New Risk • Mar 17
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$8.3m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$8.3m free cash flow). Earnings have declined by 58% per year over the past 5 years. Revenue is less than US$1m (AU$27k revenue, or US$19k). Minor Risk Market cap is less than US$100m (AU$61.9m market cap, or US$43.8m). Recent Insider Transactions Derivative • Dec 01
Independent Non-Executive Chairman exercised options to buy AU$109k worth of stock. On the 28th of November, Leslie Pereira exercised options to buy 4m shares at a strike price of around AU$0.03, costing a total of AU$105k. This transaction amounted to 32% of their direct individual holding at the time of the trade. Since December 2024, Leslie's direct individual holding has increased from 4.72m shares to 14.49m. Company insiders have collectively bought AU$507k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Oct 01
Estrella Resources Limited, Annual General Meeting, Nov 27, 2025 Estrella Resources Limited, Annual General Meeting, Nov 27, 2025. New Risk • Sep 29
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 34% per year over the past 5 years. Revenue is less than US$1m (AU$36k revenue, or US$24k). Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (AU$81.3m market cap, or US$53.5m). Announcement • Jun 30
Estrella Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 5.35 million. Estrella Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 5.35 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 58,333,333
Price\Range: AUD 0.006
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 136,761,488
Price\Range: AUD 0.03656
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Recent Insider Transactions Derivative • Feb 21
MD & Executive Director exercised options to buy AU$124k worth of stock. On the 19th of February, Christopher Daws exercised options to buy 4m shares at a strike price of around AU$0.027, costing a total of AU$108k. This transaction amounted to 11% of their direct individual holding at the time of the trade. Since March 2024, Christopher's direct individual holding has increased from 31.86m shares to 35.06m. Company insiders have collectively bought AU$405k more than they sold, via options and on-market transactions, in the last 12 months. New Risk • Feb 15
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 33% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Shareholders have been diluted in the past year (15% increase in shares outstanding). Market cap is less than US$100m (AU$70.9m market cap, or US$45.1m). Announcement • Jan 31
Estrella Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 3.75 million. Estrella Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 3.75 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 125,000,000
Price\Range: AUD 0.03
Discount Per Security: AUD 0.0018
Transaction Features: Subsequent Direct Listing Announcement • Nov 14
Estrella Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 1.25 million. Estrella Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 1.25 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 50,000,000
Price\Range: AUD 0.015
Discount Per Security: AUD 0.0012
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 33,333,333
Price\Range: AUD 0.015
Discount Per Security: AUD 0.0012
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Oct 02
Estrella Resources Limited, Annual General Meeting, Nov 28, 2024 Estrella Resources Limited, Annual General Meeting, Nov 28, 2024. New Risk • Sep 24
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (24% average weekly change). Earnings have declined by 17% per year over the past 5 years. Revenue is less than US$1m (AU$406k revenue, or US$278k). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Shareholders have been diluted in the past year (23% increase in shares outstanding). Market cap is less than US$100m (AU$20.0m market cap, or US$13.7m). Announcement • Sep 03
Estrella Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 5.35 million. Estrella Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 5.35 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 58,333,333
Price\Range: AUD 0.006
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 250,000,000
Price\Range: AUD 0.02
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Feb 29
Estrella Resources Limited has announced a Derivatives Offering in the amount of AUD 0.175937 million. Estrella Resources Limited has announced a Derivatives Offering in the amount of AUD 0.175937 million.
Security Name: Options
Security Type: Equity Option
Securities Offered: 175,937,187
Price\Range: AUD 0.001
Transaction Features: Rights Offering New Risk • Oct 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 19% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$5.2m free cash flow). Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings have declined by 3.3% per year over the past 5 years. Revenue is less than US$1m (AU$406k revenue, or US$257k). Market cap is less than US$10m (AU$10.6m market cap, or US$6.69m). Minor Risk Shareholders have been diluted in the past year (19% increase in shares outstanding). Announcement • Oct 21
Estrella Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 1.65 million. Estrella Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 1.65 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 275,000,000
Price\Range: AUD 0.006
Discount Per Security: AUD 0.00036
Transaction Features: Subsequent Direct Listing Announcement • Oct 07
Estrella Resources Limited, Annual General Meeting, Nov 28, 2023 Estrella Resources Limited, Annual General Meeting, Nov 28, 2023. Agenda: To consider election of Directors. New Risk • Sep 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$8.8m free cash flow). Share price has been highly volatile over the past 3 months (22% average weekly change). Earnings have declined by 0.1% per year over the past 5 years. Revenue is less than US$1m (AU$2.3k revenue, or US$1.5k). Market cap is less than US$10m (AU$11.1m market cap, or US$7.16m). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Shareholders have been diluted in the past year (12% increase in shares outstanding). New Risk • Sep 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$8.8m free cash flow). Share price has been highly volatile over the past 3 months (23% average weekly change). Earnings have declined by 0.1% per year over the past 5 years. Revenue is less than US$1m (AU$2.3k revenue, or US$1.5k). Market cap is less than US$10m (AU$11.9m market cap, or US$7.69m). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Shareholders have been diluted in the past year (12% increase in shares outstanding). Announcement • Feb 18
Estrella Resources Limited Updates on Spargoville 5A Bulk Sample and DFS Estrella Resources Limited announced that the delivery of the bulk metallurgical sample from the Spargoville 5A Nickel Mine, located approximately 20km Southwest of Kambalda, to MMO's HPAL Plant was successfully concluded on the 3rd of February 2023. The total 5A bulk metallurgical sample landed at Glencore's MMO was 2,413 wet metric tonnes, with an average moisture content of 3.34%. Assays received from the laboratory confirmed that the trial parcel was within all specifications stipulated by Glencore, and MMO has begun processing the sample. Details on the performance of the 5A mineralisation through the HPAL process will be determined during the current quarter and will inform the DFS. A 50% provisional payment for 1,994 WMT of material delivered in January has been received from Glencore. Final payment to be calculated based upon March's LME nickel weighted average price. A similar arrangement will occur for the balance of 418 WMT delivered in February where pricing will be the April LME nickel WAP. The Company anticipates a successful outcome to the bulk sample trial at MMO which will pave the way for the completion of the 5A Definitive Feasability Study which is currently well underway. The basis of the DFS involves a simple open-pit cut-back to access the very high-grade transitional massive sulphidematerial of which there is around 16,000t grading 7.8% Ni within the Measured Resource category. This will be blended with the matrix mineralisation and trucked to a third party. Minecomp in Kalgoorlie has completed the open pit cutback design with structural and stability input from Green Geotechnical. Minecomp is in the last stages of finalising the site lay-out plans required for environmental and departmental approvals. The ore and waste schedules have been finalised which can now be used to inform a more detailled financial model and revenue forecast. MBS Environmental has been engaged to assist the company with the statutory approvals process, wastemanagement and the Mine Closure Plan. Testing of the expected waste material to date has indicated that all waste from the mine should be self-neutralising and will not pose any environmental risk. Any wastesulphide material can be safely managed by encaptulating it within the waste dump. A long-section through the 5A Measured Resource with the existing and optimised open pits. The majority of the measured category is expected to be extracted, leaving behind the thinner fringe zones of mineralisation that would suffer too much dilution during mining to be economic. The Company looks forward to updating shareholders further as the Spargoville Nickel Project progresses. Announcement • Jan 05
Estrella Resources Limited Provides Update to the Extraction of Bulk High Grade Nickel Sulphide Ore Which Will Be Sent to Glencore's Murrin Murrin HPAL Process Facility Estrella Resources Limited provided an update to the extraction of bulk high grade nickel sulphide ore which will be sent to Glencore's Murrin Murrin HPAL process facility. The mining and crushing of the high grade nickel sulphide ore has successfully been completed. This is a real credit to the contractors and staff involved at a difficult time of the year. The Company currently estimates that it will be able to truck approximately 2,500 tonnes of high grade nickel sulphide ore to Glencore's Murrin Murrin HPAL process facility this month. Laboratory assays are underway to determine the expected delivered ore grade and moisture contents. A further 1,000 tonnes of low grade nickel sulphide material will be retained by the company which will be utilized for metallurgical test work on new process flowsheet designs for the nickel sulphide resources. A positive process outcome for the nickel sulphide ore via the Murrin Murrin HPAL route will provide the Company with a strong basis to fully develop the 5A nickel mine resources via simple pit cut back mining methods and further develop remaining nickel resources at Andrews, 5B and 1A nickel deposits. As nickel prices continue to rally pushing through AUD 40,000 per tonne prior to the year ending, decision to retain the Spargoville Nickel Rights assets and push forward with their development looks at this stage to be the right decision and well timed for shareholders. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. Independent Non-Executive Chairman Les Pereira was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Oct 31
Estrella Resources Limited Appoints Benjamin Smith as Joint Company Secretary Estrella Resources Limited announced in accordance with ASX listing Rule 3.16.1, the appointment of Joint Company Secretary, Mr. Benjamin Smith alongside Mr. Stephen Brockhurst from Mining Corporate Pty Ltd. Mr. Smith is a Chartered Accountant and has over nine (9) years' experience in finance, accounting and corporate advisory. His experience includes three (3) years at BHP's Nickel West, and five (5) years auditingASX listed companies prior to that. More recently he is serving as Company Secretary for Rubix Resources Limited and previously Torrens Mining Limited, prior to its acquisition. Mr. Brockhurst will continue his affiliation with the Company and serve as Joint Company Secretary moving forward. Mr. Smith, from Mining Corporate has been appointed Joint Company Secretary effective immediately, and will be responsible for communication with the ASX in relation to Listing Rule matters in accordance with ASX listing Rule 12.6. Announcement • Oct 19
Estrella Resources Limited Announces Upgrade to the 5A Mineral Resource Estimate at the Company's Spargoville Nickel Project Estrella Resources Limited announced an upgrade to the 5A Mineral Resource Estimate (MRE) at the Company's Spargoville Nickel Project, located approximately 20km Southwest of Kambalda, Western Australia. The update takes into account recent metallurgical drilling below the existing 5A open pit conducted from May to July this year which assisted in defining mineralisation types and depths. The drilling also firmed up massive and matrix sulphide widths, mineralogy and bulk densities which are required to be well understood prior to mining. Highlights: The majority of the Spargoville 5A Resource now classified as Measured, grading 2.8% Ni. High confidence level in the geology, mineralogy and bulk densities. Deposit remains open at depth. Optimisation work to commence immediately to inform a Definitive Feasibility Study targeting 16,000t of Massive Sulphide grading 7.8% Ni below the existing pit. Contract negotiations in final stages so the 2k-4k bulk sample can be mined, transported, processed and the nickel sold. Testing has indicated that vast majority of nickel can be successfully extracted. 5A Pre-mining site works have commenced 17 October 2022. Announcement • Oct 11
