Announcement PDF 9 July 2021 ASX ANNOUNCEMENT MASSIVE SULPHIDE INTERSECTIONS CONTINUE AT CARR BOYD Phase 3 Assays Reveals a Broad Mineralised Zone at T5 HIGHLIGHTS  CBDD054A returned 26.3m @ 0.73% Ni & 0.44% Cu, 1.84g/t Ag & 0.46g/t Pt + Pd (Table 1) o Including 1.15m @ 1.47% Ni & 1.02% Cu, 4.70g/t Ag & 1.97g/t Pt + Pd o Including 2.71m @ 1.10% Ni & 0.65% Cu, 3.16g/t Ag & 1.03g/t Pt + Pd  CBDD055B intersects 16.13m1 mineralised zone of massive, breccia and globular sulphides (Figure 1 & Table 4)  CBDD055A intersects 28.28m1 mineralised zone of semi-massive, breccia, globular and disseminated sulphides (Table 3)  CBDD050, CBDD050A, CBDD055 & CBDD055A assay results pending while CBDD055B is currently being logged & sampled Figure 1: Massive to globular nickel-copper-iron sulphides in diamond drill hole CBDD055B at 407m to 418m. 1 Downhole lengths are reported, true widths are approximately one half of downhole length. Nickel and copper tenor within the feeder zone is variable. Intersections are reported above a 1% visual nickel-copper-iron sulphide cut-off. _________________________________________________________________________________ Office Address London House, Level 11, 216 St Georges Terrace, PERTH WA 6000 Postal Address GPO Box 2517, PERTH WA 6831 Phone +61 8 9481 0389 Fax +61 8 9463 6103 Email info@estrellaresources.com.au Estrella Resources Limited (ASX: ESR) (Estrella or the Company) is pleased to announce the receipt of assays for hole CBDD054A and another two significant sulphide intersections at its 100% owned Carr Boyd Nickel Project 80km north northeast of Kalgoorlie. CBDD054A Assays Reveal a Broad Mineralised Zone Assays received for diamond drillhole CBDD054A returned a significant width of nickel-copper mineralisation. The drillhole intersected 26.3m (12.6m true width) @ 0.73% Ni & 0.44% Cu, 1.84g/t Ag & 0.46g/t Pt + Pd including several higher-grade massive breccia sulphide zones with significant platinum group elements (PGE) results. Phase 3 significant intersections are presented in Table 1 with hole CBDD054A highlighted in red. There are currently four drillholes with laboratory results pending. These are due within the next two weeks. The latest hole to be completed, CBDD055B, is currently being logged and sampled. CBDD048 m From 381.5 388.4 including 382.5 383.14 Hole m To Ni% Cu% Co% 6.9 True Width 3.3 0.54 0.26 0.03 2PGE ** 0.41 0.64 0.3 1.52 0.21 0.08 0.95 1.35 Interval Ag g/t 1.10 and 385.85 386.2 0.35 0.2 1.32 0.36 0.06 0.61 2.10 CBDD049A 386.67 393.58 6.91 3.3 0.75 0.54 0.04 0.48 2.39 including 388.49 390.36 1.87 0.9 1.74 0.54 0.08 0.90 2.60 CBDD049B NSA - Faulted upper T5 contact CBDD049C 372.67 375.96 3.29 1.6 0.75 0.53 0.04 0.58 2.35 including 372.67 373.27 0.6 0.3 1.19 1.07 0.06 0.72 5.23 CBDD050 Awaiting Results CBDD050A Awaiting Results CBDD051 Planned Regional Hole CBDD052 Planned Regional Hole CBDD053 247.7 248 0.3 0.10 1.50 0.01 0.01 10.67 CBDD053 438.06 446.29 8.23 4.0 0.69 0.32 0.03 0.45 1.34 including 441.11 443 1.89 0.9 1.40 0.34 0.07 0.59 1.49 CBDD053A 426 428 2 1.0 0.46 1.43 0.02 0.52 6.50 CBDD053B 421.81 426.64 4.83 2.3 0.63 0.50 0.03 0.47 2.58 including 422.63 423.05 0.42 0.2 1.14 0.62 0.05 0.92 4.30 and 425.79 426.64 0.85 0.4 1.14 0.47 0.05 0.72 2.52 CBDD054 392.3 405.71 13.41 6.4 1.31 0.44 0.06 0.46 1.93 including 394.85 401.11 6.26 3.0 2.08 0.63 0.09 0.67 2.78 with 397.87 398.98 1.11 0.5 3.92 0.16 0.17 0.59 0.80 CBDD054A 361.21 387.54 26.33 12.6 0.73 0.44 0.04 0.70 1.84 including 361.21 362.27 1.06 0.5 1.03 0.55 0.06 0.47 2.00 and 364.41 365.56 1.15 0.6 1.47 1.02 0.08 1.97 4.70 and 376.34 379.05 2.71 1.3 1.10 0.65 0.06 1.03 3.16 CBDD054B 357 382.32 25.32 12.2 0.79 0.58 0.04 0.58 1.92 including 358.6 363.56 4.96 