Announcement PDF ASX Release: 22 October 2021 QUARTERLY ACTIVITIES REPORT Quarter ending 30 September 2021 Estrella Resources Limited ABN 39 151 155 207 HIGHLIGHTS  Early success with Phase 4 drilling (Figure 1). o T5 mineralised plunge length extended to 1.5km with diamond and reverse circulation (RC) drilling o CBP048 (RC Hole) intersects 4m 1 semi-massive sulphides above T5 Discovery zone o CBP062 (RC Hole) intersects 4m 2 of stringer sulphides 750m up plunge (north) of the T5 Discovery zone (post-quarter end) o Diamond hole CBDD056 intersects 11m3 cloud to disseminated nickel-copper sulphides 750m down plunge (south) of the T5 Discovery zone (postquarter end)  Phase 3 diamond and reverse circulation drilling at Carr Boyd T5 Discovery completed.  CBDD054A returned 26.3m @ 0.73% Ni & 0.44% Cu, 1.84g/t Ag & 0.46g/t Pt + Pd o Including 1.15m @ 1.47% Ni & 1.02% Cu, 4.70g/t Ag & 1.97g/t Pt + Pd o And 2.71m @ 1.10% Ni & 0.65% Cu, 3.16g/t Ag & 1.03g/t Pt + Pd  CBDD054B returned 25.32m(1) @ 0.8% Ni & 0.6% Cu. o Including 4.96m(1) @ 1.15% Ni & 0.71% Cu, 2.45 g/t Ag, 1.13 g/t Pt + Pd. o And 7.78m(1) @ 1.14% Ni & 0.93% Cu, 3.14 g/t Ag, 0.72 g/t Pt + Pd. ASX Code: ESR Board and Management Managing Director Christopher Daws Non-Executive Directors Les Pereira John Kingswood Stephen Brockhurst Neil Hutchison Company Secretary Stephen Brockhurst Address Level 11, London House 216 St Georges Terrace Perth WA 6000 PO Box 2517 Perth WA 6831 Telephone: +61 8 9481 0389 Facsimile: +61 8 9463 6103 info@estrellaresources.com.au www.estrellaresources.com.au Estrella Resources Limited (ASX: ESR) (“Estrella” or “the Company”) is pleased to provide its activities report for the quarter ended 30 September 2021. The focus of work during the quarter was the Company’s exploration program at the Carr Boyd Igneous Complex (CBIC), finishing the Phase 3 diamond and RC drilling at the T5 nickel-copper-PGE discovery, and then commencing the wider Phase 4 exploration effort. Phase 3 was successful in identifying the magma flow direction and sulphide deposition mechanisms responsible for the T5 nickel-copperPGE mineralisation (Figure 1), allowing for a more predictive, vectored exploration model to be used during Phase 4. 1 See ASX Announcement: 10 September 2021 2 See ASX Announcement: 5 October 2021 3 See ASX Announcement: 5 October 2021 Phase 4 exploration has commenced involving RC drilling up to 3.5km to the north of the discovery area, and deeper diamond drilling below T5 and the Carr Boyd Rocks Mine, following the flow direction and increasing nickel-copper sulphide potential predicted by the model (Figure 1 and Figure 2). Both the RC and diamond programs have intersected basal contact nickel-copper sulphides over a plunge length of 1.5km. Commenting on the completion of Phase 3 drilling and commencement of Phase 4 step-out drilling, Estrella Managing Director Chris Daws said: “The September quarter was a pivotal time for Estrella in which the Company continued to produce further successful results from Phase 3 drilling. The results have greatly assisted the Company in modelling the potential source of the mineralised system which is producing high-grade nickel sulphides. “The historic Carr Boyd mine, which consisted of two mineralised pipes and produced over 200,000 tonnes of nickel-copper ore has never been fully explained. The combined historical exploration, production and the Phase 3 results have now allowed us to better understand and model the system. “Current interpretation suggests the site may sit above a much larger feeder zone which has seen nickel sulphides form and eventually settle onto the basal contact in one or more trap sites. The Carr Boyd mine is interpreted to be the result of a sulphur bleed off from this basal contact. “The Phase 4 drilling which is underway now is particularly exciting as it sees us step-out