# ESR: Annual Report to shareholders

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c

Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146318

Publisher: asx

Original announcement: 2026-09-30T05:46:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-09-30T06:15:07.560Z

Atlas analysis updated: 2026-09-30T06:15:07.560Z

- Company: Estrella Resources Limited

- Ticker: ESR

- Exchange: ASX

- Region: Timor-Leste

- Primary commodity: Manganese

- Secondary commodities: Limestone, Nickel, Copper, Silicon dioxide

- Document categories: Drill results, Resource update, Metallurgy

- Extracted: 2026-09-30 06:15:08 UTC

Narrative sentiment: 0.20 · Bullish

## Minestarters Atlas summary

Estrella Resources Limited reported a transformational year focused on its Timor-Leste projects, highlighted by high-grade manganese drill results and a successful 27,371-tonne market appraisal extraction at Ira Miri. The company also declared a maiden JORC Inferred Mineral Resource of 621 million tonnes of limestone at Werumata, with significant growth potential. Despite these operational successes, the company recorded a net loss of $23.98 million and impaired $21.13 million in Western Australian nickel exploration assets due to market conditions and a strategic shift to Timor-Leste.

Reasoning: The company achieved significant operational milestones in Timor-Leste, including high-grade manganese drill results, a successful manganese extraction campaign, and a maiden JORC Inferred Mineral Resource for limestone. These achievements demonstrate progress in its primary focus region. However, these positives are offset by a substantial financial loss and a large impairment charge related to its Western Australian nickel assets, reflecting challenging market conditions for nickel and a strategic shift.

- Positive factor: High-grade manganese assays

- Positive factor: Successful market appraisal extraction of manganese

- Positive factor: Maiden JORC Inferred Mineral Resource for Werumata Limestone

- Positive factor: Significant resource growth potential for limestone

- Positive factor: Strong community support and local employment in Timor-Leste

- Positive factor: Exploration success in new regional manganese targets

- Positive factor: Completion of geophysical programs to refine geological models and target deeper drilling

- Negative factor: Significant net loss for the financial year

- Negative factor: Substantial impairment of exploration and evaluation expenditure for WA nickel projects

- Negative factor: Ongoing litigation regarding Mt Edwards Lithium Royalty

- Negative factor: All limestone resource is Inferred category

- Negative factor: Manganese stockpile is awaiting export approval and binding sales agreement

- Negative factor: Future funding risk highlighted in risk management

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 33

## Classification and evidence

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: The report states that Mr Steve Warriner and Mr Peter Spitalny are Competent Persons as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

Evidence · text

> Each has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

**Apparent Width Only**

Polarity: negative

Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness.

Why it applies: The drill results are reported as down-hole intersection lengths, with true thickness not yet certain.

Evidence · text

> Down-hole intersection lengths; true thickness is not yet certain, although many drill-holes are interpreted to have intersected the mineralisation at a high angle, in which case stated lengths are likely to be similar to true thickness.

**Favorable Ore Chemistry**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The manganese ore chemistry is described as favourable with low iron content and silica amenable to beneficiation.

Evidence · text

> The chemistry is favourable. Across EMDD026 to EMDD036 the weighted average grade was 36% Mn with phosphorus of 0.04%, alumina of 5.12%, ferric oxide of 2.00% and silica of 37.08%; across EMDD037 to EMDD040, 31% Mn with phosphorus of 0.03%, alumina of 5.12%, ferric oxide of 2.20% and silica of 41.20%. These characteristics are typical of low-iron, high-silica stratiform manganese deposits formed in marine sedimentary rocks on the continental shelf in a back-arc setting — the same style as the Molango deposit in Mexico and Groote Eylandt in Australia. The low iron content is highly desirable for certain end uses and the silica content is amenable to beneficiation.

**Bonanza Intercept**

Polarity: positive

Definition: Exceptionally high-grade zone, well above the deposit-type norm.

Why it applies: The intercept of 1.5m @ 55.1% Mn is exceptionally high-grade for manganese.

Evidence · text

> 1.5m @ 55.1% Mn

**Bonanza Intercept**

Polarity: positive

Definition: Exceptionally high-grade zone, well above the deposit-type norm.

Why it applies: The intercept of 0.4m @ 58.02% Mn is exceptionally high-grade for manganese.

Evidence · text

> 0.4m @ 58.02% Mn

**Bonanza Intercept**

Polarity: positive

Definition: Exceptionally high-grade zone, well above the deposit-type norm.

Why it applies: The intercept of 2.5m @ 54.0% Mn is exceptionally high-grade for manganese.

Evidence · text

> 2.5m @ 54.0% Mn

**Bonanza Intercept**

Polarity: positive

Definition: Exceptionally high-grade zone, well above the deposit-type norm.

