ESTRELLA RESOURCES LIMITED — Capital/Financing Update 2021

Apr 8, 2021

9 April 2021

==> picture [145 x 60] intentionally omitted <==

ASX ANNOUNCEMENT

Carr Boyd Exploration Update

HIGHLIGHTS

• Seismic survey over the T5 to Drinkwater basal contact recently completed by Ultramag. Data processing and interpretation is underway. Project will qualify for R&D rebate (Figure 1 & 2).

• Two diamond core holes completed to collect rock properties (density & velocity readings) to augment the seismic modelling process and to confirm position of the basal contact (Figure 2).

• Mapping of the Carr Boyd Intrusive Complex 50% complete, several new prospects identified with nickel gossan float material located at surface (Figure 3).

• Phase 2 diamond drilling at T5 Prospect completed, Phase 3 infill and step-out holes underway. o CBDD042A intersected 4.9m @ 0.96% Ni, 0.35% Cu in feeder zone, net-textured sulphides

• Additional Downhole Electromagnetic surveys utilising a very low resistance loop highlighted additional potential sulphide anomalism which will be tested in the next few weeks (Figure 4).

• Combination Reverse Circulation / Diamond Drill Rig has arrived on site (Figure 5) to boost regional exploration along 30km of untested basal contact.

Estrella Resources Limited (ASX: ESR) (Estrella or the Company) is pleased to update the market with its progress at the Carr Boyd Nickel Project in the Eastern Goldfields, Western Australia.

R&D Hard-Rock Seismic Survey by Ultramag and 3D Geological Interpretation

The Seismic Program comissioned by Estrella Resources utilised a new type of impact vibrator called an e-Vibe (shown in Figure 1) which is operated by Ultramag. This is the first time this system combined with new seismic nodes from Schlumberger has been deployed in a hard-rock, Archean nickel environment. This compact seismic source was successfull in allowing the Company to access areas previously inaccessible to conventional seismic machinery due to their cost, size and environmental impact.

==> picture [231 x 152] intentionally omitted <==

==> picture [239 x 152] intentionally omitted <==

Figure 1: R&D Seismic Survey conducted by Ultramag enabled very low environmental impact seismic surveying at Carr Boyd, allowing the company to image the prospective basal contact at depth ahead of drill planning. The e-Vibe system enabled access into areas where traditional seismic systems were too large and destructive to operate effectively.

Ultramag have recently completed a 20 linear kilometre seismic acquisition process (Figure 2) and initial data available to the Company shows the experimental system has successfully performed to the

---

Office Address London House, Level 11, 216 St Georges Terrace, PERTH WA 6000 Postal Address GPO Box 2517, PERTH WA 6831 Phone +61 8 9481 0389 Fax +61 8 9463 6103 Email info@estrellaresources.com.au

==> picture [145 x 60] intentionally omitted <==

specifications of the experiment. A further 8-10 weeks of data processing will take place before the Company will have a full 3D interpretation of T5 and the embayment area. The Company will update the market with the modelled results when available.

The Carr Boyd basal contact is the most prospective horizon within the Intrusive Complex. Historically it been difficult to intersect in drilling due to its variable dip and in places, faulted nature. The use of seismic will vastly improve the success rate of any targeted drilling at depth.

The company has comissioned Graeme Hird from Rock Solid Seismic to assist with the interpretation. Mr Hird is Australia’s most experienced hard-rock seismic interpreter. The seismic survey is a necessary derisking tool employed by the company that will increase the success rate of deeper drilling targeting the basal contact for nickel sulphides. Interpretation will utilise all new and historical, geological and geophysical datasets available to the company.

Drilling Conducted for the Seismic Program

Diamond drill holes CBDD045 and CBDD046 were completed to gather geophysical rock properties (density and velocity) as well as geological information to assist in the seismic modelling and interpretation of the basal contact. The holes were drilled just south and west of the Carr Boyd Mine (Figure 2) and this information will be incorporated into the seismic data processing and interpretation as a part of the R&D project.

The holes were planned to intersect the basal contact in the vacinity of seismic lines and were not targeting sulphides directly (Figure 2). The holes intersected chilled pyroxenitic rubble breccias clearly associated with the basal contact and DHEM will be completed on the holes to complete the geophysical anyalysis of the contact zone.

