Ann: Timor-Leste Tenement Upgrades Granted, page-6

This announcement is great. Things happening! Must say the Limestone could be an upside! Maybe some questions for Chris to answer regarding the limestone.

Limestone-Focused Questions for ESR Webinar

1. What is the commercial strategy for the high-grade limestone identified on the newly upgraded licences?

   • Are there plans to test market demand or enter discussions with potential offtakers?

2. Has there been any early engagement with domestic or regional buyers for the limestone?

   • Particularly from cement, agriculture (neutralisation), or steel processing industries?

3. Can you clarify whether the limestone targets are viable near-term products?

   • Is there a pathway to mining and export without extensive processing or infrastructure investment?

4. What permitting steps are required to commercialise limestone under the new Timor-Leste mining code?

   • How far along is ESR in meeting those steps?

5. Given the limestone assays (up to 93.4% CaCO₃), does ESR view this as a potential cash-flow bridge while manganese is being drilled out and advanced?

6. Is there a defined exploration or bulk sampling program for limestone underway or planned?

   • If so, what does the timeline look like?