Announcement PDF ASX:ESR TARGET = WORLD CLASS HIGH QUALITY NICKEL SULPHIDE RESOURCE INVESTOR PRESENTATION SEPTEMBER 2021 1 DISCLAIMER & DECLARATION This presentation has been prepared by Estrella Resources Limited (“ESR”) as a summary of the company’s exploration and development activities, with particular reference to the Carr Boyd Ni/Cu Project near Kalgoorlie, WA. 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. 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. Competent Person Declaration The Board authorised for this presentation to be released to ASX. 2 ASX: ESR The information in this announcement relating to Exploration Results is based on information compiled by Mr. Neil Hutchison, who is a Director of Estrella Resources and a member of The Australasian Institute of Geoscientists and Mr. Steve Warriner, who is the Exploration Manager, an employee of Estrella Resources and also a member of The Australasian Institute of Geoscientists. Mr. Hutchison and Mr. Warriner have sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity being 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. Hutchison and Mr. Warriner consent to the inclusion in the report of the matters based on his information in the form and context in which it appears. ESTRELLA RESOURCES Reliance on Third Party Information EXECUTIVE SUMMARY  Estrella Resources is a WA-focussed nickel exploration company in a Tier-1 mining jurisdiction  Acquired 100% ownership of Carr Boyd Intrusive Complex (2017) including the ex-WMC Carr Boyd Rocks Nickel Mine  Have full regulatory and environmental approvals ESTRELLA RESOURCES  Acquired nickel rights to the Spargoville Project, located 20km South West of Kambalda, Western Australia  Significant potential upside of Carr Boyd and Spargoville to be maximised through:  Experienced geological and management team ASX: ESR  CSIRO partnership programs  In June 2021, Estrella achieved funding for the next 12 months of exploration allowing maximum exposure to a rising nickel price  Cash balance of ~$8.1m (with additional ~$5.4M options “in the money”) 3 EV Demand Driving Nickel Outlook Ni Price Forecast 20,000 16,000 12,000  Nickel has seen an increase in demand in correlation with the growing importance of electric vehicles (EV)  Car manufacturers are adopting battery chemistries with higher nickel content(1) Nickel, $/t 4,000 0 2015 2016 2017 2018 Source: World Bank 2019 2020 2021 1. 2. 2022 2023 2024 2025 2030 2035 Source: Trafigura Research, SMM, CIAP Source: Fitch Solutions 1. ASX: ESR  These batteries are projected to hold 63% of the electric vehicle market in six years(1) ESTRELLA RESOURCES  Strong growth in EV production and demand with increasing Government incentives globally 8,000 Source: Trafigura Research, SMM, CIAP Source: Fitch Solutions 4 4 CARR BOYD OVERVIEW  100% owned Ni-Cu-PGE Project  Continuous tenure covering 259km2 ESTRELLA RESOURCES  3 Mining Licenses and 6 Exploration Licenses cover entire 75km2 mafic and ultramafic igneous complex with multiple nickel and copper sulphide occurrences – most significant being the Carr Boyd Rocks Nickel Mine and the T5 Discovery ASX: ESR  Close proximity to potential customers and processing hubs 5 CARR BOYD - HISTORY GBM and NK acquired by WMC, mined from 1973-1977 Placed into new ASX float Defiance Mining (1987) additional areas consolidated Titan JV to Yilgarn Mining (2006) Pallinghurst sell WA assets to Salt Lake Mining (2013) Apollo sell Carr Boyd to