East Star Resources PLC (LSE:EST) highlighted the "exceptional" progress made in Kazakhstan since its re-listing in London seven months ago as it reported interim results.
The gold, rare earths and copper explorer was re-admitted in January after completing the acquisition of Discovery Ventures Kazakhstan Ltd (DVK) and an oversubscribed fundraising of £3.1mln.
East Star reported that its pretax losses for the six months to end-May widened to £2.1mln, including £1.6mln in share-based payments to acquire DVK, from £74,000 in the year-earlier period.
The company, which does not yet generate any revenue, had cash and cash equivalents of £3.2mln at the end of May.
"Considering East Star re-listed just seven months ago, the pace and quality of progress in Kazakhstan has been exceptional,” said non-executive chairman Sandy Barblett.
The pace has continued since the end of the reporting period.
Kazakhstan-focused East Star has announced high-grade assay results from the Alatagyl target on the Dalny licence, the completion of a helicopter electromagnetic (EM) survey over the Rudny Altai volcanogenic massive sulphide (VMS) belt licences and the start of drilling on the Apmintas licence.
In addition, it has been granted a new exploration licence at the Talairyk rare earths project and three new licences on the Rudny Altai VMS belt.
“Being able to move this swiftly to secure new opportunities such as the rare earths project and additional VMS licences, or to oversee geophysical work such as the under-budget EM survey on the VMS licences, is precisely why the CEO is stationed in Kazakhstan giving the company a genuine first-mover advantage and the ability to get things done,” added Barblett.
“If you believe, as we do, in the extraordinary mineral exploration potential of Kazakhstan, there is no other pure-play listed explorer with boots on the ground through which to access this opportunity.”