TIDMEST

RNS Number : 4162R

East Star Resources PLC

01 March 2023

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

1 March 2023

East Star Resources Plc

("East Star" or the "Company")

Adoption of Long-Term Incentive Plan

Grant of Options

East Star Resources Plc (LSE:EST), the Kazakhstan-focused minerals exploration company, announces that the Company's Remuneration Committee has approved the adoption of a long term incentive plan ("LTIP"). On the recommendation of the Remuneration Committee, the Company has granted an aggregate of 4,794,686 options over new ordinary shares in the Company to employees and non-executive directors of the Company (the "Options") to be approved by shareholders at the next Annual General Meeting.

The Options will vest in three equal tranches on each of the first three anniversaries of the grant date (being 1 March 2023) and will expire on 28 February 2033. The exercise price of the Options is 4.3p and was calculated by a 30-day VWAP prior to the approval of the LTIP on 28 February 2023 and represents a 27.2 percent premium to the Company's closing share price on 28 February 2023.

2,898,551 of the Options have been granted to the Company's Chief Executive Officer, Alex Walker, and the notification below, provided in accordance with the UK MAR Regulation (as defined below), provides further details.

869,565 of the Options have been granted to the Company's non-executive directors and the notification below, provided in accordance with the UK MAR Regulation, provides further details.

A further 1,026,570 Options have been granted to employees of the Company in Kazakhstan on the same terms as described above.

It is East Star's objective to establish a strong sense of ownership in the Company's future by all its employees. The granting of the Options under the employee LTIP recognises the loyalty of employees to date as well as their achievements and the work ethic they have demonstrated since joining the Company.

An ordinary resolution will be proposed at the next Annual General Meeting of the Company to approve the terms of the LTIP and the grant of the Options referred to in this announcement.

The Notification of Dealing Forms set out in the appendix below are provided in accordance with the requirements of the retained EU law version of the Market Abuse Regulation (596/2014) that has applied in the UK following Brexit (UK MAR Regulation).

For further information visit the Company's website at www.eaststarplc.com , or contact:

East Star Resources Plc

Alex Walker, Chief Executive Officer

Tel: +44 (0)20 7390 0234 (via Vigo Consulting)

Peterhouse Capital Limited (Corporate Broker and Placing Agent)

Duncan Vasey / Lucy Williams

Tel: +44 (0) 20 7469 0930

Vigo Consulting (Investor Relations)

Ben Simons / Peter Jacob

Tel: +44 (0)20 7390 0234

About East Star Resources Plc

East Star Resources is focused on the discovery and development of gold, rare earth, and copper deposits in Kazakhstan. With an initial nine licences covering 1,687 square kilometres in three mineral rich districts, East Star is undertaking an intensive exploration programme, applying modern geophysics and out-of-the-box geological concepts to discover minerals under cover and at depths not previously explored. The Company also intends to further expand its licence portfolio in Kazakhstan. East Star's management are based permanently on the ground, supported by local expertise, and joint ventures with the state mining company.

Follow us on social media:

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

Twitter: https://twitter.com/EastStar_PLC

Subscribe to our email alert service to be notified whenever East Star releases news:

www.eaststarplc.com/newsalerts

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

Appendix - Notification of Dealing Forms

 
  1.    Details of the person discharging managerial responsibilities/person 
         closely associated 
  a)    Name                       Alex Walker 
       -------------------------  ------------------------------------------------------------- 
  2.    Reason for 
         notification 
       -------------------------  ------------------------------------------------------------- 
  a)    Position/Status            Director 
       -------------------------  ------------------------------------------------------------- 
  b)    Initial notification/      Initial notification 
         Amendment 
       -------------------------  ------------------------------------------------------------- 
  3.    Details of the issuer, emission allowance market participant, 
         auction platform, auctioneer or auction monitor 
       ---------------------------------------------------------------------------------------- 
  a)    Name                       East Star Resources PLC 
       -------------------------  ------------------------------------------------------------- 
  b)    LEI                        2138001Y6SMQC8DX2B40 
       -------------------------  ------------------------------------------------------------- 
  4.    Details of the transaction(s): section to be repeated 
         for (i) each type of instrument; (ii) each type of transaction; 
         (iii) each date; and (iv) each place where transactions 
         have been conducted 
       ---------------------------------------------------------------------------------------- 
  a)    Description 
         of the financial           Ordinary shares of one pence each 
         instrument, 
         type of instrument 
                                    ISIN: GB00BN92HZ16 
         Identification 
         Code 
       -------------------------  ------------------------------------------------------------- 
  b)    Nature of the              Grant of awards over Ordinary Shares under 
         transaction                the Company's Long Term Incentive Plan. No 
                                    consideration was paid for the grant of awards. 
       -------------------------  ------------------------------------------------------------- 
  c)    Price(s) and                      LTIP Award 
         volume(s) 
       ------------------------- 
                                               Price           Volume 
       ------------------------- 
                        Nil cost award                        2,898,551 
   -------------------------------------------------------  ------------ 
 
  d)    Aggregated information     Awards granted over 2,898,551 shares in total 
 
         - Aggregated 
         Volume 
                                    N/A 
         - Price 
       -------------------------  ------------------------------------------------------------- 
  e)    Date of the                28/02/2023 
         transaction 
       -------------------------  ------------------------------------------------------------- 
  f)    Place of the               Off-market transaction 
         transaction 
       -------------------------  ------------------------------------------------------------- 
 
 
 
  1.    Details of the person discharging managerial responsibilities/person 
         closely associated 
  a)    Name                       Sandy Barblett 
       -------------------------  ------------------------------------------------------------- 
  2.    Reason for 
         notification 
       -------------------------  ------------------------------------------------------------- 
  a)    Position/Status            Director 
       -------------------------  ------------------------------------------------------------- 
  b)    Initial notification/      Initial notification 
         Amendment 
       -------------------------  ------------------------------------------------------------- 
  3.    Details of the issuer, emission allowance market participant, 
         auction platform, auctioneer or auction monitor 
       ---------------------------------------------------------------------------------------- 
  a)    Name                       East Star Resources PLC 
       -------------------------  ------------------------------------------------------------- 
  b)    LEI                        2138001Y6SMQC8DX2B40 
       -------------------------  ------------------------------------------------------------- 
  4.    Details of the transaction(s): section to be repeated 
         for (i) each type of instrument; (ii) each type of transaction; 
         (iii) each date; and (iv) each place where transactions 
         have been conducted 
       ---------------------------------------------------------------------------------------- 
  a)    Description 
         of the financial           Ordinary shares of one pence each 
         instrument, 
         type of instrument 
                                    ISIN: GB00BN92HZ16 
         Identification 
         Code 
       -------------------------  ------------------------------------------------------------- 
  b)    Nature of the              Grant of awards over Ordinary Shares under 
         transaction                the Company's Long Term Incentive Plan. No 
                                    consideration was paid for the grant of awards. 
       -------------------------  ------------------------------------------------------------- 
  c)    Price(s) and                      LTIP Award 
         volume(s) 
       ------------------------- 
                                               Price           Volume 
       ------------------------- 
                        Nil cost award                         289,855 
   -------------------------------------------------------  ------------ 
 
  d)    Aggregated information     Awards granted over 289,855 shares in total 
 
         - Aggregated 
         Volume 
                                    N/A 
         - Price 
       -------------------------  ------------------------------------------------------------- 
  e)    Date of the                28/02/2023 
         transaction 
       -------------------------  ------------------------------------------------------------- 
  f)    Place of the               Off-market transaction 
         transaction 
       -------------------------  ------------------------------------------------------------- 
 
 
 
