Key Highlights

  • Estrella Resources shares were trading at $0.022 during the 13 November 2026 session, down 12.00%.
  • The Werumata Limestone scoping study reports a base case after-tax, pre-financing NPV10 of US$1,453 million and an IRR of 46%.
  • Stage 1 development of about 8 million tonnes a year is estimated at US$117 million of initial capital.

During the Trading session on 13 November 2026, Estrella Resources Ltd (ASX:ESR) shares were trading at $0.022, down 12.00%, while the S&P/ASX 200 was down 0.73% at 9,079.70 at 12:39 pm AEDT. Estrella is a resources company whose main focus is the Werumata Limestone project in Timor-Leste. Its latest update, dated 12 November 2026, presented the results of a scoping study for the project.

Scoping study results

The study outlines an open cut mine, mechanical crushing and a port facility, with low life-of-mine operating costs of US$7.89 per tonne free on board. Stage 1 is a start-up operation of about 8 million tonnes a year, with initial Capital of US$117 million including contingency. The base case expands to 25 million tonnes a year, with a 20-year mine life based on a JORC 2012 resource of 533 million tonnes, of which 274 million tonnes are indicated and 259 million are inferred. The company said total capital for the base case is US$476 million, with a peak funding requirement of US$363 million.

Offtake and development pathway

Estrella said development is anchored by a signed master agreement with PT Raka Energi Mandiri for Indonesian offtake, with the scoping study conditions precedent now satisfied. The study assumes a sale price of US$20 per tonne free on board, and it reports that a reduced price of US$15 per tonne still clears the company's minimum 20% IRR threshold for Stage 1. Commencing a feasibility study will be subject to board approval.

Sector context

Limestone and industrial mineral projects are assessed on the cost of shipping and port access, since transport is a large share of delivered cost. Projects in Southeast Asia depend on port capacity, export approvals and offtake Demand from regional buyers, and resource classification affects how much weight a study can carry in financing discussions.

Risks investors are watching

The scoping study is a conceptual assessment with an accuracy range that the company describes as between minus 20% to 50% on the low side and plus 30% to 100% on the high side. Inferred resources, which make up 49% of the resource, carry a low level of geological confidence. The study is not sufficient to support an Ore Reserve, and the company has said there is no certainty that its conclusions will be realised.

What to watch ahead

Investors will look for the board's decision on a feasibility study, progress on financing for the US$363 million peak requirement, and any further detail on the Indonesian offtake agreement. Updates on the port Facility and approvals in Timor-Leste will also be followed.

Final Word

Estrella's scoping study sets out a large-scale limestone development with a sizeable base case and an offtake master agreement. The next stage will depend on board approval, financing and further technical work.