Investor Presentation - Ignite HK April 2026
Released
Released
Announcement PDF
IGNITE Hong Kong
April 2026
Disclaimer & Declaration
This presentation has been prepared by Estrella Resources Limited (“ESR”) as a summary of the company’s exploration and development activities.
No Offer of Securities
The presentation is not, and should not, be considered as an offer or invitation to subscribe for, or purchase any securities in ESR, or as an inducement to make an offer or invitation with
respect to those securities. No agreement to subscribe for securities in ESR will be entered into on the basis of this presentation.
Forward Looking Statements
This presentation contains certain forward looking statements which have not been based solely on historical facts but, rather, on ESR’s current expectations about future events and on a
number of assumptions which are subject to significant uncertainties and contingencies many of which are outside the control of ESR and its directors, officers and advisers.
Reliance on Third Party Information
Due care and attention has been taken in the preparation of this presentation. However, the information contained in this presentation (other than as specifically stated) has not been
independently verified nor has it been audited. Accordingly, the company does not warrant or represent that the information contained in this presentation is accurate or complete. To the
fullest extent permitted by law, no liability, however arising, will be accepted by ESR or its directors, officers or advisers, for the fairness, accuracy or completeness of the information
contained in this presentation.
Compliance Statement
With reference to previously reported Exploration results and mineral resources included in this presentation, the company confirms that it is not aware of any new information or data that
materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves that all material assumptions and
technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and
context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.
Competent Person Statement
The information in this announcement relating to Exploration Results is based on information compiled by Peter Spitalny who is the Exploration Manager of Estrella Resources, and a
member of The Australasian Institute of Geoscientists. Mr Spitalny has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the
activity they are undertaking to qualify as Competent Persons as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore
Reserves”. Mr Spitalny consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.
The Board authorised for this presentation to be released to ASX.
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Highlights:
SCALE,SPEED, AND FIRST MOVER CONTROL
• Exceptional thicknesses intersected
• Laterally extensive, near-surface mineralisation
across large areas
• Coastal setting supports low-cost, scalable DSO
development
Manganese project
advances
• High-grade, direct-shipping manganese
• First mining and exports for Timor-Leste
• Clear pathway to scale
Broad limestone
intersections
• Modern exploration only commenced in the last
two years
• Large landholding with minimal historical work
• Clear pipeline of high-priority follow-up targets
Virtually
unexplored region
• JV in place with state-owned mining company
• Heavily supportive of new mineral industries
Strong Government
Support
*The stated intersections are down-hole lengths but likely to be very close to true thickness
Manganese extraction underway at Ira Miri pit.1, 2, 3
1. Refer to ASX announcement dated 4 September 2025 “Assays received and further Manganese intersected drilling”
2. Refer to ASX announcement dated 18 December 2025 “High Grade Ira Miri Mn Assays”
3. Refer to ASX announcement dated: 26 February 2026 “Ira Miri sample exceeds expectations ahead of completion”
In 2024, Estrella
was the FIRST to
be awarded
mineral
concessions in
Timor-Leste
Estrella was the
FIRST to JV with
Murak Rai the
National Mining
Company of
Timor-Leste
In 2025, Estrella
was the FIRST to
drill to search for
economic
minerals
Estrella was the
FIRST to discover
high-grade
economic
manganese in
Timor-Leste
In 2026, Estrella
was the FIRST to
mine high-grade
manganese at Ira
Miri Timor-Leste
Estrella is FIRST in
concession size in
Timor-Leste with
total landholding
of 648 km2 and
growing
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Mining in Timor-Leste: Who came second?
Xanana Gusmao, Prime Minister of Timor-Leste, presenting
Estrella with its Exploration and Evaluation Concessions
Exceptional infrastructure in Timor-Leste includes
an industrial port facility in the capital city of Dili
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Timor-Leste: An exceptional opportunity
▪ Large swathes of land which are
virtually unexplored
▪ A series of high-quality targets
developed across a large license
holding
▪ Modern minerals code and
regulatory body established
▪ Located ~90min flight from Darwin
▪ High-quality infrastructure in place
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Ira Miri Manganese Development
Sample extraction operations at the Ira Miri pit1,2, 3
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▪ Timor-Leste is located in a complex geological setting
where three major tectonic plates converge and uplift
fertile ground
▪ The region possesses multi-commodity potential but
has never been extensively explored
▪ Estrella’s in-country team has been systematically
mapping and sampling manganese and calcite
discoveries – this is ongoing
▪ The Noni Formation has been identified as the host
unit for extensive manganese mineralisation and is
typically covered by clean limestone
▪ Weathering of the Formation has developed thick
concentrations of manganese visible at surface
Core from EMDD040, including 2.5m assayed at 50.8% Mn. Refer to ASX announcement dated: 18
December 2025 “High Grade Ira Miri Mn Assays”
Ira Miri Manganese Project
Located in a highly-prospective region
▪ March 2024
▪ Maiden exploration in Timor-Leste revealed significant outcropping
manganese
▪ Rock chip assays, geological and geophysical studies identify manganese
hosting Noni Formation
▪ May 2025
▪ Estrella commences Timor-Leste’s first modern metallic minerals drilling. Only
six months taken from initial discovery of Ira Miri outcrop to drilling, with initial
assays of:
▪ EMDD001 intersecting 6.45m @ 51.7% Mn4
▪ EMDD002 intersecting 8.05m @ 53.0% Mn4
▪ EMDD003 intersecting 1.5m @ 35.8% Mn4
▪ December 2025
▪ 45 diamond holes completed with significant high-grade assays along strike:
▪ EMDD026: 3.00m @ 35.7% Mn. Including 1.5m @ 55.1% Mn2
▪ EMDD033: 11.97m @ 28.9% Mn. Including 2.1m @ 46.8% Mn2
▪ EMDD040: 6.20m @ 45.3% Mn. Including 2.5m @ 50.8% Mn2
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Systematic manganese drilling at Estrella’s Timor-Leste concessions
Ira Miri Manganese Project
Rapid high-grade manganese development
Partially outcropping supergene manganese exposure at Ira Miri discovery.