Estrella Resources Limited, Annual General Meeting, Nov 28, 2022 Estrella Resources Limited, Annual General Meeting, Nov 28, 2022. Agenda: To consider election of Directors. Announcement • Sep 20
Estrella Resources Limited Announces Maiden T5 Jorc 2012-Compliant Mineral Resource Estimate Estrella Resources Limited announced the maiden T5 JORC 2012-compliant Mineral Resource Estimate (MRE) which underpins an Exploration Target of 5-7 million tonnes for the basal contact at the 100%-owned Carr Boyd Nickel Project located 80km northeast of Kalgoorlie. This initial Inferred T5 MRE is based upon 43 diamond holes and 3 reverse circulation holes drilled by Estrella Resources at T5, covering a strike length of 500 metres and running from near surface to 720m depth. The MRE is entirely north of the Proterozoic Dyke which Estrella has interpreted to split the T5 mineralization . In addition to the nickel and copper, the T5 MRE contains over 12,000 ounces of platinum and palladium and almost 55,000 ounces of silver which are associated with the sulphide mineralization. The nickel-copper-PGE sulphide resource is free of Arsenic and is low in MgO. The T5 Mineral Resource Estimate, with an additional 34 regional diamond holes and 56 reverse circulation holes, has been used to estimate an Exploration Target for the 16km of the prospective Carr Boyd Basal Contact of between 5Mt and 7Mt at a nickel grade between 0.7% and 1.5%. Additional work on the existing Carr Boyd remnant resource will also be carried out. The resource is currently not JORC 2012 compliant and so cannot be quoted here. Estrella has intersected remnant massive nickel-copper sulphides below the historical workings. The results of CBDD064 were released to the market 8th March 2022 with the drillhole intersecting 16.2m @ 3.12% Ni and 0.60% Cu from 192.35m and a further 12.97m @ 1.07% Ni and 0.25% Cu from 256.0m downhole. The Exploration Target is based on the results of exploration activities undertaken to date and references an extensive dataset of historical drilling, geological and geophysical information, which includes recent exploration data obtained by Estrella. The T5 Mineral Resource Estimate forms the basis for grade ranges and tonnage factors for the Exploration Target. Estrella plans to continue to systematically test the approximately 16km of basal contact strike within the Project's tenure, as well as testing for possible sulphide occurrences off the basal contact, such as thoseforming at the Carr Boyd Nickel Mine. T5 Extensions; CBDD078A was collared across the Proterozoic Dyke to assess its true thickness (approximately 120m) and into the basal contact at depth below the Carr Boyd Nickel Mine . The drillhole intersected a mixed suite of T5 Pyroxenite along with cross-cutting sills from the Proterozoic Dyke. A number of zones of disseminated sulphides in pyroxenite and remobilised sulphides within the Proterozoic Dyke were logged, including a zone of 1.8m downhole length of semi-massive sulphides. Interpretation of the drill core reveals that the area is similar to that intersected north of the dyke and just south of the T5 resource. These areas have been modified by the intrusion of the Proterozoic Dyke along the Carr Boyd basal contact, and sulphides have been partially assimilated by the dyke or remobilised along the contact. Infill drilling in these areas is required and will be undertaken at a later date once the regional drill programs conclude. Broonhill Exploration Update; Results have been received for CBDD076 which intersected nickel-copper mineralisation at Broonhill . Assays from the drillhole averaged 6.23m (True Width) @ 0.6% Ni & 0.7% Cu including 1.2m @ 1.2% Cu and another 0.6m @ 1.81% Cu. Additional mineralisation above and below the higher-grade core was noted in the assays. The Broonhill mineralisation is associated with a thick sub-intrusion just below the main Carr Boyd Complex. This area is interpreted as where the initial stage of the Carr Boyd Complex was intruding the Morelands Formation by splitting it apart with numerous dyke-like fingers which thickened over time and assimilated sulphidic material from the country rock. Figure 3 depicts the drill area in cross-section. It is envisaged that drilling will continue to define mineralisation in a similar plunge direction to that of T5 (back to the southeast) and the drill rig has been mobilised back to Broonhill to perform additional testing. The drilling will be specifically targeted to gauge the size of this emerging deposit and to identify the geometrical relationship between the Broonhill off-shoot dyke and the greater Carr Boyd Complex. Announcement • Aug 31
Estrella Resources Limited Announces the Receipt of Assays for the Final Two Resource and Metallurgical Diamond Holes at Spargoville Nickel Project 5A Mine, Southwest of Kambalda, Western Australia Estrella Resources Limited announced the receipt of assays for the final two resource and metallurgical diamond holes at the Company's Spargoville Nickel Project 5A Mine, located approximately 20km Southwest of Kambalda, Western Australia. Both SPDD019 and SPDD020 returned very high grades from the northern and central portions of the deposit. With receipt of these assays, work on a new Resource Estimate can be finalised within a few weeks. Compared to the previous Resource Estimate, the Company is expecting the amount of transitional material below the Open Pit to rise and the amount of Fresh material to fall. The Company is investigating the economics of two separate production streams for the Transitional and Fresh material which will feed into the Definitive Feasibility Study. The removal of drill water from the base of the open pit has been completed and cleaning up of the ramp and pit floor will commence within weeks. Removal of the bulk sample is expected to be completed in October. This sample of Transitional material will be tested at an alternative treatment facility to the Kambalda Concentrator and will be extending on successful bench-scale tests conducted in 2019. The drill core obtained from the recent drilling is being used for mineralogical analysis to zero in on the Transitional to Fresh boundary. Visual observation of the core suggests that the Transitional boundary is situated lower in the profile than the previous resource had estimated. Semi-quantitative XRD analysis is underway on all intersections and blending of Transitional and Fresh composites will be sent to a Perth laboratory for further flotation tests. The Company looks forward to updating shareholders when the Resource Estimate has been completed and as the results of metallurgical and mineralogical studies begin to arrive. Announcement • Aug 26
Estrella Resources Limited Announces Solid Set of Assays for the T5 Southern Step-Out Drilling At the 100%-Owned Carr Boyd Nickel Project Located 80Km Northeast of Kalgoorlie Estrella Resources Limited announced a solid set of assays for the T5 Southern Step-out drilling at the 100%-owned Carr Boyd Nickel Project located 80km northeast of Kalgoorlie. The Company has been working on understanding the effects of the Proterozoic Dyke on the T5 mineralisation. Just north of the dyke, the deposit is intruded by several small zones of dyke material, where the T5 mineralisation intersected so far looks to be split into three 100m high lodes. These lodes coincide with downhole electromagnetic (DHEM) responses received to date, however additional mineralisation outside the DHEM models has also been intersected. As the mineralisation plunges down and to the south, there is a clear opportunity at depth where the deposit remains open. Estrella recently completed CBDD078 and CBDD078A which targeted a down plunge position to the south of the Proterozoic Dyke. The hole successfully located the continuation of the T5 mineralisation. The Company is still waiting on a DHEM crew and winch able to survey the 1100m drillhole. Once DHEM results have been obtained for CBDD078A the Company will plan more drilling at T5, both north and south of the Proterozoic Dyke. In the interim the Company will focus drilling efforts on it's Gossan Hill Prospect and the new sulphide discovery at Broonhill. Announcement • Aug 23
Estrella Resources Limited Announces High Grade Nickel Results Spargoville Estrella Resources Limited announced that work on the Company's Spargoville Nickel Project, located approximately 20km Southwest of Kambalda, Western Australia, continues to gather momentum. With the second last batch of assays returned from the laboratory confirming good mining widths and high grades below the 5A Open Pit's southern and central sections, preparations to produce an updated Mineral Resource are well underway. The resource update is expected to be completed around three weeks after the receipt of final assays. Significant delays in assay returns are still evident in the minerals industry with standard assay returns taking up to 70 days, this will have flow on effects to the completion of the Company's DFS which they are now hopeful of completing prior the end of this calendar year. The first set of XRD results have been received which confirm the mineralogy of the upper transitional (violarite dominated) zone. With these results beginning to arrive the Company can now progress the required metallurgical test work it needs to quantify nickel, copper and cobalt recoveries expected during mining. Announcement • Aug 05
Estrella Resources Limited Announces High Grade Nickel Assays of Spargoville Nickel Project Estrella Resources Limited announced further assays have been received for the Company's Spargoville Nickel Project, located approximately 20km South West of Kambalda, Western Australia. 75% of the assays are back from the laboratory, with results confirming the 5A Deposit contains significant grades below the open pit. The drilling confirmed significant widths in line with previous drilling. Estrella's confirmation holes also identified the sheared closure of the deposit 90m below surface, once again in line with previous modelling. The current work on the mineralogy will inform the creation of metallurgical samples for flotation testing, and to understand the nature of the bulk sample due to be removed in September, which will be used to test the viability of an alternate revenue stream. Geological modelling work has begun so an updated resource estimate can be calculated prior to the bulk sample being extracted. Additionally, a pump has been installed in the 5A Pit to remove the drill water that has accumulated in the pit base due to the diamond drilling. Announcement • Aug 02
Estrella Resources Limited announces Spargoville 5A Further High Grade Nickel Assays Estrella Resources Limited announced further assays have been received for the Company's Spargoville Nickel Project, located approximately 20km South West of Kambalda, Western Australia. Diamond drillhole SPDD003 intersected very high-grade Transitional mineralisation including 0.6m @ 11.00%Ni, 48m vertically below the open pit (Figure 2). Results were also received for SPDD012 which intersected both Oxide and Transitional mineralisation. The total intersection was 7.45m @ 1.32%Ni, including an Oxide-Transitional zone 2.22m grading 2.42%Ni. Assays received back from the laboratory continue to confirm visual estimate expectations and the results are summarised in Table 1 and presented in full in Table 4. Figure 2 below depicts a historical intercept long section of the 5A Nickel Mine. The recent drill intersection locations are also plotted. Table 1 below shows significant intercepts from the current drill program whilst Table 2 summarises the current drilling visual estimates. With the metallurgical drilling almost complete, the Company has noted that the Oxide and Transitional Mineralisation boundaries appear to have been modelled higher than the current drilling suggests. A revised Mineral Resource Estimate will be calculated which will then feed into ore reserve and pit optimisation modelling. Submission of mine plans will follow shortly thereafter with the Company on track to commence full scale mining of the 5A nickel sulphide resource in the 1st Quarter of 2023 subject to positive DFS outcomes, statutory approvals and financing. SQ-XRF will be conducted on select samples to ascertain the quantity and type of nickel mineral species present ahead of metallurgical testing. Metallurgical testing will occur in two concurrent streams, SQ-XRF and flotation testing for high-sulphide transitional and fresh mineralisation, and a trial parcel to be processed at a third-party Western Australian facility for the low-sulphur Transitional and Oxide mineralization. Announcement • Jul 21