2.4 1.15 0.71 0.06 1.13 2.45 and 368.33 376.11 7.78 3.7 1.14 0.93 0.05 0.72 3.14 with 368.33 368.63 0.3 0.1 3.49 0.08 0.15 0.89 <0.5 CBDD055 Awaiting Results CBDD055A Awaiting Results CBDD055B To be logged and sampled ** 2PGE refers to Pt + Pd in g/t Table 1: Phase 3 Significant Intersection Table 2.30 g/t Au CBDD055A and CBDD055B Intersection Details Both wedge holes CBDD055A and CBDD055B have intersected a broad zone of nickel-copper-iron sulphide mineralisation with several massive and semi-massive sulphide zones on and above the basal contact (Tables 3 & 4). The area targeted by these holes is the central to top portion of the Upper T5 Conductor. The strong mineralisation revealed by the drilling appears to confirm the south plunge of the Upper T5 Conductor (Figure 2). Examination of the core from the Phase 3 drilling has shown that there is the strong possibility that the T5 Conductor is one of several south-plunging targets along the surface of the T5 Basal Contact. The flow of the host pyroxenite appears to have been sufficient to allow for the accumulation and redeposition of massive sulphides perpendicular to the flow direction. These “banks” of deposited sulphides appear to be connected within a halo of blebby to globular sulphides. Just two of these “banks” have been drilled (the Upper and Lower T5 Conductors) in what seems to be quite a small area with respect to the prospective surface of the T5 Basal Contact. Estrella Managing Director Chris Daws commented: “We have continued to hit mineralisation with a very high success rate at our 100% owned Carr Boyd nickelcopper sulphide project. Our belief is firming that the source of the Carr Boyd sulphides will be located. You simply don’t see the quantity and nature of sulphides that we are currently drilling and what is located at the historic Carr Boyd Ni-Cu mine without it first forming elsewhere. We are very well funded to conduct the exploration program from here which will be a very exciting time for the Company and its shareholders.” Next Steps Current drilling is targeting an area just south of the Carr Boyd Rocks Mine to test the T5 Basal Contact in relation to several high-reflectance targets generated from the recent seismic program and to help constrain the seismic interpretation in this area. The drillhole CBDD052 will serve as a Downhole Electromagnetic (DHEM) platform to test for northern extensions of the Carr Boyd Rocks mineralisation as well as an extension to the T5 Conductor mineralisation on the basal contact. Upon completion, the rig will return to the northern T5 contact to begin a series of RC pre-collars to test the down-plunge extensions of the Upper T5 Conductor as well as an RC campaign targeting some 3.5km of potential north of the current drill area (Figure 3). Figure 2: 3D rendering of the T5 Basal Contact showing CBDD055A in relation to the suspected south plunge line of massive sulphide mineralisation. _________________________________________________________________________________ Office Address London House, Level 11, 216 St Georges Terrace, PERTH WA 6000 Postal Address GPO Box 2517, PERTH WA 6831 Phone +61 8 9481 0389 Fax +61 8 9463 6103 Email info@estrellaresources.com.au Figure 3: The T5 Basal Contact and the locations of Phase 3 RC pre-collars and Phase 4 RC drilling with respect to the size of the T5 Pyroxenite. The Company believes that the entire T5 basal surface is prospective for massive nickel sulphides. The Board has authorised for this announcement to be released to the ASX. FURTHER INFORMATION CONTACT Christopher J. Daws Managing Director Estrella Resources Limited +61 8 9481 0389 info@estrellaresources.com.au Media: David Tasker Managing Director Chapter