Key Highlights

  • Estrella Resources shares were up 6.67% at $0.032 during the 22 October 2026 trading session, as at 11:55 am.
  • The Werumata Limestone Project resource stands at 533Mt, including 274Mt classified as Indicated.
  • About 70% of the 391Mt Product 1 limestone resource is now Indicated, at an average 83.9% acid neutralisation capacity.

Estrella Resources Limited (ASX:ESR) shares were up 6.67% at $0.032 during the Trading session on 22 October 2026, based on data at 11:55 am. In the broader market at the time of the data, the S&P/ASX 200 stood at 8,774.90, down 0.64% (56.40 points), while the All Ordinaries stood at 8,897.80, down 0.66%. Estrella is an ASX-listed company with exploration projects and mineral rights in Western Australia, currently focusing its exploration effort on its portfolio of Timor-Leste tenements, known locally as concessions, which include the Werumata Limestone Project.

About the Company

Estrella Resources Limited trades on the Australian Securities Exchange under the code ESR. The company holds exploration projects and mineral rights in Western Australia, although its current exploration activity is centred on Timor-Leste. Its Timor-Leste operations are held through Estrella Resources Ltd Representação Permanente, a wholly-owned subsidiary.

Business Overview

Estrella's Timor-Leste portfolio includes manganese and copper-gold targets alongside the Werumata limestone deposit. The company has discovered manganese mineralisation at several sites, and the Ira Miri deposit has been excavated to extract a 27,000t bulk sample, which is to be sold as a market appraisal exercise.

Estrella has also identified several occurrences of copper mineralisation and is pursuing copper and gold potential. The Werumata Limestone Project sits in the Lautém Municipality, approximately 170km east-northeast of Dili, and is accessible by sealed all-weather roads. It is held under an Exploration and Evaluation Concession awarded for four years from 14 May 2025.

Werumata Resource Upgrade

In its announcement dated 15 October 2026, Estrella reported an updated Mineral Resource Estimate for Werumata of 533Mt as a central estimate, made up of 274Mt Indicated and 259Mt Inferred. Roughly 51% of the resource is now Indicated, compared with the maiden estimate announced on 14 May 2026, which was classified entirely as Inferred.

The maiden figure was 621Mt. The company attributed the reduction solely to changes in estimated bulk densities, stating that the modelled mineralised Volume is unchanged. Lower and upper estimates of 482Mt and 585Mt reflect density variation. No Measured Resource or Ore Reserve is reported.

Product Breakdown and Density Work

The resource is split into three products by acid neutralisation capacity (ANC). Product 1, at ANC of 47% or higher, totals 391Mt at an average 83.9% ANC, with 274Mt Indicated and 117Mt Inferred. Product 2, at ANC of 20% to 47%, totals 33Mt, and Product 3, at ANC below 20%, totals 109Mt. Product 1 tonnage fell from 493Mt and Product 3 rose from 95Mt, while Product 2 was unchanged.

The classification change follows an expanded bulk density program on existing drill core. The maiden estimate relied on laboratory measurements covering less than 3% of diamond drill core length. Updated densities for the BCUH horizon moved from 1.88 to 1.69 tonnes per bank cubic metre and for BPUH from 1.64 to 1.07, with the measurements verified and audited by the Competent Person.

Estimation Basis and Development Path

The estimate, effective 15 October 2026 and prepared by ASEAMCO Pty Ltd, uses 33 reverse circulation holes totalling 2,804m and nine diamond holes totalling 913m. The technical report identifies open cut Mining as the only economically feasible method, and all three products are described as direct shipping ores needing only crushing and screening.

Related Sector Context

Industrial minerals such as limestone sit alongside metals exploration within the broader resources sector, with Demand linked to construction, agriculture and industrial processing. On the day of the data, the S&P/ASX 200 was down 0.64% and the All Ordinaries down 0.66% at 11:55 am, while Estrella shares were moving higher.

Risks to Weigh In

The Werumata resource remains at an early stage. Around 49% of the total is still classified as Inferred, which carries a lower level of geological confidence, and no Measured Resource or Ore Reserve has been reported. The company stated that product specifications, processing requirements and commercial viability remain subject to technical and customer confirmation.

The concession is held for a fixed four-year term from 14 May 2025. Port access, infrastructure and export logistics depend on engagement with the Timor-Leste Government, and any development would need customers, funding and approvals that the announcement does not quantify.

Catalysts on Watch

The company listed several next steps: progressing technical and economic evaluation using the updated Mineral Resource, advancing discussions with prospective customers on specifications and potential offtake, and continuing engagement with the Timor-Leste Government on port access, infrastructure and export logistics. It also plans further community engagement and will assess additional drilling to test extensions and higher-quality limestone horizons.

Putting It Together

Estrella shares were up 6.67% at $0.032 during the 22 October 2026 session while the broader indices were lower. The company's latest reported data show a 533Mt Werumata resource with 274Mt Indicated, and a list of technical, commercial and logistical steps still to be completed.