Estrella Resources Limited Provides Update on Exploration Activities at Carr Boyd Nickel-Copper Sulphide Project Estrella Resources Limited provided an update on the continuing exploration activities at its 100% owned Carr Boyd nickel-copper sulphide project located 80 km northeast of the City of Kalgoorlie-Boulder with drill hole CBDD078A successfully locating the continuation of the T5 Deposit at depth below the Carr Boyd Nickel Mine area. CBDD078A was targeting the down-plunge continuation of the T5 Deposit 300 metres south of previous drilling, and south of a disrupting Proterozoic Dyke. The Company is delighted to report that the drill hole was successful in locating the continuation of the T5Deposit below previous drilling. The hole intersected a 21.2-metre-long zone of disseminated to blebby nickel-copper sulphide mineralisation, including 1.8m of semi-massive and globular nickel-copper sulphides at the bottom of the interval on the basal contact. The lower sulphide contact occurs on an off-shoot from the Proterozoic Dyke, however the majority of primary mineralisation appears to remain intact and has not been remobilised. Drill holes CBDD067A and CBDD067B were wedge holes targeting a DHEM plate north of the Proterozoic Dyke generated from their parent hole, CBDD067. The wedge holes intersected remobilized nickel-copper sulphide mineralisation. The large Proterozoic Dyke has infiltrated the basal contact in this area and disrupted mineralisation. Further drilling is warrume observed close to mineralisation around T5 and Broonhill Deposits was not as strong along the basal contact between thedeposits. The Company believes that the Broonhill Mineralisation is a separate deposit from T5 as the geological environments vary quite distinctly between the two. The Broonhill Mineralisation occurs within a pyroxenite off-shoot between 20m to 40m below the footwall of the main Carr Boyd Igneous Complex. The off-shoot relates to the earliest of pyroxenite flows within the complex, the T5-Broonhill Pyroxenite, and controls on mineralisation appear different from those at T5, mainly due to the orientation of the basal contact in the Broonhill area. The deposit appears to be fairly flat-lying and has been defined over a 200m by 180m arial extent so far. Itis open to the south, east and north. The Company will await the DHEM results and seismic modelling before continuing to drill, so as to make the best use of all the exploration information gathered to date. The recent seismic survey has answered a number of fundamental questions relating to the orientation and timing of the pyroxenites within the Complex and the Company looks forward to unlocking further information that will assist in targeting additional mineralisation through advancing the current geological model. The Company identified Gossan Hill as a potential mirror-image to the T5-Broonhill basal contact and mapping confirmed the prospectivity of the area mid-2021. In early 2022 four RC holes were drilled into the Gossan Hill Contact, the first of which intersected 3m of disseminated sulphides on the basal contact. Drilling was unable to be completed due to issues with the RC rig and the decision was taken to diamond drill the area at a later date. Up until now, the 3.6km long basal contact (Figure 6) had not received any historical drilling. The Company has collared the first diamond drill hole targeting the basal contact below CBP098 and will update the market with results as they come to hand. Announcement • Jul 06
Estrella Resources Limited Confirms New Broonhill Nickel-Copper Discovery Estrella Resources Limited announced the intersection of 17m of disseminated to semi-massive nickel-copper sulphides in diamond hole CBDD076, 180m south of the new Broonhill Discovery, within the 100% owned Carr Boyd nickel-copper sulphide project located 80km northeast of the City of Kalgoorlie-Boulder. The second, more heavily mineralised diamond drillhole CBDD076 aimed to test the Broonhill basal contact 180m south of the CBDD071 sulphide intersection and 200m down plunge of the initial discovery RC hole CBP076. The drillhole confirms the Broonhill mineralisation is increasing in width and sulphide content and exhibits a southerly plunge direction consistent with that seen at T5, which lies 1.5km to the south. Modelling of the basal contact and intrusion geology from recent drilling between T5 and Broonhill confirms the company's exploration model that predicted this area as highly prospective. This is due to a favourable basal contact orientation being in close proximity to good sulphide sources within the host rock, forming a gravity trap for any sulphides that were tapped by the intrusion. The contamination of the intrusion's pyroxenite with local sulphur sources results in the silica-sulphide plume observed to surround mineralisation within the Carr Boyd Igneous Complex. Figure 3 shows aspects of the silica-sulphide plume with accumulating nickel-copper sulphides seen in the upper parts of the CBDD076 intersection. Next Steps at Carr Boyd Currently there are two diamond drill rigs on site. The new UDR1200 diamond drill is capable of producing well over 100m of core per day at Carr Boyd, significantly reducing drill costs whilst maintaining a drill rate double to triple that of previous rigs. The drill contractor will take this opportunity to refurbish the older diamond rig whilst DHEM surveys on the platform holes are commenced (CBDD071 to CBDD076). The company will await the modelling of a successful Phase 2 R&D Seismic Survey in conjunction with the DHEM survey results before planning deeper, targeted follow-up drilling at Broonhill. Figure 4 highlights the importance of seismic in the Carr Boyd exploration program to help targeted drilling to intersect the basal contact at optimum and consistent depths, which then ensures optimum and continuous DHEM coverage. Whilst seismic interpretation and DHEM surveying at Broonhill occurs over the next few weeks, the company will begin diamond drilling at the Gossan Hill Prospect (Figure 5) where nickel-copper sulphides were discovered in the Phase 4 RC scout-drilling. Gossan Hill has been identified as an area that appears to mirror the T5-Broonhill basal contact on the southern side of the Carr Boyd Igneous Complex. Gossan Hill and the T5-Broonhill Pyroxenite are thought to have formed very early, and from the seismic interpretation, appear to have been cut and separated by the later Mossgiel Intrusion. Thus Gossan Hill also displays a "Top Contact" as shown in Figure 4, which lies internally against the Mossgiel Pyroxenites. The Gossan Hill drilling aims to assist interpretation of the basal contact from the seismic sections and to identify the nature and abundance of the nickel-copper sulphides identified in the limited RC drilling completed earlier this year. Once the drilling has been completed in around 6 weeks, the seismic interpretation will be finalised so that systematic DHEM coverage at depth can be planned and implemented for Gossan Hill. During this time, the diamond rig will be back at Broonhill to capitalise on the DHEM and seismic work currently underway. Announcement • Jul 01
Estrella Resources Limited Announces Spargoville Operations - Exceptional First Assays Received Estrella Resources Limited announced first assays have been received for the Company's Spargoville Nickel Project, located approximately 20km South West of Kambalda, Western Australia. An additional oxide zone located within the hosting komatiite was identified to the east of the main basal contact. This zone occurs as a result of a subsequent, mineralised komatiite flow which lies on top of the main, basal flow. The Company will sample this additional horizon in all drillholes. If this oxide material meets a reasonable grade threshold it may be included in the 5A Resource, as it will satisfy all JORC2012 requirements and specifically the reasonable prospect of eventual economic extraction. Additional processing pathways for this material are being explored which ultimately depend on the grade of this material. Visual estimates from additional holes completed to date under the Spargoville Open Pit are summarised and collar. The Company has received approvals to obtain a bulk metallurgical sample for third party treatment. Previous testwork has indicated that the transitional material is suitable for extraction by non-traditional methods and a larger sample, approximately 2,000 - 4,000 tonnes, will give a greater confidence for the parties to commit to full-scale mining and processing of the 5A Resource. It is expected the bulk metallurgical sample will be extracted shortly and provide a small cash flow from being processed. Announcement • Jun 07
Estrella Resources Limited Announces Intersection of Nickel-Copper Sulphides At the 100%-Owned Carr Boyd Nickel Project Located 80Km Northeast of Kalgoorlie Estrella Resources Limited announced the intersection of nickel-copper sulphides in the first three step-out holes drilled by the new diamond drill rig at the T5 Prospect at the 100%-owned Carr Boyd Nickel Project located 80km northeast of Kalgoorlie. The nickel sulphide intercepts, which were evident in holes CBDD072, CBDD072A and CBDD074 demonstrate the T5 mineralisation continues south beyond the extent of downhole electromagnetic (DHEM) plates generated from previous drilling. Estrella is currently completing CBDD074A, a wedge hole designed to test for potential upper mineralization closer to the contact. This nickel sulphide discovery, while significant, is not surprising, given the mineralisation intersected occasionally does not yield an electromagnetic response due to minor dislocations as a result of late faulting. The location of the intersections are presented in Figure 2. The CBDD072 intersection shares its location on the long-section with CBDD074A with the latter intersection closer to the basal contact. The location of mineralisation and the EM plates has been affected by the intrusion of a Proterozoic Dyke which has tended to push the basal contact further west. This localised disruption creates the dual intersections where mineralisation exists on either side of the dyke's offshoots which have intruded up the contact, splitting the mineralisation. Once hole CBDD074A is complete, the next step-out holes will be collared, targeting T5 extensions 100m to the South, particularly the deeper DHEM plates identified from the recent survey of CBDD067. Announcement • May 23
Estrella Resources Limited Announces 5A Resource Confirmation Drilling Commenced Estrella Resources Limited announced that Top Drive Australia (TDA) have mobilised to the Spargoville Nickel Rights Project to undertake resource confirmation drilling at the Company's 5A nickel mine to aid in completion of a Definative Feasibility Study for the mining of the 5A nickel resource. Recent strength and the robust outlook for the nickel market have caused the Company to re-evaluate its strategy for the Spargoville Nickel Rights Project located only 20km's from Western Australia preeminent nickel sulphide district at Kambalda. The Company withdrew the project for sale after the receipt of serval offers were made and a formal sale process was being undertaken as the price of nickel has appreciated to levels not seen for more than 15 years. At current nickel prices the 5A nickel mine cut-back represents an early cash-flow generating opportunity for the Company which could then be utilised for the development of the Carr Boyd nickel mine (Carr Boyd Ni/Cu Project), T5 resource expansion/definition drilling and to progress the 5B nickel mine, 1A nickel mine and Andrews nickel mine development opportunities (Spargoville Nickel Rights Project). The 5A Nickel Mine is envisaged as an 80m deep cutback of the existing 5A open pit which is currently 30m deep. Further pit wall geotechnical studies will be undertaken to refine optimal pit designs to access the5A mineralisation. The mine optimisation and pit designs will be completed by independent third parties upon the completion of drilling and resource estimation with additional metallurgical studies. Mining professionals specialisingin open pit mine project development have been engaged and will be assisting the Company in preparing, reviewing and submitting its mining development plans with relevant authorities. An important feature of the nickel right assets at Spargoville is that they are free of third-party royalty's (other than W.A. State Government royalty on nickel) that impact most of the nickel sulphide assets in the Widgiemooltha and Kambalda district. Thus, timing of profitable development comes much earlier than assets which are impeded by such onerous and heavy royalty's applied to many of those deposits. Although not all the 5A resource will be able to be mined and recovered within the open pit cutback, the Company believes that a substantial portion will fall into the economic category of the DFS to be mined, processed and sold. Announcement • May 21
