Announcement PDF _____________________________________________________________________________________________________________ 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 14 May 2026 621Mt MAIDEN JORC INFERRED RESOURCE: WERUMATA LIMESTONE PROJECT, TIMOR LESTE HIGHLIGHTS ➔ Maiden JORC (2012) Inferred Resource of 621Mt (central estimate) of limestone at the Werumata Limestone Project, Timor-Leste ➔ Product 1 (High grade limestone suitable for sale as an acid neutralisation agent): 493 Mt at an average Acid Neutralisation Capacity of 83.2% ➔ Product 2 (Lower grade limestone suitable for industrial uses including AAC blocks, masonry mortar & cement): 33 Mt at an average Acid Neutralisation Capacity of 35.6% ➔ Product 3 (High-silica material suitable for road paving, construction aggregate, road base & rock fill): 95 Mt with average silicon dioxide content of 58% ➔ Concession covers ~4,990 hectares in the Lautém Municipality with the drilling to date having tested only a small portion near the western boundary ➔ Significant resource growth potential: limestone extends over 6km eastward across the concession, largely untested by drilling ➔ Open cut mining: only economically feasible extraction method ➔ All three products are direct shipping ores requiring only crushing and screening with no further metallurgical processing. ➔ Accessible location: 170km ENE of Dili on sealed all-weather roads, with potential for export via coastal shipping Commenting on the maiden JORC resource, Managing Director Chris Daws said: "The maiden 621 million tonne Inferred Resource at Werumata is an exceptional starting point and confirms the project as a potentially significant large-scale limestone development. With drilling having tested only a fraction of the concession and mineralisation extending for more than six kilometres eastward, we see substantial upside to further grow the resource base. This resource provides Estrella with a strong foundation to build a long-term business around large-scale limestone mining and export, targeting growing infrastructure and industrial demand across Southeast Asia. With sales discussions advancing, port access negotiations underway with the Timorese Government and preparations commencing for a new drilling campaign we believe Werumata is rapidly emerging as a major regional limestone development project and I can’t wait to update investors of our progress. Go Estrella!” ASX: ESR Resource Summary Table 1: Inferred Limestone Resource Statement as at 14 May 2026 Category Product 1 (Mt) Acid Neutralisation Product 2 (Mt) Industrial Uses Product 3 (Mt) Road Base & Fill Total Limestone (Mt) Lower Estimate 442 30 85 557 Central Estimate 493 33 95 621 Upper Estimate 545 37 104 686 Notes: Resources reported in accordance with the JORC Code (2012 Edition). All products classified as Inferred. Resource recovery factor of 97% applied to account for voids. Average estimated bulk densities applied: Product 1 (BCUH horizon: 1.88t/bcm &BPUH horizon: 1.64 t/bcm); Product 2 (BCUL Horizon: 1.58t/bcm, LCL Horizon: 1.54t/bcm & BPUL Horizon: 1.56t/bcm); Product 3 (BPUX Horizon: 1.53t/bcm & CL Horizon: 1.30t/bcm). Lower and upper estimates reflect ±10.4% variation on central tonnage estimates, being the weighted average coefficient of variation of the bulk density dataset. A larger density sampling programme would support upgrade to Indicated and Measured classification. Rounding may cause apparent discrepancies in totals. Average Resource Grades by Horizon Table 2: Product Grades by Horizon Product Acid Neut. Capacity CaO (%) MgO (%) SiO₂ (%) Product 1 83.2% 44.4% 1.80% 10.8% Product 2 35.6% 17.0% 2.21% 43.0% Product 3 11.6% 3.1% 2.69% 58.0% Total 69.8% 36.7% 1.96% 19.7% Note: Grades reflect tonnage-weighted averages. Acid Neutralisation Capacity (ANC) = CaCO₃ + 1.1 × MgCO₃. Product 1 cut-off: >47% ANC (BCUH and BPUH horizons). Product 2: 20–47% ANC (BCUL, LCL, BPUL horizons; avg CaCO₃ 30.4%). Product 3: <20% ANC (BPUX, CL horizons; avg SiO₂ 58%). Estrella Resources Limited (ASX: ESR) is pleased to announce the declaration of a Maiden JORC Code (2012) Inferred Mineral Resource at its Werumata Limestone Project, located in the Lautém Municipality of Timor-Leste. The Resource estimate was independently prepared by ASEAMCO Pty Ltd, with Robert de Jongh FAusIMM acting as the Competent Person for Resource Estimation. The Werumata Limestone Project is held under Exploration and Evaluation Concession MEL2024-DA-ZA003, which was awarded for four years from 14 May 2025 to Estrella Resources Ltd Representação Permanente (ESR-RP), a wholly-owned Timor-Leste registered subsidiary of Estrella Resources Limited (Australia). The concession covers approximately 4,990 hectares situated 170 km east-northeast of the capital Dili, accessible by sealed all-weather roads. Geology Two principal