# ESR: MRE Update - Werumata Limestone Project Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/esr-mre-update-werumata-limestone-project--e2fdf6fd-5d6a-4dc0-8b89-e8ebbd7f016f Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03152754 Publisher: asx Original announcement: 2026-10-14T22:31:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-14T23:11:03.904Z Atlas analysis updated: 2026-10-14T23:11:03.904Z - Company: Estrella Resources Limited - Ticker: ESR - Exchange: ASX - Region: Timor-Leste - Primary commodity: Limestone - Secondary commodities: Silicon dioxide, Aluminium oxide, Calcium oxide, Magnesium oxide - Document categories: Resource update - Extracted: 2026-10-14 23:11:04 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Estrella Resources Limited has announced a significant Mineral Resource Estimate \(MRE\) upgrade for its Werumata Limestone Project in Timor-Leste. The updated MRE now includes 274Mt of Indicated Resource, representing 51% of the total 533Mt, a substantial improvement from the entirely Inferred maiden MRE. This upgrade, particularly for the high-quality Product 1 limestone, is supported by an expanded bulk density program and provides a stronger technical foundation for advancing development studies. Reasoning: The MRE update significantly upgrades the resource classification at Werumata, with 51% of the total resource and 70% of the high-quality Product 1 now classified as Indicated, addressing a key data limitation and providing a stronger foundation for development. - Positive factor: Category Upgrade - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Positive factor: Expanded bulk density program addressed key limitation - Positive factor: Increased confidence in resource - Negative factor: Overall tonnage reduction from prior MRE - Negative factor: Some horizons remain Inferred - Negative factor: Product 3 has low economic value Facts used in scoring: 30 ## Classification and evidence **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: The updated Mineral Resource now has approximately 51% classified as Indicated, compared with the entirely Inferred maiden MRE. Evidence · text > Significant resource classification upgrade at Werumata, with approximately 51% of the updated Mineral Resource now Indicated, compared with the entirely Inferred maiden MRE announced earlier this year **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: Robert de Jongh FAusIMM is acting as the Competent Person for Mineral Resource estimation. Evidence · text > Robert de Jongh FAusIMM acting as the Competent Person for Mineral Resource estimation. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The announcement states that the MRE has been prepared in compliance with the 2012 Edition of the JORC Code. Evidence · text > This announcement has been prepared in compliance with the 2012 Edition of the JORC Code **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: The total central estimate of the Mineral Resource has been reduced from 621Mt to 533Mt. Evidence · text > reduction from the maiden MRE of 621Mt solely due to changes in estimated bulk densities **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document announces an update to the Mineral Resource Estimate for the Werumata Limestone Project. Evidence · text > WERUMATA RESOURCE UPGRADE DELIVERS 274MT INDICATED LIMESTONE RESOURCE **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The updated MRE still comprises 259Mt of Inferred resource. Evidence · text > Updated total Mineral Resource of 533Mt, comprising 274Mt Indicated and 259Mt Inferred **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: Cut-off grades for Product 1 \(ANC ≥47%\) and Product 2 \(ANC 20–47%\) are clearly stated. Evidence · text > Product 1: ANC ≥47%; Product 2: ANC 20–47%; Product 3: ANC <20%. ## Extracted facts Stored fact records: 30. Some facts used in scoring do not have a stored record. ## Resource Estimates (30) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/esr-mre-update-werumata-limestone-project--e2fdf6fd-5d6a-4dc0-8b89-e8ebbd7f016f#fact-resource-facts-0) 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 - Effective date: 2026-10-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Robert de Jongh - Resource group id: resource:2e678d31c514fb06450e - Deposit or zone: Product 1 - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 274000000 - Grade: 84.7 - Grade Unit: % ANC - Cutoff Grade: 47 - Cutoff Unit: % ANC #### Prior Estimate - Resource Date: 2026-10-15 #### Lab - Laboratory: ASEAMCO Pty Ltd #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: This