Why it applies: The intercept of 2.5m @ 50.8% Mn is exceptionally high-grade for manganese.

Evidence · text

> 2.5m @ 50.8% Mn

**Maiden Resource**

Polarity: neutral

Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.

Why it applies: The company declared a maiden JORC \(2012\) Inferred Mineral Resource for the Werumata Limestone Project.

Evidence · text

> Declaration on 14 May 2026 of a maiden JORC \(2012\) Inferred Mineral Resource of 621 million tonnes \(central estimate\) at Werumata

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: All products within the Werumata Limestone Mineral Resource are classified as Inferred.

Evidence · text

> all products classified as Inferred

**All Inferred**

Polarity: negative

Definition: 100% of resource is Inferred category — very early stage, no engineering confidence.

Why it applies: All products within the Werumata Limestone Mineral Resource are classified as Inferred.

Evidence · text

> all products classified as Inferred

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: The Mineral Resource was reported in accordance with the JORC Code \(2012 Edition\).

Evidence · text

> Reported in accordance with the JORC Code \(2012 Edition\)

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: Mr Robert de Jongh FAusIMM acted as Competent Person for the Mineral Resource estimate.

Evidence · text

> independently estimated by ASEAMCO Pty Ltd with Mr Robert de Jongh FAusIMM acting as Competent Person.

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: The resource estimate for limestone does not explicitly state a cut-off grade, but rather defines products by their use and composition.

Evidence · text

> The Resource comprises three direct shipping ore products, each requiring only crushing and screening with no further metallurgical processing: Product 1, high-grade limestone suitable for sale as an acid neutralisation agent, of 493 million tonnes at an average acid neutralisation capacity of 83.2%; Product 2, lower-grade limestone suitable for industrial uses including autoclaved aerated concrete blocks, masonry mortar and cement, of 33 million tonnes at an average acid neutralisation capacity of 35.6%; and Product 3, high-silica material suitable for road paving, construction aggregate, road base and rock fill, of 95 million tonnes with an average silicon dioxide content of 58%.

**Favorable Ore Chemistry**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The Baucau Limestone has low magnesium, alumina and ferric oxide contents, indicating strong potential for industrial applications.

Evidence · text

> The low magnesium, alumina and ferric oxide contents of the Baucau Limestone indicate strong potential for large-scale industrial acid-neutralisation applications.

**No Testwork**

Polarity: negative

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The limestone products are described as 'direct shipping ore products requiring only crushing and screening with no further metallurgical processing', indicating no specific metallurgical testwork beyond basic processing.

Evidence · text

> The Resource comprises three direct shipping ore products, each requiring only crushing and screening with no further metallurgical processing

**No Testwork**

Polarity: negative

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The manganese stockpile is for 'market appraisal extraction' and product characterization, not a formal metallurgical recovery test program.

Evidence · text

> Execution in January 2026 of an agreement with the ANM authorising extraction of up to 30,000 tonnes of high-grade manganese oxide for market appraisal

**Multi-Domain Tested**

Polarity: positive

Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed.

Why it applies: 6 distinct composites were tested

## Extracted facts

Stored fact records: 33. Some facts used in scoring do not have a stored record.

## Drill Results (24)

### EMDD001

[Link to this fact](https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c#fact-drill-facts-0)

Ira Miri · manganese

#### Identity

- Hole ID: EMDD001
- Project: Ira Miri
- Commodity: manganese
- Region: timor-leste
- Reported Region: timor-leste
- Ticker: ESR

#### Geometry

- Grade: 51.7
- Grade Unit: %
- Intercept: 6.45 m
- From: 1.35 m
- To: 7.8 m
- Intercept Depth: 1.35 m

#### Classification

- Deposit Type: sedex
- Program: exploration
- Sample Type: drill
- Group ID: EMDD001:1.35-7.8
- Mining Method: open\_pit

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Deleterious

- Deleterious Flag: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: High-grade manganese intercept from initial drilling, indicating significant mineralization.

- Positive factor: High grade

- Positive factor: Good width

- Negative factor: Apparent width only

Evidence · table

> 51.7

Context: 6.45

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### EMDD002

[Link to this fact](https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c#fact-drill-facts-1)

Ira Miri · manganese

#### Identity

- Hole ID: EMDD002
- Project: Ira Miri
- Commodity: manganese
- Region: timor-leste
- Reported Region: timor-leste
- Ticker: ESR

#### Geometry

- Grade: 53
- Grade Unit: %
- Intercept: 8.05 m
- From: 0.25 m
- To: 8.3 m
- Intercept Depth: 0.25 m

#### Classification

- Deposit Type: sedex
- Program: exploration
- Sample Type: drill
- Group ID: EMDD002:0.25-8.3
- Mining Method: open\_pit

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Deleterious

- Deleterious Flag: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Excellent high-grade manganese intercept, twinned to improve recovery, confirming strong mineralization.

