Haha yeah, I really stirred the pot over on the Auric boards—had...

Haha yeah, I really stirred the pot over on the Auric boards—had 'em foaming at the mouth. But anyway, back to serious matters…
ESR's lining up for something big.

My summary of recent developments, including global market insight:

Estrella has become the first company to convert reconnaissance permits into Exploration and Evaluation Licenses (EELs) under Timor-Leste’s new mining laws, a major milestone that clears the way for trenching, drilling, and advanced mineral evaluation.

Key highlights:

• Four new EELs granted, following strong surface results for both manganese and limestone

• Exploration footprint in Lautém more than doubles, from 121.5 km² to 268.7 km²

• Licenses permit road-building, trenching, and drilling over a 4-year term, extendable to 10 years

• All new licenses include high-purity, fossil-rich limestone, in addition to manganese zones

• Licenses straddle the Sica-Lalena trend and the Noni Formation, which hosts Estrella’s current manganese discoveries

Estrella has also added limestone to its formal exploration program, following assays confirming exceptionally clean lime with neutralisation values exceeding 900 tCaCO₃/kt and CaCO₃ content up to 93.4 percent. The limestone units sit directly above manganese formations, meaning every metre drilled offers dual commodity upside.

Drill contractor CoreSearch LDA is locked in, environmental surveys are completed, and full RC and diamond rigs are expected on-site post-wet season. With all approvals in motion, Estrella is gearing up for an aggressive multi-target campaign across both manganese and limestone.

Importantly, this development begins to de-risk Estrella’s exposure in Timor-Leste. With two commodities now in play, and a likely third with gold targets previously identified, the company is quietly building a diversified pipeline in an underexplored jurisdiction. This just gets better and better.

Global limestone market context:
The global limestone market was valued at USD 79.18 billion in 2024 and is forecast to reach USD 120.70 billion by 2030, growing at a CAGR of 7.4 percent. Demand is driven by steel manufacturing, water treatment, agriculture, and emissions management.

Producing just 1,000 kg of crude steel requires around 270 kg of limestone. With global steel production still growing, limestone demand remains tightly linked to industrial activity.

Top global limestone producers and exporters:
China – over 430 million tonnes per year
United States – around 17 million tonnes in 2023
India – 16 million tonnes per year
Brazil – 8.3 million tonnes per year
United Arab Emirates – top global exporter, with USD 695 million in limestone exports in 2023
Oman – USD 133 million
Japan – USD 94.4 million

Major limestone mines:
Michigan Limestone and Chemical Co (USA) – the world’s largest limestone quarry, has shipped over 915 million tonnes since 1912
Carmeuse Group (Belgium/US) – multi-continental operator servicing steel, construction, and environment sectors
Lhoist Group (Belgium) – operating in over 25 countries, major supplier of industrial-grade lime
Graymont (Canada) – high-calcium and dolomitic lime production across North America and Asia-Pacific
Imerys (France) – active in construction, agriculture, and industrial processing

Strategic implications for Estrella:
Estrella’s limestone has chemical purity on par with the highest global benchmarks, and its project is just 30 km from Com Port, with a USD 26 million government-funded road upgrade now underway. Proximity to Indonesian nickel refiners, who use limestone in HPAL and tailings neutralisation, is highly strategic.

This asset has the potential to evolve into a second commercial pillar alongside manganese, providing offtake leverage and industrial partnerships in a region currently underserved by domestic supply.

Combined with first-mover status under Timor-Leste’s new mining code, Estrella is now well-positioned to become a serious player in two, and possibly three, globally relevant commodities.