ESTRELLA RESOURCES LIMITED — Investor Presentation 2021

Sep 5, 2021

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ASX:ESR
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TARGET = WORLD CLASS HIGH QUALITY NICKEL SULPHIDE RESOURCE INVESTOR PRESENTATION SEPTEMBER 2021

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DISCLAIMER & DECLARATION

This presentation has been prepared by Estrella Resources Limited (“ESR”) as a summary of the company’s exploration and development activities, with particular reference to the Carr Boyd Ni/Cu Project near Kalgoorlie, WA.

No Offer of Securities

The presentation is not, and should not, be considered as an offer or invitation to subscribe for, or purchase any securities in ESR, or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in ESR will be entered into on the basis of this presentation.

Forward Looking Statements

This presentation contains certain forward-looking statements which have not been based solely on historical facts but, rather, on ESR’s current expectations about future events and on a number of assumptions which are subject to significant uncertainties and contingencies many of which are outside the control of ESR and its directors, officers and advisers.

Reliance on Third Party Information

Due care and attention has been taken in the preparation of this presentation. However, the information contained in this presentation (other than as specifically stated) has not been independently verified nor has it been audited. Accordingly, the company does not warrant or represent that the information contained in this presentation is accurate or complete. To the fullest extent permitted by law, no liability, however arising, will be accepted by ESR or its directors, officers or advisers, for the fairness, accuracy or completeness of the information contained in this presentation.

Competent Person Declaration

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

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ASX: ESR
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The Board authorised for this presentation to be released to ASX.

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EXECUTIVE SUMMARY

• Estrella Resources is a WA-focussed nickel exploration company in a Tier-1 mining jurisdiction

• Acquired 100% ownership of Carr Boyd Intrusive Complex (2017) including the ex-WMC Carr Boyd Rocks Nickel Mine

• Have full regulatory and environmental approvals

• Acquired nickel rights to the Spargoville Project, located 20km South West of Kambalda, Western Australia

• Significant potential upside of Carr Boyd and Spargoville to be maximised through:

• Experienced geological and management team

• CSIRO partnership programs

• In June 2021, Estrella achieved funding for the next 12 months of exploration allowing maximum exposure to a rising nickel price

• Cash balance of ~$8.1m (with additional ~$5.4M options “in the money”)

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ESTRELLA RESOURCES
ASX: ESR
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EV Demand Driving Nickel Outlook

Ni Price Forecast

• Nickel has seen an increase in demand in correlation with the growing importance of electric vehicles (EV)

• Strong growth in EV production and demand with increasing Government incentives globally

• Car manufacturers are adopting battery chemistries with higher nickel content[(1)]

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20,000
16,000
12,000
8,000
4,000
0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2030 2035
Source: World Bank 1. Source: Trafigura Research, SMM, CIAP
2. Source: Fitch Solutions
Nickel, $/t
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• These batteries are projected to hold 63% of the electric vehicle market in six years[(1)]

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1. Source: Trafigura Research, SMM, CIAP

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Source: Fitch Solutions

CARR BOYD OVERVIEW

• 100% owned Ni-Cu-PGE Project

• Continuous tenure covering 259km[2]

 3 Mining Licenses and 6 Exploration Licenses cover entire 75km[2] mafic and ultramafic igneous complex with multiple nickel and copper sulphide occurrences – most significant being the Carr Boyd Rocks Nickel Mine and the T5 Discovery

• Close proximity to potential customers and processing hubs

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CARR BOYD - HISTORY

Placed into new ASX GBM and NK acquired float Defiance Mining by WMC, mined from (1987) additional areas 1973-1977 consolidated

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Discovered by Great Boulder Mines Ltd and WMC concentrated on Kalgurli JV (1969 – its Kambalda and Leinster operations

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Apollo sell Carr Boyd fully Pallinghurst Titan JV to Carr Boyd funded, sell WA assets Yilgarn Mining to Estrella progressing to Salt Lake (2006) Resources exploration Mining (2013) (2017) program Yilgarn (now SLM sell Carr Brockman) withdraw Boyd to Apollo from JV (2009) Defiance transitions to Phoenix Massive biotechnology and Titan retain 100% but (private) Sulphides sells asset to Titan now owned by (2015) Discovered at Resources (2001) Pallinghurst T5 (2020)

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CARR BOYD IGNEOUS COMPLEX

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Carr Boyd regional magnetic image. The prospective basal contact is shown in yellow and red.

