Announcement PDF 15 October 2026 WERUMATA RESOURCE UPGRADE DELIVERS 274MT INDICATED LIMESTONE RESOURCE Engage with this announcement on our interactive Investor Hub HIGHLIGHTS • Significant resource classification upgrade at Werumata, with approximately 51% of the updated Mineral Resource now Indicated, compared with the entirely Inferred maiden MRE announced earlier this year1 . • 274Mt Indicated Resource at 84.7% Acid Neutralisation Capacity (ANC), representing approximately 70% of the higher-quality Product 1 limestone resource. • Updated total Mineral Resource of 533Mt, comprising 274Mt Indicated and 259Mt Inferred, including 391Mt of Product 1 limestone at 83.9% ANC. • Expanded bulk density program supports the upgrade to Indicated classification, addressing the key data limitation identified in the maiden MRE. • Werumata retains a substantial 533Mt resource, with the reduction from the maiden MRE of 621Mt solely due to changes in estimated bulk densities; the modelled mineralised volume is unchanged. Estrella Resources Limited (ASX: ESR) (Estrella or the Company) is pleased to announce a significant classification upgrade to the Mineral Resource Estimate (MRE) at its Werumata Limestone Project located in the Lautém Municipality of Timor-Leste, with approximately 51% of the updated resource now classified as Indicated. The updated MRE comprises 274Mt Indicated and 259Mt Inferred, for a total central estimate of 533Mt. This represents a substantial increase in resource confidence from the maiden MRE announced on 14 May 2026, which was classified entirely as Inferred. The upgrade is particularly significant for Product 1, the higher-quality limestone identified for acid neutralisation, with approximately 70% of its 391Mt resource now Indicated. The expanded bulk density program has addressed the principal data limitation identified in the maiden estimate, providing greater confidence in the resource classification. Werumata retains a substantial resource base. The reduction in the total central estimate from 621Mt to 533Mt is solely attributable to changes in estimated bulk densities, with no reduction in the modelled 1 Refer to ESR ASX announcement dated 14 May 2026 ASX: ESR mineralised volume. Product 1 estimated tonnage has decreased from 493Mt to 391Mt while Product 3 estimated tonnage has increased from 95Mt to 109Mt. Product 2 estimated tonnage remains unchanged. The increase in Indicated Resources provides a stronger technical foundation for progressing development studies and evaluating potential production scenarios, particularly for the higher-quality Product 1 limestone. Commenting on the upgraded Mineral Resource Estimate, Managing Director Robert Mencel said: “This is an important milestone for Werumata, with just over half of the Mineral Resource now classified as Indicated, including approximately 70% of our higher-quality Product 1 limestone. “The upgrade provides greater confidence in the resource and a stronger foundation as we progress discussions with potential customers and evaluate development and export opportunities. “With a substantial limestone resource now supported by an improved level of geological confidence, our focus is on advancing the technical and commercial work required to unlock Werumata's potential.” Updated Mineral Resource The updated Mineral Resource is effective as at 15 October 2026 and was prepared by ASEAMCO Pty Ltd (Project 26244), with Robert de Jongh FAusIMM acting as the Competent Person for Mineral Resource estimation. Table 1 Updated resource by product and classification Estimate and category Product 1 Mt Product 2 Mt Product 3 Mt Total Mt Lower Indicated 250 - - 250 Lower Inferred 110 31 91 232 Lower Total Estimate 360 31 91 482 Central Indicated 274 - - 274 Central Inferred 117 33 109 259 Central Total Estimate 391 33 109 533 Upper Indicated 299 - - 299 Upper Inferred 124 35 127 286 Upper Total Estimate 423 35 127 585 Product 1: ANC ≥47%; Product 2: ANC 20–47%; Product 3: ANC <20%. Lower and upper estimates reflect domain-specific bulk density variation and are not additional resources. Resources are reported on a dry basis with the report’s 97% recovery factor to account for voids. Totals may differ due to rounding. No Measured Resource or Ore Reserve is reported. Density program and classification upgrade The maiden MRE relied on laboratory bulk density measurements covering less than 3% of diamond drill core length, limiting the entire resource to Inferred classification. An expanded bulk density program was subsequently undertaken on existing drill core, with measurements independently verified and audited by the Competent Person. Areas with sufficient geological, assay and bulk density information have been classified as Indicated, while areas with wider data spacing and the remaining horizons retain an Inferred classification. Table 2 Estimated bulk densities used in the resource models Horizon Maiden t/bcm Updated t/bcm Updated category BCUH 1.88 1.69 Indicated and Inferred BPUH 1.64 1.07 Indicated and Inferred BCUL 1.58 1.58 Inferred LCL 1.54 1.54 Inferred BPUX 1.53 1.53 Inferred BPUL 1.56 1.56 Inferred CL 1.30 1.51 Inferred t/bcm = tonnes per bank cubic metre. Figure 1: Interpreted Horizons Explanatory text and figure extracted from Mineral Resource Estimate Report Resource estimation summary The estimate uses the original 33 reverse circulation holes (2,804m) and nine diamond holes (913m). All holes were vertical and ranged from 41m to 140m deep. RC samples were collected at one-metre intervals and analysed by XRF fusion at PT Geoservices, Jakarta. The Competent Person visited the site on 23–25 November 2025. Seven