East Star Resources shares soar amid Endeavour Mining investment
East Star Resources PLC on Monday announced a £1.8 million ‘strategic’ investment from FTSE 100-listed Endeavour Mining PLC, building on a recent agreement between the two firms.
Kazakhstan-focused copper and gold explorer East Star said the investment from Endeavour, a gold producer primarily focused on West Africa, will comprise a £96,600 equity subscription and a £1.7 million unsecured convertible loan note.
Endeavour will subscribe for 4.2 million new shares at 2.3 pence each, and the zero-coupon CLN converts at the same price, a 7% premium to the last close.
Shares in East Star leapt 27% to 2.70 pence each in London on Monday. Endeavour Mining traded 2.1% higher at 3,564.66p each.
On full conversion, Endeavour will hold 15% of East Star’s enlarged share capital and will gain the right to appoint a board director as long as it maintains at least a 10% stake.
The funding will advance exploration across East Star’s Kazakhstan portfolio and support new project assessments and working capital.
‘We’re very pleased to have secured this strategic investment from Endeavour and are delighted to welcome them as a shareholder in East Star,’ said East Star Chief Executive Alex Walker.
This places the company in a ‘strong and incredibly exciting position going into 2026,’ he added.
The investment from Endeavour follows the recently announced $25 million gold exploration joint venture between the companies which East Star called a ‘transformational milestone’ at the time.
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