Announcement PDF RNS Number : 6496V East Star Resources PLC 22 September 2026 22 September 2026 East Star Resources Plc (“East Star”, the “Company” or the “Group”) Half Year Report for the Six Months Ended 30 June 2026 East Star Resources Plc (LSE: EST), the Kazakhstan-focused gold and copper exploration and development company, is pleased to present its half year report for the six-month period ended 30 June 2026. Highlights Advanced Xinhai JV for the Verkhuba Copper Deposit into the execution phase including ongoing drilling Advanced Endeavour Mining Plc (LSE: EDV/TSX: EDV) gold exploration JV, establishing operational framework and conducting fieldwork to identify initial targets Endeavour Mining, the FTSE 100 gold major, converted its loan notes to become a 14.3% shareholder Advanced early exploration for copper-gold porphyry systems at Piket identifying a large-scale alkaline intrusive system and defining a target Advanced early exploration at Snowy with rock chips indicating a fertile epithermal gold target Sandy Barblett, Non-Executive Chairman, commented: “The first half of 2026 has seen East Star's partnership strategy move from agreement into execution, with drilling now underway at Verkhuba under our fully funded JV with Xinhai, and collaborative fieldwork being undertaken with Endeavour Mining to identify the first high impact opportunities to bring into the JV. With gold and copper prices at record highs and demand remaining exceptionally strong, and with Kazakhstan offering a mining-friendly jurisdiction and strong connections to global markets, we believe East Star is well positioned to create significant value for investors through exploration, discovery and development, supported by strategic partnerships.” Contacts: 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 Vigo Consulting (Investor Relations) Ben Simons / George Pope / Georgina Moul Tel: +44 (0)20 7390 0234 About East Star Resources Plc East Star Resources is focused on the discovery and development of copper and gold in Kazakhstan. The Company’ key interests are: A joint venture with Hong Kong Xinhai Mining Services Limited to take the Verkhuba Copper Deposit (20.3Mt @ 1.16% copper, 1.54% zinc and 0.27% lead) into production (at no further cost to East Star) with East Star retaining 30% ownership in production A joint venture with a Kazakh mining company to develop the Rulikha project, (exploration target of 23Mt @ 2.4% copper equivalent) into production (at no further cost to East Star) with East Star retaining between 25% and 35% ownership in production A $25 million+ strategic gold exploration joint venture with FTSE 100 Endeavour Mining Tier 1 potential copper porphyry and epithermal gold targets in a proven belt Visit our website: www.eaststarplc.com Follow us on social media: LinkedIn: https://www.linkedin.com/company/east-star-resources/ X: https://x.com/EastStar_PLC Engage with us by asking questions, watching video summaries and seeing what other shareholders have to say. Navigate to our interactive Investor Hub here: https://eaststarplc.com/link/PZpRne Subscribe to our news alert service: https://eaststarplc.com/regulatory-news The person who arranged for the release of this announcement was Alex Walker, CEO of the Company. 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. CHAIRMAN’S STATEMENT Introduction I am pleased to present East Star’s half year report for the six months ended 30 June 2026 (the “Period”). During the Period, East Star’s strategy of partnering with global mining powerhouses to advance our Kazakhstan copper and gold opportunities moved from agreement into execution. At the Verkhuba Copper Deposit, the incorporated joint venture company was created with Hong Kong Xinhai Mining Services Limited (“Xinhai”), with Xinhai completing part of the first funding milestone during the Period. A drill contract was finalised and drill rigs mobilised to site, with pad preparation setting up for drilling post Period end. Elsewhere, our geological teams delivered encouraging results across other licences, at Piket and Snowy, strengthening East Star’s pipeline of prospective projects. Our team have also been working alongside FTSE 100 gold major Endeavour Mining Plc (LSE: EDV/TSX: EDV) (“Endeavour”) to determine the first prospects to bring into our gold exploration joint venture in Kazakhstan. As the demand for copper rises due to its new use in the build-out of data centres, and as gold retains its safe- haven asset status, we believe East Star is uniquely positioned, with outstanding targets and global partnerships, to unlock Kazakhstan’s copper and gold potential. Review of Operations VMS Copper – Verkhuba Joint Venture with Xinhai In March, we formalised our milestone joint venture agreement with Xinhai for the farm into and advancement of Verkhuba. A specialist in providing engineering design, procurement, construction and contract services to the mining industry, Xinhai is funding Verkhuba’s development – approximately US$65 million (estimated) – encompassing the project lifecycle from feasibility study through to plant construction, with East Star fully carried to production at which point it will own 30% of a producing copper mine. Verkhuba Limited was later established as the joint venture company (“JVCo”) responsible for development, and part of Xinhai’s first funding milestone was