==> picture [429 x 334] intentionally omitted <==

Figure 2: Locations of CBDD045 and CBDD046 with respect to the Seismic lines and T5 Mineralised Contact

==> picture [145 x 60] intentionally omitted <==

Regional Potential

Mapping of the Carr Boyd Intrusive Complex to assist in the 3D structural and geological modelling and interpretation work has led the Company to an updated interpretation of the local geology with respect to nickel potential. Regional stratigraphy and geological context has now been established. Geological vectors known to be important for nickel accumulation are pointing south along the T5 Feeder Zone to an interpreted embayment at the base of the Intrusive Complex where pyroxenite intrusions have been mapped crosscutting and assimilating sulphidic sediments. The resulting sulphides, once exposed and assimilated by the pyroxenites, become progressively enriched in nickel and settle onto the base of the embayment. Nickel gossan float material can be found at surface which represent this mineralised material on the basal contact (Figure 3).

The company believes that the T5 nickel mineralisation and the Carr Boyd Mine mineralisation may have a common source at depth within the embayment. Additional work on structural offsets within the complex should allow Estrella’s geological team to begin to pinpoint these locations, and together with the updated 3D interpretation, to drill test them. A detailed drone DTM and aerial photography survey has been completed along the length of the contact zone (Figure 3) to assist with the targeted exploration program.

==> picture [452 x 437] intentionally omitted <==

Figure 3: Mapped basal contact in relation to sulphidic sediments, assimilation zones where sulphides enter the intrusion and nickel sulphides at surface (NiS). Mapping reveals that the paleo-gravity direction is to the west (left) with younging to the east, confirming the mapped embayment as a significant geological feature.

==> picture [145 x 60] intentionally omitted <==

T5 Drilling and Downhole Electromagnetics (DHEM)

The Company has completed Phase 2 drilling at the T5 discovery area. To date, 15 holes have been completed at the T5 Prospect for just over 7,659m. Significant intercepts are presented in Table 1 and in Figures 4 and 6. Drilling has revealed the T5 Prospect to be a feeder zone along which sulphides have travelled. Due to the deep nature of drilling at T5, de-risking work will be undertaken to enhance drill success offuture drilling. This de-risking will be based on seismic interpretation, further structural work and advanced downhole electromagnetics.

DHEM results recently received by the Company show the T5 Conductor continuing to increase with depth (Figure 4). In particular, DHEM and drill results confirm a steep south plunge to the sulphides at this location.

The next round of infill and step-out drilling has commenced and will test the T5 contact to the north and south of known mineralisation in order to expand this zone laterally. Deeper drilling will be planned once results of the Seismic Survey have been fully interpreted and small-scale faulting of the contact has been taken into account.

Estrella Managing Director Chris Daws commented:

“The experimental seismic program was completed successfully and the initial results are promising, which should allow our geologists to see the basal contact at depth for the very first time. The combination of technology and geological science coming togther at Carr Boyd is extremely exciting and eye opening. Combined with the regional mapping works and the drill rig which continues to uncover mineralisation at our flagship Carr Boyd Nickel & Copper Project, we are contining to work at full stride so that we can unlock the source of the nickel and copper sulphides discovered to date at the project. I look forward to the next round of drilling results and the seismic-geoligical interpretations.”

Combination Reverse Circulation / Diamond Drill Rig has arrived on site

Topdrive Drillers have supplied Estrella Resources a track-mounted Combination Diamond / Reverse Circulation Drill Rig (RC/DD) capable of up to 400m RC and 1,800m NQ2 diamond holes. This rig (Figure 5) will enable the Company to drill relatively cheap pre-collars ahead of diamond tails which will reduce the overall costs on deeper drilling. The RC/DD rig will also enable a cost-effective expansion of the regional exploration effort into the interpreted embayment in Figure 3.

Proposal of Works approvals have been received for the company to progress exploration north, south and east along the basal contact covering Dunn, Drinkwater, Schmidt, Sir William Wallace, Tregurtha and Gossan Hill Prospects (Figure 2) as well as other prospects further afield along the basal contact. The company intends to use the RC capability of the rig to test and refine the Seismic Interpretation of the basal contact ahead of deeper diamond drilling of targets generated.