limestone formations host the mineralisation: the Baucau Limestone Formation and the underlying Batu Putih Chalk. The Baucau Limestone, formed in a shallow marine environment between the Pleistocene Age and the present, is comprised of coralline reef facies, palaeo shoals, beaches, grainstones and rudstones, with an average modelled thickness in the drilled area of approximately 30 metres. The Batu Putih Chalk, formed in a deep marine setting during the Pliocene epoch, has an average modelled thickness of approximately 26 metres. Seven resource horizons were defined within these two formations — BCUH, BCUL and LCL within the Baucau Limestone, and BPUH, BPUX, BPUL and CL within the Batu Putih Chalk — based on lithology and acid neutralisation values. The beds are sub-horizontal and broadly tabular, with no faulting identified within the concession area. Drilling & Sampling A drilling program commenced on 29 October 2025, comprising 33 Reverse Circulation (RC) drill holes (2,852m) and 9 diamond drill holes (913m), for a combined total of 3,765m. Drill holes ranged from 41m to 140m depth. All holes were vertical, which was appropriate given the sub- horizontal nature of the target formations. RC holes were sampled at 1-metre intervals and submitted to PT Geoservices in Jakarta, Indonesia, for XRF fusion analysis reporting 15 elements as oxides. Diamond drill core was used for geological verification and to provide 87 samples for in-situ bulk density determination using industry-standard immersion methods. The Competent Person for the Mineral Resource Estimate visited the site between 23–25 November 2025 and assessed the sampling procedures as appropriate and representative. Samples were transported from field to Dili under Estrella personnel supervision, with international delivery to the laboratory managed by Ceva Logistics, an international courier service. Resource Estimation Methodology The resource estimate was prepared by ASEAMCO Pty Ltd in accordance with the 2012 Edition of the JORC Code, using a two-dimensional gridding approach appropriate for this sub-horizontal, tabular sedimentary deposit. Geovia Minex software was used for structural floor modelling and geostatistical analysis of horizon thickness and Acid Neutralisation Capacity was conducted using SGeMs software. A financial analysis determined an economic cut-off grade of 47% Acid Neutralisation Capacity for Product 1. The geostatistical analysis confirmed that the drill hole spacing was sufficient to establish geological and grade continuity appropriate for Inferred Resource classification. However, as density data was obtained from less than 3% of recovered drill core length, classification of resources at higher than Inferred confidence was not considered appropriate. Comprehensive bulk density testing of the higher-grade BCUH and BPUH horizons would be required to support upgrade to Indicated or Measured classification. Voids were encountered in every drill hole, with an overall void percentage of 2.8%. A recovery factor of 97% was applied to all reported tonnages to account for this. The coefficient of variation for bulk density data was 10.4%, and accordingly the resource estimates are presented as a range of ±10.4% around the central estimate. Products Three products have been identified for mining: • Product 1 – Acid Neutralisation: High-grade limestone (>47% Acid Neutralisation Capacity) suitable for sale as an acid neutralisation agent in agricultural and industrial applications. • Product 2 – Industrial Uses: Lower-grade limestone (20–47% Acid Neutralisation Capacity; average CaCO₃ of 30.4%) suitable for Autoclaved Aerated Concrete (AAC) blocks, high quality masonry mortar, and as a blending component for Portland cement manufacture. • Product 3 – Road Base & Rock Fill: High-silica material (<20% Acid Neutralisation Capacity; average SiO₂ of 58%) ideal for road paving, construction aggregate, road base and rock fill. The majority of Product 3 tonnage (88 Mt central estimate) arises from the CL horizon at the base of the sequence; if that horizon is excluded, only 5.5–6.8 Mt of Product 3 would be produced as incidental material during extraction of Products 1 and 2. The Company is evaluating the economics of including the CL horizon. Open cut mining is the only economically feasible extraction method. All three products are direct shipping ores requiring only crushing and screening with no further metallurgical processing. Next Steps • Engage with prospective customers and negotiate commercial sales agreements. • Negotiate port land access agreement with the Timorese Government. • Community consultation in support of new drilling round targeting very high-grade limestone. Limestone Uses & Market Context Limestone of this quality has a broad range of potential end uses, providing Estrella with multiple