FY2026 was a year of real transformation for Estrella, and the numbers reflect a business that has pivoted decisively to Timor-Leste.

The headline figure is a net loss of $23,978,726, up sharply from $2,079,754 the year before. The bulk of that swing is non-cash: a $21,126,116 impairment as we fully wrote down our Western Australian Carr Boyd and Spargoville nickel projects, reflecting the weak nickel price environment and our shift in focus to Timor-Leste. Net assets stood at $15,205,999 at year end, down from $24,157,426, and cash was $5,236,075. We also raised meaningful capital during the year, including $10,010,000 received from underwriters over our quoted options.

Operationally, it was a big year. We completed Timor-Leste's first hard-rock mineral extraction under its modern Mining Code at Ira Miri, delivering a surveyed 27,371 tonne manganese stockpile, and we drilled out a maiden JORC Inferred Mineral Resource of 621 million tonnes (central estimate) of limestone at Werumata. Nine parties have expressed interest in the trial manganese parcel, though no binding sales agreement had been signed as at year end. Robert Mencel also completed his transition to Managing Director during the year.

Looking ahead, our priorities are converting that Ira Miri stockpile into a first sale, drilling Ira Miri at depth, and growing the Werumata resource, alongside continued regional exploration. As always, exploration and development carry real uncertainty, and progress depends on approvals, funding and results still to come.

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