East Star Resources PLC shares fell slightly on Thursday, after it reported no revenue and a narrowed annual loss.

Shares in the Kazakhstan-focused copper exploration and resource development company were down 4.7% to 3.14 pence each in London on Thursday morning.

In 2023, East Star posted no revenue, unchanged from a year earlier.

Its pretax loss narrowed to £1.5 million from £3.1 million.

Non-Executive Chair Sandy Barblett said: ‘At the beginning of 2023 we had identified what we believed to be a substantial copper VMS deposit. Our teams undertook extensive fieldwork to corroborate historical data before drilling in the summer. By the end of the year, we had confirmed the Verkhuba Copper Deposit, which is located close to processing infrastructure, and its potential for open pit development. We are now on the cusp of delivering a maiden JORC Inferred Resource before drilling again this season as a precursor to an economic study to demonstrate the low-cost development potential.’

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