- Positive factor: High grade

- Positive factor: Good width

- Negative factor: Apparent width only

Evidence · table

> 53.0

Context: 8.05

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### EMDD003

[Link to this fact](https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c#fact-drill-facts-2)

Ira Miri · manganese

#### Identity

- Hole ID: EMDD003
- Project: Ira Miri
- Commodity: manganese
- Region: timor-leste
- Reported Region: timor-leste
- Ticker: ESR

#### Geometry

- Grade: 35.8
- Grade Unit: %
- Intercept: 1.5 m
- From: 8.3 m
- To: 9.8 m
- Intercept Depth: 8.3 m

#### Classification

- Deposit Type: sedex
- Program: exploration
- Sample Type: drill
- Group ID: EMDD003:8.3-9.8
- Mining Method: open\_pit

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Deleterious

- Deleterious Flag: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Moderate grade manganese intercept, contributing to understanding of the deposit.

- Positive factor: Good grade

- Negative factor: Narrow width

- Negative factor: Apparent width only

Evidence · table

> 35.8

Context: 1.50

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### EMDD022

[Link to this fact](https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c#fact-drill-facts-3)

Further assays reported in December 2025 confirmed the scale and quality of the · manganese

#### Identity

- Hole ID: EMDD022
- Project: Further assays reported in December 2025 confirmed the scale and quality of the
- Commodity: manganese
- Region: timor-leste
- Reported Region: timor-leste
- Ticker: ESR

#### Geometry

- Grade: 29.2
- Grade Unit: %
- Intercept: 2.9 m
- From: 4.8 m
- To: 7.7 m
- Intercept Depth: 4.8 m

#### Classification

- Deposit Type: sedex
- Program: exploration
- Sample Type: drill
- Group ID: EMDD022:4.8-7.7
- Mining Method: open\_pit

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Deleterious

- Deleterious Flag: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Manganese intercept from angled drilling targeting primary horizons.

- Positive factor: Good grade

- Negative factor: Apparent width only

Evidence · text

> 2.9m @ 29.2% Mn from 4.80m

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### EMDD023

[Link to this fact](https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c#fact-drill-facts-4)

Further assays reported in December 2025 confirmed the scale and quality of the · manganese

#### Identity

- Hole ID: EMDD023
- Project: Further assays reported in December 2025 confirmed the scale and quality of the
- Commodity: manganese
- Region: timor-leste
- Reported Region: timor-leste
- Ticker: ESR

#### Geometry

- Grade: 13.7
- Grade Unit: %
- Intercept: 2 m
- From: 8.4 m
- To: 10.4 m
- Intercept Depth: 8.4 m

#### Classification

- Deposit Type: sedex
- Program: exploration
- Sample Type: drill
- Group ID: EMDD023:8.4-10.4
- Mining Method: open\_pit

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Deleterious

- Deleterious Flag: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Low-grade manganese intercept from angled drilling.

- Positive factor: Confirms mineralization

- Negative factor: Low grade

- Negative factor: Narrow width

- Negative factor: Apparent width only

Evidence · text

> 2.0m @ 13.7% Mn from 8.4m

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### EMDD025

[Link to this fact](https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c#fact-drill-facts-5)

Ira Miri · manganese

#### Identity

- Hole ID: EMDD025
- Project: Ira Miri
- Commodity: manganese
- Region: timor-leste
- Reported Region: timor-leste
- Ticker: ESR

#### Geometry

- Grade: 28.2
- Grade Unit: %
- Intercept: 1.95 m
- From: 1.3 m
- To: 3.25 m
- Intercept Depth: 1.3 m

#### Classification

- Deposit Type: sedex
- Program: exploration
- Sample Type: drill
- Group ID: EMDD025:1.3-3.25
- Mining Method: open\_pit

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Deleterious

- Deleterious Flag: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Manganese intercept from further assays.

- Positive factor: Good grade

- Negative factor: Narrow width

- Negative factor: Apparent width only

Evidence · text

> 1.95m @ 28.2% Mn from 1.3m

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### EMDD026

[Link to this fact](https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c#fact-drill-facts-6)

Ira Miri · manganese

#### Identity

- Hole ID: EMDD026
- Project: Ira Miri
- Commodity: manganese
- Region: timor-leste
- Reported Region: timor-leste
- Ticker: ESR

#### Geometry

- Grade: 35.7
- Grade Unit: %
- Intercept: 3 m
- From: 1.4 m
- To: 4.4 m
- Intercept Depth: 1.4 m

#### Classification

- Deposit Type: sedex
- Program: exploration
- Sample Type: drill
- Group ID: EMDD026:1.4-4.4
- Mining Method: open\_pit

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Deleterious

- Deleterious Flag: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Strong manganese intercept with a high-grade core.

