500Mt + Limestone JORC in 3.5 Months – What Happens If They Pull It Off, page-3

That’s a great question, raWtentBuffer, and I completely understand if 50,000 words seems like a lot.

But when you’re looking at the potential for over 500 million tonnes of high-grade limestone sitting right above manganese, with an offtake-linked partner (REM) contractually ready to step in — well, this isn’t your everyday microcap pipe dream.

Let’s boil it down:

• 500Mt of JORC limestone could conservatively generate AUD $11.25 billion in gross revenue at just AUD $22.50/t.

• At 15% margin, that’s AUD $1.6875B in net profit.

• Even assuming major dilution (4 billion shares), you’re still looking at AUD $0.42 EPS.

• Apply a dirt-cheap P/E of 2x and you’re at $0.84/share.

• At 3x? $1.26.

• At 4x? $1.68 — and this doesn’t even factor manganese or the upside case where sale prices hit AUD $37.50.

This all hinges on the JORC being achieved by 30 Sept, which isn’t a fantasy, it’s a contractual deadline, and they’ve got a 13,000m drill program running now. If they land it, REM’s offtake activates, and Estrella could leapfrog into development-ready territory, or attract a buyout.

So sure, it’s a long post. But when you're staring down a potential billion-dollar asset that the market hasn’t fully priced in yet... I’d argue it’s worth the scroll.

Appreciate you dropping in. Eyes wide open — let’s see what the next few months bring.