==> picture [145 x 60] intentionally omitted <==

==> picture [451 x 284] intentionally omitted <==

Figure 4: T5 Basal Contact Longsection showing significant intersections >0.5% nickel and a broadening zone of Downhole Electromagnetic conductors.

==> picture [451 x 338] intentionally omitted <==

Figure 5: Track-mounted Combination RC - Diamond Drill Rig from Topdrive Drillers to arive in early April

==> picture [145 x 60] intentionally omitted <==

==> picture [228 x 297] intentionally omitted <==

==> picture [228 x 296] intentionally omitted <==

==> picture [228 x 297] intentionally omitted <==

==> picture [228 x 296] intentionally omitted <==

Figure 6: Cross-sections through the T5 Feeder Zone. The intersections to date have been complicated by a set of flat faults and sheared dyke intrusion along the basal contact. Further DHTEM and seismic results will assist in Phase 3 targeting.

==> picture [145 x 60] intentionally omitted <==

Table 1: Significant Intersection Summary, SG adjusted

Hole	m From m To Interval	Ni%	Cu%	Co%	2PGE*	**Ag g/t **
CBDD028	165.2 167 1.8	0.73	0.34	0.04	0.65	1.78
including	165.2 165.6 0.4	1.12	1.07	0.06	0.91	6.80
CBDD029	NSA - Hole did not test T5 contact
CBDD030	431.6 445.5 13.9	1.18	0.39	0.05	0.45	1.61
including	436.3 439.5 3.2	3.19	0.64	0.14	0.71	2.56
CBDD031	NSA - Hole did not test T5 contact
CBDD032	NSA - Fault blank,T5 contact not tested
CBDD033	368.5 388.6 20.1	1.04	0.67	0.05	0.79	2.45
including	372.52 378.4 5.88	1.39	0.66	0.07	0.90	2.31
and	380.7 382.8 2.1	1.37	0.54	0.06	2.34	2.61
and	386.15 388.6 2.45	1.65	2.01	0.08	0.83	7.31
CBDD034	NSA - Fault blank,T5 contact not tested
CBDD035	516.8 524.85 8.05	0.83	0.49	0.03	0.62	2.84
including	516.8 520.5 3.7	1.18	0.76	0.04	0.97	5.29
CBDD036	505.6 511 5.4	0.87	0.76	0.04	0.61	3.25
including	506.15 508.1 1.95	1.34	1.41	0.05	0.93	6.12
CBDD037	NSA - Fault blank,T5 contact not tested
CBDD039	NSA - Sheared T5 contact,low tenor sulphides
CBDD041	NSA - Sheared T5 contact,low tenor sulphides
CBDD042A	603.7 608.6 4.9	0.96	0.35	0.04	0.29	1.35
including	606.89 608.6 1.71	1.63	0.66	0.07	0.43	3.12
CBDD043	Dyked + sheared T5 contact -Awaiting Assays
CBDD044	Sheared T5 contact
Note: Intervals	quoted are downhole lengths, true widths are not known due to faulting
Intervalgrades	weighted by downhole length and bulk density,	_2PGE refers to Pt + Pd ing/t _

Table 2: Drill hole collar details for T5 Drilling

Hole ID	Final Depth	Easting	Northing	RL	Dip	Azimuth	Status
CBDD0028	251	367048.96	6673939.6	421.8	-60	90	Completed
CBDD0029	603.8	367004.61	6673939.07	421.6	-70	90	Completed
CBDD0030	495.7	367030.37	6673642.32	418.3	-65	90	Completed
CBDD0031	591.8	366943.09	6674243.14	424.5	-65	90	Completed
CBDD0032	335.6	367279.38	6673941.27	423.3	-65	270	Completed
CBDD0033	450	367397.53	6673657.83	422.2	-65	270	Completed
CBDD0034	412	367361.34	6673941.15	423.5	-65	270	Completed
CBDD0035	581.7	367441.86	6673659.47	423	-65	270	Completed
CBDD0036	576.8	367420	6673620	422.4	-65	270	Completed
CBDD0037	420.8	367425	6673625	422.4	-60	270	Completed
CBDD0039	609.7	367450	6673710	423.6	-65	270	Completed
CBDD0041	480.7	367400	6673500	421.9	-60	270	Completed
CBDD0042A	654.7	367403	6673500	421.9	-70	270	Completed
CBDD0043	495.3	367449	6673940	432	-65	270	Completed
CBDD0044	699.8	367446	6673707	429.8	-70	256	Completed

==> picture [145 x 60] intentionally omitted <==

The Board has authorised for this announcement to be released to the ASX.