from the known mineralisation at T5 to explore for further additional nickel sulphides at depth to improve the size and scale of the project.” Figure 1: Sulphides discovered over 1.5km length on the T5 Basal Contact during Phase 3 and Phase 4 drilling, open to the north and at depth. Figure 2: Plan view of the regional magnetics and the location of the Basal Contact, in particular A-B-C location points of the 3D rendered surface. CARR BOYD NICKEL PROJECT (100%) Phase 3 RC Hole CBP048 Intersects Semi-Massive Sulphides Above the T5 Discovery Ten RC holes were drilled above the T5 Discovery Zone to close off mineralisation above an interpreted fault intersected in previous drilling (Figure 3). Most of the holes intersected sulphides on or just above the basal contact. CBP048 intersected 4m of semi-massive sulphides (50%) with visual pentlandite and chalcopyrite. The Company believes that this is the very upper edge of the T5 mineralisation that has been fault-offset 80m to the west. The plunge direction above the fault appears to mirror that of the T5 Discovery mineralisation and strongly suggests (along with previous Phase 3 drilling) that the real potential lies at depth where the sulphide accumulations appear to be thickening. Core studies showed nickel-sulphide potential to increase in a direction perpendicular to the shallow, south plunge of mineralisation. Assays from the drilling have not yet been received. Figure 3: Drill hole locations on the T5 Basal Contact above the T5 Discovery with CBP048 highlighted as the yellow star Phase 4 Diamond Hole CBDD052 Intersects Remobilised Nickel Sulphide Clasts Diamond hole CBDD052 (location shown in Figure 1) targeted a Priority 1 Seismic Survey Anomaly which arose out of a “Point Source Anomaly” of very high acoustic impedance. This type of anomaly is potentially generated by massive sulphides and lies upon an arc perpendicular to the seismic line. This anomaly has the potential of being generated from the near-by Carr Boyd Pipes style mineralisation. As such, CBDD052 targeted the arc where it intersects the T5 Basal Contact as this is postulated as the most prospective geological target area. The Basal Contact was hit without the hole intersecting an obvious seismic anomaly however the T5 Pyroxenite at depth on the contact was mineralised with rip-up clasts of massive nickel-sulphides (Figure 4). The Company’s interpretation is that massive sulphides did form at depth on the contact. However, just prior to solidification of the magma, crystal growth and settling enabled the cooling melt to scour the contact clean and remobilise sulphides further “downstream”. This was discovered in the close-spaced Phase 3 drilling, particularly at the leading edge of the T5 mineralisation where similar scouring was identified. Figure 4 shows one such clast of fine-grained, chilled basal pyroxenite in which several large accumulations of nickel, copper and iron sulphides can be seen. This piece of basal contact has been remobilised and was suspended a couple of metres above the scoured basal contact. Figure 4: Fragments of nickel-copper sulphides wrapped in clasts of, at the time, semi-solid basal chill zone. Phase 4 Deep Diamond Hole CBDD056 Intersects Stringer and Disseminated Sulphides Post-quarter end, CBDD056 was drilled to test the T5 Basal Contact 200m to the north of the CBDD052 intersection where the exploration model predicts increasing nickel-sulphide potential. This position also coincided with the projected plunge of the T5 Mineralisation as can be seen in Figure 1. The hole intersected primary, disseminated to highly-disseminated nickel sulphides on the T5 basal contact (Figure 5). The intersection occurred between 730.41 and 741.75 metres down hole which equates to approximately 700 metres below surface. Intersection details and visual sulphide estimates can