Indicated resource for Product 1 represents a significant upgrade in confidence from the prior entirely Inferred estimate, with a high ANC grade of 84.7%. - Positive factor: Category Upgrade - Positive factor: High Grade - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 84.7 Context: 274 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/esr-mre-update-werumata-limestone-project--e2fdf6fd-5d6a-4dc0-8b89-e8ebbd7f016f#fact-resource-facts-1) Werumata Limestone Project · aluminium oxide #### Identity - Project: Werumata Limestone Project - Commodity: aluminium oxide - Region: timor-leste - Reported Region: Timor-Leste - Ticker: ESR #### Resource scope - Estimate type: resource - Effective date: 2026-10-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Robert de Jongh - Resource group id: resource:2e678d31c514fb06450e - Deposit or zone: Product 1 - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 274000000 - Grade: 2.2 - Grade Unit: % - Cutoff Grade: 47 - Cutoff Unit: % ANC #### Prior Estimate - Resource Date: 2026-10-15 #### Lab - Laboratory: ASEAMCO Pty Ltd #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: This Indicated resource for Product 1 includes a 2.2% aluminium oxide grade, reflecting the overall resource upgrade and confidence. - Positive factor: Category Upgrade - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 2.2 Context: 274 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/esr-mre-update-werumata-limestone-project--e2fdf6fd-5d6a-4dc0-8b89-e8ebbd7f016f#fact-resource-facts-2) Werumata Limestone Project · calcium oxide #### Identity - Project: Werumata Limestone Project - Commodity: calcium oxide - Region: timor-leste - Reported Region: Timor-Leste - Ticker: ESR #### Resource scope - Estimate type: resource - Effective date: 2026-10-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Robert de Jongh - Resource group id: resource:2e678d31c514fb06450e - Deposit or zone: Product 1 - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 274000000 - Grade: 45.1 - Grade Unit: % - Cutoff Grade: 47 - Cutoff Unit: % ANC #### Prior Estimate - Resource Date: 2026-10-15 #### Lab - Laboratory: ASEAMCO Pty Ltd #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: This Indicated resource for Product 1 includes a 45.1% calcium oxide grade, reflecting the overall resource upgrade and confidence. - Positive factor: Category Upgrade - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 45.1 Context: 274 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/esr-mre-update-werumata-limestone-project--e2fdf6fd-5d6a-4dc0-8b89-e8ebbd7f016f#fact-resource-facts-3) Werumata Limestone Project · magnesium oxide #### Identity - Project: Werumata Limestone Project - Commodity: magnesium oxide - Region: timor-leste - Reported Region: Timor-Leste - Ticker: ESR #### Resource scope - Estimate type: resource - Effective date: 2026-10-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Robert de Jongh - Resource group id: resource:2e678d31c514fb06450e - Deposit or zone: Product 1 - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 274000000 - Grade: 2.1 - Grade Unit: % - Cutoff Grade: 47 - Cutoff Unit: % ANC #### Prior Estimate - Resource Date: 2026-10-15 #### Lab - Laboratory: ASEAMCO Pty Ltd #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: This Indicated resource for Product 1 includes a 2.1% magnesium oxide grade, reflecting the overall resource upgrade and confidence. - Positive factor: Category Upgrade - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 2.1 Context: 274 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/esr-mre-update-werumata-limestone-project--e2fdf6fd-5d6a-4dc0-8b89-e8ebbd7f016f#fact-resource-facts-4) 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 - Effective date: 2026-10-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Robert de Jongh - Resource group id: resource:2e678d31c514fb06450e - Deposit or zone: Product 1 - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 274000000 - Grade: 9.7 - Grade Unit: % - Cutoff Grade: 47 - Cutoff Unit: % ANC #### Prior Estimate - Resource Date: 2026-10-15 #### Lab - Laboratory: ASEAMCO Pty Ltd #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: This Indicated resource for Product 1 includes a 9.7% silicon dioxide grade, reflecting the overall resource upgrade and confidence. - Positive factor: Category Upgrade - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 9.7 Context: 274 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/esr-mre-update-werumata-limestone-project--e2fdf6fd-5d6a-4dc0-8b89-e8ebbd7f016f#fact-resource-facts-5) 