Estrella Resources Limited Provides Update on the Continuing Exploration Activities for its Nickel Sulphide Projects Estrella Resources Limited provided an update to shareholders on the continuing exploration activities for its nickel sulphide projects. The Company has been methodically drilling various targets within the 100% owned Carr Boyd nickel and copper sulphide project 80km northeast of the City of Kalgoorlie-Boulder and will shortly commence drilling activities at its 100% owned Spargoville Nickel Rights Project 25km West of Kambalda. RC results from the Phase 4 RC Program are currently being received and collated as the back-log at the lab is cleared. The results confirm the fertility of the T5 pyroxenite beyond the initial T5 discovery. The Broonhill sulphide discovery lies some 1.4km to the north of T5. Several RC holes intersected sulphides in an area where the intrusion takes a more easterly turn. The sulphides form part of the sulphide rich halo that occurs from assimilation of country rock into the intrusion, a necessary step in nickel deposit formation. Structural and stratigraphic complexity within the Broonhill rocks was noted in the RC drilling and diamond drilling is underway to understand the nature of the intrusion at this location. A moderately conductive DHEM plate was obtained from CBP076. However its relationship to the intrusion or country rock is unknown until drilled. The plate does appear to correspond to the Broonhill basal contact. The type of pyroxenite intersected within the RC program suggests fertility stops 700m northeast of Broonhill where the T5 pyroxenite ends and an overlying, barren pyroxenite takes its place on the edge of the Carr Boyd Intrusion. Further east the complex is intruded by granite. As Phase 5 continues, a series of DHEM platform holes will be drilled to provide EM coverage over the extent of the T5-Broonhill fertile pyroxenite contact in a bid to locate further massive sulphides between Broonhill and T5. Phase 4 drilling at T5 involved both a north and south step-out section targeting around 600m below surface as well as RC drilling above the mineralisation and to the west of Flat Fault, which dislocates mineralisation. The geology and DHEM results from the northern step-out hole with 2 wedges indicated that potential lay to the south of the hole, confirming the southern plunge of the T5 high-grade nickel sulphide. The best intersection was from CBDD062A which encountered 19.8m of silver enriched, low grade nickel and copper mineralisation, containing a high-grade interval of 0.9m at 1.31% Ni & 1.16% Cu, 6.07 g/t Ag and 0.73 g/t 3PGE (Pt + Pd + Au). Two holes, CBDD060 and CBDD067 were targeting below the known T5 mineralisation to build a better understanding of DHEM responses at depth below a second, smaller off-set flat fault encountered in previous drilling. CBDD060 intersected 0.75m at 1.34% Ni and 0.72% Cu on the basal contact indicating once again the plunge of mineralisation is to the south. DHEM on this hole generated a conductive plate above the hole and just below the lower Flat Fault. CBDD067 targeted T5 at depth to assess the lower contact with DHEM. This hole intersected 17.5m of blebby and disseminated mineralisation, indicating an increase in strength of mineralisation to the south. DHEM results from this hole are expected within one week. A second diamond drill is imminently due on site to continue expanding the T5 mineralisation with further southern step-out holes, aimed at finding the extent of influence of the Proterozoic Dyke on the T5 mineralisation, ahead of resource infill drilling. The Mossgiel Prospect is centred about 3.5km southwest of the Carr Boyd minesite. The geology consists of a basal pyroxenite (hosting nickel-copper mineralisation) overlain by a magma-tube core of peridotites. The Mossgiel Prospect has not received any historical drilling into the 2.5km long basal contact and the Company has identified this area as being prospective due to its location at the very base of the Carr Boyd Intrusive Complex. Five diamond drillholes have been targeted into the Mossgiel basal contact to assess the fertility of the pyroxenites in this area and to locate the contact at depth. The contact appears to dip moderately to the east and the lower pyroxenite does contain nickel-copper sulphide accumulations. CBDD058, CBDD059, CBDD061, CBDD063 and CBDD068 have all intersected the lower pyroxenite sequence. All holes encountered dolerite dykes in the vicinity of the contact, but also intersected varying degrees of cloud sulphides, confirming the fertility of the Mossgiel Prospect. DHEM results from these holes are expected within one week. Samples have been sent to the lab and assays are expected within a few weeks. Further holes are planned to extend DHEM coverage across the strike of the Mossgiel embayment in order to locate sulphide accumulations on the basal contact. Announcement • May 20
Estrella Resources Limited Provides Update on Spargoville - Pathway Towards Nickel Sulphide Production Estrella Resources Limited announced that following a major appreciation in the global nickel price, the Company is seeking to transition its Spargoville nickel sulphide project, which is located approximately 20km South-W est of Kambalda, into a producing asset. Estrella Resources Limited announced that following a major appreciation in the global nickel price, the Company is seeking to transition its Spargoville nickel sulphide project, which is located approximately 20km South-W est of Kambalda, into a producing asset. The Spargoville nickel sulphide project was acquired by Estrella via the purchase of WA Nickel Pty Ltd. Nickel sulphides were first discovered in the area by Selcast Exploration in the late 1960s. Since then, the 1A, 5A, 5B, and 5D deposits were discovered and partially developed on two of the three mining leases for which the Nickel Rights were purchased. All these mines have remnant nickel sulphide mineralisation left behind and extensive exploration potential at depth. Within the Spargoville area, three ultramafic units can be mapped. Mining Leases 15/395 and 15/703 lie over these ultramafic units which are separated by basalts and graphitic shales. Within the ultramafic units, Kambalda-style channels have formed in which nickel sulphides have been deposited. Historical ore zones have consisted of significantly high nickel tenor. Arsenic and gold can also occur within the nickel mineralisation. It is expected that significant advances in the treatment of arsenic-nickel ores will assist the Company to realise the current value of the remaining deposits. 5A Nickel Deposit: The Company's initial focus will be on the remaining resource at the 5A Nickel Deposit. The mineralization at 5A consists of a 30m deep Oxide Zone, which was mined in an open pit by Amalg Resources NL in 1996-1997. Beneath this, and which will be the focus of the DFS, remains a 20m thick Transitional Zone, underlain by another 30m of Fresh Sulphides. The metallurgical significance of this will be outlined later. 5A Deposit Metallurgical Drilling and Testing; Impact on the DFS: The planned diamond drilling program to commence shortly will accomplish several aims, including updating the Oct 2019 Resource estimate. The major objective is to confirm the metallurgical "Top of Fresh" zone for the DFS. This depth, where the Transitional Zone ends, and Fresh mineralisation starts is critical to the final economics of the project. Fresh Zone Sulphides: Fresh mineralisation is dominated by two minerals, pyrrhotite (iron sulphide) and pentlandite (nickel sulphide). The combination of these two minerals in a nickel concentrate is important for both the flotation and recovery of nickel, and for the smeltability of the concentrate. As such, off-take and payment terms are derived from the quality of the concentrate, whilst the quantity of nickel is a function of recovery and grade. These have a direct effect on the revenue from the project. It is therefore necessary to estimate the amount of nickel in the Fresh Zone to a high degree of certainty to de-risk the project. These variables along with their associated positive or negative influences on revenue will impact the final optimised pit size and shape in the DFS. As a necessary step in the DFS process, the Company will utilise mineralised core from the Fresh Zone blended from across the length of the deposit to estimate concentrator recoveries and monitor potential deleterious elements such as arsenic and magnesium. Optimum crush and grind size and power consumption will also be studied. The results will then be supplied to potential buyers of the ore and resulting concentrate for indicative payment terms. 5B Nickel Deposit The 5B Nickel Deposit is another Kambalda-style komatiite deposit similar to 5A with massive and matrix sulphides accumulating at the base of a lava channel. The deposit outcropped at surface and has been drilled to 340m vertical depth. The deposit is open below that depth. The deposit was mined between 1975 and 1982 and again between 1992 and 1993 via an open pit, targeting the existing gold and nickel mineralisation. Approximately 14,000t of nickel was produced between the two mining campaigns. A 600m long decline (120m vertical depth) was established post the open pit mining phase to allow drilling of the nickel and gold mineralisation from underground, yet no nickel was ever mined. The decline remains intact and accessible for refurbishment to allow mining activities to proceed. A drilling program completed by Minotaur Exploration Ltd. in 2014 confirmed historic nickel intercepts, with results including: 15m @ 1.41% Ni in hole SPRC001; 16m @ 0.98% Ni in hole SPRC002; 16m @ 1.82% Ni (including 6m @ 3.60% Ni) in hole SPRC003; 24m @ 1.53% Ni (including 6m @ 3.08% Ni) in hole SPRC005. Announcement • May 13
Estrella Resources Limited Announces T5 Expansion Drilling Underway Carr Boyd Ni/Cu Project Estrella Resources Limited announced Top Drive Australia (TDA) have mobilised their brand-new UDR1200 diamond drill rig to the Carr Boyd Nickel and Copper project, located approximately 80km north east of the City of Kalgoorlie Boulder. The drill rig will be commissioned to drill potential extensions to the T5 high-grade nickel and copper sulphide mineralisation.The new UDR1200 diamond rig and auxiliary equipment are capable of drilling to depths of greater than +3,000m with standard NQ rods. The drill rig will be commissioned over the coming days. It has a high level of automation and increased safety aspects which will improve performance and operability. Estrella Resources is targeting expansions to the T5 mineralisation along strike and at depth, initially testing an array of DHTEM plates generated from earlier drill testing. Much has been learned about the geological environment and deposition of high-grade nickel and copper sulphides. Mineralisation is known to not always be identifiable from surface EM or DHTEM and additional drill holes will be required to test specific areas of interest.The mineralisation at T5 has thus far been located over a 600m vertical extent with a strike of approximately 400m. The aim of the drilling will be to extend the mineralised nickel and copper sulphide envelope of T5 south and at depth. The most recent holes completed at T5 located multiple zones of nickel and copper sulphides including high grade (+4%Ni) massive nickel located in CBD057 which is open at depth and generated DHTEM plates for further drill testing. Announcement • May 12
Estrella Resources Limited Provides Update to Shareholders on Continuing Exploration Activities for Its Nickel Sulphite Projects Estrella Resources Limited provided an update to shareholders on the continuing exploration activities for its nickel sulphide projects. The Company has been methodically drilling various targets within the 100% owned Carr Boyd nickel and copper sulphide project 80km northeast of the City of Kalgoorlie-Boulder and will shortly commence drilling activities at its 100% owned Spargoville Nickel Rights Project 25km West of Kambalda. RC results from the Phase 4 RC Program are currently being received and collated as the back-log at the lab is cleared. The results confirm the fertility of the T5 pyroxenite beyond the initial T5 discovery. The Broonhill sulphide discovery lies some 1.4km to the north of T5. Several RC holes intersected sulphides in an area where the intrusion takes a more easterly turn. The sulphides form part of the sulphide rich halo that occurs from assimilation of country rock into the intrusion, a necessary step in nickel deposit formation. Structural and stratigraphic complexity within the Broonhill rocks was noted in the RC drilling and diamond drilling is underway to understand the nature of the intrusion at this location. A moderately conductive DHEM plate was obtained from CBP076. However its relationship to the intrusion or country rock is unknown until drilled. The plate does appear to correspond to the Broonhill basal contact. The type of pyroxenite intersected within the RC program suggests fertility stops 700m northeast of Broonhill where the T5 pyroxenite ends and an overlying, barren pyroxenite takes its place on the edge of the Carr Boyd Intrusion. Further east the complex is intruded by granite. As Phase 5 continues, a series of DHEM platform holes will be drilled to provide EM coverage over the extent of the T5-Broonhill fertile pyroxenite contact in a bid to locate further massive sulphides between Broonhill and T5. Phase 4 drilling at T5 involved both a north and south step-out section targeting around 600m below surface as well as RC drilling above the mineralisation and to the west of Flat Fault, which dislocates mineralisation. The geology and DHEM results from the northern step-out hole with 2 wedges indicated that potential lay to the south of the hole, confirming the southern plunge of the T5 high- grade nickel sulphide. The best intersection was from CBDD062A which encountered 19.8m of silver enriched, low grade nickel and copper mineralisation, containing a high-grade interval of 0.9m @ 1.31% Ni & 1.16% Cu, 6.07 g/t Ag and 0.73 g/t 3PGE (Pt + Pd + Au). Two holes, CBDD060 and CBDD067 were targeting below the known T5 mineralisation to build a better understanding of DHEM responses at depth below a second, smaller off-set flat fault encountered in previous drilling. CBDD060 intersected 0.75m @ 1.34% Ni and 0.72% Cu on the basal contact indicating once again the plunge of mineralisation is to the south. DHEM on this hole generated a conductive plate above the hole and just below the lower Flat Fault. CBDD067 targeted T5 at depth to assess the lower contact with DHEM. This hole intersected 17.5m of blebby and disseminated mineralisation, indicating an increase in strength of mineralisation to the south. DHEM results from this hole are expected within one week. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. Independent Non-Executive Chairman Les Pereira was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Apr 07