- Positive factor: High grade

- Positive factor: Good width

- Positive factor: Includes bonanza sub-interval

- Negative factor: Apparent width only

Evidence · text

> 3.0m @ 35.7% Mn from 1.4m, incl. 1.5m @ 55.1% Mn

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### EMDD026

[Link to this fact](https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c#fact-drill-facts-7)

Ira Miri · manganese

#### Identity

- Hole ID: EMDD026
- Project: Ira Miri
- Commodity: manganese
- Region: timor-leste
- Reported Region: timor-leste
- Ticker: ESR

#### Geometry

- Grade: 55.1
- Grade Unit: %
- Intercept: 1.5 m
- From: 1.4 m
- To: 2.9 m
- Intercept Depth: 1.4 m

#### Classification

- Deposit Type: sedex
- Program: exploration
- Sample Type: drill
- Group ID: EMDD026:1.4-2.9
- Mining Method: open\_pit

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Deleterious

- Deleterious Flag: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Exceptionally high-grade manganese sub-interval.

- Positive factor: Bonanza grade

- Negative factor: Narrow width

- Negative factor: Apparent width only

Evidence · text

> 1.5m @ 55.1% Mn

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### EMDD029

[Link to this fact](https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c#fact-drill-facts-8)

Ira Miri · manganese

#### Identity

- Hole ID: EMDD029
- Project: Ira Miri
- Commodity: manganese
- Region: timor-leste
- Reported Region: timor-leste
- Ticker: ESR

#### Geometry

- Grade: 31.8
- Grade Unit: %
- Intercept: 1.7 m
- From: 14.2 m
- To: 15.9 m
- Intercept Depth: 14.2 m

#### Classification

- Deposit Type: sedex
- Program: exploration
- Sample Type: drill
- Group ID: EMDD029:14.2-15.9
- Mining Method: open\_pit

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Deleterious

- Deleterious Flag: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Manganese intercept from further assays.

- Positive factor: Good grade

- Negative factor: Narrow width

- Negative factor: Apparent width only

Evidence · text

> 1.7m @ 31.8% Mn from 14.2m

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### EMDD030

[Link to this fact](https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c#fact-drill-facts-9)

Ira Miri · manganese

#### Identity

- Hole ID: EMDD030
- Project: Ira Miri
- Commodity: manganese
- Region: timor-leste
- Reported Region: timor-leste
- Ticker: ESR

#### Geometry

- Grade: 52.6
- Grade Unit: %
- Intercept: 1.1 m
- From: 17.3 m
- To: 18.4 m
- Intercept Depth: 17.3 m

#### Classification

- Deposit Type: sedex
- Program: exploration
- Sample Type: drill
- Group ID: EMDD030:17.3-18.4
- Mining Method: open\_pit

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Deleterious

- Deleterious Flag: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: High-grade manganese intercept with an exceptionally high-grade core.

- Positive factor: High grade

- Positive factor: Includes bonanza sub-interval

- Negative factor: Narrow width

- Negative factor: Apparent width only

Evidence · text

> 1.1m @ 52.6% Mn from 17.3m, incl. 0.4m @ 58.02% Mn

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### EMDD030

[Link to this fact](https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c#fact-drill-facts-10)

Ira Miri · manganese

#### Identity

- Hole ID: EMDD030
- Project: Ira Miri
- Commodity: manganese
- Region: timor-leste
- Reported Region: timor-leste
- Ticker: ESR

#### Geometry

- Grade: 58.02
- Grade Unit: %
- Intercept: 0.4 m
- From: 17.3 m
- To: 17.7 m
- Intercept Depth: 17.3 m

#### Classification

- Deposit Type: sedex
- Program: exploration
- Sample Type: drill
- Group ID: EMDD030:17.3-17.7
- Mining Method: open\_pit

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Deleterious

- Deleterious Flag: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Exceptionally high-grade manganese sub-interval.

- Positive factor: Bonanza grade

- Negative factor: Very narrow width

- Negative factor: Apparent width only

Evidence · text

> 0.4m @ 58.02% Mn

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### EMDD031

[Link to this fact](https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c#fact-drill-facts-11)

Ira Miri · manganese

#### Identity

- Hole ID: EMDD031
- Project: Ira Miri
- Commodity: manganese
- Region: timor-leste
- Reported Region: timor-leste
- Ticker: ESR

#### Geometry

- Grade: 25.7
- Grade Unit: %
- Intercept: 4 m
- From: 9.2 m
- To: 13.2 m
- Intercept Depth: 9.2 m

#### Classification

- Deposit Type: sedex
- Program: exploration
- Sample Type: drill
- Group ID: EMDD031:9.2-13.2
- Mining Method: open\_pit

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Deleterious

- Deleterious Flag: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Manganese intercept from further assays.