FURTHER INFORMATION CONTACT

Christopher J. Daws Managing Director Estrella Resources Limited +61 8 9481 0389 info@estrellaresources.com.au

Competent Person Statement

The information in this announcement relating to Exploration Results is based on information compiled by Steve Warriner, who is the Exploration Manager of Estrella Resources, and a member of The Australasian Institute of Geoscientists. Mr. Warriner has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves”. Mr. Warriner consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

==> picture [144 x 60] intentionally omitted <==

Table 3. List of assay results from CBDD042A

Hole_ID	SampleID	mFrom	mTo	Interval	Ni%	Cu%	Co ppm	Ag g/t	Pt g/t	Pd g/t	As ppm	S%	MgO%
CBDD042A	ECB10658	589.25	590.75	1.5	0.07	0.01	72	<0.5	0.02	0.01	<5	0.02	21.31
CBDD042A	ECB10659	590.75	592.25	1.5	0.08	0.02	75	<0.5	0.02	0.02	<5	0.02	21.47
CBDD042A	ECB10660	592.25	593.75	1.5	0.08	0.01	73	<0.5	0.02	0.02	<5	0.02	20.89
CBDD042A	ECB10661	593.75	595.25	1.5	0.10	0.02	79	<0.5	0.03	0.03	<5	0.03	20.97
CBDD042A	ECB10662	595.25	596.59	1.34	0.23	0.05	128	<0.5	0.06	0.08	<5	0.48	21.31
CBDD042A	ECB10663	596.59	597.21	0.62	0.13	0.02	95	<0.5	0.04	0.03	<5	0.31	19.98
CBDD042A	ECB10664	597.21	597.93	0.72	0.14	0.07	110	0.50	0.03	0.02	<5	0.61	22.22
CBDD042A	ECB10665	597.93	598.55	0.62	0.19	0.74	150	6.80	0.02	0.05	<5	1.66	22.47
CBDD042A	ECB10666	598.55	599.48	0.93	0.19	0.07	104	0.60	0.04	0.03	<5	0.34	21.39
CBDD042A	ECB10667	599.48	600.75	1.27	0.33	0.27	125	2.50	0.10	0.05	<5	0.56	21.89
CBDD042A	ECB10668	600.75	601.75	1	0.29	0.11	115	1.00	0.02	0.01	<5	0.33	22.05
CBDD042A	ECB10669	601.75	602.46	0.71	0.31	0.12	140	0.60	0.04	0.03	<5	0.73	21.80
CBDD042A	ECB10670	602.46	603.7	1.24	0.37	0.14	184	<0.5	0.13	0.06	<5	1.92	20.89
CBDD042A	ECB10671	603.7	604.63	0.93	0.56	0.15	259	0.50	0.30	0.09	<5	3.02	21.47
CBDD042A	ECB10672	604.63	605	0.37	1.21	0.26	568	0.70	0.17	0.13	<5	6.59	20.39
CBDD042A	ECB10673	605	605.96	0.96	0.43	0.12	200	<0.5	0.04	0.06	<5	2.23	21.89
CBDD042A	ECB10674	605.96	606.26	0.3	0.95	0.38	433	1.30	0.05	0.17	<5	5.04	15.90
CBDD042A	ECB10675	606.26	606.89	0.63	0.28	0.15	145	<0.5	0.04	0.04	<5	1.50	21.64
CBDD042A	ECB10676	606.89	607.71	0.82	0.73	0.34	329	0.90	0.06	0.09	<5	4.10	16.66
CBDD042A	ECB10677	607.71	608.6	0.89	2.39	0.93	1055	5.00	0.07	0.60	<5	>10.0	10.43
CBDD042A	ECB10678	608.6	609.7	1.1	0.14	0.04	121	<0.5	0.01	0.01	<5	0.61	21.89
CBDD042A	ECB10679	609.7	610.82	1.12	0.12	0.03	114	<0.5	0.01	0.00	<5	0.27	21.56
CBDD042A	ECB10680	610.82	611.26	0.44	0.20	0.68	149	6.90	0.06	0.04	<5	1.32	19.98
CBDD042A	ECB10681	611.26	612.53	1.27	0.11	0.02	103	<0.5	<0.005	0.00	<5	0.27	19.65
CBDD042A	ECB10682	612.53	613.28	0.75	0.06	0.02	65	<0.5	0.01	0.00	<5	0.31	12.25
CBDD042A	ECB10683	613.28	614.2	0.92	0.12	0.13	122	0.70	0.02	0.01	<5	1.43	12.57
CBDD042A	ECB10684	614.2	614.5	0.3	0.30	0.54	333	2.40	0.01	0.02	<5	5.45	10.23
CBDD042A	ECB10685	614.5	615.86	1.36	0.07	0.02	79	<0.5	<0.005	0.00	<5	0.34	13.28
CBDD042A	ECB10686	615.86	617.36	1.5	0.02	0.03	74	<0.5	0.01	<0.001	<5	0.64	6.12
CBDD042A	ECB10687	617.36	618.92	1.56	0.01	0.01	54	<0.5	<0.005	0.00	<5	0.18	6.37
CBDD042A	ECB10688	618.92	620.42	1.5	0.01	0.01	56	<0.5	<0.005	<0.001	<5	0.17	6.67
CBDD042A	ECB10689	620.42	621.92	1.5	0.01	0.01	63	<0.5	<0.005	<0.001	<5	0.18	7.23
CBDD042A	ECB10690	621.92	623.42	1.5	0.01	0.01	56	<0.5	<0.005	<0.001	<5	0.20	6.42