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• Economic nickel-sulphide potential within the ancient Carr Boyd Igneous Complex has been significantly re-rated after Estrella’s discovery, ending a 50-year slumber

• Estrella Resources accomplished this by applying a new geological model to the Igneous Complex and by drilling the most prospective areas identified, discovering new massive nickel-sulphides in 2020

• Estrella’s geological understanding of the Carr Boyd Igneous Complex and surrounding stratigraphy is growing rapidly

• Identification, mapping and drill-testing of the 30km long, highly-prospective basal contact continues at numerous sulphide prospects within the tenement package

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CURRENT GEOLOGICAL MODEL ENHANCES EXPLORATION

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• Carr Boyd pyroxenite feeder zones (intrusions) assimilated sulphides as they rose to surface approx. 2.65 M.y.a. (older than Kambalda)

• This assimilation results in nickel sulphides forming which accumulate through gravity, settling onto the basal contact in “Trap Sites”

• The Carr Boyd Mine resulted from a sulphur bleed off the basal contact into higher, less prospective rocks

• ESR returned exploration to the much more prospective basal contact with immediate success at T5 in August 2020

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CARR BOYD MINE

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Mined from 1973 to 1977 by WMC

• The ore pipes are located some 400m laterally from the T5 basal contact within a gabbro host rock

• Total production was 202,100t at 1.43% Ni and 0.46% Cu, producing a 9.7% Ni concentrate

• Four ore pipes have been located so far, containing a central zone of brecciated and stringer sulphides surrounded by broader zones of strongly disseminated sulphide mineralisation

• Development of two pipes was completed on 3 levels with partial stoping, including a glory hole through to the surface

• Remaining JORC2004 Resource of 636,000t at 1.4% Ni and 0.5% Cu

• Estrella is exploring the possible links at depth between this mineralisation and the massive sulphides discovered at T5 in 2020

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Carr Boyd regional magnetic image. The prospective basal contact is shown in yellow and red

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CURRENT GEOLOGICAL MODEL MINIMISES RISK

• 99.9% of economic intrusive nickel deposits occur within basal contact trap positions

• Historic exploration mainly focussed on the Carr Boyd Pipes, statistically a 0.1% chance of another economic discovery

• Due to the depths involved, intrusive nickel exploration invariably involves “direct detection” through drilling and down-hole electromagnetics (DHEM)

• Exploration $$ risk is therefore minimised by focussing on and systematically testing the basal contact (where 99.9% of economic nickel is found) through surface mapping, 3D imaging, geological targeting, drilling and DHEM

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PLAN VIEW
B
T5 OPPORTUNITY
 The basal pyroxenite host rock at T5 extends 3.5km north and 1.5km
south of the current drill position
 Basal contact testing outside the current T5 drill area (green area centre
of image below) has begun
 Initial scout RC drilling above 300m depth is planned with follow-up
deeper diamond drilling down to 900m and DHEM
 T5 is one of several mineralised basal pyroxenites within the Carr Boyd
A
Igneous Complex to be tested in time
Basal Contact
A
B
0m
300m
600m
900m
1200m
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3D Rendering of T5 Basal Contact
ESTRELLA RESOURCES
ASX: ESR
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T5 DISCOVERY – PHASE 3 & 4

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• Phase 3 drilling successfully determined plunge direction, mineralisation vectors and confirmed basal contact mineralisation

• Phase 3 combined close spaced wedge drilling and step-out drilling with DHEM

• Phase 4 will step North (for 3km) and South (1.5km) and also begin testing T5 at depth utilising seismic results and DHEM

