ESTRELLA RESOURCES LIMITED — Investor Presentation 2021

Aug 1, 2021

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ASX:ESR

TARGET = WORLD CLASS HIGH QUALITY NICKEL SULPHIDE RESOURCE INVESTOR PRESENTATION AUGUST 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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INVESTMENT OPPORTUNITY

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

• 100% owned Carr Boyd project only 80km from Kalgoorlie, W.A.

• Initial drilling programs have discovered Massive Nickel Sulphide at the T5 prospect

• Major exploration activity underway to locate a world class, high quality, nickel sulphide resource

• Highly experienced board and management

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ASX: ESR
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*Photograph from ASX release dated 1 June 2021

CAPITAL STRUCTURE (AS AT 26 JULY 2021)

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 (ASX:ESROA) 254,363,575 2c exercise July 2023 16,600,000 20c exercise Nov 2023 Convertible Notes $190,000 1c conversion, expiry Feb 2022 12%PA

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Source: ASX

Major Shareholders Regal Funds Management 10.69% Gallin 3.46% Sunset Capital Management 3.23%

CASH ~ A$9.1M ( As at 26 July 2021 with ~A$5.4M “options in the money”)

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EXPERIENCED BOARD & MANAGEMENT

LESLIE PEREIRA Non-Executive Chairman

Experienced investor and businessman with a strong 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

Strong experience 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

Strong track record of identifying potential projects and implementing effective business strategies. Successfully been involved with some of Western Australia’s largest projects – from BHP RGP3, 5 and 6 and Rio Tinto Argyle Diamond underground operations. Currently a Director of Nimbus Mines Pty Ltd (a resource investment group) and Mt Edwards Lithium Pty Ltd.

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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Experience in exploration of nickel sulphide deposits and resource drill-outs and was previously Chief Geologist at Poseidon Nickel Limited. 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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EV Demand Driving Nickel Outlook

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Car manufacturers adopting These batteries projected to hold
battery chemistries with higher 63% of EV market in
nickel content [1] six years [1]
Strong growth in EV Nickel demand for EV battery
production and demand with manufacturing to experience annual av.
increasing Government growth rate of 29.2% over 2021-2030
incentives globally —outpacing demand for both lithium
and cobalt. [2]
20,000
Ni Price Forecast
15,000
10,000
5,000
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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Supply deficits in nickel forming over the decade

Prices anticipated to rise to incentivise new production capacity

EV car manufacturers busy locking in nickel supply agreements

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Source: Fitch Solutions

CARR BOYD OVERVIEW

• 100% owned Ni-Cu-PGE Project

• Continuous tenure covering 259km[2]

• Tenements cover entire 75km[2] mafic and ultramafic igneous complex with multiple nickel and copper sulphide occurrences – most significant being the Carr Boyd Rocks mine

• Comprises:

• 3 Mining Licences

• 6 Exploration Licences

• 1 Miscellaneous Licence

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ESTRELLA RESOURCES
ASX: ESR
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CARR BOYD - HISTORY

Pallinghurst sell Apollo sell Carr Titan JV to Yilgarn WA assets to Salt Boyd to Estrella Mining (2006) Lake Mining Resources (2017) (2013)

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

Yilgarn (now SLM sell Carr Brockman) withdraw from JV Boyd to Apollo (2009) Massive Phoenix Titan retain 100% Sulphides (private) but now owned by Discovered (2015) Pallinghurst at T5

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Discovered by Great Boulder Mines Ltd WMC concentrated North Kalgurli JV on its Kambalda and 1972) Leinster operations

Defiance transitions to biotechnology and sells asset to Titan Resources (2001)

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CARR BOYD – MINE SOURCE?

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Mined from 1973 to 1977 by WMC

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

• High tenor nickel mineralisation is confined to coarse grained, bronzite pyroxene rich rocks with sulphide minerals forming a matrix around brecciated xenoliths of unmineralised country rocks

• Four ore pipes occur containing a central zone of brecciated and stringer sulphides surrounded by broader zones of strongly disseminated sulphide mineralisation

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

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

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T5 – DIAMOND DRILLING

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

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

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T5 DISCOVERY – PHASE 3

 Phase 3 drilling has yielded further massive sulphide intercepts in almost all holes

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T5 DISCOVERY – PHASE 3 & 4

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Phase 3 drilling aims to determine plunge direction, geological vectors and confirm basal mineralisation. Phase 3 combines close spaced drilling and stepout drilling with DHEM to achieve goals. Phase 4 will step North (for 3km) and South (1.5km) and also begin testing at depth utilising seismic results and DHEM.

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T5 DISCOVERY – HIGHLY SUCCESSFUL PHASE 3 DRILLING

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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
	13 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

T5 BASAL CONTACT

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3D rendering of the T5 Basal in relation to the suspected south plunge line of massive sulphide mineralisation.

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 Examination of core from Phase 3 drilling shows strong possibility T5 Conductor is one of several south-plunging targets along the surface of the T5 Basal Contact.

• These “banks” of deposited sulphides appear to be connected within a halo of blebby to globular sulphides.

• Only two of these “banks” have been drilled (the Upper and Lower T5 Conductors) in what appears to be quite a small area with respect to the prospective surface at T5

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EXPANDED OPPORTUNITY

• The basal pyroxenite host rock at T5 extends both north and south of the current drill position

• Historical drilling of the basal contact has been sporadic, however nickel sulphides (NiS) have been located in the past

• Exploration will involve systematically imaging the contact in 3D through mapping, historical drilling and new seismic surveying

• Accurately knowing the basal contact position will allow much better refined targeting of known nickel sulphide occurrences (NiS) with surface, fixed-loop EM

• This in turn will provide better targeting of ESR’s drilling and subsequent DHTEM

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GEOLOGICAL MODELLING ENHANCES EXPLORATION

 Geological understanding of the mineralisation process at T5 should allow the vectoring to additional Ni-Cu intercepts by following the progression of assimilated sulphides through the T5 pyroxenite

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• The silica-sulphide plume that exists above the massive sulphides will enable this vectoring

• This model can be applied across the Carr Boyd Igneous Complex

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The prospective basal contact is in the process of being fully mapped (location in yellow and red)

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CARR BOYD INTRUSIVE COMPLEX

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

• Mapping of the prospective basal contact and footwall geology is underway

• The mapped location of sulphide sources adjacent to the basal contact directly correlate with nickel sulphide formation within the complex due to assimilation

• 3D modelling of the contact and surrounding geology will form the basis for future geophysical and drill targeting at multiple prospects

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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			JORC Indicated 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

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

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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

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Contact: Chris Daws Managing Director M: +61 8 9481 0389 E: info@estrellaresources.com.au