market opportunities: • Acid neutralisation agent for industrial and metallurgical applications • Raw feed for cement manufacture • Agent for agricultural soil amendment • Construction aggregate • Road base and fill material Indonesia and Southeast Asia in general is undertaking significant infrastructure development and presents an adjacent local market opportunity for construction materials. Regional markets in South, Southeast and North Asia provide additional export potential for acid neutralisation and cement raw material products. Growth Potential The drilling completed to date has tested only a limited area near the western boundary of the concession, covering two plateaus with an average drill spacing of approximately 300 metres. The Baucau Limestone and Batu Putih Chalk formations extend more than 6 kilometres across the concession to its eastern boundary — an area largely untested by drilling that dwarfs the currently drilled footprint. The Company intends to conduct further drilling to test these extensions with the potential to substantially increase the total resource tonnes. ESR-RP also holds additional Exploration and Evaluation Concessions (MEL2025-DA-ZA001, MEL2025-DA-ZA002 and MEL2025-DA-ZA004) and Reconnaissance Permits (ESR-RP-05, ESR-RP-07 and ESR-RP-08) in the region, applications for which are pending conversion to Exploration and Evaluation Concessions. JORC Code Compliance This announcement has been prepared in compliance with the 2012 Edition of the JORC Code and the ASX Listing Rules. The JORC Code Table 1 checklist supporting this resource is included in the independent technical report prepared by ASEAMCO Pty Ltd (Project 26244, May 2026), which has been annexed in this ASX announcement. All material assumptions underpinning the resource estimate are disclosed in this announcement. The board has authorised this announcement for ASX release. FURTHER INFORMATION CONTACT Christopher J. Daws Managing Director Estrella Resources Limited E: info@estrellaresources.com.au Media: David Tasker Managing Director Chapter One Advisors E: dtasker@chapteroneadvisors.com.au Competent Persons Statement – Exploration The information in this announcement that relates to Sampling Techniques, Data and the Reporting of Exploration Results is based on information compiled by Mr Peter Spitalny, a full-time employee of Estrella Resources Ltd. Mr Spitalny is a Fellow of The Australasian Institute of Mining and Metallurgy and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Competent Persons Statement – Mineral Resource Estimates The information in this announcement that relates to the Estimation and Reporting of Mineral Resources is based on information compiled by Mr Robert de Jongh BE Mining (Hons) FAusIMM, Managing Director of ASEAMCO Pty Ltd. Mr de Jongh is a Fellow of The Australasian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Compliance Statement Both Mr Spitalny and Mr de Jongh consent to the inclusion of the matters based on their information in the form and context in which it appears in this announcement. The Company confirms that it is not aware of any new information or data that materially affects the information included in this announcement. 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. Werumata Limestone Project STATEMENT OF LIMESTONE RESOURCES May 2026 May 2026 Project 26244 AUSTRALIAN & SOUTH EAST ASIAN MINING CONSULTANTS Werumata Limestone Project Statement of Limestone Resources Project No: 26244 i Executive Summary ASEAMCO Pty Ltd (ASEAMCO) was commissioned by Estrella Resources Limited (Estrella) to prepare a statement of the open cut limestone resources contained within the Werumata Limestone Deposit Exploration and Evaluation Concession MEL2024- DA-ZA003 (The Concession) in accordance with the 2012 Edition of the JORC Code. The Competent Person for Resource Estimation, Robert de Jongh, made a site visit between 23rd and 25th November 2025 during which the following items were observed: o Location and infrastructure o Geological setting o Drilling progress o Drillhole logging and sampling methods Location, Land Tenure and Licensing The Concession lies on the western border of the Lautém Municipality across sucos Euquisi, Ililai, Saelari, Samalari and Nunira and has a total area of 4443 hectares. It is located 170km ENE from the capital city of Dili and is accessed by sealed all-weather roads. The Concession was awarded for 4 years on 14th May 2025 to Estrella Resources Ltd Representação Permanente (ESR-RP) having 100% ownership. ESR-RP is registered in Timor-Leste and is a wholly-owned subsidiary of Estrella Resources Limited. Geology The targeted mineralisation lies within the Baucau Limestone Formation and the underlying Batu Putih Chalk. The Baucau Limestone is well exposed near the coastline and was formed between the