Announcement PDF Office Address London House, Level 8, 216 St Georges Terrace, PERTH WA 6000 Postal Address GPO Box 2517, PERTH WA 6831 Phone +61 8 9481 0389 Fax +61 8 9463 6103 Email info@estrellaresources.com.au 12 November 2026 Werumata Limestone Scoping Study Confirms Robust Large- Scale Development Opportunity Engage with this announcement on our interactive Investor Hub HIGHLIGHTS • Scoping Study for the Werumata Limestone project in Timor-Leste outlines a compelling development opportunity via open cut mine, mechanical crushing and port facility • Low life-of-mine OPEX of US$7.89/t FOB (Free On Board, a sale price excluding shipping and insurance) • Low CAPEX for start-up (Stage 1, operation of ~8 Mtpa) of US$117 million (Including contingency) • Base Case after-tax and pre-financing NPV10 of US$1,453 million representing an IRR of 46% and payback period of 3.5 years • Staged, capital-light development designed to reach cashflow quickly and then grow largely from a self-funding base with: o Stage 1: a start-up operation of ~8 Mtpa, constructible in approximately six-months; o Stage 2 (Base Case of this study): expansion to 25 Mtpa through additional berths for large bulk carriers, with construction following Stage 1 through 2029 and ramp-up to full capacity by early 2030. o Stage 3: a future expansion to 50 Mtpa (or more), treated as upside and subject to market demand • Base Case 20-year mine life determined based on Updated JORC (2012) Mineral Resource of 533 Mt, comprising 274 Mt Indicated and 259 Mt Inferred, with approximately 51% classified as Indicated.1 • Total CAPEX of US$476 million for Base Case developments, with peak funding requirement of US$363 million. • Sales price of US$20/t FOB reflects strong economics under conservative assumptions with sensitivity analysis determining even Stage 1 development at a reduced US$15/t FOB clears Estrella's minimum 20% IRR threshold. • Development anchored by a signed Master Agreement with PT Raka Energi Mandiri (REM) for Indonesian offtake, with the scoping-study conditions precedent now satisfied. • Study identifies no fatal flaws and will assist in the advancement of the Project. Commencement of a Feasibility Study will be subject to Board approval. 1 Refer to ASX announcement dated 15th October 2026 ASX: ESR Office Address London House, Level 8, 216 St Georges Terrace, PERTH WA 6000 Postal Address GPO Box 2517, PERTH WA 6831 Phone +61 8 9481 0389 Fax +61 8 9463 6103 Email info@estrellaresources.com.au Cautionary Statement – Scoping Study This announcement contains the results of a Scoping Study on the Werumata Limestone Project ("Project"). The Scoping Study referred to in this announcement is a preliminary technical and economic study of the potential viability of the Project. It is based on low-level technical and economic assessments, including AACE International Class 5 (conceptual) capital and operating cost estimates with an expected accuracy range of the order of -20% to -50% on the low side and +30% to +100% on the high side, and is not sufficient to support the estimation of Ore Reserves or to provide assurance of an economic development case at this stage. There is no certainty that the conclusions of the Scoping Study will be realised. The Mineral Resource underpinning the Scoping Study is classified 51% Indicated Resource and 49% and Inferred Mineral Resources under the JORC Code (2012) over the life of mine. There is a low level of geological confidence associated with Inferred Mineral Resources, and there is no certainty that further exploration work will result in the determination of Indicated or Measured Mineral Resources, or that the production target itself will be realised. It is also uncertain whether further exploration, evaluation and studies will result in the estimation of an Ore Reserve, or that the economic development case set out in this announcement will ultimately be realised. The Mineral Resource estimate of 533 Mt referred to in this announcement was reported by the Company in its ASX announcement dated 15 October 2026, titled "MRE Update - Werumata Limestone Project," which is available on the ASX Market Announcements Platform. The Company confirms that it is not aware of any new information or data that materially affects the information contained in that announcement, and that all material assumptions and technical parameters underpinning the Mineral Resource estimate continue to apply and have not materially changed. The production target and forecast financial information referred to in this announcement, including the estimated capital cost, revenue, EBITDA, NPV