- Positive factor: Good width

- Positive factor: Good grade

- Negative factor: Apparent width only

Evidence · text

> 4.0m @ 25.7% Mn from 9.2m

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### EMDD031

[Link to this fact](https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c#fact-drill-facts-12)

Ira Miri · manganese

#### Identity

- Hole ID: EMDD031
- Project: Ira Miri
- Commodity: manganese
- Region: timor-leste
- Reported Region: timor-leste
- Ticker: ESR

#### Geometry

- Grade: 49.6
- Grade Unit: %
- Intercept: 1.05 m
- From: 15.9 m
- To: 16.95 m
- Intercept Depth: 15.9 m

#### Classification

- Deposit Type: sedex
- Program: exploration
- Sample Type: drill
- Group ID: EMDD031:15.9-16.95
- Mining Method: open\_pit

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Deleterious

- Deleterious Flag: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: High-grade manganese intercept from further assays.

- Positive factor: High grade

- Negative factor: Narrow width

- Negative factor: Apparent width only

Evidence · text

> 1.05m @ 49.6% Mn from 15.9m

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### EMDD032

[Link to this fact](https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c#fact-drill-facts-13)

Ira Miri · manganese

#### Identity

- Hole ID: EMDD032
- Project: Ira Miri
- Commodity: manganese
- Region: timor-leste
- Reported Region: timor-leste
- Ticker: ESR

#### Geometry

- Grade: 24.7
- Grade Unit: %
- Intercept: 1.9 m
- From: 5.1 m
- To: 7 m
- Intercept Depth: 5.1 m

#### Classification

- Deposit Type: sedex
- Program: exploration
- Sample Type: drill
- Group ID: EMDD032:5.1-7
- Mining Method: open\_pit

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Deleterious

- Deleterious Flag: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Manganese intercept from further assays.

- Positive factor: Good grade

- Negative factor: Narrow width

- Negative factor: Apparent width only

Evidence · text

> 1.9m @ 24.7% Mn from 5.1m

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### EMDD032

[Link to this fact](https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c#fact-drill-facts-14)

Ira Miri · manganese

#### Identity

- Hole ID: EMDD032
- Project: Ira Miri
- Commodity: manganese
- Region: timor-leste
- Reported Region: timor-leste
- Ticker: ESR

#### Geometry

- Grade: 21.5
- Grade Unit: %
- Intercept: 5.7 m
- From: 8.6 m
- To: 14.3 m
- Intercept Depth: 8.6 m

#### Classification

- Deposit Type: sedex
- Program: exploration
- Sample Type: drill
- Group ID: EMDD032:8.6-14.3
- Mining Method: open\_pit

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Deleterious

- Deleterious Flag: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Manganese intercept from further assays.

- Positive factor: Good width

- Positive factor: Good grade

- Negative factor: Apparent width only

Evidence · text

> 5.7m @ 21.5% Mn from 8.6m

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### EMDD033

[Link to this fact](https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c#fact-drill-facts-15)

Ira Miri · manganese

#### Identity

- Hole ID: EMDD033
- Project: Ira Miri
- Commodity: manganese
- Region: timor-leste
- Reported Region: timor-leste
- Ticker: ESR

#### Geometry

- Grade: 28.9
- Grade Unit: %
- Intercept: 11.97 m
- From: 5.13 m
- To: 17.1 m
- Intercept Depth: 5.13 m

#### Classification

- Deposit Type: sedex
- Program: exploration
- Sample Type: drill
- Group ID: EMDD033:5.13-17.1
- Mining Method: open\_pit

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Deleterious

- Deleterious Flag: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Significant manganese intercept from further assays.

- Positive factor: Good width

- Positive factor: Good grade

- Negative factor: Apparent width only

Evidence · text

> 11.97m @ 28.9% Mn from 5.13m

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### EMDD033

[Link to this fact](https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c#fact-drill-facts-16)

Ira Miri · manganese

#### Identity

- Hole ID: EMDD033
- Project: Ira Miri
- Commodity: manganese
- Region: timor-leste
- Reported Region: timor-leste
- Ticker: ESR

#### Geometry

- Grade: 46.78
- Grade Unit: %
- Intercept: 2.1 m
- From: 7.7 m
- To: 9.8 m
- Intercept Depth: 7.7 m

#### Classification

- Deposit Type: sedex
- Program: exploration
- Sample Type: drill
- Group ID: EMDD033:7.7-9.8
- Mining Method: open\_pit

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Deleterious

- Deleterious Flag: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: High-grade manganese intercept from further assays.