Pleistocene Age and the present time in a shallow marine environment. It is comprised of coralline reef facies, palaeo shoals and beaches, along with grainstones and rudstones. The average modelled thickness of the Baucau Limestone in the area tested by drilling is approximately 30m. The Batu Putih Chalk was formed in a deep marine setting in the Pliocene epoch and was deposited upon an undulating surface caused by erosion of the underlying older Cretaceous period sedimentary rocks. The average modelled thickness of the Batu Putih Chalk in the area tested by drilling is approximately 26m. Variably calcareous marl beds are associated with both the Baucau Limestone and Batu Putih Chalk. The limestone, chalk and marl beds are sub-horizontal and broadly tabular, as expected in sediments deposited in marine settings. Defined Horizons and Limestone Quality The drillhole intersections were classified into seven horizons based on lithology and assay results. In stratigraphic order these horizons were BCUH, BCUL, LCL, BPUH, BPUX, BPUL and CL. It was advised that three products were proposed to be mined and sold from this deposit: Werumata Limestone Project Statement of Limestone Resources Project No: 26244 ii Product 1: A high-quality product to be sold for the purposes of acid neutralisation; Product 2: A lower quality product designated for other industrial uses such as the manufacture of Autoclaved Aerated Concrete (AAC) blocks; mixing with lime to produce high quality masonry mortar; or as a blending component for the manufacture of Portland cement, and; Product 3: A product, which due to its high silica content, is ideal for road paving, construction aggregate, road base and rock fill. Due to the cost of mining and value of these products the only economically feasible extraction technique is the open cut mining method. Because the sulphur content of the limestone is extremely low it can be concluded that the calcium and magnesium contents of the limestone overwhelmingly exist as calcium carbonate and magnesium carbonate. On a scale in which pure calcium carbonate has an acid neutralising capacity of 100, magnesium carbonate has an acid neutralising capacity of at least 110. For Product 1 the acid neutralisation capacity was calculated using the assay values for Calcium and Magnesium Oxide assuming that all calcium and magnesium exist as carbonates. Costs and revenues were provided by Estrella. These were considered to be reasonable. A brief financial analysis was undertaken which determined that the cut- off grade for acid neutralisation capacity (ANC) for Product 1 was approximately 47%, while for Product 2 the cut-off grade for ANC was set at 20% which resulted in an average calcium carbonate content of 30.4% for this product. Product 3 was designated as any material with ANC less than 20%. Resources A geostatistical analysis of horizon thickness was attempted on each of the seven identified horizons. This analysis was successful for the higher grade BCUH, and BPUH horizons as well as for the BCUL horizon. Other methods were used for the remaining horizons. The modelling techniques used for each horizon are presented in Table A. Table A – Modelling techniques used for horizon thickness Horizon Modelling Technique Used BCUH Geostatistics / Point Kriging BCUL Geostatistics / Point Kriging LCL Inverse Distance BPUH Geostatistics / Point Kriging BPUX General Purpose Gridding BPUL General Purpose Gridding CL Geostatistics / Point Kriging The geostatistical analysis was successful for the higher-grade horizons and would ordinarily have permitted the classification of those resources into Measured, Indicated and Inferred categories, however due to the fact that the density data was obtained from approximately 2% of the length of drill core it was considered that the density data was insufficient to support anything but Inferred Resources. The other horizons were also classified as Inferred. Werumata Limestone Project Statement of Limestone Resources Project No: 26244 iii The overall coefficient of variation within the density data was 10.4%, consequently, assuming a normal distribution for the density values, the likely range of values for the resources is the mean plus or minus 10.4% of the mean. Raising the higher-grade horizons to include Measured and Indicated status would require comprehensive testing of the bulk density of the diamond drill core for those horizons. Every exploration hole contained voids. These voids need to be taken into account when estimating resources. Overall the void percentage was found to be 2.8%. This value was rounded and used to estimate the recovery at 97%. The modelled tonnages were multiplied by 97% to obtain the reported resources. A summary of the resources is presented in Table B. Table B – Summary of Total Inferred Resources Tonnage Estimate