ASX:ESR 27 September 2024 Estrella Adds Further Highly Prospective Tenements to Timor-Leste Portfolio First Foreign Entity to Receive Concessions Via the Direct Grant Process HIGHLIGHTS ➔ Estrella has been granted an additional four Exploration and Evaluation Concessions in Baucau Municipality, Timor-Leste (Figure 1) ➢ The concessions, which cover a total area of 194.4 km2, are valid for 4 years ➢ Initial work shows them to contain some of the best mineralisation seen to date within eastern Timor-Leste ➔ Estrella is the first foreign entity to be given concessions via the direct grant process under the new Timor-Leste 2021 Mining Code ➔ Estrella Resources together with its Joint Venture partner Murak Rai Timor (MRT) is now the largest Concession holder in Timor Leste with total landholding of 698.1 km2 comprising: ➢ Seven Exploration Concessions totalling 315.94 km2 within the joint venture with MRT and ➢ Eight Reconnaissance Permits totalling 382.2 km2 held separately Figure 1: Four additional Exploration and Evaluation Concessions (BA-01 to BA-04) granted in the Baucau Municipality just to the west of Estrella's existing tenure _____________________________________________________________________________________________________________ Office Address London House, Level 8, 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 it has successfully been granted four additional Exploration and Evaluation Licenses within the Baucau Municipality of Timor-Leste (Figure 1) with the Company the first foreign entity to receive concessions via the direct grant process under the new Timor-Leste 2021 Mining Code. The additional licenses make Estrella’s total landholding of 698km2 the largest Concession holder in TimorLeste. Initial reconnaissance has defined some of the best outcropping manganese mineralisation seen to date within Estrella’s tenure.1 Commenting on the anticipated work program, Estrella Managing Director Chris Daws said: “This is a massive step forward in opening up Estrella’s exploration efforts within Timor-Leste. It also represents another major milestone for Estrella. Not only were we the first company to be awarded concessions under the 2023 Tender Process, but we are now the very first company to achieve direct grant of applied concessions under Timor-Leste’s 2021 Mining Code. This is a major vote of confidence by the Timor-Leste Government in Estrella’s ability as an exploration group and further highlights their commitment to developing a strong mining industry in the country. Estrella is extremely pleased to have secured such prospective ground outside of the tender process, and we look forward to expanding our work in the country. I thank the Timor-Leste Government, statutory bodies, and our partners for assisting Estrella in expanding our exploration efforts. I look forward to reporting on the discovery work of our in-country teams as we move forward.” The Exploration and Evaluation License Granting Ceremony was held in Laga in the Municipality of Baucau and was attended by Mr. Rafael de Araujo, the President of the Autoridade Nacional dos Minerais (ANM), the President and CEO of MRT, Mr. Jose Gonçalves, along with Chris Daws (Managing Director and CEO) and Steve Warriner (Technical Director) of Estrella Resources, and the exploration team from the Estrella Murak Rai joint-venture. Additional dignitaries invited by the ANM to the ceremony included leaders and representatives from the office of the President of the Baucau Municipality, the local Post Administrative Authorities, representatives from the Veterans Association, Police, Army and various other political associations. 1 Refer to ASX announcement dated 14 August 2024 Figure 2: Estrella Managing Director Chris Daws (right) accepting granting of exploration concensions at License Ceremony in Laga, Baucau Municipality from President of ANM Mr Rafael de Araujo (left) and President and C.E.O. of Murak Rai Timor E.P Mr Jose Manuel Goncalves (middle). Figure 3: Representatives of Timor-Leste and Estrella, representatives pictured included; (back lane from left) Task Force General Secretary of VCLN, Mr. Jorge Alves Oemoris, Member of VCLN, Mr. Manuel Funulakan, Religious Representative, Father Rui Gomes, Representative of Nacional Force F-FDTL, Exploration Manager of Estrella Resources, Mr. Steve Warriner, Representative of the MPRM, National Director of Procurement, Mr. Manuel Mendonça, The Authority, Post Administrative of Laga, Mr. João Freitas de Castro, Unknown, Representative Veteran Nacional (CLN), Mr. Vasco da Gama (Kriado), PNTL commander of Baucau Municipality, Mr. Antonio Maulata. The Authority of post Administrative of Baucau, Mr. Aires de Fatima Correia. (Front lane from left) The Authority of post Administrative of Quelikai, Mr. Paulo Jacinto Moreira, Unknown, President of ANM, Mr. Rafael de Araujo, President and CEO of MRT, Mr. Jose Gonçalves, Managing Director of Estrella Resources, Mr. Chris Daws, Representative PAM of Baucau, Director of Municipal Planning Agency, Mr. Francisco Xavier da Silva Guterres, Vice-President of ANP, Mr. Quintino Berre, Unknown, Unknown, Representative of IGT, Mr. Albino Amaral, Representative of PNTL Laga. The four additional highly prospective Exploration and Evaluation Licenses covering 194.425 km 2 are situated within the Baucau Municipality of Timor-Leste. Of most interest within the application landholding is the prevalence of bedded manganese rich outcrops as shown in Figure 4. The manganese, interbedded with thin chert horizons, are typical of exhalative style mineralisation associated with the thrusting and uplift of the Timor Island, and subsequent hot fluid flow onto the sea floor. Subsequent supergene enrichment has upgraded mineralisation further. Figure 4: Estrella geologists mapping outcropping bedded chert and manganese horizons with supergene enrichment and abundant manganese mineralisation (70% Manganese Oxide and 30% Chert). The Company is awaiting assay results and will likely release them next week. Under Timor-Leste mining law, the Exploration and Evaluation Licenses entitle the holder to conduct mapping, sampling and geophysics within the concession area for 48 months, with additional 2-year extensions for up to 6 years if required. The holder of the concession area has a pre-emptive right in the grant of a Mining License up to the expiry date of the License. Next Steps Estrella is in the process of boosting its in-country team with additional, experienced Timor-Leste geological personnel to expedite the planned exploration program. Estrella is conducting Environmental Impact Studies ahead of applying for environmental clearances to conduct drilling. Work going forward will include mapping, sampling and ground geophysics (Induced Potential) which has been tested in Timor-Leste and was successful to detect buried manganese oxides. In addition, a LIDAR survey and environmental clearances will be undertaken to pave the way for a scout drilling program to investigate the down-dip potential of the outcropping manganese bedding. The Company will update shareholders as more information comes to hand. The Board has authorised for this announcement to be released to the ASX. ENDS 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 Forward Looking Statements This announcement 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. 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 their information in the form and context in which it appears. Cautionary Statement Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.