One Advisors E: dtasker@chapteroneadvisors.com.au T: +61 433 112 936 Competent Person Statement The information in this announcement relating to Exploration Results is based on information compiled by Steve Warriner, who is the Exploration Manager of Estrella Resources, and a member of The Australasian Institute of Geoscientists. Mr. Warriner has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves”. Mr. Warriner consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. _________________________________________________________________________________ Office Address London House, Level 11, 216 St Georges Terrace, PERTH WA 6000 Postal Address GPO Box 2517, PERTH WA 6831 Phone +61 8 9481 0389 Fax +61 8 9463 6103 Email info@estrellaresources.com.au Table 2: Drill hole collar details for CBDD055A and CBDD055B Hole ID Final Depth Easting Northing RL Dip Azi Status CBDD055A CBDD055B 412 442 367392 367392 6673656 6673656 429.7 429.7 -65 -69 272 270 Completed Completed Table 3: CBDD055A Visual Estimation of Sulphide Percentages Hole ID CBDD055A m From m To Interval Sulphide Texture Visual Sulphide Estimation Visual Pentlandite Estimation Visual Chalcopyrite Estimation 355.93 356.38 0.45 Semi Massive 50% 5% 5% 356.38 356.55 0.17 Dolerite Dyke 5% Tr% 356.55 362.60 6.05 Matrix to Globular 35% 5% 362.60 363.72 1.12 Disseminated 5% 1% 363.72 367.08 3.36 Matrix to Globular 25% 3.0% 367.08 368.19 1.11 Disseminated 5% 1% 368.19 372.64 4.45 Globular 20% 3% 372.64 376.90 4.26 Dolerite Dyke 5% Tr% 376.90 378.21 1.31 Disseminated 5% 1% 378.21 378.93 0.72 Massive Breccia 70% 7% 378.93 384.21 5.28 Stringer 10% 2% 3% 3% 4% 2% Table 4: CBDD055B Visual Estimation of Sulphide Percentages Hole ID CBDD055B m From m To Interval Sulphide Texture Visual Sulphide Estimation Visual Pentlandite Estimation Visual Chalcopyrite Estimation 360.82 370.40 9.58 Globular 20% 2% 3% 406.35 408.29 1.94 Blebby 8% 1% 1% 408.29 410.56 2.27 Massive to Globular 55% 3% 6% 410.56 411.60 1.04 Globular 30% 1% 2% 411.60 413.78 2.18 Massive to Globular 70% 5% 2% 413.78 419.47 5.69 Globular to Disseminated 20% 2% 1% 419.47 419.78 0.31 Massive Breccia 45% 5% 2% 419.78 421.33 1.55 Basalt with Stringers 1% 421.33 421.71 0.38 Massive Breccia 25% 3% 2% 421.71 422.14 0.43 Basalt 422.14 422.48 0.34 Massive Breccia 65% 5% 2% In relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of sulphide abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and grade of mineralisation. The Company will update the market when laboratory analytical results become available. Table 5: Assay Results for CBDD054A Hole_ID SampleID M From M To Interval Ni% Cu% Co ppm Ag g/t MgO% Pt g/t Pd g/t S% SG CBDD054A ECB11174 352 354 2 0.06 0.01 63 X 18.44 0.02 0.01 0.05 2.93 CBDD054A ECB11175 354 356 2 0.06 0.01 61 X 18.38 0.01 0.01 0.03 3.00 CBDD054A ECB11176 356 357.3 1.3 0.13 0.05 98 X 18.11 0.05 0.12 0.62 3.05 CBDD054A ECB11177 357.3 358.6 1.3 0.10 0.01 83 X 21.10 0.03 0.03 0.19 3.05 CBDD054A ECB11178 358.6 360.45 1.85 0.19 0.09 123 2.70 22.74 0.07 0.10 1.03 3.06 CBDD054A ECB11179 360.45 361.21 0.76 0.26 0.19 153 0.70 22.23 0.12 0.16 2.13 3.09 CBDD054A ECB11180 361.21 362.27 1.06 1.03 0.55 555 2.00 19.29 0.45 0.02 9.51 3.28 CBDD054A ECB11181 362.27 363.32 1.05 0.75 0.99 408 4.20 18.43 0.30 0.11 7.23 3.25 CBDD054A ECB11182 363.32 364.41 1.09 0.04 0.02 50 X 9.55 0.02 0.09 0.22 2.99 CBDD054A ECB11183 364.41 365.56 1.15 1.47 1.02 785 4.70 12.83 0.48 1.49 13.38 3.51 CBDD054A ECB11184 365.56 365.91 0.35 1.00 1.27 528 4.80 15.24 0.32 0.77 9.55 3.38 CBDD054A ECB11185 365.91 366.21 0.3 0.27 0.53 148 2.20 5.72 0.08 1.03 2.47 3.03 CBDD054A ECB11186 366.21 366.87 0.66 0.80 0.44 434 1.90 15.94 0.26 0.41 7.06 3.31 CBDD054A ECB11187 366.87 367.17 0.3 0.52 