be seen in Table 1. Table 1: CBDD056 Visual Sulphide Estimates Hole ID m From m To Interval Sulphide Texture CBDD056 730.41 730.63 730.93 731.05 731.62 731.76 732.00 733.00 734.09 734.32 734.45 735.18 737.74 741.32 730.63 730.93 731.05 731.62 731.76 732.00 733.00 734.09 734.32 734.45 735.18 737.74 741.32 741.75 0.22 0.30 0.12 0.57 0.14 0.24 1.00 1.09 0.23 0.13 0.73 2.56 3.58 0.43 Stringer Globular Dolerite Dyke Stringer Disseminated Highly Disseminated Disseminated Cloud Disseminated Barren Pyroxenite Blebby Disseminated Cloud Basal Breccia Visual Sulphide Estimation Visual Pentlandite Estimation Visual Chalcopyrite Estimation 5% 25% 4% 2% 1% 5% 10% 2% 35% 5% 1% 5% 1% 1% 1% 4% 1% 4% 1% 2% 3% 1% 30% 1% 1% 4% 1% 2% In relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of sulphide abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and grade of mineralisation. The Company will update the market when laboratory analytical results become available. The sulphide textures in CBDD056 (Figure 5: Disseminated and matrix breccia nickel sulphides in CBDD056 at 732m down hole.) indicate primary sulphide deposition of nickel-copper-iron sulphides onto the T5 basal contact. This differs from that observed in CBDD052 some 200m to the south where the sulphides were being remobilised by the flow, suspended as globules and xenoliths (Figure 4). Figure 5: Disseminated and matrix breccia nickel sulphides in CBDD056 at 732m down hole. The Company’s vectoring model of a northerly flow direction is being confirmed by these two holes. The Company believes that sulphide deposition should therefore increase to the north and also at depth. CBDD056 also targeted a large footwall DHEM anomaly generated by the electromagnetic surveying of CBDD052 (Figure 6). The Company can confirm that the hole intersected a thin Volcanogenic Massive Sulphide zone around 30cm in width that exists within the footwall sediments of the Morelands Formation. Thin zones of chalcopyrite and sphalerite (copper and zinc minerals) were observed. This zone warrants further testing as and when it coincides with nickel exploration as it lies some way into the footwall and is not expressed at surface. Figure 6: Cross section showing CBDD056 in relation to the Carr Boyd Mine and the DHEM plate Phase 4 100m North and South Step-out Sections at T5 Also following the end of the quarter, a series of RC pre-collared DHEM platform holes and wedged daughter holes are in the process of being collared to enable the Company to incrementally grow the T5 mineralisation. The close-spaced Phase 3 drilling enabled the Company to understand the many controls on mineralisation and also the variable DHEM responses generated from known mineralisation which failed to give an EM anomaly. These learnings and drill techniques will be used to increase the size of the T5 zone in combination with additional DHEM and the seismic survey so as to accurately target the basal contact, known plunge direction and also test for further, parallel lodes generated by the perpendicular flow direction (Figure 51). Phase 4 Northern Exploration In addition to the work around the T5 Zone, additional RC holes (which have commenced following quarter end) will target the full 3.5km northern extent of the T5 Basal Pyroxenite (green targets to the right of T5 in Figure 1). The aim of this drilling will be to seek additional parallel lodes to the T5 Zone which are postulated could exist along the contact. Further infill drilling will be completed once the stratigraphy and location of the basal contact is clearly understood. The Phase 4 program will target the contact between 100m and 250m below surface with at least 2 holes on each section. DHEM will be performed on all holes. The Company is confident that any mineralisation within the T5 flow will be located and deeper, follow-up RC and diamond drilling