500Mt + Limestone JORC in 3.5 Months – What Happens If They Pull It Off, page-18

My number one concern! Hopefully, this is raised today onsite!

JORC Drill Density Breakdown – Can Estrella Hit 500Mt Within 13,000m?

Estrella has set a target to define a 500 million tonne JORC-compliant limestone resource in Timor-Leste, using a total budget of 13,000m of drilling. The question is — can that realistically be achieved within the JORC framework?

Let’s run the numbers.

Assumptions:

• Target: 500 million tonnes of limestone

• Density: 2.6 t/m³

• Average thickness: 60 metres

• Required volume: 192 million m³

• Surface area to prove up: ~3.2 km²

• Average drill hole depth: 80m

JORC Category Comparisons:

1. Inferred Resource

• Drill Spacing: 200m x 200m

• Holes Required: ~81

• Total Drilling: ~6,480m
  ✔️ Easily achievable within 13,000m
  ✔️ Suitable for early-stage resource declaration

2. Indicated Resource

• Drill Spacing: 100m x 100m

• Holes Required: ~321

• Total Drilling: ~25,680m
  ⚠️ Would exceed current drilling budget
  ⚠️ May require second phase or infill

3. Measured Resource

• Drill Spacing: 50m x 50m

• Holes Required: ~1,283

• Total Drilling: ~102,640m
  ❌ Not feasible in current campaign
  ❌ Requires extensive additional drilling

✅ Bottom Line:

Estrella can feasibly define an Inferred JORC resource of 500Mt within the current 13,000m drill budget — assuming geological continuity and minimal downtime. This would be sufficient to satisfy the REM agreement milestone.

However, anything beyond Inferred (i.e. Indicated or Measured) will require significantly tighter spacing and more metres — not achievable without further funding or multiple rigs.

Execution, terrain, and drill efficiency will ultimately determine whether they deliver.