and IRR for the base case (Stage 2, 25 Mtpa), are based on the Scoping Study and, as such, are subject to ASX Listing Rules 5.16 and 5.17. All material assumptions underpinning the production target and the forecast financial information derived from it are set out elsewhere in this announcement. While the Company considers all the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct, or that the range of outcomes indicated by the Scoping Study will be achieved. The Company confirms that it has a reasonable basis for providing the forward-looking statements included in this announcement, and will update the market in accordance with its continuous disclosure obligations under ASX Listing Rules if that basis ceases to apply. To achieve the range of outcomes indicated in the base case of the Scoping Study, total capital of approximately US$476 million (including contingency) is estimated, with a peak funding requirement of approximately US$363 million. No debt or equity funding has been secured for the Project, and investors should note that there is no certainty the Company will be able to raise the required funding when needed, or on terms that are not dilutive to, or otherwise adverse to the value of, the Company's existing shares. The marketing strategy referred to in this announcement is underpinned by a Master Agreement with PT Raka Energi Mandiri, which operates as a framework only. No binding, bankable sales contract has been executed, and realised price is the variable to which the Project's economics are most sensitive. The Project also requires a mining licence, environmental licensing, and maritime and port approvals, none of which have yet been obtained. Further exploration and evaluation work, and appropriate studies, are required before the Company will be in a position to estimate any Ore Reserves, secure binding offtake, obtain the necessary approvals, or provide any assurance of an economic development case, or certainty that the conclusions of the Scoping Study will be realised. Given the uncertainties involved, and in particular that the Scoping Study is based on 51% Indicated Mineral Resources and 49% Inferred Mineral Resources, investors should not make any investment decisions based solely on the results of the Scoping Study. Office Address London House, Level 8, 216 St Georges Terrace, PERTH WA 6000 Postal Address GPO Box 2517, PERTH WA 6831 Phone +61 8 9481 0389 Fax +61 8 9463 6103 Email info@estrellaresources.com.au Commenting on the completion of the Study, Managing Director Robert Mencel said: "This Scoping Study confirms Werumata as a genuinely significant development opportunity for Estrella Resources and more broadly for the nation of Timor-Leste. “The key takeaway for all parties is that this project is valued at close to US$1.5 billion in net present value from a series of conservative assumptions with a resource we've only just begun to define. “Importantly, our recently upgraded Mineral Resource now stands at 533 million tonnes, including 274 million tonnes in the Indicated category. With approximately 70% of our higher-value acid-neutralisation product now classified as Indicated, we have a strong geological foundation for the proposed development, particularly in the areas targeted for initial mining. “Estrella has established a staged development program to best take advantage of our highest grade and purity mineralisation, funding subsequent increases in scale. “This proposed development plan at Werumata is assisted by some excellent tailwinds. Limestone is a fundamental industrial commodity and our resource is particularly well suited to some of its highest-value applications, principally acid neutralisation for the mining and metals sector, and as a metallurgical flux in blast furnaces or copper/nickel smelting. High-purity material from Werumata is well suited to these applications and allows us to target premium pricing for our early production rather than simply competing on volume. "We're also supported by our strategic location. Werumata and its associated port are located in the heart of South-East Asia which is one of the fastest-growing limestone markets in the world, driven by rapid industrialisation and urbanisation across the region. Our largest identified customer base, which is Indonesia's nickel processing industry, sits right on our doorstep, enhancing margins and accelerating return on capital. "Following this initial Study, we're now in a position to move into much more substantive discussions with the Government of Timor-Leste on approvals, as well as advance prospective offtakers beyond our