Announcement PDF 9 May 2019 ASX ANNOUNCEMENT Programme of Work Approvals Received HIGHLIGHTS  DMIRS CBLC Programme of Work (POW) Approvals  Field site work preparations underway  Drilling and service contracts executed Estrella Resources Limited (ASX: ESR) (Estrella or the Company) is pleased to provide an update on the Carr Boyd Nickel Project (CBNP or the Project). The CBNP is comprised of the Carr Boyd Layered Complex (CBLC or the Complex). Photo 1. Location mark out of Target 5 drill hole collar with drill pad clearing due to get underway shortly. The Company submitted via the DMIRS in March 2019 Programme of Work’s (POW’s) to drill the high priority Target 5 EM anomaly which was generated by the Phase II moving loop HPEM late 2018. The Company has received approvals from the DMIRS and drill preparations can now proceed in earnest. The Company has executed drilling and service contracts to undertake the drilling and management of the testing of Target 5 in the current quarter. The target is compelling from both a geophysical and geological perspective having both a relative midhigh conductivity and nickel sulphides being identified in historic exploration drilling approximately 100m south of the target area. There are several historic high priority exploration targets and prospects in this area based on surface geochemistry, downhole geochemistry, aero-magnetics, ground gravity, and interpreted geology datasets. HPEM has defined two significant conductor’s indicative of the presence of well-developed sulphides associated with two of the exploration targets, Target 5 and Target A. Figure 1. HPEM imagery map, showing the locations of two new EM targets at Target A and Target 5. The location of Carr Boyd mine, advanced prospects (red dots), and targets (yellow dots) are also shown. The interpreted basal contact is in a black dashed line. TARGET 5 The first known report of this target appears in an internal company report written for Titan Resources in 2004. It is described again in an internal company report written for Yilgarn Mining in 2008. The target is defined by a 450m long zone of highly anomalous nickel and copper mineralisation in drilling, located approximately 100m south of the newly defined EM conductor. The mineralisation and EM conductor appear to be located on or very close to the interpreted basal contact position of the CBLC. Historic drilling does not appear to have tested the conductor defined by the recently completed Phase II HPEM. The EM conductor is discrete and moderately to highly conductive. The modelled conductance is 3000 – 5000S, making this a very high priority drill target. Historic drilling returned many anomalous results over a 450m strike length of the interpreted basal contact at Target 5. The best of which was 3.35m at 0.79% Ni and 0.35% Cu, including 0.61m at 2.12% Ni and 0.56% Cu from 100.89m in GD124.* This occurs in a zone of disseminated and matrix sulphide on the interpreted basal contact of the CBLC. This is very positive support for the EM conductor located approximately 100m along strike to the north. *Refer to ESR announcement “EM Confirms Two High Priority Targets at Carr Boyd” 26 November 2018 Figure 2. Long section of Target 5 showing drillhole pierce points coloured by nickel grade, the EM model, and a bouger gravity inversion model located at depth.* *Refer to ESR announcement “EM Confirms Two High Priority Targets at Carr Boyd” 26 November 2018 Table 2. Tenement Schedule of the CBNP. Schedule of Mining and Exploration Tenements Country State/Region Project Tenement ID Area Ha Grant Date Mineral Rights Interest % Australia Australia Australia Australia Australia Australia Australia Australia Australia WA WA WA WA WA WA WA WA WA CBNP CBNP CBNP CBNP CBNP CBNP CBNP CBNP CBNP E 31/1124 E 29/1012 E 29/982 E 31/726 E31/1162 M 31/12 M 31/159 M 31/109 L24/186 6229 1780 890 5419 9,196 266 79 98 279 1/05/2017 20/09/2017 2/01/2017 3/04/2008 26/03/2018 20/11/1984 21/01/1997 25/07/1991 13/04/2007 All All All All All All All All N/A 100 100 100 100 100 100 100 100 100 ABOUT THE PROJECT AND THE CBLC The CBLC is a 75km2 layered mafic igneous complex, which hosts several occurrences of nickel and copper sulphides. The most significant occurrence discovered to date is at the Carr Boyd Rocks mine, where mineralisation is hosted by bronzitite breccias (pyroxenites) emplaced within the gabbroic sequence of the Complex. The CBLC is in a Tier 1 jurisdiction approximately 80km north north-east of Kalgoorlie Western Australia. An all-weather haul road accessible by Estrella under a granted miscellaneous license connects the Project to the Goldfields Highway via Scotia. A “Voisey Bay” style model has not been adequately explored within the CBLC. This represents a compelling exploration target opportunity which the Company will continue to aggressively pursue. Picture 2. Ground surface at Target 5. Figure 3. Location of Carr Boyd. Competent Person Statement The information in this announcement relating to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Luke Marshall, who is a consultant to Estrella Resources Limited, and a member of The Australasian Institute of Geoscientists. Mr. Marshall has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves”. Mr. Marshall consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. FURTHER INFORMATION CONTACT Christopher J. Daws Chief Executive Officer Estrella Resources Limited Email: info@estrellaresources.com.au Telephone: +61 8 9481 0389