Estrella Resources Lands New Licences and First Manganese Export Nod in Timor-Leste

Estrella locks in new ground and maiden export approval across Timor-Leste portfolio

Estrella Resources (ASX: ESR) is advancing on four simultaneous fronts in Timor-Leste: two new 50km² Exploration and Evaluation Licences awarded, conditional approval for a maiden 100t high-grade manganese bulk sample export, a 3,000m RC/Diamond drilling program expected to commence shortly, and continued progress on the Werumata limestone Scoping Study. The breadth of activity across exploration, commercialisation, and resource development underscores ESR’s position as an active mover in one of the world’s least-explored mineral jurisdictions.

Robert Mencel, Managing Director

“Estrella is advancing its exciting operations in Timor-Leste on a number of fronts, including exploration, development and near-term commercial opportunities. The award of two new licences sees our company gain exposure to the Lolotoi Complex and Manamas Volcanics, which are two highly prospective, largely unexplored units with potential to enhance our copper-gold exploration. At the same time, we’re taking real steps toward commercialising Ira Miri. Conditional approval for our maiden 100 tonne export is an important milestone as we work to broaden our customer base, alongside our ongoing application to export the larger ~27,000 tonne parcel by sea. Drilling is expected in the near-term at the Laleno Dome, testing our highest-priority targets defined by Mobile MTd survey data. Meanwhile, at Werumata we’ve identified a quick, low-cost opportunity to lift part of our resource from Inferred to Indicated confidence using density data from core we already hold, which is a good example of how we continue to strengthen the quality of this project as we move toward a Feasibility Study.”

Two new licences open copper-gold potential in largely uncharted terrain

The Autoridade Nacional dos Minerais Timor-Leste I.P. (ANM) has awarded Estrella two new Exploration and Evaluation Licences, expanding its footprint into geological units that have received minimal modern exploration attention. Both cover 50km² and are considered prospective for gold and copper mineralisation.

Lolotoi Complex — Covalima municipality (MEL2025-CA-ZE002)

The primary geological unit of interest within this licence is the Lolotoi Complex, a series of metamorphic rocks characterised by strongly developed foliations, intense folding, and well-developed shear zones. Those shear zones have acted as conduits for hydrothermal fluids, producing quartz and quartz-carbonate veins that are considered prospective for orogenic gold deposits. Copper mineralisation of a potentially intrusion-related style is also known to occur in rocks of the Lolotoi Complex in the Covalima municipality. Critically, gold-bearing quartz veins are known to exist within the Lolotoi Complex elsewhere in Timor-Leste, lending geological credibility to the new licence area.

Manamas Volcanics — Oecusse Special Administrative Region (MEL2025-CA-ZG001)

The dominant unit within this licence is the Manamas Volcanics, a young dominantly basaltic sequence prospective for gold-copper mineralisation associated with both volcanism and the complex accretion tectonics that formed the region. Known alluvial gold occurrences within the licence area are considered to have been derived from primary mineralisation, likely quartz veins in large fault zones. A historically recorded copper mineralisation occurrence is also noted. The proximity of the concession to accommodation and infrastructure at Pante Macassar adds a practical development advantage.

The two new licences side-by-side:

• MEL2025-CA-ZE002 | 50km² | Lolotoi Complex | Gold, copper | Known gold-bearing quartz veins in the complex; copper mineralisation in the Covalima municipality
• MEL2025-CA-ZG001 | 50km² | Manamas Volcanics | Gold, copper | Known alluvial gold occurrences; historically recorded copper mineralisation; Pante Macassar infrastructure proximity

What is an Exploration and Evaluation Licence — and why does it matter?

An Exploration and Evaluation Licence (EEL) grants the holder the legal right to systematically explore a defined area for minerals. That includes drilling, sampling, and geophysical surveys. It is distinct from a mining lease, which permits actual extraction of ore. An EEL is the foundational step: you cannot drill without one.

In a frontier jurisdiction like Timor-Leste, securing EELs early carries strategic weight. The region has received minimal modern exploration, meaning the full extent of its mineral endowment is not yet understood. Companies that lock in tenure now position themselves ahead of any future competition as the region’s prospectivity becomes better established. Each new EEL Estrella secures adds to an early-mover advantage that would be difficult to replicate once the jurisdiction attracts broader industry attention.

Maiden manganese export and near-term catalysts signal commercial momentum

Exploration is only part of the ESR story right now. The company is simultaneously progressing toward revenue-generating activity, with the Ira Miri manganese project moving into the commercialisation phase.

Ira Miri maiden export — conditional approval secured

The ANM has granted conditional approval for a maiden 100t export of high-grade Category B manganese bulk sample from the Ira Miri open pit. The material is to be transported via road to a West Timor-based Indonesian customer for use as trial feed in a manganese smelter, with the sale at commercial market rates. The approval remains conditional on finalisation of a Standard Operating Procedure meeting the certified laboratory’s requirements, and on completion of a joint ANM/ESR survey and sample collection process during truck loading. This maiden export is designed to broaden customer engagement, with samples targeted for up to four potential customers.

The scale of the commercial opportunity becomes clearer in the context of the confirmed 27,371 tonnes of manganese at Ira Miri, the inventory underpinning both the maiden 100t road export and the larger ~27,000t shipping application now before the Timorese Government.

Separately, the company has lodged export approval documentation for a significantly larger ~27,000t shipment of manganese material, expected to be conducted via shipping. That application is still being assessed by the Timorese Government and the two processes are distinct — the 100t road export and the ~27,000t shipping export are separate approvals at different stages.

Drilling and Werumata Scoping Study — what’s next

Estrella’s near-term catalyst pipeline across exploration, resource development, and commercialisation:

1. 3,000m RC/Diamond drilling at Laleno Dome (Mobile MTd targets) — community consultation complete, access road repair substantially complete; ANM drilling approval expected shortly
2. Ground geophysics (Resistivity/Induced Polarisation) surveys — expected complete by end of September 2026
3. Regional helicopter magnetotelluric (MT) survey — scheduled to commence late September 2026; results anticipated before year-end
4. Sagadate limestone drilling (4,000m RC and diamond) — commencing after approvals attained, to be completed before year-end
5. Werumata density analysis — to upgrade a portion of the 621 Mt Inferred Resource to Indicated category; approximately four weeks to complete; Feasibility Study planning underway in parallel
6. ~27,000t manganese export approval — documentation lodged; update pending Timorese Government decision

The simultaneous advance across new licence acquisitions, conditional manganese export approval, imminent drilling, and resource confidence improvement illustrates the multi-commodity optionality Estrella is building in Timor-Leste. With activity running concurrently across exploration, commercialisation, and resource development, the company is generating a near-term catalyst pipeline across several fronts rather than relying on a single project outcome.

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