This announcement is a routine ASX form, not a trading update. It records that 3,230,477 options (ESROB, expiring 13 December 2026) were exercised at A$0.018 each, converting into the same number of new fully paid ordinary shares (ESR).

Those new shares were issued and quoted on 8 September 2026, and they rank equally with our existing shares from that date. Following this issue, Estrella has 2,246,577,690 ordinary shares on issue, alongside various unquoted options and performance rights outstanding.

In practical terms, this is a small, mechanical step: option holders chose to exercise, bringing a modest amount of cash into the company at the exercise price, and the resulting shares now join the rest of our ordinary shares on the ASX. It doesn't change our project portfolio at Spargoville or Carr Boyd, and it sits outside our usual half-yearly financial reporting.

We're happy to answer questions about this announcement if you'd like to raise them with us.