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. Independent Non-Executive Chairman Les Pereira was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Apr 04
Estrella Resources Limited Announces Board Resignation Estrella Resources Ltd. announced that Mr. Neil Hutchison and Mr. Stephen Brockhurst have resigned as Directors of the Company to focus on other business opportunities and as a means for the Company to reduce corporate expenditure in light of the increasing cost pressures experienced across the exploration industry. Announcement • Mar 31
Estrella Resources Limited Announces Sulphides Continue At Depth Below T5 Estrella Resources Limited announced a broad 24m wide zone containing a cumulative 17.5m wide Ni-Cu sulphide intersection below the T5 nickel discovery in the 946m deep downhole electromagnetic (DHEM) platform hole CBDD067. The intersection occurred between 782m-806m on the T5 Basal Contact, 80m south and 150m below the massive sulphide discovered in CBDD042A 1 which until now has been the deepest intersection informing the known T5 mineralisation. The drillhole was designed to intersect the basal contact underneath a set of flat faults that have been inferred from geological studies on previous drilling. DHEM will be used down this hole to explore a large vertical section of the basal contact for additional massive sulphides often seen associated with the silica- sulphide plume material identified in CBDD067. This method of establishing deep DHEM platform holes was used successfully by Estrella in 2020 to discover the T5 mineralisation along the basal contact of the Carr Boyd Intrusion. The Phase 5 regional program continues with the diamond drill rig moving back to Mossgiel to continue a series of DHEM platform holes, the latest of which is CBDD068 Phase 5 involves drilling a series of holes where previous RC and diamond drilling has located nickel sulphides in pyroxenites on the basal contact. Some 12km of fertile basal contact has been mapped to date, comprising three main prospects; Mossgiel, T5-Broonhill and Gossan Hill. Scout drilling at all three prospects had proven that the rocks in these positions are fertile, containing nickel-copper sulphides. Phase 5 is aimed at systematically covering a cross-section of the contact with diamond drilling and DHEM so as to locate additional massive sulphides. To assist in timely exploration, a second diamond drill rig is expected on site shortly to assist in completing a series of exploration holes between T5 and Broonhill. Announcement • Mar 10
Estrella Resources Limited Announces the Receipt of Assays from CBDD064 Estrella Resources Limited announced the receipt of assays from CBDD064 (Figure 1, Table 1), a diamond drillhole targeted below the existing workings at the Company's 100% owned Carr Boyd Nickel and Copper Project, located approximately 80km NNE of the City of Kalgoorlie-Boulder, Western Australia. The Carr Boyd Mine (Figure 2 and Figure 3) was worked between 1972 and 1977 by Great Boulder Minesand then Western Mining Corporation (WMC) before being closed due to lowering nickel prices and WMC's commitments elsewhere. In total 210,000 tonnes at 1.44% Ni and 0.46% Cu were extracted via a 214m deep, three-compartment shaft. However, despite this extensive history, the source of this high-grade mineralisation has never been fully explained. The mineralisation has historically proven to be relatively simple to mine, with a 10% nickel concentrate produced that was high in iron and sulphur whilst being very low in deleterious elements. Recovery was good at 79% given the ore was treated at the converted Fimiston Gold Plant when flotation of nickel sulphides was still at an early stage of development. Modern flotation technology the company believe will dramatically increase recoveries. The remaining JORC2004 resource stands at 636,000t at 1.4% Ni and 0.5% Cu (8,800 NiT and 3,100 CuT), one of the levels with remaining mineralisation can be seen in Figure 3. This resource was calculated in 2007 by Resource Evaluations Pty Ltd. based upon historical mine mapping and additional drilling. Further confirmatory drilling will need to be conducted by Estrella to produce a re-interpretation and JORC2012 compliant resource. Estrella has partnered with the CSIRO to determine if the Carr Boyd mineralisation was derived fromremobilising sulphides from a pool of sulphides located on the T5 basal contact. If proven, the mineralisation represents a bleed-zone from something much larger at depth and would confirm the Company's model regarding the potential for the Carr Boyd Layered Igneous Complex to host large-scale nickel-rich sulphide trap sites. Geological work by Estrella and the CSIRO, assisted by drilling, downhole electromagnetics and seismic should be able to resolve this link. The company has recently collared CBDD067 which is targeting the T5 basal contact south and at depth below the T5 Discovery. The rationale behind this drilling is to get better downhole electromagnetic (DHEM) coverage south and below the currently identified mineralisation. The DHEM response from the known T5 mineralisation is very strong and tends to mask additional sulphides away from the main conductors, suchas that seen in CBDD042A, where massive breccia sulphides were intersected yet there was no DHEM response. Additionally, the structural information gained from drilling this hole will enable a better understanding of the possible late off-set controls on the T5 Mineralisation. This hole will be completed in the next few weeks, around the same time as Topdrive Drillers Australia (the drilling contractor at Carr Boyd) takes receipt of a brand new UDR drill rig which will be commissioned at Carr Boyd towards the end of March. The Company retired the use of an RC rig as it was not achieving the targeted drill metres. The availability of two diamond rigs will enable Estrella to quickly advance its Phase 5 exploration program, which will use a combination of diamond drilling and DHEM to blanket the highly prospective T5-Broonhill, Mossgiel and Gossan Hill Prospects, where the company has already identified mineralised pyroxenites along the basal contact (Figure 4). Additionally, see ASX announcement dated 31 January 2022 titled "CarrBoyd Exploration Program Encounters Sulphides in Both the Mossgiel and Gossan Hill Pyroxenites. Announcement • Feb 12
Estrella Resources Limited, Annual General Meeting, Mar 15, 2022 Estrella Resources Limited, Annual General Meeting, Mar 15, 2022, at 10:00 W. Australia Standard Time. Location: at Level 11, 216, St Georges Terrace Perth Western Australia Australia Announcement • Jan 31
Estrella Resources Limited Announces Results from the Drill Programs at Both of its Priority Regional Prospects, Mossgiel and Gossan Hill, Located Within the 100% Owned Carr Boyd Nickel-Copper Project Estrella Resources Limited announced very encouraging results from the drill programs at both of its priority regional prospects, Mossgiel and Gossan Hill, located within the 100% owned Carr Boyd nickel-copper project, located approximately 80km from Kalgoorlie, WA. Initial drilling at both prospects has intersected varying amounts of nickel-copper sulphides within the basal pyroxenite units, proving that these areas have the potential to host additional nickel-copper sulphide deposits. Mapped sulphide assimilation areas surrounding the complex have introduced sulphidic material into the ultramafics during emplacement. These sulphides have collected in the melts within the T5, Mossgiel and Gossan Hill basal Pyroxenite units, proven by the recent drilling. Further settling of the sulphides onto the basal contact is predicted to occur, as is the case at T5 and Broonhill where Estrella has discovered basal nickel-copper sulphide accumulations. The Carr Boyd Igneous Complex, highlighting the assimilation of sulphides in relation to areas where sulphide settling can occur and massive sulphides can potentially be found through exploration of T5, Broonhill, Gossan Hill and Mossgiel. Fertility of the Mossgiel Pyroxenite confirmed (3.5km southwest of T5) with diamond drillholes intersecting disseminated and blebby nickel-copper sulphides near the basal contact. Fertility of the Gossan Hill Pyroxenite also confirmed (4.5km southeast of T5) where RC drilling has intersected a zone of cloud to disseminated nickel-copper sulphides in the basal pyroxenite unit. Observed geology resembles that of the T5 Pyroxenite that hosts the T5 and Broonhill Sulphide Discoveries. Exploration model confirms the basal contact in these areas could potentially host additional massive sulphides; proving the fertility of the basal units is the first major step on that journey. Announcement • Jan 28
Estrella Resources Limited Announces Positive Results from the Dhem Surveying at the T5 Nickel-Copper Deposit at the Carr Boyd Nickel Project Estrella Resources Limited announced positive results from the DHEM surveying at the T5 nickel-copper deposit at the Company's 100% owned Carr Boyd Nickel Project, located approximately 80km from Kalgoorlie, WA. DHTEM surveying of drillholes CBDD060 and CBDD062 has assisted in defining a potential new zone of mineralisation below the T5 discovery, intersected in holes CBDD057 and CBDD042A. The DHEM result confirms the continuation of mineralisation potential to the north which escaped detection when holes CBDD044 and CBDD047 were electromagnetically surveyed. The currently modelled DHEM plates extend over a strike length of 165m, and it is a further 50m to the massive sulphide breccia intersection in CBDD042A to the south. Work is underway to schedule several more step-out holes to the north and south of T5 to locate the continuation of mineralisation both up and down plunge. The next northern step-out drilling will explore a potential fault off-set that has dislocated the massive sulphides resulting in a DHEM response skewed towards the main T5 mineralisation, leaving additional areas blind to electromagnetics. Drilling will also test the new plates generated by CBDD060 and CBDD062. The southern drilling will target the continuation of the T5 massive sulphide mineralisation towards the Proterozoic Dyke as well as infill the last drilled section of T5 mineralisation above. Announcement • Jan 24
Estrella Resources Limited Announces Massive Sulphides Intersected Under Carr Boyd Mine Estrella Resources Limited announced the intersection of two broad zones of massive and semi-massive nickel-copper sulphides below the Carr Boyd workings. The mineralisation was intersected in CBDD064, a diamond drillhole that was targeted across the dip of mineralisation to assist the Company and CSIRO in understanding the relationship of the Carr Boyd mineralisation to the T5 Discovery on the Carr Boyd basal contact 1km away to the northwest. The intersection confirms the continuation of nickel-copper sulphides below the old workings and coincides with a Downhole Electromagnetic (DHEM) response modelled from the top portion of CBDD056A which was drilled by Estrella into the basal contact in October 2021. The DHEM hole is too far from Shoot 4 at depth for any mineralisation to be detected. The Carr Boyd Mine (Figure 2 and Figure 3) was worked between 1972 and 1976 by Western Mining Corporation (WMC) before being closed due to lowering nickel prices and WMC's commitments elsewhere. A large fault had been identified as controlling mineralisation along the eastern edge of the main shoot. This fault was predicted to close off mineralisation at depth however this was a theory not proven before the mine closed. Predictions as to the location of the off-set mineralisation were tested unsuccessfully by drilling in the 1990's and early 2000's. The mine fault has a similar orientation to an off-set in the basal contact identified by Estrella's drilling last year. None of the historical core from the project was saved which will make identification of the magnitude and direction of the off-set of the fault more difficult. Subsequent drilling and limited DHEM around the workings have also failed to account for additional mineralisation except for an area called Shoot 4 which has received some drilling. Of more importance to Estrella is to prove or disprove the concept that the Carr Boyd mineralisation was derived from a much larger pool of sulphides located on the T5 basal contact, the area within an intrusion where nickel-copper sulphides will most likely accumulate before later events remobilise those sulphides elsewhere. Work by Estrella and the CSIRO should be able to resolve this link. If proven, the opportunity then exists that this large pool of sulphides still exists at depth. The company aims to continue to use drilling, DHEM and its seismic interpretation to explore this opportunity fully. Announcement • Nov 24