- Positive factor: High grade

- Negative factor: Narrow width

- Negative factor: Apparent width only

Evidence · text

> 2.1m @ 46.78% Mn from 7.7m

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### EMDD034

[Link to this fact](https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c#fact-drill-facts-17)

Ira Miri · manganese

#### Identity

- Hole ID: EMDD034
- Project: Ira Miri
- Commodity: manganese
- Region: timor-leste
- Reported Region: timor-leste
- Ticker: ESR

#### Geometry

- Grade: 17.9
- Grade Unit: %
- Intercept: 4.2 m
- From: 8.8 m
- To: 13 m
- Intercept Depth: 8.8 m

#### Classification

- Deposit Type: sedex
- Program: exploration
- Sample Type: drill
- Group ID: EMDD034:8.8-13
- Mining Method: open\_pit

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Deleterious

- Deleterious Flag: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Manganese intercept from further assays.

- Positive factor: Good width

- Negative factor: Moderate grade

- Negative factor: Apparent width only

Evidence · text

> 4.2m @ 17.9% Mn from 8.8m

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### EMDD037

[Link to this fact](https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c#fact-drill-facts-18)

Ira Miri · manganese

#### Identity

- Hole ID: EMDD037
- Project: Ira Miri
- Commodity: manganese
- Region: timor-leste
- Reported Region: timor-leste
- Ticker: ESR

#### Geometry

- Grade: 13.4
- Grade Unit: %
- Intercept: 1.5 m
- From: 11.5 m
- To: 13 m
- Intercept Depth: 11.5 m

#### Classification

- Deposit Type: sedex
- Program: exploration
- Sample Type: drill
- Group ID: EMDD037:11.5-13
- Mining Method: open\_pit

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Deleterious

- Deleterious Flag: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Low-grade manganese intercept from further assays.

- Positive factor: Confirms mineralization

- Negative factor: Low grade

- Negative factor: Narrow width

- Negative factor: Apparent width only

Evidence · text

> 1.5m @ 13.4% Mn from 11.5m

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### EMDD038

[Link to this fact](https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c#fact-drill-facts-19)

Ira Miri · manganese

#### Identity

- Hole ID: EMDD038
- Project: Ira Miri
- Commodity: manganese
- Region: timor-leste
- Reported Region: timor-leste
- Ticker: ESR

#### Geometry

- Grade: 17.3
- Grade Unit: %
- Intercept: 8 m
- From: 4 m
- To: 12 m
- Intercept Depth: 4 m

#### Classification

- Deposit Type: sedex
- Program: exploration
- Sample Type: drill
- Group ID: EMDD038:4-12
- Mining Method: open\_pit

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Deleterious

- Deleterious Flag: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Manganese intercept from further assays.

- Positive factor: Good width

- Negative factor: Moderate grade

- Negative factor: Apparent width only

Evidence · text

> 8.0m @ 17.3% Mn from 4.0m

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### EMDD039

[Link to this fact](https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c#fact-drill-facts-20)

Ira Miri · manganese

#### Identity

- Hole ID: EMDD039
- Project: Ira Miri
- Commodity: manganese
- Region: timor-leste
- Reported Region: timor-leste
- Ticker: ESR

#### Geometry

- Grade: 39.6
- Grade Unit: %
- Intercept: 5.2 m
- From: 9.5 m
- To: 14.7 m
- Intercept Depth: 9.5 m

#### Classification

- Deposit Type: sedex
- Program: exploration
- Sample Type: drill
- Group ID: EMDD039:9.5-14.7
- Mining Method: open\_pit

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Deleterious

- Deleterious Flag: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Strong manganese intercept with a high-grade core.

- Positive factor: High grade

- Positive factor: Good width

- Positive factor: Includes bonanza sub-interval

- Negative factor: Apparent width only

Evidence · text

> 5.2m @ 39.6% Mn from 9.5m, incl. 2.5m @ 54.0% Mn

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### EMDD039

[Link to this fact](https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c#fact-drill-facts-21)

Ira Miri · manganese

#### Identity

- Hole ID: EMDD039
- Project: Ira Miri
- Commodity: manganese
- Region: timor-leste
- Reported Region: timor-leste
- Ticker: ESR

#### Geometry

- Grade: 54
- Grade Unit: %
- Intercept: 2.5 m
- From: 9.5 m
- To: 12 m
- Intercept Depth: 9.5 m

#### Classification

- Deposit Type: sedex
- Program: exploration
- Sample Type: drill
- Group ID: EMDD039:9.5-12
- Mining Method: open\_pit

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Deleterious

- Deleterious Flag: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Exceptionally high-grade manganese sub-interval.

