"You ain't seen nothing yet, page-28

Thanks to @Ferretbreath on another thread (AWJ) for reminding me about Chris Daws’ past. You mentioned ASIC and his broking ban — fair enough, it’s public and on record. But let’s not stop the research at a headline.

Here’s what *actually* happened when Daws was running Niagara Mining:

Chris Daws took Niagara Mining from a market cap of around $4 million in 2003 to over $700 million by 2007 — and that wasn’t luck. Here’s how he did it:

1. Strategic Asset Acquisition

In 2005, Niagara picked up the Mt Windarra Nickel Project, a former WMC operation with serious pedigree. Not just dirt — it had history, infrastructure, and a compelling story.

2. Leveraging the WMC Legacy

Daws made the Windarra-WMC connection central to the narrative. He turned that legacy into a marketing engine and rebranded the company around it. Investors bought the revival angle.

3. Capital Raising Done Right

Multiple raisings were completed during the nickel bull run, bringing in tens of millions. He used that to fund drilling, feasibility studies, and JORC upgrades — all while lifting valuation.

4. Media and Market Buzz

He got coverage, attracted speculators, and brought in big names. The end result? A handover to Andrew Forrest. That kind of deal doesn’t land unless you’ve built real value.

5. Riding the Nickel Boom

Nickel prices surged from \~\$6/lb to over \$24/lb between 2005–2007. Daws had Niagara positioned perfectly, and the market rewarded it.

6. Spec Momentum and Delivery

Regular drill updates, progress reports, and a sharp marketing game turned it into one of the top-performing juniors on the ASX. Traders loved it — and so did Forrest.

So what you’re seeing with ESR isn’t new. It’s page 1 of the same playbook.

Now at Estrella:

* High-potential ground in Timor-Leste with manganese and limestone upside

* Narrative-driven strategy — untapped region, low costs, strategic location

* Raising capital at higher levels to accelerate drilling

* Major partners already involved and seeking long-term supply

* Manganese demand ramping globally (especially battery-grade)

* First 8 metres drilled has already returned 6.75 metres of high-grade Mn

This isn’t a theory — it’s happening. Again.

As for ASIC — yes, Daws was banned from broking in 2001. The reason? He executed share transactions without written consent from clients. It was procedural misconduct during his time as a broker — not fraud, not theft, not insider trading. It’s a black mark, but it’s also over two decades old, and since then he’s led two separate mining ventures with clear vision, strong execution, and measurable results.
https://download.asic.gov.au/media/1299571/017029199.pdf

In my opinion, Estrella will be even bigger than Niagara.

Niagara 3 mil to 700m
Estrella 4mil to touching 100mil in 12 months

Track record matters. And so does perspective.

GO ESTRELLA