Estrella Resources Limited Announces Assays Received from Step-Out Drilling At T5 and Exploration Update Estrella Resources Limited announced the presence of further massive nickel-copper sulphides which have returned significant assays in the first 60m southern step-out drilling at the Company's Carr Boyd project, located approximately 80km north of Kalgoorlie. Three zones of nickel-copper sulphides were intersected over the last 170m of diamond drill hole CBDD057 with all three zones containing significant widths of massive sulphides with accompanying globular, highly disseminated, disseminated, stringer and cloud sulphides. HIGHLIGHTS: The first 60m south step-out diamond hole CBDD057 has returned some of the best grades to date: Upper zone - 11.62m(1) @ 0.9% Ni and 0.46% Cu with 0.61 g/t 2PGEs(2); Including 0.95m @ 2.78% Ni and 0.23% Cu with 1.00 g/t 2PGEs (Figure 1 Left); Lower zone - 12.8m(1) @ 0.96% Ni and 0.79% Cu with 0.85 g/t 2PGEs(2); Including 1.81m @ 2.8% Ni and 0.44% Cu with 1.53 g/t 2PGEs; Including 0.7m @ 4.30% Ni and 0.16% Cu with 1.88 g/t 2PGEs (Figure 1 Centre). Confirmed new zone 3.7m(1) @ 1.76% Ni and 0.66% Cu with 1.10 g/t 2PGEs(2); Including 0.7m @ 3.35% Ni and 0.63% Cu with 1.00 g/t 2PGEs (Figure 1 Right). The upper two zones confirm the south plunge of the T5 Conductors. Assays also confirmed the nickel-copper bearing sulphide nature of the new massive sulphide zone that is emerging below T5 with additional downhole electromagnetic (DHEM) plates identified. RC Rig upgrade in progress to increase speed and depth of Phase 4 exploration. Announcement • Sep 12
Estrella Resources Limited Announces Further Nickel Sulphides At Carr Boyd Estrella Resources Limited announced further nickel sulphides have been intersected following the completion of Phase 3 RC drilling as well as in diamond drilling at depth at the Carr Boyd nickel project, located approximately 80km north of Kalgoorlie. Ten RC holes were drilled above the T5 Discovery Zone to close off mineralisation above an interpreted fault intersected in previous drilling. 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 this potential to increase in a direction perpendicular to the shallow, south plunge of mineralisation. Diamond hole CBDD052 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 (Anomaly "A" in Figure 2). This anomaly has the potential of being generated from the nearby 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 containing nickel-sulphides. The Company interprets that massive sulphides likely formed 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 3 shows one such clast of fine-grained, chilled basal pyroxenite in which several large chunks of nickel, copper and iron sulphides have been incorporated prior to solidification. The remaining seismic targets will be addressed by further exploration drilling in due-course. However, the T5 mineralisation and Basal Contact (where the vast majority of economic Intrusive-style nickel is found) remains the priority for Phase 4. Holes will be set aside in Phase 5 to test the extensive seismic targets. Downhole Electromagnetics (DHEM) was performed on CBDD052 leading to the generation of off-hole anomalies relating to the known Carr Boyd mine. A large anomaly (300m x 300m off-hole DTEM plate) below and to the north was identified which the Company believes is either related to a footwall sedimentary sequence (Figure 4) or potentially an embayment or trap-site of massive sulphides that lies below the basal contact. The Company has completed a pre-collar and will test the large off-hole DHTEM plate and basal contact area at depth shortly with CBDD056. A series of RC pre-collared DHEM platform holes and wedged daughter holes are being collared to enable the Company to incrementally grow the T5 mineralised zone. 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 5). The RC portion of this phase has already commenced and the diamond tails and DHEM will be completed after the drilling of CBDD056. In addition to the work around the T5 Zone, further RC holes will target the full 3.5km northern extent of the T5 Basal Pyroxenite (green targets to the right of T5 in Figure 5). The aim of this drilling will be to seek additional parallel lodes to the T5 Zone which are postulated to exist along the contact. The Phase 3 drilling revealed a turbulence mechanism which appears to move sulphides along the Basal Contact, piling them up in ridges and scouring clean the areas between, like waves in the ocean creating troughs and valleys in sand (successive magma pulses accomplish a similar action along the T5 surface). This was seen in action in CBDD052 as recounted above. Further infill drilling will be necessary 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. Announcement • Jul 07
Estrella Resources Limited Announces Receipt of Significant Assays for the First Eight Phase 3 Diamond Drill Holes at the T5 Prospect at Its 100%-Owned Carr Boyd Project Estrella Resources Limited announced receipt of significant assays for the first eight Phase 3 diamond drill holes at the T5 Prospect at its 100%-owned Carr Boyd Project. The assays received have confirmed the Company's interpretation of the geology, flow direction and grade distribution within the Upper T5 Conductor Zone along the basal contact. Of note are the intersections received for CBDD054 and CBDD054B which are some of the best results intersected at the T5 Prospect to date. Assays are pending from four holes which have recently been completed, CBDD049B, CBDD050, CBDD054A and CBDD055, the latter two penetrating the same core zone as did CBDD030 which intersected 3.2m @ 3.19% Ni. 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 (assays pending) 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 along the flow direction, as evidenced by the intersection of massive sulphides further down the contact in holes CBDD035, CBDD036 and CBDD042A. Phase 3 will continue to step-out along the T5 Conductor to gain important vectoring information to further areas of suggested massive sulphide deposition beyond the current T5 Electromagnetic Conductor. The evidence being gathered by the Phase 3 program is aimed at understanding the flow dynamics that have existed over the T5 basal contact and the subsequent formation of massive and breccia sulphides. The Company aims to target these massive sulphides through a combination of drilling and downhole geophysics, particularly electromagnetics (DHEM). However, the Company has noted that significant massive sulphides have been discovered by drillholes CBDD042A and CBDD035 in areas proximal or outside of the modelled DHEM responses. The Company has also noted that later intruding dolerite dykes and faulting has also off-set and dislocated nickel-copper sulphides such as in holes CBDD053A and CBDD053B. In addition, globular sulphides do contain significant nickel and copper, however they tend not to give a strong DHEM response. Further possibility of late stage off-sets such as seen in holes CBDD034 and CBDD035 which drilled into an un-foreseen fault blank is creating more complexity. The combined result is a poorer DHEM response which can lead to semi-massive sulphide bodies being "blind" to downhole geophysical techniques. Broader Implications of the Geological Interpretation for Phase 4 and Phase 5 Exploration These globular and semi-massive sulphide bodies can still be of significant size and grade and their presence cannot be dismissed. The Company will principally use geological vectors to target drilling to give the DHEM the best chance of succeeding. Phase 3 has also led to the understanding that the entire T5 Basal Contact orientation is prospective. The flow dynamics are such that massive sulphide plunge directions will have a local orientation. However, mineralisation continuity on the larger scale will have an oblique, possibly perpendicular orientation due to the effects of flow scouring and sulphide re-deposition. Phase 4 Exploration Opportunity Recognition of the flow dynamics, flow direction and modelling of the basal contact through seismic and other historical geophysics has placed a significant exploration opportunity before the Company at T5. shows the scale of this opportunity with respect to the massive and semi-massive sulphides already discovered in the T5 Conductor Zone. This is marked within the small blue box "Drill Area". As can be seen, Phase 4 has a very large scope and the Company aims to test this opportunity over the next few months through a combination of RC, RC pre-collar and diamond drilling whilst maintaining momentum following up the newly understood T5 massive sulphide plunge direction. The discovery of massive sulphides at the Carr Boyd Mine in 1968 and the T5 massive sulphide discovery in 2020 show that this area within the T5 Igneous Complex is highly prospective. Exploration spend has been greatly de-risked and as such the T5 basal contact will receive the higher priority in exploration ranking. Phase 5 Exploration Opportunity: The T5 pyroxenite is just one of several basal-contact locations within the broader Carr Boyd Igneous Complex. To date, around 30km of basal contact has been mapped. The aim of Phase 5 drilling, which is likely to overlap timing-wise with the tail end of Phase 4 drilling, is to incorporate all available historical and newly generated data (such as the upcoming CSIRO collaboration) so that project areas within the Carr Boyd Complex can be risk-ranked according to probable success versus exploration spend required. The learnings from Phase 3 and Phase 4 at T5 will be invaluable when ascertaining mineralisation controls on other parts of the complex where disseminated nickel-copper sulphides have already been discovered. Whilst disseminated sulphides will not likely lead to significant grades, they do show the high fertility of the Carr Boyd system and also can act as geological vectors towards additional high grade massive nickel-copper-iron sulphides elsewhere within the complex. Announcement • Jun 30
Estrella Resources Limited Provides Carr Boyd Exploration Update Estrella Resources Limited announced that both new parent diamond drill holes collared last week at the T5 Prospect, located within the Carr Boyd nickel-copper project approximately 80 north of Kalgoorlie, have intersected massive to globular sulphides on the basal contact. Hole CBDD055 targeted an area towards the middle of the T5 Conductor and up-dip from hole CBDD054. The CBDD055 intersection of 13.75m of massive to globular sulphides lies at the base of a much broader sulphide intersection totaling some 44.7m downhole. The upper area of predominantly disseminated sulphides (355.3m - 383.8m) represents a mineralized halo above the basal sulphide zone where finer-grained sulphides are being mobilized through the T5 Feeder. The massive and globular sulphides in the lower part of the intersection show evidence of sulphide settling from a silicious plume that is believed to carry the majority of sulphides through the feeder to the T5 trap site. The remnants of the silica plume are evident as the light to white-coloured minerals in the core towards the center. CBDD050 targeted an area some 30m south of CBDD055. The hole intersected 6.4m of mineralization including two heavily sulphidic zones separated by a small mafic dyke and disseminated pyroxenite. The globular textures are evidence of flow-stripping, where the upper zones of a basal massive sulphide is being eroded by the pyroxenite melt to form a globular to disseminated upper-halo. These sulphides are being carried towards the CBDD055 intersection area and contribute to the upper, fine grained sulphide halo as well as the globular sulphides atop of the silica plume. The sulphides are extremely dense when compared to the magma within the flow and will not stay suspended for long once any turbidity subsides. As such the down-plunge (down-flow) location is an excellent massive sulphide exploration target. The precise location of "downstream" sulphide settling is currently being vigorously pursued with targeted drilling of the T5 pyroxenite basal contact. The sulphide textures observed in the current drilling confirm the settling, remobilisation and re-settling of massive sulphides along the T5 Pyroxenite Feeder basal contact. The current aspect of Phase 3 drilling 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. The geological model of sulphide deposition the Company is applying at Carr Boyd has been recognized in other significant world class deposits around the globe. The formation of massive sulphides on basal contacts tend not to be isolated occurrences in these very large mineralized systems and the Company continues to be excited by the level of prospectivity being demonstrated at Carr Boyd. Phase 3 will continue to step-out along the T5 Conductor to gain important vectoring information to further areas of suggested massive sulphide deposition beyond the current T5 Electromagnetic Conductor. Recent Insider Transactions Derivative • Jun 18
