The market will start to look at Esr very differently, page-119

A genuinely strong update from Chris today. For those who missed it, here’s a detailed breakdown of what was covered—and why it matters.

One thing that really stuck out to me—and I’m not directly quoting as I haven’t rewatched the video, but Daws basically said this is the highest-grade, purest manganese on the planet. That’s a huge statement, and if backed by drill results, it would set ESR apart from just about every other manganese play globally.

1. Drilling Could Start Any Day Now
   Estrella is "soft" mobilising at Ira Miri with drill rigs still at the laydown yard, ready for call up, crew in place, equipment being moved in, and the technical groundwork completed. The only remaining step is the final government permit, which Daws indicated could arrive imminently. Once received, this will mark the first-ever drill hole under Timor-Leste’s newly adopted mining code, a significant geopolitical and operational milestone that positions ESR as a first mover in a frontier jurisdiction.

1. Limestone Now a Strategic Asset – Exploration Licenses Unlock Dual Upside
   One of the more underappreciated aspects of this story is limestone. Estrella’s newly converted Exploration and Evaluation Licenses don’t just cover manganese—they also now include vast sequences of high-purity, fossil-rich limestone. Chris Daws noted the clean geochemistry and strong neutralisation values, making it ideal for industrial use.
   Why is this significant? Indonesian nickel miners rely heavily on limestone for treating acidic water and tailings in HPAL operations. With Estrella’s chairman currently in Indonesia, the timing of this detail caught attention. It raises the possibility that this limestone could become a second major commercial pillar, or a bargaining chip in future offtake or supply chain discussions.

The licenses, granted after strong reconnaissance work, expand Estrella’s landholding in Lautém from 121.5 km² to 268.7 km² and give them the legal ability to commence trenching, drilling, and bulk testing. The limestone sits right above the manganese-bearing Noni Formation, meaning any drilling into manganese will necessarily cut through this lime, effectively giving Estrella a two-for-one on every metre drilled.

Clean lime, close to deep water, in a region where demand is growing, it’s not just manganese, the market should be watching here.

1. Manganese Appears to Sit on a Regional Bed Layer
   Surface sampling and early mapping suggest the manganese is not confined to isolated pockets but may exist as a continuous bed layer extending across much of the country. This transforms the scale of the story, from a handful of prospective targets to the possibility of a district-scale manganese system. That’s the kind of footprint majors and institutional investors look for.

1. Infrastructure Advantage – A Game-Changer
   Daws didn’t mince words—he sees infrastructure as Estrella’s biggest competitive advantage. The Ira Miri project is just 30km from Com Port, which will be used for initial exports. On top of that, the Timor-Leste government is about to begin a USD $26 million upgrade of the two-lane coastal road directly connecting Ira Miri to Com Port—an infrastructure boost few juniors enjoy at this stage.

He compared this to operations in the Pilbara (600km+) and South Africa (1,000km+), where haul distances severely impact margins. By contrast, Estrella’s proximity to port infrastructure greatly enhances development economics and time-to-market viability.

Daws also hinted that if a large enough resource is defined, a dedicated port closer to the project could be on the cards. That’s where the upside really starts to take shape. Just imagine: a future scenario where direct shipping ore is trucked only 2–4 km to port. That level of proximity is unheard of and would dramatically reduce operating costs, placing ESR in a league of its own when it comes to logistics efficiency and export margins.

1. Diamond Drilling First – Higher Precision, Lower Risk
   Initial drilling will be done with diamond rigs to help the team understand the geology and get comfortable with field conditions. Daws admitted it’s been more expensive to get the gear into Timor-Leste than expected, but he was clear: the long-term upside far outweighs the short-term costs. Once confident, RC rigs will follow to speed up the process and cover more ground.

1. Resource Could Be Defined Within the First Few Thousand Metres
   Chris noted that early drilling has the potential to quickly define a maiden resource. If ESR can demonstrate consistent 2–3 metre intercepts at ~45% Mn, it would be enough to catch serious market attention. These are the kinds of numbers that move stocks and bring institutional capital to the table.

1. Global Eyes Already Watching
   Perhaps most interesting was his statement that a lot of companies around the world are watching closely. ESR isn’t flying under the radar anymore. Between the first-mover advantage in Timor-Leste, strategic limestone potential, and proximity to existing port infrastructure, the broader mining sector is clearly paying attention.

Conclusion:
This wasn’t just a general update—it was a clear signal that ESR is on the cusp of drilling, with multiple catalysts converging. Once the permit drops, investors can expect fast-moving developments. If the grades are there, the share price won't stay where it is for long.