatory risks in Kazakhstan could affect project timing or returns, especially if the new rules are applied unevenly.
What to watch
- Start of resource definition drilling at Verkhuba2026
- Geochemical results for Piket, Judzha and Snowy2026
- Permits for Rulikha and start of exploration2026
- Half-year results and any resource updatesQ2 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the annual report for the year ended 31 December 2025, the Group's principal activity is the exploration and evaluation of mineral resources in Kazakhstan, focused on copper and gold. At year-end it held 8 active exploration licences 1. The company is moving from pure exploration toward resource development and, in the case of Verkhuba, production. The loss before taxation was 2,301,000 GBP in 2025, and net assets declined year on year 1.
The Verkhuba copper deposit, under a joint venture with Hong Kong Xinhai Mining Services Limited formalised in March 2026, has a JORC Inferred Resource of 20.3Mt at 1.16% copper, 1.54% zinc and 0.27% lead 1. Under the agreement Xinhai bears all costs through to commissioning, while East Star keeps a 30% interest in the producing mine at no further cost to the company 1.
The strategy rests on partnerships: the strategic investment of over 1.8 million GBP by Endeavour Mining, converted into shares in February 2026, gave Endeavour 14.3% of the enlarged share capital and opened a gold exploration joint venture of over 25 million USD 1. The company stated that, entering the 2026 field season, it is essentially cash flow neutral at corporate level, with material exploration spending funded by strategic partners 1.
Segments
Gold: Snowy and the Endeavour partnership
The Snowy licence, covering 121 km², hosts a 4km by 1km epithermal gold anomaly with gold up to 0.28g/t, and the western copper-molybdenum porphyry target is being prepared for drilling in 2026 under the Endeavour joint venture 1. The gold joint venture exceeds 25 million USD, with 2.3 million USD already committed in Stage 1 1.
Porphyry and epithermal: Piket and Judzha
The Piket and Judzha licences in the Karaganda region are awaiting geochemical results, expected in 2026 1.
Market context
Exploration activity in the country is expanding: the government aims to increase the area of geological exploration by 680,000 sq. km by 2026, and a new tax code from 1 January 2026 moves greenfield projects to a royalty-based system 1. If the framework is applied consistently, it could attract more international companies to the region.
Trends
- Rising international interest in Kazakhstantailwind
The entry of large companies such as Barrick, BHP and Ivanhoe Mines in recent years suggests confidence in the country's geological potential and could facilitate partnerships for smaller companies like East Star.
- High copper pricesmixed
Elevated copper prices support asset value, but prices can fluctuate, and development costs could alter the economics of projects.
- Changing tax and subsoil frameworkmixed
The move to a royalty system and the opening of the whole territory for subsoil rights could attract investors, but how the new rules are applied remains to be watched.
- Regional geopolitical tensionsheadwind
The board monitors the Russia-Ukraine conflict given the shared border, although it does not currently consider it a material operational risk.
Competitive position
The company competes with other exploration organisations in Kazakhstan, some of which have greater resources or are more established in the country, according to the annual report 1. Large groups such as KAZ Minerals and Solidcore (formerly Polymetal) are active in the same environment, though not at the same exploration stage.
East Star's edge lies in partnerships with well-capitalised companies, notably Endeavour Mining and Xinhai, which carry major project costs. Rivals with larger own resources could however accelerate exploration in the same areas and compete for the same partners.
- KAZ Minerals
Mining group active in Kazakhstan that has separated its Russian and Kazakhstani assets and invested in local processing.
- Solidcore (formerly Polymetal)
Mining company with operations in Kazakhstan that has reorganised its assets and is expanding local processing.
- Endeavour Mining
Large gold producer that is also a strategic partner of the company through investment and an exploration joint venture.
- Ivanhoe Mines
Mining company that entered Kazakhstan in 2025 and is active in exploration and development in the region.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202429 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / East Star Resources PLC · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.