Independent Chairman exercised options to buy AU$125k worth of stock. On the 16th of June, Leslie Pereira exercised options to buy 3m shares at a strike price of around AU$0.05, costing a total of AU$125k. This transaction amounted to 455% of their direct individual holding at the time of the trade. Since June 2020, Leslie's direct individual holding has increased from 300.00k shares to 550.00k. Company insiders have collectively bought AU$205k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Jun 15
Estrella Resources Limited Announces Phase 3 Sulphide Intersections Continue At T5 Carr Boyd Estrella Resources Limited announced it has intersected 22.85m(1) of nickel-copper-iron sulphides containing several zones of massive to globular sulphide mineralisation at the Company's 100% owned Carr Boyd Nickel-Copper Project, located ~80km north of Kalgoorlie. Hole CBDD054B was designed to be drilled into the open area above CBDD030 and CBDD033 which both intersected significant massive to globular nickel-copper-iron sulphides. CBDD054B intersected the basal contact between and above these two holes The mineralisation intersected shows the repeated formation and disturbance of massive nickel-copper sulphides. Globular sulphides are the result of disturbing a layer of massive sulphides with pulses within the magma feeder. The top of the massive sulphide gets dislodged and deposited some way down the flow direction. As the dislodged sulphides begin to settle again, they tend to join together into larger "globules" and eventually reform massive sulphides if velocity of the magma flow permits. Hole CBDD049C was completed by the DDSR diamond rig at the same time as CBDD054B made the intersection. The core shows 2.5m of breccia matrix and globular sulphide at 373m before entering a dolerite dyke for the remainder of the hole which was terminated at 415m. Due to the dolerite dyke exhuming the footwall, no accurate estimation of potential massive sulphide formation can be made at this location although given other holes in the vicinity, massive sulphide here is unlikely The massive sulphide formation appears to be roughly perpendicular to the flow direction. This makes sense when one visualizes the comparison of the effect of waves causing ripples in the sand at the edge of a lake. The ripples are perpendicular to the direction of water movement. The mechanical movement of massive sulphides at T5 means that the immediate potential for further massive nickel-copper-iron sulphides should lie up plunge to the north and down plunge to the south (towards the Carr Boyd RocksMine). The sulphides are extremely dense when compared to the magma within the flow and will not stay suspended for long once any turbidity subsides. As such the down-dip (down-flow) location is an excellent massive sulphide exploration target. The precise location of "downstream" sulphide settling is currently unknown as very limited deep drilling has ever been undertaken within or along the T5 pyroxenite. Moreover, 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 Phase 3 is 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 is utilizing 2 diamond rigs, both drilling multiple wedge holes from diamond or RC platform holes and is ongoing. This will give time for assays to arrive and for the results of the seismic survey to be interpreted. Drilling will utilize the RC capability of one of the current multipurpose rigs onsite to drill pre-collars with multiple diamond tails which will provide a cost saving and increase the speed of the targeted drilling campaign. CBDD054B intersects 22.85m(1) mineralised zone of basal contact massive, globular and disseminated Ni-Cu sulphides. Phase 3 is 50% complete with geological objectives to ascertain T5 plunge, magma flow direction, flow dynamics and conditions for massive sulphide formation being attained. Exploration companies experiencing greatly increased assay wait times due to unprecedented demand for analytical services. Assay results for several Phase 3 holes due imminently. Announcement • Jun 08
Estrella Resources Limited Provides Drilling Update Update at Carr Boyd Estrella Resources Limited announced that it has continued to intersected several significant bands of massive nickel-copper-iron sulphides breccias within a 28m zone of nickel-copper-iron mineralisation in its Phase 3 diamond drilling program at the Company's 100% owned Carr Boyd Nickel-Copper Project, located ~80km north of the City of Kalgoorlie-Boulder. Hole CBDD054A was wedged off the CBDD054 parent hole and lifted to a position on the basal contact 25m above the previously announced intersection of massive sulphides in CBDD054 which was reported to the market on 1 June 2021 increasing the defined mineralised area within the Upper T5 conductor which remains open north and south. Further conductors remain to be drill tested. The drillhole intersected a sequence of massive and semi-massive sulphides intermixed within a halo of globular to disseminated and stringer sulphides just off the basal contact at T5. Based on the sulphide intersections in CBDD030, CBDD033 and CBDD054 the true width of the mineralised zone is approximately 14m. Announcement • Jun 01
Estrella Resources Limited Announces Thick Massive Sulphide Intersection at Carr Boyd Estrella Resources Limited announced that it has intersected 6.75m of massive nickel-copper-iron sulphides within a broad zone of sulphide rich mineralisation at the company's 100% owned Carr Boyd Nickel-Copper Project, located ~80km north of Kalgoorlie. This large massive nickel-copper-iron sulphide intersection at the T5 discovery continues the 100% strike rate for nickel-copper-iron sulphides in the Phase 3 diamond drilling program. Hole CBDD054 was designed as a platform hole from which multiple wedge holes can be drilled into the open area above CBDD0302 and CBDD0333 which both intersected significant massive to disseminated sulphides. CBDD054 intersected the basal contact between these two holes. CBDD054A wedge has been set and drilling of this exploration hole to target the area above the current intersection has commenced. The mineralisation discovered shows a complete and intact geological progression of sulphide transport by the T5 pyroxenite, subsequent nickel-copper enrichment and massive sulphide formation on the basal contact. This confirms the geological model and understanding of the T5 sulphide trap site that the team has built up over the last six months as to the local controls over mineralisation. This local understanding can now be applied to the latter Phase 3 and Phase 4 step-out drilling that will be occurring over the next few months. It places the company in a good position to recognise the significance of certain geological aspects that can vector into additional massive sulphide target areas outside of the main T5 Conductors. Announcement • May 29
Estrella Resources Limited Intersects 12.25m of Sulphides, Including Massive Nickel-Copper-Iron Sulphide Estrella Resources Limited announced it has intersected 12.25m of sulphides, including massive nickel-copper-iron sulphide, further confirming mineralised accumulations on the T5 basal contact at the Company's Carr Boyd project, located ~80km north of Kalgoorlie. CBDD049A intersected massive, globular, stringer and disseminated sulphides just above the footwall basalt contact. The mineralisation is open north, south and at depth with a large part of the conductor plate yet to be tested and further, new deeper conductors which are believed to represent sulphide accumulations remain to be drilled. Crucially, the identification of globular textures in the core indicates the local remobilisation of the topmost layers of a massive sulphide accumulation. They are very important in identifying the direction of the magma flow, which further assists in targeting additional mineralised zones. Sulphide globules will often be redeposited as basal massive sulphides a short way "down-stream" and thus, with other holes in the area, can be used to vector into additional, undiscovered sulphides accumulations within the T5 pyroxenite. Detailed geological logging will commence immediately to refine the current vectoring model to support further Phase 3 drilling and Phase 4 planning. The intersection is significant as the Company follows the T5 Conductor both south and north from the discovery drill hole CBDD030. CBDD049A is the second of several holes planned to intersect the basal contact in this area as previously disclosed. RC precollars for holes CBDD050, CBDD051 and CBDD052 have been drilled and are to be diamond tailed. The company currently has 2 diamond drill rigs testing the extents of the T5 mineralisation during Phase 3 of exploration. Phase 4, currently being planned, will extend drill and DHEM coverage north along an extensive and untested basal contact (refer to ASX announcement "Exploration Update Carr Boyd" released 18 May 2021) and also south to assist in the Company's strategy of uncovering the relationship between the T5 mineralisation and the Carr Boyd Mine 1km to the southeast (previously mined by WMC and now owned 100% by the Company). Announcement • May 21
Estrella Resources Limited Announces Another Strong Ni-Cu-Fe Intersection Confirming the T5 Em Conductor Contains Significant Nickel-Copper Sulphides Estrella Resources Limited announced another strong Ni-Cu-Fe intersection confirming the T5 EM Conductor contains significant nickel-copper sulphides. CBDD048 was the first diamond tail drilled by Rig 2, contracted from DDSR, into a position 40m south of previous discovery drill hole CBDD030 and penetrated the postulated EM Plate, confirming Ni-Cu-Fe sulphides. The hole intersected 12.9m of massive, breccia, matrix and disseminated Ni-Cu-Fe sulphides on the T5 basal contact. The core will be cut and samples sent away for assay. The intersection is significant as the Company follows the T5 Conductor south from the discovery drill hole CBDD030. CBDD048 is the first of several holes planned to intersect the basal contact in this area with CBDD049 now already underway. Textures within the drill intercept have given the clearest evidence yet that the flow dynamics of the pyroxenite intrusion at T5 has the capability to form massive sulphides in multiple areas along the basal contact at Estrella's 100% owned Carr Boyd Nickel and Copper Project. The discovery of massive, semi-massive, breccia, matrix and disseminated sulphide accumulations on a basal contact position bodes well for the Carr Boyd Project as the Company accelerates the Phase 3 drilling to test the full extents of previous downhole electromagnetic (DHEM) targets and to generate new targets with careful step-out drilling. Phase 3 will also incorporate plans to extend DHEM coverage both north and south along the contact away from the discovery area. The company currently has 2 diamond drill rigs testing the extents of the T5 mineralisation. Announcement • May 18
Estrella Resources Limited Announce the Latest Intercepts in the Phase 3 Drill Program at the T5 Prospect on Its 100% Owned Carr Boyd Tenements Estrella Resources Limited announced the latest intercepts in the Phase 3 drill program at the T5 Prospect on its 100% owned Carr Boyd Tenements. CBDD053A was wedged off CBDD053 at 260m and intersected a 47.9m broad zone of matrix, disseminated and cloud nickel-copper-iron sulphides between 391.8m and 439.7m down hole. The intersection is approximately 20m above the CBDD053 sulphides reported on the 4 May 2021. CBDD053B wedge was set at 225m and intersected a 49.45m zone of matrix, disseminated and cloud nickel-copper-iron sulphides between 388.55m and 438.0m down hole. These intersections are approximately 30m below CBDD033 which intersected massive and disseminated nickel-copper-iron sulphides (20.1m @ 1.04%Ni, 0.67% Cu) as reported to the ASX on 19th November 2020. The company currently has 2 diamond drill rigs testing the extents of the T5 mineralisation as a part of Phase 3 exploration. Drilling has begun testing the upper portions of the fault-bound conductor beside and above CBDD030 before further step-out drilling. Geological Details: CBDD053 and wedges CBDD053A and CBDD053B were drilled to gain certainty in the continuity of mineralisation down-dip of CBDD030 and CBDD033. Whilst the DHEM responses to date have been coherent, it has been found that mineralisation exists outside the main DHEM conductor zone due to the effects that faulting can have on DHEM response as sulphides become dislocated, and hence less detectable through electromagnetic methods. The wedge holes in Phase 3 have been designed to test an inverse scenario, where mineralisation within the conductor could have been dislocated and yet the DHEM response overstated due to the close proximity of separate sulphides zones. The company is pleased to advise that the drilling thus far does not indicate that this is occurring. In fact, the drilling shows a clear relationship and continuity of mineralisation within the conductor between drill holes. Furthermore, the distribution of mineralisation within the drillholes and the T5 pyroxenite feeder zone in general matches the expected geological models for such a zone, where a central core of heavily disseminated, matrix or net-textured massive sulphides is surrounded by a halo of disseminated and cloud sulphides. The sulphides lie on and close to the main pyroxenite basal contact. The width of the whole pyroxenite flow has been mapped at surface exceeding 300m thickness and so far, over 3,500m in length (Figure 5). The T5 feeder zone pyroxenite is one of several early ultramafic flows that form the Carr Boyd Igneous Complex basal contact. Announcement • Feb 02