existing Master Agreement. “Moreover, additional drilling at Werumata is planned as part of our forward work programme as well as further detailed study work to meet our ambitious target of reaching FID by Q4 2027. "It’s also worth adding that Werumata is highly complementary to our existing portfolio of other development assets. As a long-life, low-technical-risk production opportunity, it lets us deploy capital strategically to not only develop this asset but also continue targeting immediate areas of value creation. For example, by backing our current drill-out plans for our high-growth targets like the Laleno Dome, where our copper porphyry exploration is showing considerable promise. “Werumata is shaping up as a highly exciting development option and I encourage shareholders to review this report in detail to understand the scale of the opportunity which sits before them." Scoping Study – Executive Summary Project Overview The Scoping Study (the "Study") for the Werumata Limestone Project (the "Project") was prepared by Valleyspring Pty Ltd, drawing on specialist input from AGP Mining Associates (mine planning, cost estimation and economic analysis), PT Rexline Engineering Indonesia (materials handling, port and infrastructure design), and ASEAMCO Pty Ltd (JORC Mineral Resource estimation, mine design and scheduling). The Study is prepared to an AACE International Class 5 (conceptual) standard. Office Address London House, Level 8, 216 St Georges Terrace, PERTH WA 6000 Postal Address GPO Box 2517, PERTH WA 6831 Phone +61 8 9481 0389 Fax +61 8 9463 6103 Email info@estrellaresources.com.au The Project lies near the villages of Binagua and Werumata on the north coast of Timor-Leste, 33 km by road from Baucau and about 150 km from the capital, Dili. Estrella holds eleven Exploration and Evaluation concessions over approximately 512 km², granted by the Autoridade Nacional dos Minerais ("ANM"), the mining regulatory authority of Timor-Leste. Figure 1: Werumata Limestone Project location, north coast of Timor-Leste The project area sits on a narrow coastal strip, with the limestone hills hosting the Mineral Resource rising immediately inland (Figure 2). The updated JORC (2012) Mineral Resource, reported as at 15 October 2026, totals 533 Mt, comprising 274 Mt Indicated and 259 Mt Inferred, at an average acid-neutralising capacity of 66.0%. Approximately 51% of the Resource is classified as Indicated, including 70% of the higher-value acid- neutralisation product. The Scoping Study mine plan, production schedule and financial evaluation have been prepared using the updated Mineral Resource Estimate. The updated Resource supports the proposed start-up and Base Case development scenarios, with the mine plan and financial evaluation to be updated during the Feasibility Study. Office Address London House, Level 8, 216 St Georges Terrace, PERTH WA 6000 Postal Address GPO Box 2517, PERTH WA 6831 Phone +61 8 9481 0389 Fax +61 8 9463 6103 Email info@estrellaresources.com.au The Project comprises of a conventional open-pit mine using hydraulic excavators and haul trucks, extracting the Resource in a series of terraces advancing from the coastal plain southward into the hills. Mined limestone is crushed and screened by mechanical means only, with no chemicals or reagents are used in processing. The materials handling system comprises ROM stockpiles, up to five crushing and screening plants, crushed product stockpiles, reclaim conveyors, and multiple rail-mounted shiploaders rated at 3,000tph each, providing a combined Stage 2 loading capacity of 12,000tph. A purpose-built, staged export port will also be constructed immediately adjacent to the mine, taking advantage of a naturally deep nearshore profile. The port develops in four stages: Early Works (mobile equipment for trial/sample shipments), Stage 1 (~8Mtpa, single berth to 30,000 Deadweight Tonnage (DWT)), Stage 2 (~25Mtpa, multiple berths up to 100,000 DWT plus provision for larger vessels), and Stage 3 (blue-sky expansion to 50Mtpa+). Figure 2: Visible Limestone Sheeting at Werumata Figure 3: Modelled Port General Arrangement, Stage 2 (~25 Mtpa) Office Address London House, Level 8, 216 St Georges Terrace, PERTH WA 6000 Postal Address GPO Box 2517, PERTH WA 6831 Phone +61 8 9481 0389 Fax +61 8 9463 6103 Email info@estrellaresources.com.au Key Development and Financial Metrics Mine development is staged to match market growth and to minimise up-front capital at risk: • Stage 1 — an ~8Mtpa start-up operation, constructible in approximately six months, enabling early sales and cashflow; • Stage 2 (Base Case) — expansion