Refer to ASX Announcement dated 12 February 2025
4. Refer to ASX announcement dated 4 September 2025 “Assays received and further Manganese intersected
drilling”
N
▪ January 2026
▪ Extraction of up to 30kT of manganese ore
for market appraisal approved by the Timor-
Leste government
▪ February 2026
▪ ~22,600 tonnes of the permitted 30,000-
tonnes extracted
▪ 95% Timorese workforce, with zero LTIs and
strong ongoing community engagement
▪ Large, highly chargeable anomalies beneath
the current pit design support further
development
▪ April-June 2026
▪ Export the FIRST high-grade manganese
from Ira Miri to the world market
▪ Geophysical surveys and continued
exploration efforts to discover more
manganese
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Refer to ASX announcement dated: 26 February 2026 “Ira Miri sample exceeds
expectations ahead of completion”
Ira Miri Manganese Project
Ira Miri Manganese Project
Product Validation and First Exports
• High-grade, direct-shipping manganese
successfully mined and stockpiled
• Representative bulk material being prepared for
customer specification testing
• Active engagement with potential offtake partners
underway
• Successful validation supports application for full
Category A Mining Licence
Stockpiled ore encountered from various depths. Pit was strategically designed to
target zones containing very high grade intercepts, including 8.05m @53% MN from
EMDD002 and 11.97m @28.9% Mn from EMDD033. 3
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Werumata Limestone Project
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Werumata Limestone Project
Platform - Scale Industrial opportunity
▪ Laterally extensive limestone and chalk units defined
across large areas
▪ Exceptional thicknesses intersected, supporting
bulk-scale development
▪ Clean, low-impurity material suitable for industrial and
environmental markets
▪ Coastal location provides clear pathway to low-cost
DSO operations
Location of drilling at the Werumata Limestone Project
N
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▪ Estrella has completed 33 RC drill holes (for 2,804m) and 9
diamond holes (for 913.10m) which have encountered
highly encouraging broad intersections
▪ Baucau Limestone intersections up to 87m*, averaging
30m and an average grade of 33.15% Ca (i.e. 83% CaCO3)
▪ Batu Putih chalk unit identified beneath limestone adding
an additional tonnage
▪ Batu Putih chalk returned intersections up to 59m*,
averaging 30m and an average of grade 31% Ca (i.e. 77.5%
CaCO3)
▪ Unlike many calcium carbonate deposits, Estrella’
mineralisation is low in impurities, such as magnesium,
alumina and iron oxide making it ideal for industrial scale
acid neutralisation
Werumata Limestone Project
Maiden drilling defines broad-scale discovery
*The stated intersections are down-hole lengths but likely to be very close to true thickness
Collaring of the first diamond drillhole WLD001 at the Werumata Limestone Project with Estrella’s
exploration team and Coresearch drill team.
5. Refer to ASX Announcement dated 16 March 2026 “Final Werumata Limestone Assays”
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5
5
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▪ Following maiden drilling Estrella is well positioned towards its target of a 500Mt Inferred JORC Resource
▪ Estrella is collaborating with the Universidade Nacional Timor Lorosa'e to complete necessary bulk density assessments
prior to resource estimation
▪ Studies are progressing well and a JORC Resource estimate is anticipated for April (imminent)
▪ Meanwhile operational studies continue with LiDAR and bathymetric surveys completed at a potential port location
Bathymetric and tidal surveys underway with support from the local fishing community
Werumata Limestone Project
JORC Resource imminent
Exploration activities underway at Werumata
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Capital Structure
ASX Ticker ESR
Share Price A$0.03 (as at 11th April 2026)
Market Cap ~A$66.3M
Cash ~ A$3.7M (as at 11th April 2026)
Enterprise Value ~$62.6M
Highlights: ESTRELLA IS WINNING IT IS FIRST
Highly-prospective discoveries in an unexplored region
• High-grade, clean limestone established over with
mineralised zones up to 87m*
• Maiden Inferred JORC Resource anticipated by April
Manganese project
advances
• 30,000kT manganese market sample being extracted
for potential offtake partners
• High-grade assays and open pit support potential
for further expansion
Broad limestone
intersections
• Timor-Leste issued first modern mining leases in
2024
• A host of targets located in Estrella’s vast license
holding (648 km2)
Virtually unexplored
region
• JV in place with state-owned mining company
• Heavily supportive of new exploration industries
Strong Government
Support
*The stated intersections are down-hole lengths but likely to be very close to true thickness
Manganese extraction underway at Ira Miri pit 1, 2, 3
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Contact: Chris Daws
Managing Director
M: +61 8 9481 0389
E: info@estrellaresources.com.au
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