---

==> picture [144 x 60] intentionally omitted <==

APPENDIX 1 JORC TABLE 1 - JORC CODE, 2012 EDITION – TABLE 1 Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

	Criteria	JORC Code explanation	Commentary
	Sampling	Nature and quality of sampling (e.g.	DD core samples have been half cut with an
	techniques	cut channels, random chips, or	automatic core saw.
		specific specialised industry	0.25m-1.1m samples are collected from the core trays
		standard measurement tools	as marked out by the supervising geologist.
		appropriate to the minerals under	A handheld XRF tool was used to verify the
		investigation, such as down hole	mineralisation with samples reporting >0.3% Ni in
		gamma sondes or handheld XRF	disseminated zones and >1% Ni in the matrix
		instruments, etc.). These examples	sulphide zones.
		should not be taken as limiting the	XRF results have not been reported and are used as
		broad meaning of sampling.	a logging/sampling verification tool only.
		Include reference to measures taken	Core is cut and sampled to ensure the sample is
		to ensure sample representivity and	representative and no bias is introduced. Cutting of
		the appropriate calibration of any	specific, banded or stringer sulphide zoned core is
		measurement tools or systems used.	done orthogonal to the banding to ensure there is no
			bias.
		Aspects of the determination of	Determination of mineralisation has been based on
		mineralisation that are material to the	geological logging, visual sulphide estimates and
		Public Report.	confirmation using a pXRF machine. Samples were
			dispatched to an accredited laboratory for multi-
			element analysis.
			.
		In cases where ‘industry standard’	Diamond core drilling was used to obtain 3m length
		work has been done this would be	samples from the core barrel which are then marked
		relatively simple (e.g. ‘reverse	in one meter intervals, based on core block
		circulation drilling was used to obtain	measurements.
		1 m samples from which 3 kg was	Samples are selected based on geological logging
		pulverised to produce a 30g charge	boundaries or on nominal meter marks.
		for fire assay’). In other cases more	Collected samples weigh a nominal 2-3 kg
		explanation may be required, such	(depending on sample length).
		as where there is coarse gold that	Samples have been dispatched to an accredited
		has inherent sampling problems.	commercial laboratory in Perth for analysis.
		Unusual commodities or	Samples are being analysed using a 4-acid digest,
		mineralisation types (e.g. submarine	ME-ICP for 33 elements and ore zone samples are
		nodules) may warrant disclosure of	also being tested for Au & PGE elements using ICP
		detailed information	analysis.
	Drilling	Drill type (e.g. core, reverse	Drilling was undertaken using NQ2 sized drill core.
	techniques	circulation, open-hole hammer,	Holes have been collared with mud rotary from
		rotary air blast, auger, Bangka, sonic,	surface, HQ rough cored to top of fresh rock then NQ2
		etc) and details (e.g. core diameter,	cored to EOH.
		triple or standard tube, depth of
		diamond tails, face-sampling bit or
		other type, whether core is oriented
		andifso, bywhatmethod, etc).