0.53 284 2.10 11.36 0.17 2.34 4.77 3.18 CBDD054A ECB11188 367.17 367.92 0.75 0.79 0.56 429 2.50 16.21 0.28 0.59 7.04 3.31 CBDD054A ECB11189 367.92 369.3 1.38 0.29 0.24 165 0.90 17.38 0.14 0.28 2.16 3.14 CBDD054A ECB11190 369.3 370.96 1.66 0.88 0.50 457 2.00 14.63 0.36 0.39 7.89 3.33 CBDD054A ECB11191 370.96 372.8 1.84 1.02 0.34 526 1.10 15.04 0.41 0.45 8.87 3.38 CBDD054A ECB11192 372.8 374.39 1.59 0.86 0.38 441 1.30 14.97 0.43 0.30 7.49 3.32 CBDD054A ECB11193 374.39 375.98 1.59 0.75 0.41 387 1.30 15.13 0.44 0.41 6.13 3.28 CBDD054A ECB11194 375.98 376.34 0.36 0.85 0.10 440 X 14.37 0.40 0.89 7.13 3.28 CBDD054A ECB11195 376.34 376.67 0.33 1.62 0.42 865 2.80 11.77 0.69 1.89 13.44 3.56 CBDD054A ECB11196 376.67 377.47 0.8 0.58 0.98 308 3.90 16.80 0.31 0.33 5.54 3.25 CBDD054A ECB11197 377.47 377.78 0.31 1.44 0.90 766 5.60 12.91 0.69 0.35 12.69 3.52 CBDD054A ECB11198 377.78 379.05 1.27 1.18 0.46 612 2.20 11.72 0.60 0.25 11.29 3.40 CBDD054A ECB11199 379.05 381.05 2 0.28 0.22 159 1.00 10.37 0.18 0.11 2.34 3.04 CBDD054A ECB11200 381.05 383.03 1.98 0.73 0.24 376 1.00 11.18 0.51 0.10 6.45 3.21 CBDD054A ECB11201 383.03 383.43 0.4 1.19 0.66 631 3.90 10.96 0.37 0.20 12.05 3.40 CBDD054A ECB11202 383.43 384.44 1.01 0.18 0.10 128 X 13.48 0.06 0.02 1.60 2.99 CBDD054A ECB11203 384.44 385.67 1.23 0.32 0.36 175 1.40 13.53 0.16 0.11 2.81 3.09 CBDD054A ECB11204 385.67 386.38 0.71 0.74 0.29 377 1.20 11.10 0.33 0.25 6.18 3.20 CBDD054A ECB11205 386.38 387.15 0.77 0.24 0.31 137 1.60 8.39 0.08 0.10 2.13 2.99 CBDD054A ECB11206 387.15 387.54 0.39 0.31 0.43 175 1.90 12.54 0.13 0.05 2.88 3.12 CBDD054A ECB11207 387.54 389 1.46 0.26 0.18 154 0.80 9.04 0.12 0.03 2.19 3.05 CBDD054A ECB11208 389 390.4 1.4 0.12 0.07 94 X 7.56 0.06 0.05 1.07 3.06 CBDD054A ECB11209 390.4 392.04 1.64 0.02 0.03 56 X 8.14 0.02 0.02 0.17 3.05 CBDD054A ECB11210 392.04 394.04 2 0.02 0.02 53 X 8.21 0.02 0.03 0.14 3.05 CBDD054A ECB11211 394.04 396.04 2 0.01 0.02 55 X 7.60 0.02 0.02 0.12 3.05 CBDD054A ECB11212 396.04 398.04 2 0.01 0.01 50 X 7.62 0.01 0.01 0.07 3.06 CBDD054A ECB11213 398.04 400.04 2 0.01 0.03 55 X 6.67 0.02 0.02 0.16 3.04 APPENDIX 1 JORC TABLE 1 - JORC CODE, 2012 EDITION – TABLE 1 Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.) Criteria JORC Code explanation Commentary Sampling  Nature and quality of sampling (e.g. cut  DD core samples have been half cut with an automatic techniques channels, random chips, or specific core saw. specialised industry standard  0.25m-1.1m samples are collected from the core trays as measurement tools appropriate to the marked out by the supervising geologist. minerals under investigation, such as  A handheld XRF tool was used to verify the mineralisation down hole gamma sondes or handheld with samples reporting >0.3% Ni in disseminated zones XRF instruments, etc.). These and >1% Ni in the matrix sulphide zones. examples should not be taken as  XRF results have not been reported and are used as a limiting the broad meaning of sampling. logging/sampling verification tool only.  Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.  Core is cut and sampled to ensure the sample is representative and no bias is introduced. Cutting of specific, banded or stringer sulphide zoned core is done orthogonal to the banding to ensure there is no bias.  Aspects of the determination of mineralisation that are material to the Public Report.  Determination of mineralisation has been based on geological logging, visual sulphide estimates and confirmation using a pXRF machine. Samples were dispatched to an accredited laboratory for multi-element analysis. .  Diamond core drilling was used to obtain 3m length samples from the core barrel which are then marked in one meter intervals, based on core block measurements.  