to 25Mtpa (the Study's base case), via additional deep-water berths; and • Stage 3 — a blue-sky expansion to 50Mtpa or more, subject to market demand, and not included in the base case economics. The updated 533 Mt Mineral Resource supports the proposed development scenarios and the Scoping Study mine plan provides for 465 Mt of saleable limestone over a 20-year period. No Ore Reserve has been declared, and the Project's economic estimates remain at scoping-study level. Further infill and extension drilling is planned to improve resource confidence and assess additional resource potential. Total capital for Stage 1 and Stage 2 is estimated at approximately US$476 million including contingency, spent progressively across the staged build. The maximum cash investment, being the peak the Project must fund before it becomes self-funding, is lower at approximately US$363 million, because part of the Stage 2 capital is met from Stage 1 cashflow. Life-of-mine average operating cost is approximately US$7.89 per tonne of product FOB, against an assumed US$20 per tonne FOB sales price. The estimates are AACE International Class 5 (conceptual), with an expected accuracy range of the order of -20% to -50% on the low side and +30% to +100% on the high side. Table 1: Investment and Returns Office Address London House, Level 8, 216 St Georges Terrace, PERTH WA 6000 Postal Address GPO Box 2517, PERTH WA 6831 Phone +61 8 9481 0389 Fax +61 8 9463 6103 Email info@estrellaresources.com.au The Project's three distinct saleable products are differentiated by acid-neutralising capacity (ANC) and grade with the initial sales focus on the higher-quality end of the product suite. Estrella intends to sell the highest- grade material first in order to support start-up revenues and early cash flows, and discussions with customers to date support that strategy. The updated Mineral Resource totals 533 Mt, with approximately 73% comprising higher-quality Product 1 limestone suitable for acid-neutralisation applications. Of the 391 Mt Product 1 Resource, 274 Mt (approximately 70%) is now classified as Indicated. Office Address London House, Level 8, 216 St Georges Terrace, PERTH WA 6000 Postal Address GPO Box 2517, PERTH WA 6831 Phone +61 8 9481 0389 Fax +61 8 9463 6103 Email info@estrellaresources.com.au Table 2: Updated JORC Mineral Resource by Product Note: 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. Office Address London House, Level 8, 216 St Georges Terrace, PERTH WA 6000 Postal Address GPO Box 2517, PERTH WA 6831 Phone +61 8 9481 0389 Fax +61 8 9463 6103 Email info@estrellaresources.com.au Limestone is a high-volume, low-unit-value commodity used in acid neutralisation, cement manufacture, construction aggregates and fills, lime production, agriculture and a range of industrial applications. The Project's principal volume market is Indonesia, where crushed limestone is used for the neutralisation of waste acids and acid-containing tailings produced by the mining and metallurgical industries, in particular the nickel processing industry. Indonesia's nickel industry is the largest in the world and consumes very large and rapidly growing quantities of limestone for this purpose. Regional demand for this single application is estimated at 25 Mtpa or more, and it has emerged only recently as nickel processing capacity in Indonesia has expanded. Table 3: Sensitivity to Sales Price Project economics are most sensitive to realised price. At US$15/t FOB the base case remains viable (NPV US$622 million, IRR 26%), while at US$25/t the NPV rises to approximately US$2.3 billion. The 8 Mtpa start-up case is tighter than the base case but still clears Estrella's minimum 20% IRR threshold. At the assumed US$20/t price it is expected to return an IRR of approximately 48%, and it remains above the threshold at a reduced price of US$15/t FOB, returning approximately 21% with an NPV at 10% of approximately US$120 million. Actual prices collected in Indonesia, by application, are shown in Table 4. The wide range of prices is clearly driven by product specification. A detailed study of the regional limestone market is recommended as part of the next phase of study. A product price of US$20/t FOB (real 2026 terms) is adopted for the base case evaluation, representing an average across the product suite. Higher-grade material, including the Sagadati area to be drilled, is expected to achieve of the order of US$25/t, while lower-grade product is expected to realise of the order of US$17/t. Because the initial 8 Mtpa is expected to comprise a higher proportion of high-grade product, the