Product 1 (Mt) Product 2 (Mt) Product 3 (Mt) Total Product (Mt) Lower 442 30 85 557 Central 493 33 95 621 Upper 545 37 104 686 Note that the values in Table B may not add up due to rounding. The relatively low economic value for Product 3 may result in a decision not to mine the CL horizon located at the base of the stratigraphic sequence. Excluding this horizon from the resources would result in a reduction of the Central Estimate of the resources from 621 million tonnes to 533 million tonnes, leaving only 5.5 to 6.8 million tonnes of Product 3 material to be mined in association with the extraction of Products 1 and 2. Werumata Limestone Project Statement of Limestone Resources Project No: 26244 iv TABLE OF CONTENTS 1 INTRODUCTION......................................................................................................................................6 2 METHODOLOGY......................................................................................................................................7 2.1 PROCEDURE.........................................................................................................................................................7 2.2 DATA AND REFERENCES ...................................................................................................................................7 3 PROJECT DESCRIPTION........................................................................................................................8 3.1 LOCATION AND ACCESS.....................................................................................................................................8 3.1.1 Limestone Use...................................................................................................................................................................8 3.2 HISTORY, LICENSING AND LAND TENURE .....................................................................................................9 4 GEOLOGY................................................................................................................................................ 10 4.1 REGIONAL GEOLOGY....................................................................................................................................... 10 4.2 LOCAL GEOLOGY.............................................................................................................................................. 10 4.2.1 Stratigraphy ...................................................................................................................................................................10 4.2.2 Drilling, Sampling and Logging Techniques.....................................................................................................13 4.2.3 Sample Transfer and Laboratory Testing .........................................................................................................14 4.2.4 Correlation and Structural Interpretation........................................................................................................14 4.2.5 Assay Results ..................................................................................................................................................................15 5 MODELLING........................................................................................................................................... 16 5.1 STRUCTURAL MODELLING............................................................................................................................. 16 5.1.1 Structure Floor Modelling ........................................................................................................................................16 5.1.2 Structure Thickness Modelling............................................................................................................................... 16 5.1.3 Modelling of Assays...................................................................................................................................................... 17 5.1.4 Density Data...................................................................................................................................................................18 6 RESOURCES ........................................................................................................................................... 21 6.1 PRODUCTS ........................................................................................................................................................ 21 6.2 AREAL EXTENTS.............................................................................................................................................. 21 6.3 THICKNESS CONSTRAINTS............................................................................................................................. 