---

==> picture [144 x 60] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
Drill	Method of recording and assessing	Core recovery was recorded by the field crew and
sample	core and chip sample recoveries and	verified by the geologist.
recovery	results assessed.	RQD measurements were digitally recorded	to
	Measures taken to maximise sample	ensure recovery details were captured.
	recovery and ensure representative	Sample recovery in all mineralised zones is high with
	nature of the samples.	negligible core loss observed.
	Whether a relationship exists	Diamond core drilling is the highest standard and no
	between sample recovery and grade	relationship has been established between sample
	and whether sample bias may have	recovery and reported grade as the core is in very
	occurred due to preferential loss/gain	good condition.
	of fine/coarsematerial.
Logging	Whether core and chip samples have	Detailed industry standard of collecting core in core
	been geologically and geotechnically	trays, marking meter intervals & drawing core
	logged to a level of detail to support	orientation lines was undertaken.
	appropriate Mineral Resource	Core trays were photographed wet and dry prior to
	estimation, mining studies and	sampling.
	metallurgical studies.	Drill hole logs are recorded in Excel spread sheets
	Whether logging is qualitative or	and validated in Micromine Software as the drilling
	quantitative in nature. Core (or	progresses.
	costean, channel, etc) photography.	The entire length of all holes is logged.
	The total length and percentage of
	therelevantintersectionslogged.
Sub-	If core, whether cut or sawn and	Core is half cut using an automatic core saw to
sampling	whether quarter, half or all core	achieve a half-core sample for laboratory submission.
techniques	taken.	The sample preparation technique is considered
and sample	If non-core, whether riffled, tube	industry best standard practice.
preparation	sampled, rotary split, etc and	No field duplicates have been collected in this
	whether sampled wet or dry.	program. Field duplicates will be collected once initial
	For all sample types, the nature,	results are returned and resampling of	the
	quality and appropriateness of the	mineralised zones is warranted.
	sample preparation technique.	Sample sizes are appropriate to the grain size of	the
	Quality control procedures adopted	mineralisation.
	for all sub-sampling stages to
	maximise representivity of samples.
	Measures taken to ensure that the
	sampling is representative of the in-
	situ material collected, including for
	instance results for field
	duplicate/second-half sampling.
	Whether sample sizes are
	appropriate to the grain size of the
	materialbeing sampled.
Quality of	For geophysical tools,	No handheld XRF results are reported however	the
assay data	spectrometers, handheld XRF	tool was used to verify the mineralisation with
and	instruments, etc, the parameters	reporting >0.3% Ni in disseminated zones and >1%
laboratory	used in determining the analysis	Ni in the matrix sulphide zones.
tests	including instrument make and	DHTEM parameters are as follows;
	model, reading times, calibrations	Tx Loop size: 500 x 800 m
	factors applied and their derivation,	Transmitter: GAP HPTX-70
	etc.	Receiver: EMIT SMARTem24
	Nature of quality control procedures	Sensor: EMIT DigiAtlantis
	adopted (e.g. standards, blanks,	Station spacing: 2m to 10m
	duplicates, external laboratory	Tx Freq: 0.5 Hz
	checks) and whether acceptable	Duty cycle: 50%
	levels of accuracy (i.e. lack of bias)	Current: ~130 Amp
	and precision have been established.	Stacks: 32-64
		Readings: 2-3 repeatable readings per station
	The verification of significant	Results verified internally by Company personnel

