SPARGOVILLE – TRANSITIONING TO NICKEL PRODUCTION June 2022 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 Spargoville 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. 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. The Board authorised for this presentation to be released to ASX. Estrella Resources (ASX:ESR) Investor Presentation 2 Experienced Board & Management LESLIE PEREIRA Non-Executive Chairman 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) CHRISTOPHER DAWS Managing Director Experience 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 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 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. Estrella Resources (ASX:ESR) Investor Presentation 3 Estrella – At A Glance WA-focussed nickel exploration company transitioning into production in a Tier-1 mining and processing jurisdiction with a highly experienced board and management team Carr Boyd Nickel Sulphide Project (100%-owned)  Lies only 80km from Kalgoorlie with initial drilling programs having discovered Massive Nickel Sulphide at the T5 prospect  Major exploration activity underway to locate a world class, high quality, nickel sulphide resource Spargoville Nickel Sulphide Project (100%-owned)  Lies 20km South-West of Kambalda and since being founded in1960s, four deposits have been discovered and developed  Estrella is seeking to rapidly transition Spargoville project into a producing asset Estrella Resources (ASX:ESR) Investor Presentation 4 Nickel Prices are Rising Significant battery demand generated by rapid uptake of EVs and other supply chain issues are driving ongoing price increases 1 Year LME Nickel Warehouse Stock Levels Tons Monthly Nickel Price AUD/T 50000 300000 45000 250000 40000 200000 Severe LME squeeze, not enough Ni globally 35000 30000 150000 100000 25000 50000 20000 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 Estrella Resources (ASX:ESR) Investor Presentation 5 Spargoville – Right Time For New Mine Developments With major appreciation in the nickel price, time is right to rapidly transition 100% owned Spargoville nickel sulphide project to a producing asset  Acquired via the purchase of WA Nickel Pty Ltd in 2017 when nickel projects were out of favour  Bought rights to mine and explore 4 nickel sulphide deposits,  Nickel sulphides were first discovered in the area in the late 1960’s  1A, 5A, 5B, and 5D (Andrews) deposits discovered since then and partially developed on two of the three mining leases for which the Nickel Rights were purchased  All mines have remnant nickel sulphide mineralisation left behind and extensive exploration potential at depth. Potential cashflows from Spargoville production to assist in accelerating exploration / development of Carr Boyd Estrella Resources (ASX:ESR) Investor Presentation 6 Spargoville – 5A Nickel Deposit (2022 Priority) 5A represents a potential early nickel producing opportunity for Estrella via an open pit cutback operation accessing valuable nickel tonnes  5A mineralisation consists of a 30m deep Oxide Zone, which was mined in an open pit (19961997).  Beneath this is a 30m thick Transitional Sulphide Zone underlain by Fresh Sulphides.  Drilling underway to confirm the resource and progress the DFS. 5A October 2019 Mineral Resource Estimate (0.5% Nickel Cut-off) Long section through the 5A Nickel Resource showing abundance of Oxide, Transitional and Fresh Metallurgical Zones as well as an outline of the optimised pit shell from the 2020 Scoping Study. Tonnage kt Ni % Cu % Ni T Cu T Indicated 69 2.4 0.19 1,630 130 Inferred 58 1.3 0.11 730 70 Total 127 1.9 0.15 2,370 190 Refer ASX Release date 18 October 2019 (ASX: ESR) Estrella Resources (ASX:ESR) Investor Presentation 7 Spargoville – 5A Resource Confirmation Drilling Commenced  Diamond drilling underway at Spargoville  17 shallow holes to take 6 weeks to complete  Assays to be expedited  Aim of diamond drilling program is:  Confirm metallurgical “Top of Fresh” zone (Depth where the Transitional Zone ends and Fresh mineralisation starts) for DFS.  