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CARR BOYD EXPLORATION STRATEGY

Near term catal sts and continual news flow y

Carr Boyd Project	Carr Boyd Project	Q1 FY22		Q2 FY22	Q3 FY22		Q4 FY22	FY23-FY24
Phase 3	Upper T5 Discovery Area	2,500m RC to test T5 up-plunge extensions			Potential JORC Inferred Resource & Metallurgical Studies			Scoping Studies and JORC Indicated Resource Drilling
	T5 Discovery Area Step-out Sections	1,500m RC pre-collars 3,500m DD with DHEM			Metallurgical Studies			Inferred Resource Drilling ahead of Scoping Study
	T5 North & Dunn Basal Contact	12,500m RC testing basal contact to 300m			Follow-up RC/DD on new targets
	T5 South and Carr Boyd	800m DD with DHEM (R&D seismic holes)
Phase 4	T5 Discovery Area Step-out Sections			2,500m RC pre-collars 3,500m DD + DHEM			2,500m RC pre-collars 3,500m DD + DHEM
	T5 North & Dunn Basal Contact			5,000m RC pre-collars 6,000m DD + DHEM	5,000m RC pre-collars 6,000m DD + DHEM			Inferred Resource Drilling ahead of Scoping Study
	T5 South and Carr Boyd	800m RC/DD with DHEM (R&D seismic)		800m RC/DD with DHEM (R&D seismic)	1,200m RC/DD with DHEM (R&D seismic)		1,200m RC/DD with DHEM (R&D seismic)
	CSIRO and ESR Research Partnership	Intrusion emplacement, timing, chemical and mineralisation studies with CSIRO			Regolith and mineralisation vectoring studies with CSIRO			RC drilling of CSIRO Partnership generated targets
Phase 5	Schmidt Pyroxenite Basal Contact				10,000m RC testing basal contact to 300m FLTEM + DHEM		Follow-up diamond drilling	? Resource drilling
	Tregurtha Pyroxenite Basal Contact						10,000m RC testing basal contact to 300m FLTEM + DHEM	Follow-up diamond drilling
Licensing					Statutory Tenement Reductions (East & South)		Possible camp upgrade as necessary
	13 Our focus is on the exploration and development of nickel projects and increasing shareholder value RC = Reverse Circulation Drilling DD = Diamond Drilling DHEM = Downhole Electromagnetics FLTEM = Surface Fixed Loop Transient Electromagnetics

Our focus is on the exploration and development of nickel projects and increasing shareholder value

INVESTMENT OPPORTUNITY

• Active nickel explorer in a tier-1 mining jurisdiction

• Focused on discovery of a World Class, High Quality, Nickel Sulphide Resource

• Using knowledge and technology as a key weapon

• Experienced board and management in exploration with innovative approach to mining and development of metal deposits

• Well funded to progress exploration campaigns

• Highly leveraged to success

• Future development options include:

• Sell ore for toll concentrating

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• Construct flotation circuit

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EXPERIENCED BOARD & MANAGEMENT

LESLIE PEREIRA Non-Executive Chairman

Experienced investor and businessman with involvement in small companies and maximising their potential value. Heavily involved in driving growth of Majestic Resources / Petra Diamonds – now merged with Petra Diamonds – and, subsequently, Kangaroo Resources (Indonesia).

CHRISTOPHER DAWS Managing Director

Experienced in running junior resources companies, including previous involvement with Niagara Mining (Poseidon Nickel), US Nickel and KMC Limited. Director and founder of Apollo “Phoenix” Resources Pty Ltd and a Director of Nimbus Mines Pty Ltd.

JOHN KINGSWOOD Non-Executive Director

Experienced mining professional with over 25 years in the engineering services industry specializing is underground mine infrastructure. Successful businessman with a track record of acquiring mineral projects and implementing effective business strategies. Currently a Director of Apollo “Phoenix” Resources Pty Ltd and Nimbus Mines Pty Ltd (a resource investment group).