US$20/t average is considered reasonable for the early years. Office Address London House, Level 8, 216 St Georges Terrace, PERTH WA 6000 Postal Address GPO Box 2517, PERTH WA 6831 Phone +61 8 9481 0389 Fax +61 8 9463 6103 Email info@estrellaresources.com.au Table 4: Recent Export Sales Prices, Indonesia Project Sales Strategy and Approvals Estrella’s staged development strategy is anchored by a Master Agreement with PT Raka Energi Mandiri ("REM"), signed 9 May 2025. REM is a Jakarta-based Indonesian resources and energy investment group with demonstrated capacity to originate and complete transactions. Under the agreement: • REM agrees to assist Estrella in the marketing and/or sale of limestone from the Estrella tenements; and • Estrella appoints REM, or its appointees, as offtaker and/or marketing agent with exclusive rights for Indonesian customers, subject to the parties entering into an Offtake Agreement and to REM achieving an annual sales target. Pricing will be agreed under that Offtake Agreement. REM's incentive under the agreement is a grant of up to 500 million unlisted options in Estrella Resources Limited, exercisable at A$0.05 and vesting at one option for each dry metric tonne sold, which ties REM's return to tonnes actually shipped. All resource, licensing and scoping-study conditions precedent are now satisfied in relation to the agreement and the final condition requires the Company to obtain all permits, approvals and infrastructure required for the export of product from a port in Timor-Leste. Given its scale, the combined mine, materials-handling and port development is expected to be classified as a Category A project, requiring a full Environmental Impact Assessment and public consultation process. Estrella's current tenure provides the foundation from which a mining title application will be progressed alongside environmental licensing, land access and maritime/port approvals, sequenced in parallel with the Project's development schedule. In addition to the agreement with REM, Estrella is in discussion with other potential offtakers seeking bulk limestone supply. These include a major Japanese industrial and trading company operating globally, with interests including steel and non-ferrous metals production, raw materials and metals trading, industrial equipment and energy, whose interest is in limestone for acid neutralisation and metals production. These discussions are preliminary and no binding commitment has been given by any party. Key Milestones and Development Schedule With the release of the full Scoping Study Report and the updated Mineral Resource incorporating 274 Mt of Indicated material, the commencement of a Feasibility Study will be subject to board approval and Office Address London House, Level 8, 216 St Georges Terrace, PERTH WA 6000 Postal Address GPO Box 2517, PERTH WA 6831 Phone +61 8 9481 0389 Fax +61 8 9463 6103 Email info@estrellaresources.com.au appropriate financing being available. The Board remains focused on its Copper and Manganese drilling and exploration programs, and monetising its Manganese trial sample. The Feasibility Study include updating the mine plan, production schedule and financial evaluation based on further infill and extensional drilling, detailed engineering, environmental studies and progression of key project approvals. Completion of the Feasibility Study and a Final Investment Decision remain targeted for Q4 2027. Early works are planned as part of Stage 1 that will be brought forward where practicable, comprising construction of a coffer dam at the port site and the use of mobile shiploaders to despatch bulk market samples to customers in Indonesia who have requested trial shipments. The timing and scope of these works will be settled during the Feasibility Study. Stage 1 construction is estimated at approximately six months from FID, placing first production and first revenue at approximately 8 Mtpa in Q3 2028, with Stage 2 construction starting no earlier than Q1 2029 and taking at least 12 months, and ramp-up to the full 25 Mtpa capacity from 2030. For further details please see the appended Werumata Limestone Project Scoping Study Full Report. The Board has authorised this announcement for release to the ASX. ENDS 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 Office Address London House, Level 8, 216 St Georges Terrace, PERTH WA 6000 Postal Address GPO Box 2517, PERTH WA 6831 Phone +61 8 9481 0389 Fax +61 8 9463 6103 Email info@estrellaresources.com.au 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. Compliance Statement - Exploration Results and Mineral Resource