completed in the Period with the transfer of A$500,000 to Verkhuba Limited. The transfer of Licence 1795, encompassing Verkhuba, was initiated during the Period, as was the drill rig’s mobilisation to site, demonstrating strong momentum behind the project that comes with no further cost to East Star. Post Period end, the Verkhuba drilling programme designed to support resource conversion, geological modelling, mine planning and feasibility studies commenced, and was reinforced by a second drill rig being mobilised to site in August. Xinhai has now completed its Stage 1 investment obligations totalling AUD$1.5million, the licence has been fully transferred into JVCo, and >3,400 metres of drilling have been completed to date. These milestones lay the foundations for further progress in the second half of the year. VMS Copper – Rulikha Joint Venture with Nova Since the Period end, the Company signed a binding Heads of Agreement with Nova Ltd (“Nova”) to farm into the Rulikha Copper Project (“Rulikha”), providing a second non-dilutive route to copper production in Kazakhstan. Nova will fund Rulikha through resource definition, feasibility, permitting, development and commissioning at no further cost to East Star, with Orion Development Ltd, an experienced Kazakhstan mine developer, being appointed as operator. East Star will retain at least 25% at production whilst leveraging the practical experience of our partners in permitting, building and operating copper projects in Kazakhstan. Drilling approval has been received for licence 1799-EL, containing the primary Rulikha target area, with a drill programme now planned for the second half of 2026. Copper Porphyry During the Period, East Star also announced its first results from exploration at the Piket Licence, awarded to the Company last year. Geological mapping, hyperspectral interpretation and geochemical sampling identified a large-scale alkaline intrusive system that is geologically comparable to major copper-gold porphyry districts, such as Australia’s Macquarie Arc. Our work at Piket greatly enhanced the Company’s understanding of the region’s geological setting and defined the Symbyl 2 Prospect, with its porphyry-style "A" veins, as a priority target for follow-up exploration – a strong indication of the team’s effective target generation. Looking forward, we plan to conduct detailed mapping and systematic sampling to advance Piket to drill-ready status. Gold At the Snowy epithermal gold project, rock chip geochemistry and mapping conducted in the Period delivered encouraging results which suggest the project has the potential to host a large gold system. Vein samples returned gold values of up to 1.44 g/t at surface from quartz-pyrite veins traced over c.200 metres of strike, results which prompted us to refine our interpretation to focus on a low sulfidation style of mineralisation. The Company undertook an Induced Polarisation survey during the Period to help identify a chargeable anomaly and, post period end, released results from the survey which identified a new, discrete chargeability anomaly spanning approximately 1,700 metres from a depth of 100 metres. These results are consistent with a low- sulphidation epithermal gold system and support our further evaluation of the Snowy target, which sits between two known gold deposits. Exploration activity with Endeavour Mining across our area of interest for the $25+ million joint venture continued to progress, and the Company looks forward to closing in on initial targets to bring into the partnership. A number of key technical and operational milestones have been achieved since the partnership was established, including: Completion of field visits and geological reconnaissance across 15 priority targets within the Areas of Interest. Submission of several new exploration licence applications, covering in excess of 930km2 and focussed on Intrusion Related Gold systems within the northern Area of Interest. Establishment of the JV’s in-country technical and operational team with staff now including two senior geologists and four junior geologists. Compilation and review of historical and modern geological and exploration datasets. Work has included collection of the 1:50k geological, mineralogical and geophysical maps as well as Soviet exploration reports across the licence areas with AI assisted translation and spatial searchability functions, developed with partners, used to quickly search at scale easily, in Russian or English, across historical data. Commencement of large-scale review of geotectonic setting of mineral provinces within the Areas of Interest using a hybrid traditional and AI assisted system for prospectivity mapping. This targeting framework will allow for better targeting of multiple ore systems including Intrusion Related Gold (IRG), porphyries, epithermal systems and skarns. With the operational framework now in place, the JV will progress into more systematic field exploration, including geological mapping, soil and geochemical sampling once licence applications are granted. Corporate Developments East Star secured the full convertible loan notes (“CLN”) conversion from Endeavour, making the FTSE 100 mining major a 14.3% owner of East Star. In May, Sonia Scarselli, Endeavour's Executive Vice President of Exploration, joined the Board as the representative of East Star’s