STEVE BROCKHURST Non-Executive Director & Company Secretary

15 years’ experience in the finance and corporate advisory industry and is a Director of Mining Corporate Pty Ltd. His experience includes corporate and capital restructuring, corporate advisory, company secretarial services, capital raising, ASX and ASIC compliance requirements. Has served on the Board and acted as Company Secretary for numerous ASX listed and private companies.

NEIL HUTCHISON Non-Executive Technical Director

A geologist with over 30 years’ experience in conducting regional and minesite exploration, target generation, resource drill out, project reviews and evaluations. Extensive nickel experience having been the General Manager for Geology at Poseidon Nickel for 11 years as well as the Exploration Superintendent at Jubilee Mines Cosmos Nickel Project for 5 years.

STEVE WARRINER Exploration Manager

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Highly experienced in successful exploration for nickel sulphide deposits. Was previously Chief Geologist at Poseidon Nickel Limited for 14 years. Over 30 years’ experience in the resource/mining industry in WA and overseas with over 20 of these years exploring for and mining intrusive and extrusive nickel deposits in WA.

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CAPITAL STRUCTURE (AS AT 1September 2021)

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FPOS 1,162,043,740
Options 10,000,000 10c exercise June 2022
5,000,000 5c exercise June 2022
11,500,000 3c exercise Nov 2022
254,363,575 2c exercise July 2023 (ASX: ESROA)
16,600,000 20c exercise Nov 2023
Convertible Notes $190,000 1c conversion, expiry Feb 2022 12%PA
Major Shareholders Regal Funds Management 10.89%
Gallin 3.46%
Sunset Capital Management 3.23%
CASH ~ A$8.1M ( As at 1 September 2021 with additional ~A$5.4M “options in the money”)
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Contact: Chris Daws Managing Director M: +61 8 9481 0389 E: info@estrellaresources.com.au

PHASE 2 AT T5 – DIAMOND DRILLING RESULTS

T5 has yielded several highly significant intersections to date2containing	T5 has yielded several highly significant intersections to date2containing	T5 has yielded several highly significant intersections to date2containing	T5 has yielded several highly significant intersections to date2containing	T5 has yielded several highly significant intersections to date2containing	T5 has yielded several highly significant intersections to date2containing	T5 has yielded several highly significant intersections to date2containing	T5 has yielded several highly significant intersections to date2containing	nickel, copper,	nickel, copper,
cobalt, platinum, palladium and			silver in the Company’s Phase 2 step-out					drilling
Phase 2: 6,464m drilled		in 13 diamond holes
Phase 3: 8,211m drilled		in 13 diamond holes and 11 wedge holes
	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
	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
	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
	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
	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
	Note: Intervalsquoted are downhole lengths, true widhts are not known
	** 2PGE refers to Pt + Pd ing/t

1. See ASX Announcement dated: 1/2/2021

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PHASE 3 AT T5 – DIAMOND DRILLING RESULTS

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Massive and globular nickel-copper-iron sulphide breccias in CBDD054B at 368m