Estrella Resources Limited Informs the Market of the Success of the First Diamond Drill Hole of the New Year Estrella Resources Limited informed the market of the success of the first diamond drill hole of the new year. CBDD0042A intersected a broad zone of nickel, copper and PGE mineralisation on the basal contact of the T5 target area, 300m below hole CBDD0041 which also intersected nickel sulphides just prior to the Christmas shut-down. Both CBDD0041 and CBD0042A are located approximately 150 metres south of the discovery hole CBDD0030 at T5. Visual estimates for both holes are detailed in Table 1 and an interpretive cross-section. As can be seen in Figure 1, the basal contact is interpreted to have been offset by a set of flat-lying normal faults. On this section a barren pyroxenite intrusive was logged in the core and is interpreted to also have off-set mineralisation. Characterisation and timing of the faulting and the later pyroxenite intrusive will follow in due course however no significant remobilisation of the sulphides is apparent. Down-hole transient electromagnetic (DHTEM) surveying of CBDD0039, CBDD0041 and CBDD0042A is underway. The next hole, CBDD0043, has been collared 450m to the north on section 6,673,950 to look for the east-faulted mineralised contact that was not seen in CBDD0032 or CBDD0034, due to what is interpreted to be a fault blank. Both these holes intersected a significant fault zone before heading into the footwall basalt horizon. The mineralised footwall was observed above in both CBDD0028 and ESR RC hole CBP0042. The interpretation is that flat faulting has shifted the mineralised contact to the east. Once the contact has been located it may be possible to extend or wedge off CBDD0029 and CBDD0031 (a further 300m north of this section) that were drilled from the west, and failed to locate the contact due to the now interpreted fault off-set. This understanding has completely reopened the opportunity for discovery of nickel and copper mineralisation over an extensive distance at T5. Assay results for CBDD0035 and CBDD0036 have now been returned. To date, nine holes have intersected the basal T5 Target and the Company is getting a much better handle on the orientation and potential off-sets in the target zone. Five of the six holes to date have returned significant intercepts with assays outstanding for the three remaining holes. The basal contact is interpreted to be tilted since it was emplaced, however the geological evidence gathered to date still suggests that gravity accumulation of sulphides and nickel tenor is increasing with depth. Thus exploration potential also continues to increase with depth. This is common amongst intrusive nickel discoveries. The Carr Boyd Mine itself is not situated on the basal contact, however, it is interpreted to be closely related to remobilisation the T5 Mineralisation during intrusion emplacement and is for a sence of location and scale. The basal contact lies around 170m behind the Carr Boyd Mine and has received no testing at depth to-date. The Company believes there is a gelogical relationship between the T5 mineralisation and the Carr Boyd Ore and will continue to explore that relationship in due course. Next Steps: The DHTEM crew is on site and conducting downhole EM surveys on CBDD0039, CBDD0041 and CBDD0042A. Results will be announced once they have been interpreted together with 2020 DHTEM results. CBDD0043 has been collared and is aimed at finding the eastern off-set of the T5 Contact well below CBDD0028. If this contact is located then another hole will be collared to follow up either above or below this position to better define the extent, followed by further DHTEM. Mapping of the Carr Boyd Intrusive Complex will continue. Mapping to date has located several Sulphur sources in close proximity to the basal contact position of the intrusion and a regional round of drilling will be considered based upon the results. Announcement • Jan 11
Estrella Resources Limited to Provide an Update on the Carr Boyd Nickel Project Estrella Resources Limited announced 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). The Company remobilised drilling and geological crews to Carr Boyd following the end of year break and have now re-commenced diamond drilling activities at depth and along strike of T5 nickel-copper discovery. The Company plans to firstly commence diamond core hole CBDD042 located approximately 150m south of discovery hole CBDD030 and 130m underneath CBDD041, final drill hole of 2020, which intersected the interpreted "mineralised conduit" confirming the T5 discovery over potential strike length of at least 450m. The deeper diamond drilling of T5 is essential from both a geophysical and geological perspective having a large relative mid-high conductivity EM response plunging away from initial discovery RC and diamond holes. T5 is less than 1.5 kilometres from the historic Carr Boyd mine which could itself represent remobilised high grade massive sulphide from a source in the immediate area. The grade of the massive sulphide at Carr Boyd is known to be around 6% nickel and 3% copper which provides a compelling target for exploration. The CBLC is a 75 sq.km 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. Announcement • Dec 23
Estrella Resources Limited, Annual General Meeting, Jan 28, 2021 Estrella Resources Limited, Annual General Meeting, Jan 28, 2021, at 10:00 W. Australia Standard Time. Location: Mining Corporate Boardroom Level 11, 216 St Georges Terrace Perth Western Australia Australia Agenda: To discuss Approval to issue Related Party Options to Director under the Plan Mr. Christopher Daws; to discuss Approval to issue Related Party Options to Director under the Plan Mr. Neil Hutchison; to discuss Approval to issue Related Party Options to Director under the Plan Mr. John Kingswood; to discuss Approval to issue Related Party Options to Director under the Plan Mr. Stephen Brockhurst; to discuss Approval to issue Related Party Options to Director under the Plan Mr. Leslie Pereira; and to discuss Approval to issue Related Party Options to Consultant Mr. Douglas Daws. Announcement • Nov 16
Estrella Resources Limited Updates the Market of Progress At the Carr Boyd Nickel Project Post Estrella Resources Limited updated the market of progress at the Carr Boyd Nickel Project post the nickel sulphide discovery at the T5 Prospect which is located 1.1km NE of the historic Carr Boyd mine. Site upgrades are well underway with the old haul road access now being graded and improved to facilitate the transport of exploration camp and office block buildings to site as the Company gears up for expanded drilling efforts focusing on the T5 Target area. The core yard facility upgrades and site office installations are in progress, with bulk water and diesel fuel storage also being established on top of the old waste dumps to allow for multiple diamond core rigs to operate without stretching resources. An old airstrip located 4km east of the Carr Boyd Mine has also been re-established by the local station owner for RFDS and charter flight site visits of Company personnel. Two diamond core rigs are now drilling 24/7 on site to initially test the high grade nickel sulphide zone and DHTEM plate above and below discovery hole CBDD030, as well as defining the intrusions basal contact 300m to the north, at the original T5 Prospect below CBP042 and CBDD028. Additional holes are scheduled 40m to the north and south of holes CBDD033 & CBDD035. Estrella recently completed a Down-Hole Transient Electro-Magnetic (DHTEM) survey down historical drill hole DD97CB043 at Target A, which is located 2.25km west of the Carr Boyd Mine and 1.8km SW of the T5 Prospect. Historic hole DD97CB043 was drilled in 1997 as an attempt to test an earlier defined SIROTEM ground EM target, however this hole failed to explain the bedrock conductor source and subsequent low powered DHTEM surveying of this hole with non-optimal loop design was completed in 1997. In 2018/19 Estrella completed a High-Powered Moving Loop Transient EM survey (HPMLTEM) over the western region of the project which generated an anomaly over the "Target A" area. The modern higher- powered geophysical survey produced a well-defined target which coincided with the broader historical SIROTEM anomaly. Re-processing, interpretation and modelling of the 1997 DHTEM dataset by Southern Geoscience highlighted that DD97CB043 drill hole had not intersected the main local bedrock conductors as they clearly manifest as off-hole anomalies. A discrete off-hole anomaly was defined at ~110-150m downhole depth and a second broader off-hole anomaly is believed to be located just beyond the current EOH depth. Announcement • Oct 30
Estrella Resources Limited Announces Management Changes Estrella Resources Limited appointed Stephen Brockhurst as Company Secretary. Brockhurst has served on the board and acted as Company Secretary for numerous ASX listed companies and will continue in his role as Non-Executive Director of Estrella. Brockhurst replaces David McEntaggart who will continue working for Estrella in an accounting and compliance role as a consultant through Mining Corporate Pty Ltd. Announcement • Sep 17
Estrella Resources Limited Provides Update on New Targets Defined at Carr Boyd Rocks Estrella Resources Limited announced that new Ni-Cu-Co targets have been defined and validated at the Carr Boyd Nickel Project (CBNP or the Project). A MLHPEM geophysical survey is scheduled to commence in the coming weeks over the newly identified target areas. The CBNP comprises the Carr Boyd Layered Complex (CBLC or the Complex) which is a magmatic sulphide system that hosts the historic Carr Boyd Rocks nickel-copper mine. Carr Boyd was the first magmatic hosted style of nickel deposit discovered and mined in WA. It was discovered an the late 1960's and produced 202,110t of ore at an average grade of 1.43% Ni and 0.46% Cu between 1973-1977. The Company completed an extensive geochemical auger drilling program earlier in the year which identified several new target zones. Field investigation of the eastern target zones was completed during the current diamond drilling program
at the Target 5 nickel discovery. The field work resulted in the validation and discovery of gossanous material (oxidized sulphides) and copper oxide mineralisation (malachite-azurite) in shallow pits at POH and Watertank prospects. The Company has commissioned Southern Geoscience Consultant to commence a High Powered Electro-Magnetic Moving Loop (MLHPEM) geophysical survey using 200 amp powered equipment with B field sensors. The survey to commence in the coming weeks will extend eastwards from the previous survey areas and cover the POH Zone and new Tektite Hill Zone. Announcement • Aug 04
Estrella Resources Limited announced that it expects to receive AUD 1.42 million in funding Estrella Resources Limited (ASX:ESR) announced a private placement of 200,000,000 ordinary shares at a price of AUD 0.007 per share for gross proceeds of AUD 1,400,000 and 200,000,000 prepaid options at a price of at an issue price of AUD 0.0001 per option for gross proceeds of AUD 20,000, for an aggregate gross proceeds of AUD 1,420,000 on August 3, 2020. The transaction will include participation from sophisticated investors, directors and management of the company. The shares will be issued in two tranches with 75,000,000 shares being issued in first tranche and 1,250,000,000 shares being issued in the second tranche subject to obtaining the necessary shareholder approvals. The subscribers to the transaction will receive one free attaching option, exercisable at $0.02 on or before July 31, 2023 for every one shares subscribed, being a total of 200,000,000 options subject to shareholders approval. The prepaid options will be exercisable at AUD 0.02 expiring on or before July 31, 2023 with 100,000,000 of the prepaid options to be issued will be to clients of placement agent and the remaining 100,000,000 prepaid options will be placed by the directors of the company to sophisticated investors. The options issued will be unlisted, but it is the intention of the company to apply for quotation of the options in due course. The shares under the first tranche will be issued on or about August 7, 2020. 