JV partner and largest shareholder. Prior to Endeavour, Ms Scarselli founded BHP Exploration’s Xplor programme, of which East Star was a member in the 2024 cohort, while serving as the company’s Vice President. Key Financial Indicators Cash and cash equivalents at the year-end were £2,261,000 (H1 2025: £737,000) Loss before taxation for the year was £224,000 (H1 2025: £756,000) The Group held net assets at Period-end of £4,719,000 (31 December 2025: £3,245,000) The Group held net total assets at Period-end of £4,812,000 (31 December 2025: £3,328,000) Outlook The first half of 2026 has seen significant progress at Verkhuba, where accelerated development throughout the Period has been a testament to the strength of our JV with Xinhai and the commercial pathway of our copper assets. Looking ahead, our focus for the second half of the year will be on completing Verkhuba’s diamond drilling programme and maintaining the momentum brought by the JV’s successful establishment phase. Under the new Rulikha joint venture, we also expect to drill at the Rulikha ‘Target 1’ prospect in Q4 2026 with potential also to test ‘Target 2’. These areas contain the majority of the Exploration Target announced by East Star on 25 November 2025. Our Endeavour joint venture is building out its exploration programme across its Areas of Interest. With licence applications submitted and significant technical groundwork having been laid, the focus is on advancing the most prospective gold targets, while continuing target generation. With gold and copper prices at record highs and demand remaining exceptionally strong, and with Kazakhstan offering a mining-friendly jurisdiction and strong connections to global markets, we believe East Star is well positioned to create significant value for investors through exploration, discovery and development, supported by strategic partnerships. I would like to thank our team in Kazakhstan for their dedication and hard work, as well as our shareholders for their ongoing support. I look forward to updating shareholders on our progress in the second half of the year. Sandy Barblett Non-Executive Chairman 21 September 2026 EAST STAR RESOURCES PLC – CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE 6 MONTH PERIOD ENDING 30 JUNE 2026 Unaudited Period ending 30 June 2026 Unaudited Period ending 30 June 2025 Note £’000 £’000 Continuing Operations Administrative expenses (433) (291) Share based payments (33) (30) Foreign exchange gain / (loss) 242 (435) Operating profit /(loss) (224) (756) Profit / (loss) before taxation (224) (756) Taxation - - Profit / (loss) for the period from continuing operations (224) (756) Other comprehensive income (68) 213 Total comprehensive profit/(loss) for the period (292) (543) Basic & dilutive earnings per share – (£ pence) 5 (0.04) (0.19) The notes form an integral part of the Condensed Consolidated Interim Financial Statements. EAST STAR RESOURCES PLC – CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2026 Unaudited Unaudited Audited As At 30 June 2026 As At 30 June 2025 As At 31 December 2025 Note £’000 £’000 £’000 NON-CURRENT ASSETS Exploration assets 7 2,332 2,503 1,892 Property, plant and equipment 94 29 38 TOTAL NON-CURRENT ASSETS 2,426 2,532 1,930 CURRENT ASSETS Cash and cash equivalents 6 2,261 737 442 Trade and other receivables 125 59 2,056 TOTAL CURRENT ASSETS 2,386 796 2,498 TOTAL ASSETS 4,812 3,328 4,428 NON-CURRENT LIABILITIES Convertible Loan Note 8 - - 1,711 TOTAL NON- CURRENT LIABILITIES - - 1,711 CURRENT LIABILITIES Trade and other payables 93 83 282 TOTAL CURRENT LIABILITIES 93 83 282 TOTAL LIABILITIES 93 83 1,993 NET ASSETS 4,719 3,245 2,435 EQUITY Share capital 10 5,500 4,454 4,752 Share premium 10 10,774 9,302 9,834 Share based payment reserve 11 453 384 420 Shares to be issued 12 855 - - Foreign exchange reserve 278 477 346 Reverse acquisition reserve (4,795) (4,795) (4,795) Retained earnings (8,346) (6,577) (8,122) TOTAL EQUITY 4,719 3,245 2,435 Non-controlling interest of £29 (2025: £29), held by Tau Ken Samruk in Rudny Resources Ltd and Chu Ili Resources Ltd, is not separately presented above The notes form an integral part of the Condensed Consolidated Interim Financial Statements. The Condensed Consolidated Financial Statements were approved and authorised by the Board of Directors on 21 September 2026. …………………………… Sandy Barblett, Non-Executive Chairman Share capital Share Premium SBP Reserve Foreign Exchange Reserve Reverse acquisition reserve Shares to be issued Retaine £'000 £'000 £'000 £'000 £'000 £'000 Balance at 31 December 2024 3,975 9,178 354 264 (4,795) - Loss for period - - - - - - Other comprehensive income - - - 213 - - Total comprehensive loss for period - - - 213 - - Transactions with owners in own capacity Ordinary shares issued in the period 479 124 - - - - Share based payments - - 30 - - - Transactions with owners in own capacity 479 124 30 - - - Balance at 30 June 2025 4,454 9,302 384 477 (4,795) - Loss for period - - - - - - Other comprehensive income - - - (131) - - Total comprehensive loss for period - - - (131) - - Transactions with owners in own capacity Ordinary shares issued in the period 298 586 - - - - Share Issue Costs - (54) - - - - Share based payments - - 36 - - - Transactions with owners in own capacity 298 532 36 - - - Balance at 31 December 2025 4,752 9,834 420 346 (4,795) - Loss for period - - - - - - Other comprehensive income - - - (68) - - Total comprehensive loss for period - - - (68) - - Transactions with owners in own capacity Ordinary shares issued in the period 748 976 - - - - Shares to be issued - - - - - 855 Share Issue Costs - (36) - - - - Share based payments - - 33 - - - Transactions with owners in own capacity 748 940 33 - - 855 Balance at 30 June 2026 5,500 10,774 453 278 (4,795) 855 EAST STAR RESOURCES PLC – CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - AS AT 30 JUNE 2026 EAST STAR RESOURCES PLC – CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE 6 MONTH PERIOD ENDING 30 JUNE 2026 Unaudited Unaudited Period ended 30 June 2026 Period ended 30 June 2025 £’000 £’000 Cash flow from operating activities Profit / (loss) before taxation for the period (224) (756) Adjustments for: Depreciation 10 4 Write off fixed assets 2 - Share based payments 33 30 Foreign exchange loss (210) 338 Changes in working capital: Decrease in trade and other receivables (39) 35 (Decrease) in trade and other payables (194) (31) Net cash outflow from operating activities (622) (380) Cash flows from investing activities Investment in fixed assets (62) - Spend on exploration assets (300) (246) Net cash flow from investing activities (362) (246) Cash flows from financing activities Proceeds from issue of shares 277 622 Proceeds from issue of convertible loan note 1,711 - Proceeds from joint venture partners 855 - Share issue costs (36) (19) Net cash flow from financing activities 2,807 603 Net (decrease) in cash and cash equivalents 1,823 (23) Cash and cash equivalents at beginning of the period 442 678 Foreign exchange impact on cash (4) 82 Cash and cash equivalents at end of the period 2,261 737 EAST STAR RESOURCES PLC – CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE 6 MONTH PERIOD ENDING 30 JUNE 2026 1. General information East Star Resources Plc was incorporated under the Companies Act 2006 on 17 November 2020 in England and Wales under the name Cawmed Resources Limited and remains domiciled there with Registered Number 13025608. The Company subsequently changed its name to East Star Resources Limited on 27 January 2021 and on 3rd March 2021 re-registered as a plc. The following condensed consolidated interim financial statements are consolidated to include the Company and all its subsidiaries (“the Group”). The address of its registered office 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. In prior periods the Company successfully completed the acquisition of Discovery Ventures Kazakhstan (“DVK”), a Kazakhstan based subsidiary which jointly holds multiple exploration licenses. During this period the Group has undertaken significant exploration activities across these licenses and regularly reported to the market on the immense potential of the area. 2. Accounting policies IAS 8 requires that management shall use its judgement in developing and applying accounting policies that result in information which is relevant to the economic decision-making needs of users, that are reliable, free from bias, prudent, complete and represent faithfully the financial position, financial performance and cash flows of the entity. Basis of preparation The unaudited condensed consolidated interim financial statements ("interim financial statements") have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" (IAS 34). The interim financial statements do not include all disclosures that would otherwise be required in a complete set of financial statements but have been prepared in accordance with the existing accounting policies of the company. The interim financial statements for the 6-month period from 1 January 2026 to 30 June 2026 are unaudited. Comparatives have been provided for the comparable period ending 30 June 2025 as well as 31 December 2025 where applicable. The interim financial statements have been prepared using the measurement bases specified by IFRS for each type of asset, liability, income and expense. The interim financial statements do not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The accounting policies adopted are consistent with those applied in the Company’s last audited annual financial statements ending 31 December 2025 and can be viewed on the Company’s website (www.eaststarplc.com). 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’s subsidiaries is the Kazakhstan Tenge. The presentational currency of the Group is Pounds Sterling as this is the functional currency of the parent entity and the currency in which equity fundraising has been facilitated. Amounts have been rounded to the nearest £’000. The performance of the Group is not affected by seasonal factors and the risk factors applicable to the Group have not changed materially since the publication of the annual report and financial statements for the period ending 31 December 2025. New standards, amendments and interpretations New and amended standards effective for accounting periods beginning on 1 January 2026, including the Annual Improvements to IFRS Accounting Standards: Volume 11, have been adopted in these interim financial statements and have not had a material effect on the Group’s financial position or results. Standards and interpretations in issue but not yet effective have been evaluated by the Directors. IFRS 18 Presentation and Disclosure in Financial Statements, effective for accounting periods beginning on or after 1 January 2027, will change the presentation of the statement of comprehensive income and require disclosure of management-defined performance measures, but is not expected to affect the Group’s reported profit or net assets. No other standard in issue but not yet effective is expected to have a material impact on the Group. 