Estrella Resources (2017) Carr Boyd fully funded, progressing exploration program ESTRELLA RESOURCES WMC concentrated on its Kambalda and Leinster operations Defiance transitions to biotechnology and sells asset to Titan Resources (2001) Titan retain 100% but now owned by Pallinghurst SLM sell Carr Boyd to Apollo Phoenix (private) (2015) Massive Sulphides Discovered at T5 (2020) 6 6 ASX: ESR Discovered by Great Boulder Mines Ltd and Kalgurli JV (1969 – Yilgarn (now Brockman) withdraw from JV (2009) CARR BOYD IGNEOUS COMPLEX  Economic nickel-sulphide potential within the ancient Carr Boyd Igneous Complex has been significantly re-rated after Estrella’s discovery, ending a 50-year slumber Carr Boyd regional magnetic image. The prospective basal contact is shown in yellow and red.  Identification, mapping and drill-testing of the 30km long, highly-prospective basal contact continues at numerous sulphide prospects within the tenement package 7 ASX: ESR  Estrella’s geological understanding of the Carr Boyd Igneous Complex and surrounding stratigraphy is growing rapidly ESTRELLA RESOURCES  Estrella Resources accomplished this by applying a new geological model to the Igneous Complex and by drilling the most prospective areas identified, discovering new massive nickel-sulphides in 2020 CURRENT GEOLOGICAL MODEL ENHANCES EXPLORATION ASX: ESR 8 ESTRELLA RESOURCES  Carr Boyd pyroxenite feeder zones (intrusions) assimilated sulphides as they rose to surface approx. 2.65 M.y.a. (older than Kambalda)  This assimilation results in nickel sulphides forming which accumulate through gravity, settling onto the basal contact in “Trap Sites”  The Carr Boyd Mine resulted from a sulphur bleed off the basal contact into higher, less prospective rocks  ESR returned exploration to the much more prospective basal contact with immediate success at T5 in August 2020 CARR BOYD MINE Mined from 1973 to 1977 by WMC  The ore pipes are located some 400m laterally from the T5 basal contact within a gabbro host rock  Total production was 202,100t at 1.43% Ni and 0.46% Cu, producing a 9.7% Ni concentrate  Development of two pipes was completed on 3 levels with partial stoping, including a glory hole through to the surface ASX: ESR  Remaining JORC2004 Resource of 636,000t at 1.4% Ni and 0.5% Cu ESTRELLA RESOURCES  Four ore pipes have been located so far, containing a central zone of brecciated and stringer sulphides surrounded by broader zones of strongly disseminated sulphide mineralisation  Estrella is exploring the possible links at depth between this mineralisation and the massive sulphides discovered at T5 in 2020 9 CURRENT GEOLOGICAL MODEL MINIMISES RISK  99.9% of economic intrusive nickel deposits occur within basal contact trap positions  Due to the depths involved, intrusive nickel exploration invariably involves “direct detection” through drilling and down-hole electromagnetics (DHEM) 10 ASX: ESR Carr Boyd regional magnetic image. The prospective basal contact is shown in yellow and red  Exploration $$ risk is therefore minimised by focussing on and systematically testing the basal contact (where 99.9% of economic nickel is found) through surface mapping, 3D imaging, geological targeting, drilling and DHEM ESTRELLA RESOURCES  Historic exploration mainly focussed on the Carr Boyd Pipes, statistically a 0.1% chance of another economic discovery PLAN VIEW B T5 OPPORTUNITY  The basal pyroxenite host rock at T5 extends 3.5km north and 1.5km south of the current