Samples are selected based on geological logging boundaries or on nominal meter marks.  Collected samples weigh a nominal 2-3 kg (depending on sample length).  Samples have been dispatched to an accredited commercial laboratory in Perth for analysis.  Samples are being analysed using a 4-acid digest, MEICP for 33 elements and ore zone samples are also being tested for Au & PGE elements using ICP analysis.  In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information Drilling techniques Drill sample recovery  Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, facesampling bit or other type, whether core is oriented and if so, by what method, etc).  Method of recording and assessing core and chip sample recoveries and results assessed.  Measures taken to maximise sample recovery and ensure representative nature of the samples.  Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.  Drilling was undertaken using NQ2 sized drill core.  Holes have been collared with mud rotary from surface, HQ rough cored to top of fresh rock then NQ2 cored to EOH.  Core recovery was recorded by the field crew and verified by the geologist.  RQD measurements were digitally recorded to ensure recovery details were captured.  Sample recovery in all mineralised zones is high with negligible core loss observed.  Diamond core drilling is the highest standard and no relationship has been established between sample recovery and reported grade as the core is in very good condition. _________________________________________________________________________________ Criteria Logging Subsampling techniques and sample preparation Quality of assay data and laboratory tests Verification of sampling and assaying JORC Code explanation  Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.  Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.  The total length and percentage of the relevant intersections logged.  If core, whether cut or sawn and whether quarter, half or all core taken.  If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.  For all sample types, the nature, quality and appropriateness of the sample preparation technique.  Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.  Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.  Whether sample sizes are appropriate to the grain size of the material being sampled.  For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.  Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. Commentary  Detailed industry standard of collecting core in core trays, marking meter intervals & drawing core orientation lines was undertaken.  Core trays were photographed wet and dry prior to sampling.  Drill hole logs are recorded in Excel spread sheets and validated in Micromine Software as the drilling progresses.  The entire length of all holes is logged.  The verification of significant intersections by either independent or alternative company personnel.  The use of twinned holes.  Results verified internally by Company personnel  Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.  Discuss any adjustment to assay data.  Core is half cut using an automatic core saw to achieve a half-core sample for laboratory submission.  The sample preparation technique is considered industry best standard practice.  No field duplicates have been collected in this program. Field duplicates will be collected once initial results are returned and resampling of the mineralised zones is warranted.  Sample sizes are appropriate to the grain size of the mineralisation.  No handheld XRF results are reported however the tool was used to verify the mineralisation with reporting >0.3% Ni in disseminated zones and >1% Ni in the matrix sulphide zones.  