21 6.4 RESOURCE RECOVERY .................................................................................................................................... 21 6.5 RESOURCE POLYGONS .................................................................................................................................... 21 6.5.1 Resource Polygons ....................................................................................................................................................... 21 6.6 RESOURCE ESTIMATES................................................................................................................................... 32 7 STATEMENT OF COMPETENCE....................................................................................................... 33 8 JORC CODE – TABLE 1 – WERUMATA PROJECT......................................................................... 34 The supporting documentation is included in the following appendices as separate files: APPENDIX A – DRILLHOLE SURVEY DATA APPENDIX B – DRILLHOLE HORIZON INTERCEPTS APPENDIX C – REVERSE CIRCULATION DRILLHOLE LIMESTONE ASSAYS APPENDIX D – REVERSE CIRCULATION LTHOLOGY LOGS APPENDIX E – DIAMOND DRILLHOLE LTHOLOGY LOGS APPENDIX F – DIAMOND DRILLHOLE DENSITY RESULTS Werumata Limestone Project Statement of Limestone Resources Project No: 26244 v List of Tables TABLE 4.1 – MODELLED HORIZONS ........................................................................................ 11 TABLE 4.2 – SUMMARY OF SIGNIFICANT ASSAY RESULTS....................................................... 15 TABLE 5.1 – STRUCTURAL FLOOR MODELLING PARAMETERS ................................................. 16 TABLE 5.2 – MODELLING TECHNIQUES USED FOR HORIZON THICKNESS ................................... 16 TABLE 5.3 – SEMI-VARIOGRAM PARAMETERS FOR THICKNESS ............................................... 17 TABLE 5.4 – SEMI-VARIOGRAM PARAMETERS FOR ACID NEUTRALISATION CAPACITY ........... 17 TABLE 5.5 – ACID NEUTRALISATION CAPACITY MODELLING PARAMETERS ............................ 18 TABLE 5.6 – DENSITY DATA STATISTICS.................................................................................. 19 TABLE 5.7 – DENSITY ESTIMATES FOR EACH MODELLED HORIZON........................................... 20 TABLE 6.1 – SUMMARY OF RESOURCES BY HORIZON & PRODUCT .......................................... 32 TABLE 6.2 – PERCENTAGE OF RESOURCES BY HORIZON & PRODUCT ...................................... 32 List of Figures FIGURE 3.1 – LOCATION OF THE PROJECT ................................................................................. 8 FIGURE 4.1 – STRATIGRAPHIC COLUMN.................................................................................. 11 FIGURE 4.2 – PLAN SHOWING CONCESSION BOUNDARY, DRILL HOLE LOCATIONS AND TOPOGRAPHY..................................................................................................... 12 FIGURE 4.3 – INTERPRETED HORIZONS ................................................................................... 14 FIGURE 5.1 – LOGGED DENSITY VS CALCULATED DENSITY FOR VALUES WITHIN 10% ............. 19 FIGURE 6.1 – INFERRED RESOURCE POLYGON – BCUH .......................................................... 23 FIGURE 6.2 – INFERRED RESOURCE POLYGON – BCUL........................................................... 24 FIGURE 6.3 – INFERRED RESOURCE POLYGON – LCL.............................................................. 25 FIGURE 6.4 – INFERRED RESOURCE POLYGON – BPUH........................................................... 26 FIGURE 6.5 – INFERRED RESOURCE POLYGON – BPUX........................................................... 27 FIGURE 6.6 – INFERRED RESOURCE POLYGON – BPUL ........................................................... 28 FIGURE 6.7 – INFERRED RESOURCE POLYGON – CL ................................................................ 29 FIGURE 6.8 – CROSS-SECTIONS 1 & 2 THROUGH GEOLOGICAL MODEL ..................................... 30 FIGURE 6.9 – CROSS-SECTION 3 THROUGH GEOLOGICAL MODEL.............................................. 31 Werumata Limestone Project Statement of Limestone Resources 6 Project No: 26244 1 Introduction ASEAMCO Pty Ltd (ASEAMCO) was commissioned by Estrella Resources Limited (Estrella) to prepare a statement of the open cut limestone resources contained within the Werumata Limestone Deposit Exploration and Evaluation Concession MEL2024- DA-ZA003 (The Concession) in accordance with the Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC Code), 2012. The Concession was awarded for 4 years on 14th May 2025 to Estrella Resources Ltd Representação Permanente (ESR-RP) having 100% ownership. ESR-RP is registered in Timor-Leste and is a wholly-owned subsidiary of Estrella Resources Limit