"I’ve seen a lot of drill stories over the years, but this one...

"I’ve seen a lot of drill stories over the years, but this one feels different. The combination of untouched ground, first-mover advantage, top-grade surface numbers, supportive government, and a booming battery metals narrative is rare." TimorLad 4/17/2025

My Summary
"We" are about to drill our first hole at Ira Miri in Timor-Leste, and for those of us watching closely, the next six weeks will be absolutely pivotal, not just for the company, but for the potential emergence of a brand-new mining jurisdiction.

Ira Miri isn’t just the start of a drill campaign. It’s the first-ever modern mineral drilling in Timor-Leste’s history.
The government only recently put a mining code in place, and Estrella has managed to secure a first-mover position with multiple exploration concessions across the country, more than 698 square kilometres, to be precise. For context, that’s a vast landholding, and most of it is untouched, unsampled, and unexplored.

But let’s bring this back to where it starts at Ira Miri.Initial surface work here has already returned rock chip samples grading between 40% and 58.6% manganese. That 58.6% number comes from a supergene subcrop—a term I’ll explain in a moment—and it’s the kind of grade that immediately captures attention in the manganese world.
It’s not just promising; it’s high grade by any standard.

NowIf you go back to the company’s February 12 announcement, they outlined five rock chip samples that were exported to Australia. Two of those samples, taken from the secondary supergene outcrop at Ira Miri, exceeded 58% Mn and were low in all the nasty impurities that can often ruin metallurgy—boron, silica, and phosphorus. That’s what gets people excited.

And here’s where it gets real. This is not just some patchy surface chips rubble. The outcrop at Ira Miri represents the top three metres of what could be a much larger in-situ supergene blanket hosted in the Noni Formation.

The Noni is a sedimentary unit that plays host to manganese-bearing cherts and carbonates. It’s where the magic happens in terms of geology.
Now, for those not familiar with the term “supergene,” let me put this into plain English.

Supergene mineralisation happens when metals are naturally concentrated by weathering over time. Rainwater, oxygen, and bacteria help break down the rock, and manganese is dissolved and redeposited closer to the surface, often in a much purer, richer form. That means it’s easier and cheaper to mine. So when Estrella says it’s targeting secondary supergene manganese at Ira Miri, that’s exactly what you want to hear.

What makes Ira Miri even more exciting is its connection to the broader exploration model. Estrella’s team used predictive geological modelling to identify this area, starting essentially from scratch when they were granted tenure back in December 2023. From a blank sheet of paper, they’ve mapped out a target that is now ready to be drilled. That’s serious progress.

Drilling is expected to kick off after the Easter break, likely the start of May, pending final environmental approvals and final community consultation. The rig is already packed and on its way from Darwin, with additional equipment sourced from Vietnam.

Once everything is in place, CoreSearch of Timor will begin drilling an initial program of 10,000m RC and 3,000m diamond.For me, this is where the next month get really interesting.
We’re sitting on the edge of seeing what’s truly under the surface at Ira Miri. And this isn’t a long, multi-year wait-and-see scenario. If the first holes start hitting mineralised intercepts,say, anything close to 5 meters of decent grade manganese—it’s going to get noticed.

The market will start to look at Estrella differently.
Suddenly, this isn't just a theoretical story about a new country and new concessions—it becomes real.That’s why I think this small initial drill campaign could become the spark. If they hit manganese at depth, and it aligns with the supergene blanket they’ve mapped from surface, then it’s game on. That would immediately validate their exploration model and by extension, all their other concession areas across Timor-Leste.

Now let’s talk about Sica.Sica sits about 4.5km from Ira Miri and was actually the first prospect identified last year. It has shown similar high-grade manganese at surface, with portable XRF results hitting up to 63.4% Mn. It’s also within the Noni Formation and looks to be part of the same broader system. That close proximity is important—it suggests a regional mineralisation trend, not just an isolated occurrence.The discovery of both Ira Miri and Sica so close together increases the likelihood of a large-scale mineralised corridor. And the terrain around them is relatively accessible, with infrastructure like roads and ports already in place or nearby. That’s a huge advantage for future development.

Another thing worth noting is Timor-Leste’s strategic location. Nestled in Southeast Asia, it’s right on the doorstep of the world's biggest EV battery manufacturing hubs. That proximity, combined with port access and political willingness to encourage foreign investment, gives Estrella a logistical edge if they can prove up a viable manganese deposit.

Now let’s touch on the battery narrative, because it’s quietly becoming one of the biggest tailwinds in this story.Manganese is gaining ground in the battery world, particularly with the emergence of lithium manganese ferro phosphate (LMFP) batteries. These are essentially the next-gen version of the LFP battery, with manganese added to boost energy density.

LMFP batteries are showing range extensions of up to 700km, and crucially, they perform better in cold conditions than standard LFP.BYD—the biggest EV maker on the planet is already commercialising LMFP tech, and it’s widely rumoured to be the chemistry behind their new Blade battery.

That demand narrative creates a powerful backdrop for high-grade, clean manganese discoveries like the ones Estrella is targeting.
This isn’t just about grades and rocks—it’s about timing and relevance.

Now, if you’ve been watching the market over the last week, you’ll have seen a bit of movement. Estrella’s share price has climbed from around 2.2c to 3.1c today. That’s not noise. That’s anticipation. It reflects investor recognition that something real is about to happen.I’ve seen a lot of drill stories over the years, but this one feels different. The combination of untouched ground, first-mover advantage, top-grade surface numbers, supportive government, and a booming battery metals narrative is rare.

But the real magic is this: the truth is about to come out.This untouched, unexplored, virgin terrain—never before drilled for minerals—is about to be pierced. The world will soon see what lies beneath Ira Miri. If it’s what the surface work and modelling suggest, then this drill program might just mark the beginning of a major new mining province.

And that’s why, from an investor’s perspective, the next 3 to 6 weeks could be monumental.
Im fully invested & watching closely.