will be instigated. Some 7,500m of RC has been planned which will commence directly after the completion of the South 100m T5 pre-collars. Works Approvals have been received and access tracks, pads and sumps are currently being completed ready for drilling to commence. Figure 7: The T5 Basal Contact and the locations of Phase 3 RC pre-collars and Phase 4 RC drilling with respect to the size of the T5 Pyroxenite. The Company believes that the entire T5 basal surface is prospective for massive nickel sulphides. Last Assays Received for Phase 3 Drilling at T5 and Geological Interpretation of the Phase 3 Program Assays for the last holes of the Phase 3 diamond program at T5 were received during the quarter. The assays received have confirmed the Company’s belief that the T5 basal contact can host economically significant nickel-copper sulphides with significant credits for platinum, palladium and silver. A full list of significant results can be seen in Table 2 below. Of note are the intersections received for CBDD054, CBDD054B (Figure 8) and CBDD055B (Figure 9) which are some of the best results intersected at the T5 Prospect to date. The strong grades coincide with a thickening of the mineralisation within the core zone of the Upper T5 Mineralised Zone. Figure 8: Globular to massive sulphides intersected in CBDD054B Figure 9: Massive to globular nickel-copper-iron sulphides in diamond drill hole CBDD055B at 407m to 418m. The assays confirm the Company’s geological interpretation of the settling, remobilisation and re-settling of massive sulphides along the T5 Pyroxenite Feeder basal contact. The intersections from diamond drillholes CBDD048, CBDD049A and CBDD049C show higher-grade massive and breccia sulphides on the basal contact with only a thin zone of lower-grade material stratigraphically above. The lower-grade material consists of disseminated sulphides that grade into globular sulphides just above the massive sulphide zones. This represents the active erosion of massive sulphides in this location at the time of solidification of the melt. These sulphides are carried “down-stream” and are piled up above the massive sulphides intersected in CBDD054, CBDD054A and CBDD054B. In CBDD054B there are two massive sulphide zones, a lower basal contact breccia zone, and an upper semi-massive zone where remobilised globular sulphides from the eroded area mentioned above are beginning to coagulate and descend through the melt. Above this is a much broader zone of disseminated to blebby sulphides which remain suspended by flow turbulence. Further down-stream, around holes CBDD053, CBDD053A and CBDD053B, a broad zone of globular, blebby and disseminated sulphides was intersected and is interpreted to be an area where higher turbulence prevented massive sulphide formation and in areas may even have scoured the contact of massive sulphides. This is expected to be a cyclic repetition of scouring and redeposition of nickel-copper sulphides along the flow direction as evidenced by the intersection of massive sulphides further down the contact in Phase 2 diamond holes CBDD035, CBDD036 and CBDD042A (Figure 1 and Figure 10). Figure 10: Location of drill hole intercepts at T5 in relation to the conductor plates and massive sulphide intersections. Table 2: Full Significant Intersection Composites for Phase 3 Drilling at T5 Hole m From CBDD048 381.5 including 382.5 and 385.85 CBDD049A 386.67 including 388.49 CBDD049C 372.67 including 372.67 CBDD050 388.4 including 389.56 including 392.79 including 393.82 CBDD050A 396.69 including 397.15 including 399.11 CBDD053 438.06 including 441.11 CBDD053A 426 CBDD053B 421.81 including 422.63 including 425.79 CBDD054 392.3 including 394.85 including 397.87 CBDD054A 361.21 including 361.21 including 364.41 including 376.34 CBDD054B 357 including 358.6 including 368.33 including 368.33 