- Positive factor: Bonanza grade

- Negative factor: Narrow width

- Negative factor: Apparent width only

Evidence · text

> 2.5m @ 54.0% Mn

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### EMDD040

[Link to this fact](https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c#fact-drill-facts-22)

Ira Miri · manganese

#### Identity

- Hole ID: EMDD040
- Project: Ira Miri
- Commodity: manganese
- Region: timor-leste
- Reported Region: timor-leste
- Ticker: ESR

#### Geometry

- Grade: 45.3
- Grade Unit: %
- Intercept: 6.2 m
- From: 11.2 m
- To: 17.4 m
- Intercept Depth: 11.2 m

#### Classification

- Deposit Type: sedex
- Program: exploration
- Sample Type: drill
- Group ID: EMDD040:11.2-17.4
- Mining Method: open\_pit

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Deleterious

- Deleterious Flag: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Strong manganese intercept with a high-grade core.

- Positive factor: High grade

- Positive factor: Good width

- Positive factor: Includes bonanza sub-interval

- Negative factor: Apparent width only

Evidence · text

> 6.2m @ 45.3% Mn from 11.2m, incl. 2.5m @ 50.8% Mn

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### EMDD040

[Link to this fact](https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c#fact-drill-facts-23)

Ira Miri · manganese

#### Identity

- Hole ID: EMDD040
- Project: Ira Miri
- Commodity: manganese
- Region: timor-leste
- Reported Region: timor-leste
- Ticker: ESR

#### Geometry

- Grade: 50.8
- Grade Unit: %
- Intercept: 2.5 m
- From: 11.2 m
- To: 13.7 m
- Intercept Depth: 11.2 m

#### Classification

- Deposit Type: sedex
- Program: exploration
- Sample Type: drill
- Group ID: EMDD040:11.2-13.7
- Mining Method: open\_pit

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Deleterious

- Deleterious Flag: No

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Exceptionally high-grade manganese sub-interval.

- Positive factor: Bonanza grade

- Negative factor: Narrow width

- Negative factor: Apparent width only

Evidence · text

> 2.5m @ 50.8% Mn

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

## Resource Estimates (3)

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c#fact-resource-facts-24)

Werumata Limestone Project · limestone

#### Identity

- Project: Werumata Limestone Project
- Commodity: limestone
- Region: timor-leste
- Reported Region: Timor-Leste
- Ticker: ESR

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Mr Robert de Jongh FAusIMM
- Resource group id: resource:eff071b6e4ae813a25f3
- Deposit or zone: Product 1 \(Acid neutralisation\)

#### Resource Data

- Category: inferred
- Tonnes: 493000000
- Grade: 83.2
- Grade Unit: %

#### Prior Estimate

- Resource Date: 2026-05-14

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Large maiden Inferred Resource for high-grade acid neutralisation limestone.

- Positive factor: Large tonnage

- Positive factor: High grade

- Positive factor: Maiden resource

- Negative factor: Inferred category

- Negative factor: Cut-off undisclosed

Evidence · table

> 493

Context: Central estimate

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c#fact-resource-facts-25)

Werumata Limestone Project · limestone

#### Identity

- Project: Werumata Limestone Project
- Commodity: limestone
- Region: timor-leste
- Reported Region: Timor-Leste
- Ticker: ESR

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Mr Robert de Jongh FAusIMM
- Resource group id: resource:631573ed4ec51cd58ab6
- Deposit or zone: Product 2 \(Industrial uses\)

#### Resource Data

- Category: inferred
- Tonnes: 33000000
- Grade: 35.6
- Grade Unit: %

#### Prior Estimate

- Resource Date: 2026-05-14

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Maiden Inferred Resource for industrial use limestone.

- Positive factor: Good tonnage

- Positive factor: Maiden resource

- Negative factor: Inferred category

- Negative factor: Cut-off undisclosed

Evidence · table

> 33

Context: Central estimate

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c#fact-resource-facts-26)

Werumata Limestone Project · silicon dioxide

#### Identity

- Project: Werumata Limestone Project
- Commodity: silicon dioxide
- Region: timor-leste
- Reported Region: Timor-Leste
- Ticker: ESR

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Mr Robert de Jongh FAusIMM
- Resource group id: resource:88fd40ad94aa2f61d169
- Deposit or zone: Product 3 \(Road base & fill\)

#### Resource Data

- Category: inferred
- Tonnes: 95000000
- Grade: 58
- Grade Unit: %

#### Prior Estimate

- Resource Date: 2026-05-14

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Maiden Inferred Resource for high-silica material suitable for road base and fill.