DHTEM parameters are as follows;  Tx Loop size: 500 x 800 m  Transmitter: GAP HPTX-70  Receiver: EMIT SMARTem24  Sensor: EMIT DigiAtlantis  Station spacing: 2m to 10m  Tx Freq: 0.5 Hz  Duty cycle: 50%  Current: ~130 Amp  Stacks: 32-64  Readings: 2-3 repeatable readings per station  Hole CBDD0028 is twinning hole CBP042. No other twinning is warranted at this stage.  The data was collected and logged using Excel spreadsheets and validated using Micromine Software. The data will be loaded into an externally hosted and managed database.  No adjustments have been made to the assay data other than length weighted averaging. Criteria Location of data points JORC Code explanation  Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.  Specification of the grid system used.  Quality and adequacy of topographic control. Data spacing and distribution  Data spacing for reporting of Exploration Results.  Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.  Whether sample compositing has been applied  Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.  If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.  The measures taken to ensure sample security.  The results of any audits or reviews of sampling techniques and data. Orientation of data in relation to geological structure Sample security Audits or reviews Commentary  The holes were pegged using a hand-held GPS + 3m  The rig was setup over the nominated hole position and final GPS pickup occurred at the completion of the hole.  Holes are progressively surveyed by DGPS on a batch basis.  MGA94_51  Topography is relatively flat and control is more than adequate given the early stage of the project. A 3D drone ortho-photographic survey had been used to create a DTM of the project area.  Refer to Cross Sections and Plans included  Not applicable, no Mineral Resource is being stated.  No compositing has been applied. Intercepts are quoted as length weighted intervals.  The drill hole orientation does not introduce a sample bias.  Samples are in the possession of Estrella’s personnel from field collection to laboratory submission.  No audits or reviews have been conducted for this release given the early stage of the project. Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Criteria JORC Code explanation Commentary Mineral  Type, reference name/number,  Carr Boyd Nickel Pty Ltd (a wholly owned subsidiary of tenement and location and ownership including ESR) holds a 100% interest in the nickel and base metal land tenure agreements or material issues with rights to the project. status third parties such as joint ventures,  There are no known impediments to operate in the area. partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.  The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. Exploration  Acknowledgment and appraisal of  The Carr Boyd Rocks deposit was discovered by Great done by other exploration by other parties. Boulder Mines, in a joint venture with North Kalgurli Ltd parties in 1968. The deposit was mined between 1972 and 1975, during which time they explored for additional breccia pipe occurrences near the mine.  WMC acquired Great Boulder Mines Ltd in 1975, briefly reopening the mine in 1977 before closing it permanently shortly thereafter due to a collapse in the nickel price. The mine had produced 210,000t at 1.44% Ni and 0.46% Cu before its closure.  From 1968 Pacminex Pty Ltd held most of the ground over the CBLC outside of the immediate mine area. Between 1968 and 1971 they conducted extensive exploration programs searching for large basal contact and/or stratabound Ni-Cu deposits. It was during this time that most of the disseminated and cloud sulphide occurrences such as those at Tregurtha, West Tregurtha and Gossan Hill were discovered.  