Update the October 2019 Resource estimate  Mine planning for 5A mine  Targeting DFS completion within next 3 months  Granted mining leases  Targeting production by 1st Quarter 2023 pending successful completion of DFS and all necessary approvals Diamond rig located at the 5A nickel mine. Estrella Resources (ASX:ESR) Investor Presentation 8 Spargoville – Other Potential Near-Term Production Assets 5B Deposit  Kambalda-style komatiite deposit similar to 5A with massive and matrix sulphides accumulating at base of a lava channel.  A 600m long decline (120m vertical depth) remains intact and accessible for refurbishment to allow mining activities to commence  Mined between 1975 - 1982 & 1992 - 1993 via open pit producing in total ~14,000t nickel 5D (Andrew’s) Deposit  Deposit is thought to be a westerly continuation of the 5A komatiite channel and larger and more continuous than both 5A and 5B Deposits.  Estimated pre-mining resource of ~18,000t Ni @ 2.48% Ni (Minotaur 2016) of which around 7,800t Ni were extracted.  Deposit was mined via a 250m deep shaft. Previous work identified several remnant pillars left behind, including the unmined Oxide Zone at surface 1A Deposit  Lies 4km North of 5A, 5B & 5D and is another Kambalda-style channel deposit  Mined 1990 - 1992 via a 150m shaft and an internal decline down to 175m, seeing almost 4,300t Ni extracted @ 3.8% Ni.  Drill data shows good downplunge intercepts close to the workings.  Deeper intersections down to 550m below surface confirm continuation of mineralisation at depth Estrella Resources (ASX:ESR) Investor Presentation 9 Spargoville – Other Potential Near-Term Production Assets 5B Deposit 5D (Andrew’s) Deposit 1A Deposit Cross sectional view of the 1A Nickel Mine showing the discontinuous Inferred Resource shapes at depth Long section of the 5B deposit, pit and decline, showing Minotaur Exploration’s significant intersections from 2014. Long section showing the unmined oxide cap, in-situ pillars and DHEM targets generated by Breakaway Resources and Minotaur Exploration Estrella Resources (ASX:ESR) Investor Presentation 10 Spargoville - Transitioning to Production by Q1 2023 5A Deposit JUNE 2022 SEPTEMBER 2022 NOVEMBER 2022 Diamond drilling for metallurgical confirmation and expansion of JORC 2012 Resource - COMMENCED 1.Commence work on resource pit optimisation & processing pathway 1.Completion of DFS & mining approvals Q1 2023 1.Commencement of Mining* 5B & 5D Deposits to follow same pathway to production as 5A Deposit *Targeted production at 5A Deposit by Q1 2023 subject to successful completion of DFS and all necessary approvals Estrella Resources (ASX:ESR) Investor Presentation 11 Spargoville - In the Nickel Supply Chain for Green Energy Solutions Estrella is focusing efforts toward the production of nickel sulphide, used for green energy solutions, starting with the development of the 5A nickel mine WESTERN AUSTRALIA Nickel Mining Nickel Sulphide Concentrates Sulphide ores containing nickel are mined, crushed and processed through flotation to extract concentrates that contain 6-12% nickel Purified Nickel Through further refining, 95% pure nickel can be obtained Cathodes China, Japan, South Korea, Europe Nickel is coated and treated to create cathode material Li-ion Battery China, Japan, USA, Europe, South Korea Cathode and other components assembled into Li-ion cells to be used for EVs Estrella Resources (ASX:ESR) Investor Presentation 12 Electric Vehicle Market EV technologies such as full battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) are increasingly becoming attractive options that help reach environmental, societal and health objectives. Given the importance of nickel in EV battery cathodes, the rising popularity of EVs will drive an increase in nickel demand and production. Global electric passenger car stock, 2014-2030 million Forecast 140 124 120 102 100 84 Consumer and government spending, 2015-2020 billion 80 68 140 56 60 28 21 1 1 2 3 5 14 15 16 17 18 7 19 10 