CBDD055 356.06 including 356.06 CBDD055 379.1 With 383.78 including 383.78 including 386.54 including 388.02 And 396.05 including 396.05 including 397 CBDD055A 348.32 including 358.4 including 368.19 CBDD055A 378.21 CBDD055B 408.34 With 408.34 including 411.61 including 415.68 including 421.3 m To 388.4 383.14 386.2 393.58 390.36 375.96 373.27 394.79 390.59 393.47 394.79 403.51 397.63 399.52 446.29 443 428 426.64 423.05 426.64 405.71 401.11 398.98 387.54 362.27 365.56 379.05 382.32 363.56 376.11 368.63 363.1 357.02 397.53 392.27 385.65 386.87 392.27 397.53 396.35 397.53 372.64 365.52 371.12 378.93 422.48 413.75 414.39 417 422.48 ** 2PGE refers to Pt + Pd in g/t Interval 6.9 0.64 0.35 6.91 1.87 3.29 0.6 6.39 1.03 0.68 0.97 6.82 0.48 0.41 8.23 1.89 2 4.83 0.42 0.85 13.41 6.26 1.11 26.33 1.06 1.15 2.71 25.32 4.96 7.78 0.3 7.04 0.96 18.43 8.49 1.87 0.33 4.25 1.48 0.3 0.53 24.32 7.12 2.93 0.72 14.14 5.41 2.78 1.32 1.18 True Width 3.3 3.3 1.6 3.1 3.3 4.0 1.0 2.3 6.4 3.0 12.6 1.3 12.2 2.4 3.7 3.4 8.8 4.1 2.0 11.7 3.4 1.4 6.8 2.6 Ni% 0.54 1.52 1.32 0.75 1.74 0.75 1.19 0.76 1.38 1.14 1.14 0.58 1.51 1.02 0.69 1.40 0.46 0.63 1.14 1.14 1.31 2.08 3.92 0.73 1.03 1.47 1.10 0.79 1.15 1.14 3.49 0.60 0.77 0.64 0.91 1.12 1.44 0.99 0.90 1.07 0.99 0.82 1.10 1.10 2.45 1.05 1.45 1.39 1.07 2.07 Cu% 0.26 0.21 0.36 0.54 0.54 0.53 1.07 0.44 1.25 0.71 0.23 0.51 0.90 0.64 0.32 0.34 1.43 0.50 0.62 0.47 0.44 0.63 0.16 0.44 0.55 1.02 0.65 0.58 0.71 0.93 0.08 0.53 1.17 0.92 1.01 1.96 0.44 1.03 4.23 7.92 5.14 0.44 0.61 0.41 0.36 0.58 0.88 1.10 0.77 0.31 Co% 0.03 0.08 0.06 0.04 0.08 0.04 0.06 0.04 0.07 0.06 0.06 0.03 0.08 0.05 0.03 0.07 0.02 0.03 0.05 0.05 0.06 0.09 0.17 0.04 0.06 0.08 0.06 0.04 0.06 0.05 0.15 0.03 0.04 0.03 0.05 0.06 0.07 0.05 0.04 0.05 0.05 0.04 0.05 0.05 0.12 0.04 0.06 0.06 0.04 0.09 2PGE ** 0.41 0.95 0.61 0.48 0.90 0.58 0.72 0.48 1.42 0.50 0.28 0.59 0.71 0.90 0.45 0.59 0.52 0.47 0.92 0.72 0.46 0.67 0.59 0.70 0.47 1.97 1.03 0.58 1.13 0.72 0.89 0.70 0.53 0.53 0.74 1.03 0.85 0.77 0.45 0.58 0.57 0.57 0.58 0.68 0.68 0.59 0.83 0.69 0.94 0.47 Ag g/t 1.10 1.35 2.10 2.39 2.60 2.35 5.23 1.62 4.72 3.40 1.10 1.83 4.70 2.60 1.34 1.49 6.50 2.58 4.30 2.52 1.93 2.78 0.80 1.84 2.00 4.70 3.16 1.92 2.45 3.14 <0.5 2.28 6.00 3.76 4.09 8.72 1.90 4.05 18.34 34.20 21.40 1.85 2.33 1.82 2.40 2.46 3.91 4.43 3.20 1.18 Figure 11: Sulphide remobilisation in the flow direction and subsequent settling "down stream". Sulphide assimilation mapped at Carr Boyd and study of the geological textures at T5, combined with mapping and 3D interpretation of the Carr Boyd Igneous Complex, leads the Company to believe that the entire T5 Pyroxenite surface is in the correct orientation to be a sulphide trap with respect to the flow direction and resulting flow dynamics as demonstrated by Figure 11 and Figure 12. Figure 12: Carr Boyd sulphur assimilation, transport and deposition geological model at the T5 Trap Site Exploration Approach at Carr Boyd – Summary to Date Phase 1 at T5 involved drilling 2 RC holes into a geochemically and geophysically prospective area. Both holes (CBP042 and CBP043) located significant sulphides (see ASX releases dated 28 May 2019 and 8 July 2019). Phase 2 included discovery hole CBDD030 which intersected the first massive sulphides to be found at Carr Boyd in 50 years outside the immediate Carr Boyd mine area (see ASX release dated 8 October 2020). Phase 2 involved step-out drilling with downhole electromagnetics (DHEM) which showed mixed results, now understood to be due to a late-movement structural overprint complicated by the flow model described above. Ni-Cu-Fe sulphides have been intersected outside the DHEM conductors such as in CBDD042A. Phase 3 was a geologically driven exploration push involving stratigraphic studies, seismic surveying and close spaced drilling to ascertain the exact nature of sulphide precipitation, flow