This is a routine administrative update on our share structure, so there isn't much to interpret beyond the numbers themselves.

2,855,000 new Estrella Resources shares (ASX: ESR) were issued on 16 September 2026, following the exercise of the same number of options (ESROB, expiring 13 December 2026) at A$0.018 each. These new shares rank equally with our existing ordinary shares from their issue date.

After this issue, Estrella has 2,249,432,690 ordinary shares on issue, alongside 546,947,658 ESROB options still outstanding. We also have several other unquoted option and performance rights classes on issue, all detailed in the announcement, none of which are affected by this particular transaction.

This kind of option exercise is a normal part of managing an existing options programme rather than a new capital raising, and it doesn't change our strategy or projects at Spargoville or Carr Boyd.

If you'd like more detail on any part of this announcement, please get in touch through the question box on this page.