See ASX announcement dated 30[th] July 2021 and 2[nd] August 2021

	Hole m From m To Interval True Width Ni% Cu% Co% 2PGE Ag g/t**
	CBDD048 381.5 388.4 6.9 3.3 0.54 0.26 0.03 0.41 1.10 including 382.5 383.14 0.64 1.52 0.21 0.08 0.95 1.35 and 385.85 386.2 0.35 1.32 0.36 0.06 0.61 2.10
	CBDD049A 386.67 393.58 6.91 3.3 0.75 0.54 0.04 0.48 2.39 including 388.49 390.36 1.87 1.74 0.54 0.08 0.90 2.60
	CBDD049C 372.67 375.96 3.29 1.6 0.75 0.53 0.04 0.58 2.35 including 372.67 373.27 0.6 1.19 1.07 0.06 0.72 5.23
	CBDD050 388.4 394.79 6.39 3.1 0.76 0.44 0.04 0.48 1.62 including 389.56 390.59 1.03 1.38 1.25 0.07 1.42 4.72 including 392.79 393.47 0.68 1.14 0.71 0.06 0.50 3.40 including 393.82 394.79 0.97 1.14 0.23 0.06 0.28 1.10
	CBDD050A 396.69 403.51 6.82 3.3 0.58 0.51 0.03 0.59 1.83 including 397.15 397.63 0.48 1.51 0.90 0.08 0.71 4.70 including 399.11 399.52 0.41 1.02 0.64 0.05 0.90 2.60
	CBDD053 438.06 446.29 8.23 4.0 0.69 0.32 0.03 0.45 1.34 including 441.11 443 1.89 1.40 0.34 0.07 0.59 1.49
	CBDD053A 426 428 2 1.0 0.46 1.43 0.02 0.52 6.50
	CBDD053B 421.81 426.64 4.83 2.3 0.63 0.50 0.03 0.47 2.58 including 422.63 423.05 0.42 1.14 0.62 0.05 0.92 4.30 including 425.79 426.64 0.85 1.14 0.47 0.05 0.72 2.52
	CBDD054 392.3 405.71 13.41 6.4 1.31 0.44 0.06 0.46 1.93 including 394.85 401.11 6.26 3.0 2.08 0.63 0.09 0.67 2.78 including 397.87 398.98 1.11 3.92 0.16 0.17 0.59 0.80
	s CBDD054A 361.21 387.54 26.33 12.6 0.73 0.44 0.04 0.70 1.84 including 361.21 362.27 1.06 1.03 0.55 0.06 0.47 2.00 including 364.41 365.56 1.15 1.47 1.02 0.08 1.97 4.70 including 376.34 379.05 2.71 1.3 1.10 0.65 0.06 1.03 3.16
	CBDD054B 357 382.32 25.32 12.2 0.79 0.58 0.04 0.58 1.92 including 358.6 363.56 4.96 2.4 1.15 0.71 0.06 1.13 2.45 including 368.33 376.11 7.78 3.7 1.14 0.93 0.05 0.72 3.14 including 368.33 368.63 0.3 3.49 0.08 0.15 0.89 <0.5
	CBDD055 356.06 363.1 7.04 3.4 0.60 0.53 0.03 0.70 2.28 including 356.06 357.02 0.96 0.77 1.17 0.04 0.53 6.00
	CBDD055 379.1 397.53 18.43 8.8 0.64 0.92 0.03 0.53 3.76 With 383.78 392.27 8.49 4.1 0.91 1.01 0.05 0.74 4.09 including 383.78 385.65 1.87 1.12 1.96 0.06 1.03 8.72 including 386.54 386.87 0.33 1.44 0.44 0.07 0.85 1.90 including 388.02 392.27 4.25 2.0 0.99 1.03 0.05 0.77 4.05 And 396.05 397.53 1.48 0.90 4.23 0.04 0.45 18.34 including 396.05 396.35 0.3 1.07 7.92 0.05 0.58 34.20 including 397 397.53 0.53 0.99 5.14 0.05 0.57 21.40
	CBDD055A 348.32 372.64 24.32 11.7 0.82 0.44 0.04 0.57 1.85 including 358.4 365.52 7.12 3.4 1.10 0.61 0.05 0.58 2.33 including 368.19 371.12 2.93 1.4 1.10 0.41 0.05 0.68 1.82
	CBDD055A 378.21 378.93 0.72 2.45 0.36 0.12 0.68 2.40
	19 CBDD055B 408.34 422.48 14.14 6.8 1.05 0.58 0.04 0.59 2.46 With 408.34 413.75 5.41 2.6 1.45 0.88 0.06 0.83 3.91 including 411.61 414.39 2.78 1.39 1.10 0.06 0.69 4.43 including 415.68 417 1.32 1.07 0.77 0.04 0.94 3.20 including 421.3 422.48 1.18 2.07 0.31 0.09 0.47 1.18
	** 2PGE refers to Pt + Pd ing/t