Consumer Spending 20% 100 36 20 25% 120 46 40 Key Trends • >10 million electric cars were on roads globally in 2020 with BEVs driving the expansion, which accounted for two-thirds of total stock in 2020 • Growth in electric car registrations persisted through COVID-19 • Consumer spending on EVs continue to rise while government spending stabilises 15 80 15% 60 10% 40 5% 20 0 0 Source: IEA 20 21 Government Spending 22 23 24 25 26 27 28 29 30 0% 2015 2016 2017 2018 2019 2020 Share of government spending as a percentage of total Source: IEA Estrella Resources (ASX:ESR) Investor Presentation 13 Contact: Chris Daws Managing Director M: +61 8 9481 0389 E: info@estrellaresources.com.au APPENDICES Estrella Resources (ASX:ESR) Investor Presentation 15 Overall Nickel Market Nickel output declines over the past years driven by slowdowns in infrastructure projects and production of nickel-based stainless steel goods in China is being offset by stronger nickel prices and demand outlook. This positive outlook includes new mines starting production, existing mines recommencing production, and other mines expand output. Further, nickel prices are anticipated to rise due to improved economic activity and demand for steel. EVs and other general battery usage drive significant Nickel demand Product Segmentation for Nickel Ore Mining in Australia High-grade nickel ore 22% 13% Low- and memdiumgrade nickel ore Uses for Nickel • • • • • 65% Nickel ore concentrate • • Nickel is most commonly used in making alloys such as stainless steel Nickel is used in batteries including those used in hybrid and electric vehicles Nickel resists corrosion hence is used to plate other metals as protection such as in toasters and electric ovens A copper-nickel alloy is commonly used in desalination plants, which convert seawater into fresh water Nickel steel is used for armour plating, and other alloys of nickel are used in boat propeller shafts and turbine blades Nickel has a long history of being used in coins Nickel is used as a catalyst for hydrogenating vegetable oils Source: Ibisworld Estrella Resources (ASX:ESR) Investor Presentation 16 Cathode and nickel demand are directly linked to EV battery demand growth Nickel is a fundamental raw material in lithium-ion battery cathodes, and adding more nickel can boost a battery’s energy density, translating into more range per pound of battery Given the commoditised nature of nickel, the nickel supply chart slopes downwards. However, nickel demand is increasing primarily driven by growing prevalence of EVs and nickel’s importance in EV battery production. Hence, the demand for nickel will overtake supply in the near future, and result in rising nickel prices. Primary Minerals Segmentation per EV % 6% Mineral Demand from EV Sector Forecast thousand tonnes 4% Graphite 32% 12% Copper Nickel Manganese Cobalt 19% Lithium 26% Graphite Nickel Copper 2020 Source: MiningTechnology, IEA Lithium 2030 Cobalt Manganese Other 2040 Source: MiningTechnology, IEA Estrella Resources (ASX:ESR) Investor Presentation 17 Capital Structure ASX Tickers ESR & ESROA Share Price A$0.025 0.04 Market Cap A$30M 0.035 Cash ~ A$7.9M (As at 31 March 2022 incl. ~A$4.8M “options in the money”) 0.03 Enterprise Value $30.4M 0.025 FPOS 1,200,681,540 Options 10,000,000 10c exercise 30 June 2022 11,500,000 3c exercise Nov 2022 239,363,575 2c exercise July 2023 (ASX:ESROA) 16,600,000 20c exercise Nov 2023 25,750,000 6c exercise Jan 2025 20,000,000 6c exercise Apr 2025 Board & Management 50 40 0.02 9.4% Apollo Phoenix Resources 3.3% 30 0.015 20 0.01 10 0.005 0 Volume Close Estrella Resources (ASX:ESR) Investor Presentation 18 0 Millions 60 4/01/2022 7/01/2022 12/01/2022 17/01/2022 20/01/2022 25/01/2022 31/01/2022 3/02/2022 8/02/2022 11/02/2022 16/02/2022 21/02/2022 24/02/2022 1/03/2022 4/03/2022 9/03/2022 14/03/2022 17/03/2022 22/03/2022 25/03/2022 30/03/2022 4/04/2022 7/04/2022 12/04/2022 19/04/2022 22/04/2022 28/04/2022 3/05/2022 6/05/2022 11/05/2022 16/05/2022 19/05/2022 Major Shareholders 6-month Share Price