sub-horizontal limestone horizons were modelled using established geological and geostatistical estimation methods. The models were constrained by geological boundaries, outcrops and the concession boundary, with the existing product thresholds and 97% void recovery factor retained. this figure. The report’s lower and upper total estimates are 482Mt and 585Mt, including 250Mt and 299Mt Indicated respectively. These reflect domain-specific density variation around the 533Mt central estimate and are not additional resources. Further sampling, estimation and classification details are disclosed in JORC Table 1 below. Indicated and Inferred resource classification The updated maps show that higher-confidence resource areas lie within the BCUH and BPUH horizons. Blue denotes Indicated and green denotes Inferred. The source legends include Measured, but no Measured Resource is reported. Figure 2: BCUH (left) and BPUH (right) resource classification polygons and drillholes. The updated classification is restricted to areas supported by both chemical assays and verified physical bulk density measurements. Peripheral areas with wider data spacing remain Inferred. Geological model and project context Figure 3: Cross sections 1 and 2 through the geological model. Werumata is located approximately 170km east-northeast of Dili in Timor-Leste’s Lautém Municipality and is accessible by sealed all-weather roads. It is held by Estrella Resources Ltd Representação Permanente, a wholly-owned subsidiary, under an Exploration and Evaluation Concession awarded for four years from 14 May 2025. Mineralisation occurs in the Baucau Limestone Formation and underlying Batu Putih Chalk, with average modelled thicknesses of approximately 30m and 26m respectively. Product 1 is identified for acid neutralisation; Product 2 for potential AAC blocks, masonry mortar and cement blending; and Product 3 for aggregate, road base and fill. Product specifications and commercial viability require further evaluation. Products • Product 1 – Acid neutralisation: Higher-quality limestone (ANC ≥47%; updated average 83.9% ANC), identified for potential agricultural and industrial acid neutralisation applications. Approximately 70% of its 391Mt resource is now Indicated. • Product 2 – Industrial uses: Lower-ANC limestone (ANC 20–47%; average CaCO₃ 30.4%), with potential applications in AAC blocks, masonry mortar and Portland cement blending. • Product 3 – Road base and rock fill: Higher-silica material (ANC <20%; average SiO₂ 58.2%), with potential uses in road paving, construction aggregate, road base and rock fill. The technical report identifies open cut mining as the only economically feasible extraction method. All three products are direct shipping ores requiring only crushing and screening with no further metallurgical processing. Product specifications and processing requirements remain subject to technical and customer confirmation. Regional market opportunities 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. Next Steps • Progress technical and economic evaluation of development opportunities at Werumata, incorporating the updated Mineral Resource. • Advance discussions with prospective customers regarding product specifications, potential offtake arrangements and commercial applications. • Continue engagement with the Timor-Leste Government regarding port access, infrastructure and potential export logistics. • Undertake further community engagement and assess opportunities for additional drilling to test extensions and higher-quality limestone horizons. 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, October 2026), which has been annexed in this ASX announcement. All material assumptions underpinning the resource estimate are disclosed in this announcement. This announcement has been approved for release to ASX by the Board of Estrella Resources Limited. -ENDS- About Estrella Resources Ltd Estrella Resources Ltd has exploration projects and mineral rights in Western Australia but is currently focussing its efforts on the exploration of its Timor Leste portfolio of tenements (known in Timor Leste as “Concessions”). Figure 4: Estrella concessions, Timor Leste, with developing prospects. To-date, Estrella has discovered manganese mineralisation at several sites, with the Ira Miri deposit having been excavated to extract a 27,000t bulk sample to be sold as a market appraisal exercise. Exploration for manganese continues. In addition, Estrella has identified several occurrences of copper mineralisation and is actively pursuing the growing copper and gold potential. FURTHER INFORMATION CONTACT Robert Mencel Managing Director Estrella Resources Limited +61 8 9481 0389 info@estrellaresources.com.au Media: David Tasker Managing Director Chapter One Advisors dtasker@chapteroneadvisors.com.au +61 433 112 936 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 document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Estrella Resources Limited’s planned exploration program and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "expect," "intend," "may”, "potential," "should," and similar expressions are forward-looking statements. Although Estrella believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that further exploration will result in the estimation of a Mineral Resource. Werumata Limestone Project UPDATED STATEMENT of LIMESTONE RESOURCES as at 15 October 2026 October 2026 Project 26244 AUSTRALIAN & SOUTH EAST ASIAN MINING CONSULTANTS Werumata Limestone Project Updated Statement of Limestone Resources Project No: 26244 i Executive Summary ASEAMCO Pty Ltd (ASEAMCO) was commissioned by Estrella Resources