Estimates 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. Estrella Confirms that Mineral Resource estimate referred to in this announcement was first reported by the Company in its ASX announcement dated 14 May 2026, titled "Maiden Resource – Werumata Limestone Project," and subsequently updated on 15 October 2026 “MRE Update – Werumata Limestone Project” which is available on the ASX Market Announcements Platform. The Company confirms that it is not aware of any new information or data that materially affects the information contained in that announcement, and that all material assumptions and technical parameters underpinning the Mineral Resource estimate continue to apply and have not materially changed. Competent Persons Statement – Mineral Resource Estimates The information in this report to which this statement is attached relates to the Mineral Resources for the Werumata Limestone Project, and 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. Mr Robert de Jongh consents to the inclusion in this announcement of statements based on this information in the form and context in which it appears. Werumata Limestone Project Scoping Study CONFIDENTIAL: This Scoping Study contains confidential information of Estrella Resources Limited and may not be disclosed to third parties without Estrella's prior written consent. Page 1 Werumata Limestone Project Scoping Study Estrella Resources Limited (ASX: ESR) November 2026 ISSUED FOR USE Prepared by Valleyspring Pty Ltd Werumata Limestone Project Scoping Study CONFIDENTIAL: This Scoping Study contains confidential information of Estrella Resources Limited and may not be disclosed to third parties without Estrella's prior written consent. Page 2 DOCUMENT CONTROL Revision Date Description Prepared Reviewed Approved Rev 3 11 November 2026 Updated for the ASEAMCO mining schedule as at 23 October 2026. Draft for Estrella review. R. van Niekerk R. Mencel ASEAMCO AGP R. Mencel Werumata Limestone Project Scoping Study CONFIDENTIAL: This Scoping Study contains confidential information of Estrella Resources Limited and may not be disclosed to third parties without Estrella's prior written consent. Page 3 IMPORTANT NOTICE AND DISCLAIMER This Scoping Study has been prepared for Estrella Resources Limited (“Estrella”) for the purposes of internal decision-making, the preparation of a summary for release to the ASX, and use as a supporting document for the Business Plan to be submitted to the Government of Timor-Leste. The Study is a preliminary technical and economic assessment of the Werumata Limestone Project. The capital and operating cost estimates presented herein are prepared to an AACE International Class 5 (conceptual) standard as defined by Recommended Practice No. 47R-11, with an expected accuracy range of the order of -20% to -50% on the low side and +30% to +100% on the high side. The results are not a guarantee of project outcomes. ASEAMCO’s Mineral Resource estimate as at 14 October 2026 comprises 274 Mt Indicated and 259 Mt Inferred. ASEAMCO’s mining schedule as at 23 October 2026 reports 317 Mt of classified material within the scheduled mining sequence, comprising 158 Mt Indicated and 159 Mt Inferred, or approximately 50% in each category. The schedule comprises mining increments rather than calendar years and does not define an annual production target. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. No Ore Reserve has been declared. Estrella, the relevant Competent Persons and its legal advisers must review the production target, financial information and associated disclosures before public release. Werumata Limestone Project Scoping Study CONFIDENTIAL: This Scoping Study contains confidential information of Estrella Resources Limited and may not be disclosed to third parties without Estrella's prior written consent. Page 4 CONTENTS Document Control................................................................................................................. 2 Important Notice and Disclaimer............................................................................................ 3 Definitions and Abbreviations............................................................................................... 12 1. Executive Summary...................................................................................................... 17 1.1. The Opportunity.................................................................................................... 18 1.2. The Project........................................................................................................... 19 1.3. T