==> picture [144 x 60] intentionally omitted <==

Criteria	JORC Code explanation Commentary
Verification of sampling and assaying	intersections by either independent oralternative company personnel.
	The use of twinned holes. Hole CBDD0028 is twinning hole CBP042. No other twinningiswarranted at this stage.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. The data was collected and logged using Excel spreadsheets and validated using Micromine Software. The data will be loaded into an externally hosted andmanaged database.
	Discuss any adjustment to assay data. No adjustments have been made to the assay data otherthan length xSGweighted averaging.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down- hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. The holes were pegged using a hand-held GPS+3m The rig was setup over the nominated hole position and final GPS pickup occurred at the completion of the hole. Holes are progressively surveyed by DGPS on a batchbasis.
	Specificationofthe grid systemused. MGA94_51
	Quality and adequacy of topographic control. Topography is relatively flat and control is more than adequate given the early stage of the project. A 3D drone ortho-photographic survey had been used to create aDTMofthe project area.
Data spacing and distribution	Data spacing for reporting of Exploration Results. Refer to Cross Sections and Plans included
	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Not applicable, no Mineral Resource is being stated.
	Whether sample compositing has beenapplied No compositing has been applied. Intercepts are quoted aslength weightedintervals.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reportedif material. The drill hole orientation does not introduce a sample bias.
Sample security	The measures taken to ensure sample security. Samples are in the possession of Estrella’s personnel from field collectiontolaboratory submission.
Audits or reviews	The results of any audits or reviews ofsampling techniques and data. No audits or reviews have been conducted for this release giventhe early stage ofthe project.

==> picture [144 x 60] intentionally omitted <==

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	Type, reference name/number,	Carr Boyd Nickel Pty Ltd (a wholly owned subsidiary of
tenement and	location and ownership including	ESR) holds a 100% interest in the nickel and base metal
land tenure	agreements or material issues with	rights to the project.
status	third parties such as joint ventures,	There are no known impediments to operate in the area.
	partnerships, overriding royalties,
	native title interests, historical sites,
	wilderness or national park and
	environmental settings.
	The security of the tenure held at the
	time of reporting along with any
	known impediments to obtaining a
	licence to operateinthe area.
Exploration	Acknowledgment and appraisal of	The Carr Boyd Rocks deposit was discovered by Great
done by other	exploration by other parties.	Boulder Mines, in a joint venture with North Kalgurli Ltd
parties		in 1968. The deposit was mined between 1972 and
		1975, during which time they explored for additional
		breccia pipe occurrences near the mine.
		WMC acquired Great Boulder Mines Ltd in 1975, briefly
		reopening the mine in 1977 before closing it permanently
		shortly thereafter due to a collapse in the nickel price.
		The mine had produced 210,000t at 1.44% Ni and 0.46%
		Cu before its closure.
		From 1968 Pacminex Pty Ltd held most of the ground
		over the CBLC outside of the immediate mine area.
		Between 1968 and 1971 they conducted extensive
		exploration programs searching for large basal contact
		and/or stratabound Ni-Cu deposits. It was during this
		time that most of the disseminated and cloud sulphide
		occurrences such as those at Tregurtha, West Tregurtha
		and Gossan Hill were discovered.
		Defiance Mining acquired the regional tenements from
		Pacminex in 1987 and focused on exploration for PGE
		deposits between 1987 and 1990. In 1990 Defiance
		purchased the Carr Boyd Rocks mine from WMC and
		switched focus to the mine area between 1990 and 2001,
		leaving many PGE targets untested.
		From 1990 Defiance dewatered the mine to conduct
		testwork and feasibility studies on the remnant
		mineralisation. Metallurgical testwork, Mineral Resource
		estimations, and scoping studies were completed.
		Around 1996 the focus shifted again to regional
		exploration for large tonnage basal contact deposits.
		In 2001 Titan Resources Ltd (Titan) acquired the project
		and recommenced economic evaluations of the remnant
		material at Carr Boyd Rocks before embarking on
		another regional exploration program focusing on the
		basal contact. An aeromagnetic survey, airborne EM
		reprocessing, and several programs of RAB and RC
		drilling were completed.
		From 2005 Yilgarn Mining entered a JV with Titan and
		continued with some regional exploration, but focused
		most attention in and around the Carr Boyd Rocks mine.
		In 2007 Titan was acquired by Consolidated Minerals Ltd
		(Consmin). Consmin conducted IP surveys and detailed
		gravity surveys, but did not drill any targets before selling
		the project to Salt Lake Mining (SLM) in 2013. SLM
		completed limited drilling to meet expenditure

