The study is due by the end of 2024 or early 2025.

East Star currently holds copper licenses on the Verkhuba deposit, which hosts a JORC-compliant exploration target of 19-23 million tonnes grading 1.4-1.9% copper equivalent.

Abitibi is advancing a plan to earn 80% of the project over seven years from Soquem.

The changes led by CEO Mike Henry will see several specialist teams disbanded and their functions reassigned in a bid to cut costs and simplify operations.

CEO Graham Kerr said the deal will streamline the company's portfolio and unlock capital to invest in development projects in copper and zinc.

The Raglan project has proven and probable reserves of 31.9 million tonnes grading 2.12% nickel, 0.81% copper and 0.05% cobalt.

The Lobito corridor is central to the Biden administration’s plans to secure access to crucial metals for the energy transition in Zambia and neighboring Democratic Republic of Congo.