2.2 Going concern The Directors have assessed the Group's ability to continue as a going concern for a period of at least twelve months from the date of approval of these interim financial statements, based on financial forecasts reflecting planned expenditure, income under the Group's joint venture arrangements, and prevailing exchange rates. The auditor's report on the annual financial statements for the year ended 31 December 2025 referred to a material uncertainty related to going concern, reflecting the Group's pre-revenue exploration stage and dependence on continued funding. Since that date, the Group's funding position has strengthened materially. The convertible loan note has converted into equity, and the Group's projects are now substantially funded by joint venture partners at no cost to the Group: Xinhai has completed its Stage 1 funding obligations at Verkhuba and drilling is underway, and a further joint venture has been agreed for the Rulikha Copper Project on the same fully funded basis. Having considered the Group's forecasts, current cash resources and these partner funding arrangements, the Directors are confident that the Group has adequate resources to continue in operational existence for the foreseeable future and have prepared these interim financial statements on a going concern basis. Risks and uncertainties The Directors continuously assess and monitor the key risks of the business. The business has not materially changed since the end of the last period and hence risks pertaining to the business remain materially similar. Overall the Board feels that the team and risk mitigation factors that are in place are sufficient to reasonably deal with any risks that may arise. 3. Critical accounting estimates and judgements In the application of the Group’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 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: Recoverable value of exploration assets – Note 5 Costs capitalised in respect of the Group’s mining assets are required to be assessed for impairment under the provisions of IFRS 6. 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. During the Period, the Directors concluded that, since 31 December 2025, circumstances have not changed since then to indicate that there would be any impairment at 30 June 2026. 4. Segment reporting 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. Contributions per segment to loss before taxation are detailed below: United Kingdom Kazakhstan Total £'000 £'000 £'000 Administrative expenses (200) (233) (433) Share based payments (33) - (33) Foreign exchange gain / (loss) (3) 245 242 Operating loss from continued operations per reportable segment (236) 12 (224) Reportable segment assets 1,621 3,191 4,812 Reportable segment liabilities (36) (58) (93) Total 1,585 3,134 4,719 5. 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. Unaudited Unaudited Audited Period ended 30 June 2026 Period ended 30 June 2025 Year ended 31 December 2025 Net profit / (loss) for the period attributable to ordinary equity holders for continuing operations (£’000) (224) (756) (2,301) Weighted average number of ordinary shares in issue 529,971,525 402,036,844 424,291,761 Basic and diluted earnings per share for continuing operations (pence) (0.04) (0.19) (0.54) 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. 6. Cash and cash equivalents Unaudited Unaudited Audited Period ended 30 June 2026 Period ended 30 June 2025 Year ended 31 December 2025 Available to the Group - unrestricted 1,652 737 442 Held within joint venture entities, ring-fenced for those entities' own funded activities 609 - - Total cash and cash equivalents 2,261 737 442 Of the total, £609,000 is held within, the Group's joint venture entities with Endeavour Exploration Ltd and Xinhai respectively and are committed to funding those entities' own exploration and development activity under the terms of the relevant earn-in agreements. It is not available to the Group for general purposes. The remaining £1,652,000, held by the Company and its general Group subsidiaries, is unrestricted. 7. Exploration & evaluation assets £’000 Opening balance – 30 June 2025 2,503 Exploration expenditure across licenses 575 FX impact on additions 100 Impairment on licenses (1,286) As at 31 December 2025 1,892 Opening balance – 1 January 2026 1,892 Exploration expenditure across licenses 300 FX impact on additions 140 As at 30 June 2026 2,332 8. Convertible Loan Note £’000 Opening balance – 30 June 2025 - Convertible Loan Note issued 1,711 As at 31 December 2025 1,711 Opening balance – 1 January 2026 1,711 Convertible Loan Note converted (1,711) As at 30 June 2026 - On 1 December 2025, the Company issued an unsecured convertible loan note (“CLN”) of £1,711,000 to Endeavour Mining PLC, convertible into 74,391,304 ordinary shares at a conversion price of £0.023 per share. No interest was accrued to 31 December 2025. After the year end, on 10 February 2026, the CLN was converted in ful