- Positive factor: Good tonnage

- Positive factor: Maiden resource

- Negative factor: Inferred category

- Negative factor: Cut-off undisclosed

Evidence · table

> 95

Context: Central estimate

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

## Metallurgical Results (6)

### bulk

[Link to this fact](https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c#fact-metallurgical-facts-27)

Ira Miri Manganese Project · manganese

#### Identity

- Project: Ira Miri Manganese Project
- Commodity: manganese
- Region: timor-leste
- Reported Region: Timor-Leste
- Ticker: ESR

#### Test Work

- Program Status: preliminary
- Test Type: bulk
- Sample: High-Grade stockpile

#### Recovery

- Head Grade: 49.38
- Head Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: High-grade manganese stockpile from market appraisal extraction, with favorable chemistry.

- Positive factor: High grade

- Positive factor: Significant tonnage

- Positive factor: Low impurities

- Negative factor: Awaiting sales agreement

Evidence · table

> 4,984

Context: High-Grade

### bulk

[Link to this fact](https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c#fact-metallurgical-facts-28)

Ira Miri Manganese Project · manganese

#### Identity

- Project: Ira Miri Manganese Project
- Commodity: manganese
- Region: timor-leste
- Reported Region: Timor-Leste
- Ticker: ESR

#### Test Work

- Program Status: preliminary
- Test Type: bulk
- Sample: Med-Grade stockpile

#### Recovery

- Head Grade: 35.87
- Head Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Medium-grade manganese stockpile from market appraisal extraction.

- Positive factor: Good grade

- Positive factor: Significant tonnage

- Negative factor: Awaiting sales agreement

Evidence · table

> 6,065

Context: Med-Grade

### bulk

[Link to this fact](https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c#fact-metallurgical-facts-29)

Ira Miri Manganese Project · manganese

#### Identity

- Project: Ira Miri Manganese Project
- Commodity: manganese
- Region: timor-leste
- Reported Region: Timor-Leste
- Ticker: ESR

#### Test Work

- Program Status: preliminary
- Test Type: bulk
- Sample: Med-Low Grade stockpile

#### Recovery

- Head Grade: 23.87
- Head Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Medium-low grade manganese stockpile from market appraisal extraction.

- Positive factor: Good tonnage

- Negative factor: Moderate grade

- Negative factor: Awaiting sales agreement

Evidence · table

> 4,675

Context: Med-Low Grade

### bulk

[Link to this fact](https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c#fact-metallurgical-facts-30)

Ira Miri Manganese Project · manganese

#### Identity

- Project: Ira Miri Manganese Project
- Commodity: manganese
- Region: timor-leste
- Reported Region: Timor-Leste
- Ticker: ESR

#### Test Work

- Program Status: preliminary
- Test Type: bulk
- Sample: Low-Grade stockpile

#### Recovery

- Head Grade: 20.57
- Head Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Low-grade manganese stockpile from market appraisal extraction.

- Positive factor: Significant tonnage

- Negative factor: Moderate grade

- Negative factor: Awaiting sales agreement

Evidence · table

> 11,647

Context: Low-Grade

### bulk

[Link to this fact](https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c#fact-metallurgical-facts-31)

Ira Miri Manganese Project · manganese

#### Identity

- Project: Ira Miri Manganese Project
- Commodity: manganese
- Region: timor-leste
- Reported Region: Timor-Leste
- Ticker: ESR

#### Test Work

- Program Status: preliminary
- Test Type: bulk
- Sample: Total Ore stockpile

#### Recovery

- Head Grade: 28.64
- Head Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Total manganese ore stockpile from market appraisal extraction.

- Positive factor: Significant total tonnage

- Positive factor: Good average grade

- Negative factor: Awaiting sales agreement

Evidence · table

> 27,371

Context: Total Ore

### bulk

[Link to this fact](https://atlas-staging.minestarters.com/news/esr-annual-report-to-shareholders--be659012-0dc3-49c2-8de5-25c3bb5b147c#fact-metallurgical-facts-32)

Ira Miri Manganese Project · manganese

#### Identity

- Project: Ira Miri Manganese Project
- Commodity: manganese
- Region: timor-leste
- Reported Region: Timor-Leste
- Ticker: ESR

#### Test Work

- Program Status: preliminary
- Test Type: bulk
- Sample: Mineralised Waste stockpile

#### Recovery

- Head Grade: 20.78
- Head Grade Unit: %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Mineralized waste stockpile from market appraisal extraction.

- Positive factor: Additional mineralized material

- Negative factor: Lower grade

- Negative factor: Awaiting sales agreement

Evidence · table

> 6,291

Context: Mineralised Waste

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.