drill position  Basal contact testing outside the current T5 drill area (green area centre of image below) has begun  T5 is one of several mineralised basal pyroxenites within the Carr Boyd Igneous Complex to be tested in time A A Basal Contact 0m 600m 900m 1200m 11 3D Rendering of T5 Basal Contact ASX: ESR 300m B ESTRELLA RESOURCES  Initial scout RC drilling above 300m depth is planned with follow-up deeper diamond drilling down to 900m and DHEM T5 DISCOVERY – PHASE 3 & 4  Phase 3 combined close spaced wedge drilling and step-out drilling with DHEM 12 ASX: ESR  Phase 4 will step North (for 3km) and South (1.5km) and also begin testing T5 at depth utilising seismic results and DHEM ESTRELLA RESOURCES  Phase 3 drilling successfully determined plunge direction, mineralisation vectors and confirmed basal contact mineralisation CARR BOYD EXPLORATION STRATEGY Near term catalysts and continual news flow Carr Boyd Project Phase 3 Q3 FY22 Q4 FY22 FY23-FY24 Upper T5 Discovery Area 2,500m RC to test T5 up-plunge extensions Potential JORC Inferred Resource & Metallurgical Studies Scoping Studies and JORC Indicated Resource Drilling T5 Discovery Area Step-out Sections 1,500m RC pre-collars 3,500m DD with DHEM Metallurgical Studies Inferred Resource Drilling ahead of Scoping Study T5 North & Dunn Basal Contact 12,500m RC testing basal contact to 300m Follow-up RC/DD on new targets T5 South and Carr Boyd 800m DD with DHEM (R&D seismic holes) T5 Discovery Area Step-out Sections 2,500m RC pre-collars 3,500m DD + DHEM T5 North & Dunn Basal Contact 5,000m RC pre-collars 6,000m DD + DHEM 5,000m RC pre-collars 6,000m DD + DHEM 800m RC/DD with DHEM (R&D seismic) 1,200m RC/DD with DHEM (R&D seismic) T5 South and Carr Boyd 800m RC/DD with DHEM (R&D seismic) CSIRO and ESR Research Partnership Intrusion emplacement, timing, chemical and mineralisation studies with CSIRO 2,500m RC pre-collars 3,500m DD + DHEM Statutory Tenement Reductions (East & South) RC = Reverse Circulation Drilling 1,200m RC/DD with DHEM (R&D seismic) RC drilling of CSIRO Partnership generated targets Follow-up diamond drilling ? Resource drilling 10,000m RC testing basal contact to 300m FLTEM + DHEM Follow-up diamond drilling ASX: ESR Tregurtha Pyroxenite Basal Contact Licensing Inferred Resource Drilling ahead of Scoping Study Regolith and mineralisation vectoring studies with CSIRO 10,000m RC testing basal contact to 300m FLTEM + DHEM Schmidt Pyroxenite Basal Contact Phase 5 Q2 FY22 ESTRELLA RESOURCES Phase 4 Q1 FY22 Possible camp upgrade as necessary DD = Diamond Drilling DHEM = Downhole Electromagnetics FLTEM = Surface Fixed Loop Transient Electromagnetics Our focus is on the exploration and development of nickel projects and increasing shareholder value 13 INVESTMENT OPPORTUNITY  Active nickel explorer in a tier-1 mining jurisdiction ESTRELLA RESOURCES  Focused on discovery of a World Class, High Quality, Nickel Sulphide Resource  Using knowledge and technology as a key weapon  Experienced board and management in exploration with innovative approach to mining and development of metal deposits  Well funded to progress exploration campaigns ASX: ESR  Highly leveraged to success  Future development options include:  Sell ore for toll concentrating 14  Construct flotation circuit 14 EXPERIENCED BOARD & MANAGEMENT CHRISTOPHER DAWS Managing Director Experienced in running junior resources companies, including previous involvement with Niagara Mining (Poseidon Nickel), US Nickel and