The market will start to look at Esr very differently, page-150

Enjoyable read @Ferretbreath

"And when it comes time to package this story for funding, partnerships, or offtakes, a project with two viable bulk commodities is going to attract a different level of interest."

While most attention has been on the manganese upside, Estrella Resources just took a critical step toward commercial optimisation — officially adding limestone mineralisation into its newly converted Exploration & Evaluation Licenses in Timor-Leste.

Why is this such a big deal?

Because this isn't just about finding more minerals, it's about extracting more value from the ground.

Limestone is a bulk commodity with steady demand across steel, cement, construction, and chemical industries — particularly in Asia, where infrastructure growth and industrial activity continue to drive consumption. It’s economically viable, relatively simple to mine, and doesn’t require complex processing.

But here’s the kicker: if limestone sits above or adjacent to the manganese-bearing units — which is often the case geologically — then what would have once been classified as waste rock suddenly becomes saleable product.

That changes everything.

Instead of burning capital removing overburden, ESR may now have the option to sell it. This reduces the strip ratio, cuts mining costs, and creates early cash flow before a single tonne of manganese is even sold. It’s a textbook example of how geological synergy can drive commercial efficiency.

This is ESR crossing their t’s and dotting their i’s — not just chasing a discovery but maximising the economic return of the entire project footprint.

The recent conversion of Reconnaissance Permits into full Exploration and Evaluation Licenses means ESR can now engage in trenching and drilling — the hard work of building a mineable resource begins in earnest. The total landholding in Lautém has more than doubled from 121.5 km² to 268.7 km², and importantly, limestone mineralisation has now been included in the scope of exploration.

The closest current port, Com Port, sits just 30 km from the exploration zone of Sica and Ira Miri, either upgrades to existing port infrastructure or the development of a new, strategically located export facility will likely be necessary to handle bulk volumes efficiently.

It's early days, but this isn’t just about finding rocks anymore. It’s about unlocking a fully integrated, multi-commodity model.

And when it comes time to package this story for funding, partnerships, or offtakes, a project with two viable bulk commodities is going to attract a different level of interest.