Endeavour CLN Conversion

In brief · summary, not quotable

East Star Resources Plc has completed the conversion of £1.7 million in unsecured convertible loan notes issued to Endeavour Mining PLC, resulting in Endeavour acquiring 74,391,304 new ordinary shares and a 14.3% ownership stake in East Star, following a total investment exceeding £1.8 million. These funds will primarily support East Star's copper exploration programs in Kazakhstan and general working capital. The new shares are expected to be admitted to trading on the London Stock Exchange on February 16, 2026, at which point East Star's total issued share capital will be 549,566,384 ordinary shares.

Full announcement

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East Star Resources Plc (LSE:EST), the Kazakhstan-focused gold and base metals explorer, announces it has obtained all relevant authorities required to issue, allot and admit the conversion of the £1.7 million unsecured convertible loan notes ("CLN") issued to Endeavour Mining PLC (LSE: EDV/TSX: EDV) ("Endeavour"), one of the world's leading gold producers and a constituent of the FTSE 100 Index, as announced on 1 December 2025.

Consequently, East Star has approved the allotment of a further 74,391,304 new ordinary shares ("CLN Shares") to Endeavour pursuant to the conversion of the CLN at a conversion price of £0.023 per share. This increases Endeavour's ownership of East Star to 78,591,304 ordinary shares, representing 14.3% of East Star's issued share capital as enlarged by the conversion of the CLN, following a total investment into the Company of over £1.8 million.

The proceeds from the CLN conversion shall be applied primarily to advance the Company's copper exploration programmes in the East Region of Kazakhstan and to assess new opportunities. In addition, funds will cover general working capital.

Alex Walker, East Star CEO, commented:

"We are pleased to have secured the full CLN conversion from Endeavour, resulting in Endeavour becoming a substantial shareholder in East Star. This strategic investment builds on our US$25 million joint venture agreement with Endeavour for gold exploration and provides capital to simultaneously advance base and precious metals exploration across Kazakhstan's highly prospective East Region."

Admission and Total Voting Rights

An application has been made for the 74,391,304 CLN Shares, which will rank pari passu with the existing ordinary shares in issue, to be admitted to trading on the Main Market of the London Stock Exchange and to listing to the equity shares (transition) category of the FCA's Official List ("Admission"). Admission is expected to become effective at 8 a.m. on or around 16 February 2026.

Upon Admission, the Company's issued ordinary share capital will consist of 549,566,384 Ordinary Shares with one voting right each. The Company does not hold any ordinary shares in treasury. Therefore, from Admission the total number of ordinary shares and voting rights in the Company will be 549,566,384. With effect from Admission, this figure may be used by Shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

East Star Resources Plc

Alex Walker, Chief Executive Officer

SI Capital (Corporate Broker)

Nick Emerson

Vigo Consulting (Investor Relations)

Ben Simons / Peter Jacob

LinkedIn: https://www.linkedin.com/company/east-star-resources/

X: https://x.com/EastStar_PLC

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About Endeavour Mining PLC

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

Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.