The market will start to look at Esr very differently, page-13

I’ve been spending a lot of time analysing the geography of both the Sica and Ira Miri prospects in Timor-Leste, and more specifically, the Com Port (also referred to as the Japanese Port) located just 30 km from both sites.

This deep-sea port, while modest in scale, presents a critical near-term advantage for Estrella Resources. If an economic resource is confirmed, manganese from Ira Miri and Sica could begin flowing through this pier quickly and efficiently, bringing meaningful revenues to both Estrella and the nation of Timor-Leste.

Is the port ideal? No. But will it do the job in the early phase of operations? Absolutely.

Once consistent volumes of marketable manganese are moving through Com Port, I believe we’ll begin to see significant capital injections into the infrastructure — similar in principle (though not necessarily in scale) to the $500 million redevelopment of Tibar Bay Port. While I’m not suggesting a project of that size, I do believe Com Port can evolve into a fit-for-purpose export facility that supports Estrella’s growth for years to come.

The more I look into the surrounding infrastructure — roads, coastal access, and government cooperation — the more excited I become about Estrella’s ability to bring manganese to the Asian market at a price point that could rival, or even undercut, global leaders like Groote Eylandt, which already sits at the low end of the cost curve.

Where Estrella may have a strategic edge over Groote is in several key areas:

• Less red tape and faster approvals

• A government that is proactively supporting development

• Favourable tax conditions and cheap local labour

• High grades and confirmed Direct Shipping Ore (DSO) potential

• Proximity to key markets including Japan, Indonesia, China, and Southeast Asia
  
  

The recent acquisition of additional tenements, on the advice of local sources on the ground — has not only delivered surface grades exceeding 60% Mn, but also further improved Estrella’s logistical advantage due to their proximity to the Com Port.

And let’s not forget, our largest shareholder, AWM Holdings FZCO, the world’s largest shipper of manganese, has been on the register for over six months. Given their expertise, I have little doubt they’ve closely evaluated the port and logistics. Their continued support is a strong signal that the fundamentals stack up.

In my opinion, this has all the hallmarks of a unicorn in the making. The geology, logistics, infrastructure, partnerships, and timing are aligning, and the real work is only just beginning.