==> picture [144 x 60] intentionally omitted <==

Criteria	JORC	Code explanation	Code explanation	Code explanation				Commentary
								commitments, before selling the project to Apollo
								Phoenix Resources in 2016.
								Apollo sold the project to ESR in 2018.
Geology	Deposit type,		geological setting				and	The Carr Boyd project lies within the Achaean Yilgarn
	style of mineralisation.							Craton in a 700km belt of elongate deformed and folded
								mafic, ultramafic rocks and volcanic sediments intruded
								by granitoids which is referred to as the Norseman-
								Wiluna Belt. The belt has been divided into several
								geological distinct terranes, with the project area lying at
								the northern end of the Gindalbie terrane (Swager, 1996).
								The geology of the Carr Boyd area is dominated by the
								Carr Boyd mafic-ultramafic intrusive complex (CBIC).
								Several distinctive styles of Ni and Ni-Cu mineralisation
								have been identified within the CBIC. At the Carr Boyd
								Rocks Nickel Mine Ni-Cu mineralisation is hosted within
								several 20 - 60m diameter brecciated pipe-like bodies
								that appear to be discordant to the magmatic
								stratigraphy. Mineralisation is hosted by a matrix of
								sulphides (pyrrhotite, pentlandite, pyrite and
								chalcopyrite) within brecciated Bronzite and altered
								country rock clasts.
								Stratiform Ni-Cu-PGE mineralisation has been identified
								at several different locations within the layered magmatic
								complex.
								Estrella is in the process of re-mapping and reclassifying
								the Carr Boyd Igneous Complex. Previous “Layered
								Intrusive” models are misleading as the complex is made
								up of many overprinted and juxtaposed, smaller layered
								and non-layered intrusives that have progressed from
								Ultramafic to Mafic over time. The complex is better
								described as a magma feeder zone, where the earliest
								melts passing through the Morelands Formation have
								assimilated graphitic sulphidic shales, reached sulphur
								saturation and deposited nickel sulphides along basal
								contacts.
								These basal contacts are not restricted to the base of the
								complex, but can form within the complex, wherever
								access was gained by these earlier flows.
								The complex has then been intruded and inflated over
								time by progressively more mafic, barren magmas to
								produce what we see today.
Drill hole	A	summary	of	all	information			All relevant drillhole information can be found in the
Information	material to the understanding of						the	Tables and sections within the announcement.
	exploration		results		including		a
	tabulation		of	the		following
	information for all Material						drill
	holes:
	o	easting and northing of					the
		drill hole collar
	o	elevation or RL (Reduced
		Level	– elevation above				sea
		level	in metres) of the				drill
		hole collar
	o	dip and azimuth of				the hole
	o	down	hole		length		and
		interception		depth
	o	hole length.

==> picture [144 x 60] intentionally omitted <==

Criteria	JORC Code explanation Commentary
	If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. No information is excluded.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high- grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown indetail. Intersections are reported on a nominal 1% Ni+Cu cut-off with length x SG weighted intervals. All intercepts are reported using length x SG weighted intervals.
	The assumptions used for any reporting of metal equivalent values should be clearly stated. No metal equivalents have been stated
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’). True widths have not been estimated. The T5 zone is variably sheared and faulted. Primary mineralisation has been deposited in a turbid environment. Mineralisation contact angles and continuity cannot be determined and true width estimations would be considered misleading.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. Maps and sections with drill hole locations are included in the announcement.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. All new drillhole information within this announcement is reported
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk Everything meaningful and material is disclosed in the body of the report. Geological observations are included in the report. No bulk samples, metallurgical, bulk density, groundwater, geotechnical and/or rock characteristics test were carried out.

==> picture [144 x 60] intentionally omitted <==

Criteria	JORC Code explanation	Commentary	Commentary
	samples – size and method of		There are no known potential deleterious or contaminating
	treatment; metallurgical test results;		substances.
	bulk density, groundwater,
	geotechnical and rock
	characteristics; potential deleterious
	orcontaminating substances.
Further work	The nature and scale of planned		Diamond drilling and DHTEM geophysical testing is
	further work (e.g. tests for lateral		continuing.
	extensions or depth extensions or		A Seismic survey is being planned for mid-2021.
	large-scale step-out drilling).
	Diagrams clearly highlighting the
	areas of possible extensions,
	including the main geological
	interpretations and future drilling
	areas, provided this information is
	not commercially sensitive.