dynamics and to get a good understanding of the structural overprint. The program used two diamond rigs, both drilling multiple wedge holes from diamond or RC platform holes. Phase 4 described above is currently underway, using the vectored exploration and structural model developed by the ESR team over the last 9 months to step away from the T5 Discovery area in the search for more massive sulphides. SPARGOVILLE NICKEL PROJECT (100%) Over the September quarter, the Company has continued to work up a exploration and development strategy for the nickel resources within the greater Spargoville Nickel Rights project areas.The Company is currently planning targeted drilling to define extentions to the known nickel sulphide deposits at 1A, 5A, 5B and Andrews Mine. Subject to statutory approvals and drill rig availability the Company expects to be able to commence drilling activities during the current quarter. Table 3: Spargoville JORC Mineral Resource 5A Nickel Sulphide Deposit October 2019 Mineral Resource Estimate - Min Type (0.5% Ni Cut-off) Total Mineral Resource Type Tonnage Ni Cu Ni Cu kt % % t t Disseminated 78 0.7 0.08 520 60 Matrix/Breccia 37 2.3 0.16 840 60 Semi-massive/Massive 13 8.0 0.61 1,000 80 Total 127 1.9 0.15 2,370 190 CORPORATE The Company continues to hold exposure to future financial upside from the sale of the Mt Edwards Lithium Project to Neometals Limited (see ASX release dated 15 March 2018) via milestone payments of A$2,000,000 and a royalty on future lithium bearing ore processed. The Company is pleased to report the direct impacts from COVID-19 continue to be minimal at this time. Our staff and contractors have implemented safe working protocols and are adhering to the Government directives. Payments to related parties and their associates The total amount paid to related parties of Estrella and their associates, as per item 6.1 of the Appendix 5B, was $115k. Included in this amount is $77k for Directors fees and $38k paid to Mining Corporate, an entity controlled by Stephen Brockhurst for bookkeeping, accounting and company secretarial fees. The total amount paid to related parties of Estrella and their associates, as per item 6.2 of the Appendix 5B, was $120k. Included in this amount is $33k for Directors fees and $87k paid to Geolithic Pty Ltd, an entity controlled by Neil Hutchison for the provision of geological services including providing a contract geological team. CAPITAL The Company’s cash balance as at 30 September 2021 was bolstered considerably to approximately $7.5M due to the shortfall underwriting of the 27 June 2021 $0.05 exercise options raising a total of $7.2M (before costs) (refer ASX announcement 6 July 2021). Table 4: Estrella Capital structure as at 30 September 2021 Fully Paid Ordinary Shares 1,162,043,740 Listed options exercisable $0.02 on or before the 31 July 2023 – 254,363,575 Unlisted options exercisable $0.03 on or before 20 November 2022 – 11,500,000 $0.05 on or before 1 June 2022 – 5,000,000 $0.10 on or before 30 June 2022 – 10,000,000 $0.20 on or before 17 November 2023 - 16,600,000 Convertible Notes Unlisted Convertible Notes (unsecured) with an aggregate face value of $190,000 and a maturity date of 2 years from the date of issue. Convertible into fully paid ordinary shares in the capital of the Company at a conversion price $0.01 per share. A maximum of 23,833,600 fully paid ordinary shares may be issued on conversion of the Convertible Notes on the terms announced to ASX on 31 January 2020. Competent Person Statement The information in this announcement relating to Exploration Results is based on information compiled by Steve Warriner, who is the Exploration Manager of Estrella Resources, and a member of The Australasian Institute of Geoscientists. Mr. Warriner 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. Warriner consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Compliance Statement With reference to previously reported Exploration Results and Mineral Resources, the Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. ENDS The Board of Directors of Estrella Resources Limited authorised this announcement to be given to ASX. FURTHER INFORMATION CONTACT Christopher J. Daws Managing Director Estrella Resources Limited info@estrellaresources.com.au P: +61 (08) 9481 0389 Media Contact: David Tasker Chapter One Advisors Email: dtasker@chapteroneadvisors.com.au Tel: 0433 112 936 Appendix 1 – Tenement Information as Required by Listing Rule 5.3.3 Change in Holding (%) Current Interest (%) Country Location Project Tenement Australia WA Carr Boyd Nickel Project E29/1012 - 100 Australia WA Carr Boyd Nickel Project E29/0982 - 100 Australia WA Carr Boyd Nickel Project L24/0186 - 100 Australia WA Carr Boyd Nickel Project E31/0726 - 100 Australia WA Carr Boyd Nickel Project E31/1124 - 100 Australia WA Carr Boyd Nickel Project M31/0012 - 100 Australia WA Carr Boyd Nickel Project M31/0109 - 100 Australia WA Carr Boyd Nickel Project M31/0159 - 100 Australia WA Carr Boyd Nickel Project E31/1215 - 100 Australia WA Carr Boyd Nickel Project E31/1162 - 100 Australia WA Spargoville Nickel Project M15/395 Australia WA Spargoville Nickel Project M15/703 Australia WA Spargoville Nickel Project M15/1828 Australia WA Spargoville Nickel Project L15/128 Australia WA Spargoville Nickel Project L15/255 *Nickel rights only - 100* 100* 100* 100* 100* Rule 5.5 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Estrella Resources Limited ABN Quarter ended (“current quarter”) 39 151 155 207 30 September 2021 Consolidated statement of cash flows Current quarter $A’000 1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for Year to date (3 months) $A’000 - - (a) exploration & evaluation - - (b) development - - (c) production - - (d) staff costs (85) (85) (e) administration and corporate costs (298) (298) 1.3 Dividends received (see note 3) - - 1.4 Interest received 1 1 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities (382) (382) 2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities - - (b) tenements - - (133) (133) (1,747) (1,747) (56) (56) - - (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 1 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Consolidated statement of cash flows 2.2 Current quarter $A’000 Year to date (3 months) $A’000 Proceeds from the disposal of: (a) entities - - (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - Payment for termination of Munda royalty - - (1,936) (1,936) 7,041 7,041 2.6 Net cash from / (used in) investing activities 3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities (768) (768) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material) - - 3.10 Net cash from / (used in) financing activities 6,273 6,273 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 3,549 3,549 Net cash from / (used in) operating activities (item 1.9 above) (382) (382) (1,936) (1,936) 4.2 4.3 Net cash from / (used in) investing activities (item 2.6 above) ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 2 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Consolidated statement of cash flows 4.4 4.5 4.6 5. Current quarter $A’000 Year to date (3 months) $A’000 6,273 6,273 - - 7,504 7,504 Net cash from / (used in) financing activities (item 3.10 above) Effect of movement in exchange rates on cash held Cash and cash equivalents at end of period Reconciliation of cash and cash equivalents Current quarter $A’000 Previous quarter $A’000 at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts 5.1 Bank balances 7,504 3,549 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 7,504 3,549 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 115 6.2 Aggregate amount of payments to related parties and their