KMC Limited. Director and founder of Apollo “Phoenix” Resources Pty Ltd and a Director of Nimbus Mines Pty Ltd. JOHN KINGSWOOD Non-Executive Director Experienced mining professional with over 25 years in the engineering services industry specializing is underground mine infrastructure. Successful businessman with a track record of acquiring mineral projects and implementing effective business strategies. Currently a Director of Apollo “Phoenix” Resources Pty Ltd and Nimbus Mines Pty Ltd (a resource investment group). STEVE BROCKHURST Non-Executive Director & Company Secretary 15 years’ experience in the finance and corporate advisory industry and is a Director of Mining Corporate Pty Ltd. His experience includes corporate and capital restructuring, corporate advisory, company secretarial services, capital raising, ASX and ASIC compliance requirements. Has served on the Board and acted as Company Secretary for numerous ASX listed and private companies. NEIL HUTCHISON Non-Executive Technical Director A geologist with over 30 years’ experience in conducting regional and minesite exploration, target generation, resource drill out, project reviews and evaluations. Extensive nickel experience having been the General Manager for Geology at Poseidon Nickel for 11 years as well as the Exploration Superintendent at Jubilee Mines Cosmos Nickel Project for 5 years. STEVE WARRINER Exploration Manager Highly experienced in successful exploration for nickel sulphide deposits. Was previously Chief Geologist at Poseidon Nickel Limited for 14 years. Over 30 years’ experience in the resource/mining industry in WA and overseas with over 20 of these years exploring for and mining intrusive and extrusive nickel deposits in WA. 15 ASX: ESR Experienced investor and businessman with involvement in small companies and maximising their potential value. Heavily involved in driving growth of Majestic Resources / Petra Diamonds – now merged with Petra Diamonds – and, subsequently, Kangaroo Resources (Indonesia). ESTRELLA RESOURCES LESLIE PEREIRA Non-Executive Chairman CAPITAL STRUCTURE (AS AT 1 September 2021) Options 10,000,000 10c exercise June 2022 5,000,000 5c exercise June 2022 11,500,000 3c exercise Nov 2022 254,363,575 2c exercise July 2023 (ASX: ESROA) 16,600,000 20c exercise Nov 2023 Convertible Notes $190,000 1c conversion, expiry Feb 2022 12%PA Major Shareholders Regal Funds Management 10.89% Gallin 3.46% Sunset Capital Management 3.23% CASH ASX: ESR 1,162,043,740 ESTRELLA RESOURCES FPOS ~ A$8.1M (As at 1 September 2021 with additional ~A$5.4M “options in the money”) 16 Contact: Chris Daws Managing Director M: +61 8 9481 0389 E: info@estrellaresources.com.au PHASE 2 AT T5 – DIAMOND DRILLING RESULTS  T5 has yielded several highly significant intersections to date2 containing nickel, copper, cobalt, platinum, palladium and silver in the Company’s Phase 2 step-out drilling  Phase 2: 6,464m drilled in 13 diamond holes  Phase 3: 8,211m drilled in 13 diamond holes and 11 wedge holes Interval 1.8 0.4 13.9 3.2 20.1 5.88 2.1 2.45 8.05 3.7 5.4 1.95 4.9 1.71 Ni% 0.73 1.12 1.18 3.19 1.04 1.39 1.37 1.65 0.83 1.18 0.87 1.34 0.96 1.63 Cu% 0.34 1.07 0.39 0.64 0.67 0.66 0.54 2.01 0.49 0.76 0.76 1.41 0.35 0.66 Co% 0.04 0.06 0.05 0.14 0.05 0.07 0.06 0.08 0.03 0.04 0.04 0.05 0.04 0.07 2PGE ** 0.65 0.91 0.45 0.71 0.79 0.90 2.34 0.83 0.62 0.97 0.61 0.93 0.29 0.43 Ag g/t 1.78 6.80 1.61 2.56 2.45 2.31 2.61 7.31 2.84 5.29 3.25 6.12 1.35 3.12 Note: Intervals quoted are