Limited (Estrella) to prepare an updated 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 primary purpose of this updated report is to integrate a substantial new dry bulk density dataset collected across the deposit's primary geological domains. In the maiden resource statement, a lack of density data (restricted to approximately 2% of the total drill core length) constrained the confidence levels, requiring the entire resource to be classified as Inferred. The acquisition of this comprehensive new physical data has resolved this constraint, altering the underlying tonnage factors and allowing the reclassification of parts of two primary horizons from Inferred to the Indicated Resource category. The Competent Person for Resource Estimation, Robert de Jongh, relies on his initial site visit conducted 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 4990 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. Werumata Limestone Project Updated Statement of Limestone Resources Project No: 26244 ii 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: 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 BCUH, BCUL, BPUH and CL horizons. Other methods were used for the remaining horizons. The modelling techniques used for each horizon are presented in Table A. Werumata Limestone Project Updated Statement of Limestone Resources Project No: 26244 iii 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 success of the geostatistical analysis for the BCUH, BCUL, BPUH, and CL horizons and would ordinarily have permitted the classification of those resources into Measured, Indicated, and Inferred categories; however, in the previous estimate, the lack of density data (restricted to approximately 2% of the total drill core length) meant the density data was insufficient to support anything but Inferred Resources. Following the subsequent acquisition and integration of a substantial, domain-specific bulk density dataset across the deposit, sufficient technical confidence has been established to upgrade parts of these geostatistically modelled domains to the Indicated Resource category. The classification boundaries were defined based on the localized spatial density and frequency of the new physical core measurements. Portions of these horizons with wider data spacing, along with all remaining horizons modelled using other techniques, continue to be classified as Inferred. The overall coefficient of variation within the previous density dataset was 10.4%, which introduced a material variance range to the resource tonnages and restricted the deposit to an Inferred status. This also meant that, 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. Now the integration of the comprehensive new density dataset has allowed the calculation of domain-specific coefficients of variation (CV), replacing the historical single global metric. For the horizons where geostatistics was successful and reliable density data was established (BCUH and BPUH), the CV has been significantly reduced. Assuming a normal distribution, this results in a much tighter, higher-confidence tonnage range for these upgraded domains. The CV for the remaining horizons has also been updated to reflect the expanded dataset, establishing localized variance profiles across the entire deposit. Every exploration hole contained voids, and these features continue to be factored into the resource estimates. Across the deposit, the global void percentage was determined to be 2.8%. This value was rounded and applied as a 97% mining recovery factor. The updated block model tonnages were multiplied by 97% to obtain the reported resources. A summary of the updated resources, alongside their respective classification categories, is presented in Table B. Werumata Limestone Project Updated Statement of Limestone Resources Project No: 26244 iv Table B – Summary of Resources JORC Classification Product 1 ANC ≥47% (Mt) Product 2 ANC 20%–47% (Mt) Product 3 ANC <20% (Mt) Total Limestone Resource (Mt) LOWER ESTIMATE • Indicated 250 — — 250 • Inferred 110 31 91 232 Lower Total 360 31 91 482 CENTRAL ESTIMATE • Indicated 274 — — 274 • Inferred 117 33 109 259 Central Total (MRE Baseline) 391 33 109 533 UPPER ESTIMATE • Indicated 299 — — 299 • Inferred 124 35 127 286 Upper Total 423 35 127 585 Note that the values in Table B may not add up due to rounding. As a result of the successful collection of reliable density data for horizons BCUH and BPUH, approximately 51% of the total resource has now been classified as Indicated Resources. The Indicated Resources also represent 70% of the premium Product 1. 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 533 million tonnes to 430 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 Updated Statement of Limestone Resources Project No: 26244 v TABLE OF CONTENTS 1 INTRODUCTION.......................................................................................................................................7 2 METHODOLOGY.......................................................................................................................................8 2.1 PROCEDURE ........................................................................................................................................................8 2.2 DATA AND REFERENCES...................................................................................................................................8 3 PROJECT DESCRIPTION ........................................................................................................................9 3.1 LOCATION AND ACCESS.....................................................................................................................................9 3.1.1 Limestone Use................................................................................................................................................................9 3.2 HISTORY, LICENSING AND LAND TENURE..................................................................................................10 4 GEOLOGY................................................................................................................................................. 