  1.    Details of the person discharging managerial responsibilities/person 
         closely associated 
  a)    Name                         David Minchin 
       ---------------------------  ------------------------------------------------------- 
  2.    Reason for notification 
       ---------------------------  ------------------------------------------------------- 
  a)    Position/Status              Director 
       ---------------------------  ------------------------------------------------------- 
  b)    Initial notification/        Initial notification 
         Amendment 
       ---------------------------  ------------------------------------------------------- 
  3.    Details of the issuer, emission allowance market participant, 
         auction platform, auctioneer or auction monitor 
       ------------------------------------------------------------------------------------ 
  a)    Name                         East Star Resources PLC 
       ---------------------------  ------------------------------------------------------- 
  b)    LEI                          2138001Y6SMQC8DX2B40 
       ---------------------------  ------------------------------------------------------- 
  4.    Details of the transaction(s): section to be repeated 
         for (i) each type of instrument; (ii) each type of transaction; 
         (iii) each date; and (iv) each place where transactions 
         have been conducted 
       ------------------------------------------------------------------------------------ 
  a)    Description of 
         the financial                Ordinary shares of one pence each 
         instrument, type 
         of instrument 
                                      ISIN: GB00BN92HZ16 
         Identification 
         Code 
       ---------------------------  ------------------------------------------------------- 
  b)    Nature of the                Grant of awards over Ordinary Shares under 
         transaction                  the Company's Long Term Incentive Plan. 
                                      No consideration was paid for the grant 
                                      of awards. 
       ---------------------------  ------------------------------------------------------- 
  c)    Price(s) and volume(s)              LTIP Award 
       --------------------------- 
                                                Price          Volume 
       --------------------------- 
                        Nil cost award                        289,855 
   -------------------------------------------------------  ----------- 
 
  Aggregated information       Awards granted over 289,855 shares in 
                                total 
   - Aggregated Volume 
 
   - Price 
                                N/A 
 ---------------------------  ------------------------------------------------------------- 
  d)    Date of the transaction      28/02/2023 
       ---------------------------  ------------------------------------------------------- 
  e)    Place of the transaction     Off-market transaction 
       ---------------------------  ------------------------------------------------------- 
 
 
 
  1.    Details of the person discharging managerial responsibilities/person 
         closely associated 
  a)    Name                           Anthony Eastman 
       -----------------------------  ----------------------------------------------------- 
  2.    Reason for notification 
       -----------------------------  ----------------------------------------------------- 
  a)    Position/Status                Director 
       -----------------------------  ----------------------------------------------------- 
  b)    Initial notification/          Initial notification 
         Amendment 
       -----------------------------  ----------------------------------------------------- 
  3.    Details of the issuer, emission allowance market participant, 
         auction platform, auctioneer or auction monitor 
       ------------------------------------------------------------------------------------ 
  a)    Name                           East Star Resources PLC 
       -----------------------------  ----------------------------------------------------- 
  b)    LEI                            2138001Y6SMQC8DX2B40 
       -----------------------------  ----------------------------------------------------- 
  4.    Details of the transaction(s): section to be repeated 
         for (i) each type of instrument; (ii) each type of transaction; 
         (iii) each date; and (iv) each place where transactions 
         have been conducted 
       ------------------------------------------------------------------------------------ 
  a)    Description of 
         the financial instrument,      Ordinary shares of one pence each 
         type of instrument 
 
         Identification                 ISIN: GB00BN92HZ16 
         Code 
       -----------------------------  ----------------------------------------------------- 
  b)    Nature of the transaction      Grant of awards over Ordinary Shares 
                                        under the Company's Long Term Incentive 
                                        Plan. No consideration was paid for the 
                                        grant of awards. 
       -----------------------------  ----------------------------------------------------- 
  c)    Price(s) and volume(s)               LTIP Award 
       ----------------------------- 
                                                 Price          Volume 
       ----------------------------- 
                        Nil cost award                         289,855 
   --------------------------------------------------------  ----------- 
 
  Aggregated information         Awards granted over 289,855 shares in 
                                  total 
   - Aggregated Volume 
 
   - Price 
                                  N/A 
 -----------------------------  ----------------------------------------------------------- 
  d)    Date of the transaction        28/02/2023 
       -----------------------------  ----------------------------------------------------- 
  e)    Place of the transaction       Off-market transaction 
       -----------------------------  ----------------------------------------------------- 
 
 

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