downhole lengths, true widhts are not known ** 2PGE refers to Pt + Pd in g/t 2. See ASX Announcement dated: 1/2/2021 18 ASX: ESR m To 167 165.6 445.5 439.5 388.6 378.4 382.8 388.6 524.85 520.5 511 508.1 608.6 608.6 ESTRELLA RESOURCES Hole m From CBDD028 165.2 including 165.2 CBDD030 431.6 including 436.3 CBDD033 368.5 including 372.52 and 380.7 and 386.15 CBDD035 516.8 including 516.8 CBDD036 505.6 including 506.15 CBDD042A 603.7 including 606.89 PHASE 3 AT T5 – DIAMOND DRILLING RESULTS ** 2PGE refers to Pt + Pd in g/t Interval 6.9 0.64 0.35 6.91 1.87 3.29 0.6 6.39 1.03 0.68 0.97 6.82 0.48 0.41 8.23 1.89 2 4.83 0.42 0.85 13.41 6.26 1.11 26.33 1.06 1.15 2.71 25.32 4.96 7.78 0.3 7.04 0.96 18.43 8.49 1.87 0.33 4.25 1.48 0.3 0.53 24.32 7.12 2.93 0.72 14.14 5.41 2.78 1.32 1.18 True Width 3.3 3.3 1.6 3.1 3.3 4.0 1.0 2.3 6.4 3.0 12.6 1.3 12.2 2.4 3.7 3.4 8.8 4.1 2.0 11.7 3.4 1.4 6.8 2.6 s Ni% 0.54 1.52 1.32 0.75 1.74 0.75 1.19 0.76 1.38 1.14 1.14 0.58 1.51 1.02 0.69 1.40 0.46 0.63 1.14 1.14 1.31 2.08 3.92 0.73 1.03 1.47 1.10 0.79 1.15 1.14 3.49 0.60 0.77 0.64 0.91 1.12 1.44 0.99 0.90 1.07 0.99 0.82 1.10 1.10 2.45 1.05 1.45 1.39 1.07 2.07 Cu% 0.26 0.21 0.36 0.54 0.54 0.53 1.07 0.44 1.25 0.71 0.23 0.51 0.90 0.64 0.32 0.34 1.43 0.50 0.62 0.47 0.44 0.63 0.16 0.44 0.55 1.02 0.65 0.58 0.71 0.93 0.08 0.53 1.17 0.92 1.01 1.96 0.44 1.03 4.23 7.92 5.14 0.44 0.61 0.41 0.36 0.58 0.88 1.10 0.77 0.31 Co% 0.03 0.08 0.06 0.04 0.08 0.04 0.06 0.04 0.07 0.06 0.06 0.03 0.08 0.05 0.03 0.07 0.02 0.03 0.05 0.05 0.06 0.09 0.17 0.04 0.06 0.08 0.06 0.04 0.06 0.05 0.15 0.03 0.04 0.03 0.05 0.06 0.07 0.05 0.04 0.05 0.05 0.04 0.05 0.05 0.12 0.04 0.06 0.06 0.04 0.09 2PGE ** 0.41 0.95 0.61 0.48 0.90 0.58 0.72 0.48 1.42 0.50 0.28 0.59 0.71 0.90 0.45 0.59 0.52 0.47 0.92 0.72 0.46 0.67 0.59 0.70 0.47 1.97 1.03 0.58 1.13 0.72 0.89 0.70 0.53 0.53 0.74 1.03 0.85 0.77 0.45 0.58 0.57 0.57 0.58 0.68 0.68 0.59 0.83 0.69 0.94 0.47 Ag g/t 1.10 1.35 2.10 2.39 2.60 2.35 5.23 1.62 4.72 3.40 1.10 1.83 4.70 2.60 1.34 1.49 6.50 2.58 4.30 2.52 1.93 2.78 0.80 1.84 2.00 4.70 3.16 1.92 2.45 3.14 <0.5 2.28 6.00 3.76 4.09 8.72 1.90 4.05 18.34 34.20 21.40 1.85 2.33 1.82 2.40 2.46 3.91 4.43 3.20 19 1.18 ASX: ESR See ASX announcement dated 30th July 2021 and 2nd August 2021 m To 388.4 383.14 386.2 393.58 390.36 375.96 373.27 394.79 390.59 393.47 394.79 403.51 397.63 399.52 446.29 443 428 426.64 423.05 426.64 405.71 401.11 398.98 387.54 362.27 365.56 379.05 382.32 363.56 376.11 368.63 363.1 357.02 397.53 392.27 385.65 386.87 392.27 397.53 396.35 397.53 372.64 365.52 371.12 378.93 422.48 413.75 414.39 417 422.48 ESTRELLA RESOURCES Massive and globular nickel-copper-iron sulphide breccias in CBDD054B at 368m Hole m From CBDD048 381.5 including 382.5 and 385.85 CBDD049A 386.67 including 388.49 CBDD049C 372.67 including 372.67 CBDD050 388.4 including 389.56 including 392.79 including 393.82 CBDD050A 396.69 including 397.15 including 399.11 CBDD053 438.06 including 441.11 CBDD053A 426 CBDD053B 421.81 including 422.63 including 425.79 CBDD054 392.3 including 394.85 including 397.87 CBDD054A 361.21 including 361.21 including 364.41 including 376.34 CBDD054B 357 including 358.6 including 368.33 including 368.33 CBDD055 356.06 including 356.06 CBDD055 379.1 With 383.78 including 383.78 including 386.54 including 388.02 And 396.05 including 396.05 including 397 CBDD055A 348.32 including 358.4 including 368.19 CBDD055A 378.21 CBDD055B 408.34 With 408.34 including 411.61 including 415.68 including 421.3