11 4.1 REGIONAL GEOLOGY.......................................................................................................................................11 4.2 LOCAL GEOLOGY .............................................................................................................................................11 4.2.1 Stratigraphy................................................................................................................................................................11 4.2.2 Drilling, Sampling and Logging Techniques...................................................................................................14 4.2.3 Sample Transfer and Laboratory Testing .......................................................................................................15 4.2.4 Correlation and Structural Interpretation......................................................................................................15 4.2.5 Assay Results ...............................................................................................................................................................16 5 MODELLING ........................................................................................................................................... 18 5.1 STRUCTURAL MODELLING.............................................................................................................................18 5.1.1 Structure Floor Modelling......................................................................................................................................18 5.1.2 Structure Thickness Modelling.............................................................................................................................18 5.1.3 Modelling of Assays...................................................................................................................................................19 5.1.4 Density Data................................................................................................................................................................20 6 RESOURCES............................................................................................................................................ 24 6.1 PRODUCTS........................................................................................................................................................24 6.2 AREAL EXTENTS..............................................................................................................................................24 6.3 THICKNESS CONSTRAINTS.............................................................................................................................24 6.4 RESOURCE RECOVERY....................................................................................................................................24 6.5 RESOURCE POLYGONS....................................................................................................................................24 6.5.1 Resource Polygons and Classification Boundaries.......................................................................................24 6.6 RESOURCE ESTIMATES...................................................................................................................................36 7 STATEMENT OF COMPETENCE........................................................................................................ 38 8 JORC CODE – TABLE 1 – WERUMATA PROJECT......................................................................... 39 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 - CORE SAMPLING APPENDIX G – DIAMOND DRILLHOLE DENSITY RESULTS – CORE TRAY WEIGHING Werumata Limestone Project Updated Statement of Limestone Resources Project No: 26244 vi List of Tables TABLE 4.1 – MODELLED HORIZONS .......................................................................................... 12 TABLE 4.2 – SUMMARY OF SIGNIFICANT ASSAY RESULTS ........................................................ 17 TABLE 5.1 – STRUCTURAL FLOOR MODELLING PARAMETERS .................................................. 18 TABLE 5.2 – MODELLING TECHNIQUES USED FOR HORIZON THICKNESS .................................... 18 TABLE 5.3 – SEMI-VARIOGRAM PARAMETERS FOR THICKNESS ................................................ 19 TABLE 5.4 – SEMI-VARIOGRAM PARAMETERS FOR ACID NEUTRALISATION CAPACITY ............ 19 TABLE 5.5 – ACID NEUTRALISATION CAPACITY MODELLING PARAMETERS............................. 20 TABLE 5.6 – HISTORICAL LABORATORY DENSITY DATA STATISTICS (MAIDEN MODEL).......... 21 TABLE 5.7 – HISTORICAL DENSITY ESTIMATES FOR EACH MODELLED HORIZON...................... 22 TABLE 5.8 – UPDATED DOMAIN DENSITY STATISTICS, RANGES, AND JORC IMPACT............... 23 TABLE 6.1 – MODELLING TECHNIQUES AND RESOURCE POLYGON CONSTRAINTS .................... 25 TABLE 6.2 – SUMMARY OF RESOURCES BY HORIZON & PRODUCT............................................ 36 TABLE 6.3 – PERCENTAGE OF RESOURCES BY ELEVATION, HORIZON & CLASS ..................