Defiance Mining acquired the regional tenements from Pacminex in 1987 and focused on exploration for PGE deposits between 1987 and 1990. In 1990 Defiance purchased the Carr Boyd Rocks mine from WMC and switched focus to the mine area between 1990 and 2001, leaving many PGE targets untested.  From 1990 Defiance dewatered the mine to conduct testwork and feasibility studies on the remnant mineralisation. Metallurgical testwork, Mineral Resource estimations, and scoping studies were completed. Around 1996 the focus shifted again to regional exploration for large tonnage basal contact deposits.  In 2001 Titan Resources Ltd (Titan) acquired the project and recommenced economic evaluations of the remnant material at Carr Boyd Rocks before embarking on another regional exploration program focusing on the basal contact. An aeromagnetic survey, airborne EM reprocessing, and several programs of RAB and RC drilling were completed.  From 2005 Yilgarn Mining entered a JV with Titan and continued with some regional exploration, but focused most attention in and around the Carr Boyd Rocks mine.  In 2007 Titan was acquired by Consolidated Minerals Ltd (Consmin). Consmin conducted IP surveys and detailed gravity surveys, but did not drill any targets before selling the project to Salt Lake Mining (SLM) in 2013. SLM completed limited drilling to meet expenditure Criteria JORC Code explanation Commentary commitments, before selling the project to Apollo Phoenix Resources in 2016.  Apollo sold the project to ESR in 2018. Geology  Deposit type, geological setting and style of mineralisation.  The Carr Boyd project lies within the Achaean Yilgarn Craton in a 700km belt of elongate deformed and folded mafic, ultramafic rocks and volcanic sediments intruded by granitoids which is referred to as the NorsemanWiluna Belt. The belt has been divided into several geological distinct terranes, with the project area lying at the northern end of the Gindalbie terrane (Swager, 1996).  The geology of the Carr Boyd area is dominated by the Carr Boyd mafic-ultramafic intrusive complex (CBIC).  Several distinctive styles of Ni and Ni-Cu mineralisation have been identified within the CBIC. At the Carr Boyd Rocks Nickel Mine Ni-Cu mineralisation is hosted within several 20 - 60m diameter brecciated pipe-like bodies that appear to be discordant to the magmatic stratigraphy. Mineralisation is hosted by a matrix of sulphides (pyrrhotite, pentlandite, pyrite and chalcopyrite) within brecciated Bronzite and altered country rock clasts.  Stratiform Ni-Cu-PGE mineralisation has been identified at several different locations within the layered magmatic complex.  Estrella is in the process of re-mapping and reclassifying the Carr Boyd Igneous Complex. Previous “Layered Intrusive” models are misleading as the complex is made up of many overprinted and juxtaposed, smaller layered and non-layered intrusives that have progressed from Ultramafic to Mafic over time. The complex is better described as a magma feeder zone, where the earliest melts passing through the Morelands Formation have assimilated graphitic sulphidic shales, reached sulphur saturation and deposited nickel sulphides along basal contacts.  These basal contacts are not restricted to the base of the complex, but can form within the complex, wherever access was gained by these earlier flows.  The complex has then been intruded and inflated over time by progressively more mafic, barren magmas to produce what we see today. Drill hole Information  A summary of all information material to the understanding of the exploration results including a tabulation of the followin