Is this the first time in the past 12 months that Estrella...

Is this the first time in the past 12 months that Estrella Resources has Dropped the ball?

Permit delays are costly!

Crews have been mobilised, equipment deployed, and yet we’re still without the full suite of permit approvals — creating unnecessary uncertainty for shareholders.

The likely next step?

Standing down crews and sending them home. It’s a scenario that could and should have been avoided until these approvals were finalised.

In Australia, downtime of this nature on rigs ive worked on typically costs around $25,000+ per day when factoring in rig hire, crew wages, and support logistics.

While I’d expect the cost in Timor-Leste to be somewhat lower, the principle is the same: idle time burns resources and reflects poor sequencing.

More perplexing is the fact that this project is being carried out in partnership with the government. So why are we still entangled in permit delays?

This risk — mobilisation ahead of confirmed permitting — was flagged with management months ago and also featured in my investment reference statement above earlier this yr.

I remain aligned with the long-term vision, but operational lapses like this erode confidence and raise real questions around project oversight and execution...

Not happy at all!