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 - Effective date: 2026-10-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Robert de Jongh - Resource group id: resource:1c062dd1aa9551690162 - Deposit or zone: Product 1 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 117000000 - Grade: 81.8 - Grade Unit: % ANC - Cutoff Grade: 47 - Cutoff Unit: % ANC #### Prior Estimate - Resource Date: 2026-10-15 - Prior Tonnes: 493000000 #### Lab - Laboratory: ASEAMCO Pty Ltd #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The Inferred resource for Product 1, while still substantial at 117Mt with 81.8% ANC, shows a tonnage reduction from the prior estimate of 493Mt, reflecting changes in bulk density. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: Inferred Resource - Negative factor: Tonnage Decline Evidence · table > 81.8 Context: 117 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 117000000 against 493000000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/esr-mre-update-werumata-limestone-project--e2fdf6fd-5d6a-4dc0-8b89-e8ebbd7f016f#fact-resource-facts-6) Werumata Limestone Project · aluminium oxide #### Identity - Project: Werumata Limestone Project - Commodity: aluminium oxide - Region: timor-leste - Reported Region: Timor-Leste - Ticker: ESR #### Resource scope - Estimate type: resource - Effective date: 2026-10-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Robert de Jongh - Resource group id: resource:1c062dd1aa9551690162 - Deposit or zone: Product 1 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 117000000 - Grade: 3.3 - Grade Unit: % - Cutoff Grade: 47 - Cutoff Unit: % ANC #### Prior Estimate - Resource Date: 2026-10-15 - Prior Tonnes: 493000000 #### Lab - Laboratory: ASEAMCO Pty Ltd #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The Inferred resource for Product 1 includes a 3.3% aluminium oxide grade, reflecting the overall tonnage reduction from the prior estimate. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: Inferred Resource - Negative factor: Tonnage Decline Evidence · table > 3.3 Context: 117 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 117000000 against 493000000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/esr-mre-update-werumata-limestone-project--e2fdf6fd-5d6a-4dc0-8b89-e8ebbd7f016f#fact-resource-facts-7) Werumata Limestone Project · calcium oxide #### Identity - Project: Werumata Limestone Project - Commodity: calcium oxide - Region: timor-leste - Reported Region: Timor-Leste - Ticker: ESR #### Resource scope - Estimate type: resource - Effective date: 2026-10-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Robert de Jongh - Resource group id: resource:1c062dd1aa9551690162 - Deposit or zone: Product 1 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 117000000 - Grade: 44 - Grade Unit: % - Cutoff Grade: 47 - Cutoff Unit: % ANC #### Prior Estimate - Resource Date: 2026-10-15 - Prior Tonnes: 493000000 #### Lab - Laboratory: ASEAMCO Pty Ltd #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The Inferred resource for Product 1 includes a 44.0% calcium oxide grade, reflecting the overall tonnage reduction from the prior estimate. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: Inferred Resource - Negative factor: Tonnage Decline Evidence · table > 44.0 Context: 117 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 117000000 against 493000000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/esr-mre-update-werumata-limestone-project--e2fdf6fd-5d6a-4dc0-8b89-e8ebbd7f016f#fact-resource-facts-8) Werumata Limestone Project · magnesium oxide #### Identity - Project: Werumata Limestone Project - Commodity: magnesium oxide - Region: timor-leste - Reported Region: Timor-Leste - Ticker: ESR #### Resource scope - Estimate type: resource - Effective date: 2026-10-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Robert de Jongh - Resource group id: resource:1c062dd1aa9551690162 - Deposit or zone: Product 1 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 117000000 - Grade: 1.4 - Grade Unit: % - Cutoff Grade: 47 - Cutoff Unit: % ANC #### Prior Estimate - Resource Date: 2026-10-15 - Prior Tonnes: 493000000 #### Lab - Laboratory: ASEAMCO Pty Ltd #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The Inferred resource for Product 1 includes a 1.4% magnesium oxide grade, reflecting the overall tonnage reduction from the prior estimate. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: Inferred Resource - Negative factor: Tonnage Decline Evidence · table > 1.4 Context: 117 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 117000000 against 493000000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/esr-mre-update-werumata-limestone-project--e2fdf6fd-5d6a-4dc0-8b89-e8ebbd7f016f#fact-resource-facts-9) 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 - Effective date: 2026-10-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Robert de Jongh - Resource group id: resource:1c062dd1aa9551690162 - Deposit or zone: Product 1 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 117000000 - Grade: 11.6 - Grade Unit: % - Cutoff Grade: 47 - Cutoff Unit: % ANC #### Prior Estimate - Resource Date: 2026-10-15 - Prior Tonnes: 493000000 #### Lab - Laboratory: ASEAMCO Pty Ltd #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The Inferred resource for Product 1 includes a 11.6% silicon dioxide grade, reflecting the overall tonnage reduction from the prior estimate. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: Inferred Resource - Negative factor: Tonnage Decline Evidence · table > 11.6 Context: 117 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 117000000 against 493000000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/esr-mre-update-werumata-limestone-project--e2fdf6fd-5d6a-4dc0-8b89-e8ebbd7f016f#fact-resource-facts-10) 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 - Effective date: 2026-10-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Robert de Jongh - Resource group id: resource:54d6d8c87daf575c5eb6 - Deposit or zone: Product 2 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 33000000 - Grade: 35.5 - Grade Unit: % ANC - Cutoff Grade: 20 - Cutoff Unit: % ANC #### Prior Estimate - Resource Date: 2026-10-15 - Prior Tonnes: 33000000 #### Lab - Laboratory: ASEAMCO Pty Ltd #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The Inferred resource for Product 2 remains unchanged in tonnage from the prior estimate, with a moderate ANC grade of 35.5%. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: Inferred Resource - Negative factor: Low Grade Evidence · table > 35.5 Context: 33 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/esr-mre-update-werumata-limestone-project--e2fdf6fd-5d6a-4dc0-8b89-e8ebbd7f016f#fact-resource-facts-11) Werumata Limestone Project · aluminium oxide #### Identity - Project: Werumata Limestone Project - Commodity: aluminium oxide - Region: timor-leste - Reported Region: Timor-Leste - Ticker: ESR #### Resource scope - Estimate type: resource - Effective date: 2026-10-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Robert de Jongh - Resource group id: resource:54d6d8c87daf575c5eb6 - Deposit or zone: Product 2 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 33000000 - Grade: 11 - Grade Unit: % - Cutoff Grade: 20 - Cutoff Unit: % ANC #### Prior Estimate - Resource Date: 2026-10-15 - Prior Tonnes: 33000000 #### Lab - Laboratory: ASEAMCO Pty Ltd #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The Inferred resource for Product 2 includes a 11.0% aluminium oxide grade, with tonnage unchanged from the prior estimate. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: Inferred Resource Evidence · table > 11.0 Context: 33 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/esr-mre-update-werumata-limestone-project--e2fdf6fd-5d6a-4dc0-8b89-e8ebbd7f016f#fact-resource-facts-12) Werumata Limestone Project · calcium oxide #### Identity - Project: Werumata Limestone Project - Commodity: calcium oxide - Region: timor-leste - Reported Region: Timor-Leste - Ticker: ESR #### Resource scope - Estimate type: resource - Effective date: 2026-10-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Robert de Jongh - Resource group id: resource:54d6d8c87daf575c5eb6 - Deposit or zone: Product 2 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 33000000 - Grade: 17 - Grade Unit: % - Cutoff Grade: 20 - Cutoff Unit: % ANC #### Prior Estimate - Resource Date: 2026-10-15 - Prior Tonnes: 33000000 #### Lab - Laboratory: ASEAMCO Pty Ltd #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The Inferred resource for Product 2 includes a 17.0% calcium oxide grade, with tonnage unchanged from the prior estimate. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: Inferred Resource Evidence · table > 17.0 Context: 33 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/esr-mre-update-werumata-limestone-project--e2fdf6fd-5d6a-4dc0-8b89-e8ebbd7f016f#fact-resource-facts-13) Werumata Limestone Project · magnesium oxide #### Identity - Project: Werumata Limestone Project - Commodity: magnesium oxide - Region: timor-leste - Reported Region: Timor-Leste - Ticker: ESR #### Resource scope - Estimate type: resource - Effective date: 2026-10-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Robert de Jongh - Resource group id: resource:54d6d8c87daf575c5eb6 - Deposit or zone: Product 2 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 33000000 - Grade: 2.2 - Grade Unit: % - Cutoff Grade: 20 - Cutoff Unit: % ANC #### Prior Estimate - Resource Date: 2026-10-15 - Prior Tonnes: 33000000 #### Lab - Laboratory: ASEAMCO Pty Ltd #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The Inferred resource for Product 2 includes a 2.2% magnesium oxide grade, with tonnage unchanged from the prior estimate. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: Inferred Resource Evidence · table > 2.2 Context: 33 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/esr-mre-update-werumata-limestone-project--e2fdf6fd-5d6a-4dc0-8b89-e8ebbd7f016f#fact-resource-facts-14) 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 - Effective date: 2026-10-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Robert de Jongh - Resource group id: resource:54d6d8c87daf575c5eb6 - Deposit or zone: Product 2 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 33000000 - Grade: 43 - Grade Unit: % - Cutoff Grade: 20 - Cutoff Unit: % ANC #### Prior Estimate - Resource Date: 2026-10-15 - Prior Tonnes: 33000000 #### Lab - Laboratory: ASEAMCO Pty Ltd #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The Inferred resource for Product 2 includes a 43.0% silicon dioxide grade, with tonnage unchanged from the prior estimate. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: Inferred Resource Evidence · table > 43.0 Context: 33 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/esr-mre-update-werumata-limestone-project--e2fdf6fd-5d6a-4dc0-8b89-e8ebbd7f016f#fact-resource-facts-15) 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 - Effective date: 2026-10-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Robert de Jongh - Resource group id: resource:b356ad9bf2bb7d4db17f - Deposit or zone: Product 3 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 109000000 - Grade: 58.2 - Grade Unit: % - Cutoff Grade: 20 - Cutoff Unit: % ANC #### Prior Estimate - Resource Date: 2026-10-15 - Prior Tonnes: 95000000 #### Lab - Laboratory: ASEAMCO Pty Ltd #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The Inferred resource for Product 3 shows a tonnage increase to 109Mt from 95Mt, with a high silicon dioxide grade of 58.2%, though its economic value is noted as low. - Positive factor: Tonnage Growth - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: Inferred Resource - Negative factor: Low economic value Evidence · table > 58.2 Context: 109 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/esr-mre-update-werumata-limestone-project--e2fdf6fd-5d6a-4dc0-8b89-e8ebbd7f016f#fact-resource-facts-16) 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 - Effective date: 2026-10-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Robert de Jongh - Resource group id: resource:b356ad9bf2bb7d4db17f - Deposit or zone: Product 3 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 109000000 - Grade: 11.6 - Grade Unit: % ANC - Cutoff Grade: 20 - Cutoff Unit: % ANC #### Prior Estimate - Resource Date: 2026-10-15 - Prior Tonnes: 95000000 #### Lab - Laboratory: ASEAMCO Pty Ltd #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The Inferred resource for Product 3 shows tonnage growth but has a very low ANC grade of 11.6%, indicating its primary use as road base and fill. - Positive factor: Tonnage Growth - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: Inferred Resource - Negative factor: Low Grade - Negative factor: Low economic value Evidence · table > 11.6 Context: 109 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/esr-mre-update-werumata-limestone-project--e2fdf6fd-5d6a-4dc0-8b89-e8ebbd7f016f#fact-resource-facts-17) Werumata Limestone Project · aluminium oxide #### Identity - Project: Werumata Limestone Project - Commodity: aluminium oxide - Region: timor-leste - Reported Region: Timor-Leste - Ticker: ESR #### Resource scope - Estimate type: resource - Effective date: 2026-10-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Robert de Jongh - Resource group id: resource:b356ad9bf2bb7d4db17f - Deposit or zone: Product 3 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 109000000 - Grade: 15.4 - Grade Unit: % - Cutoff Grade: 20 - Cutoff Unit: % ANC #### Prior Estimate - Resource Date: 2026-10-15 - Prior Tonnes: 95000000 #### Lab - Laboratory: ASEAMCO Pty Ltd #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The Inferred resource for Product 3 includes a 15.4% aluminium oxide grade, reflecting tonnage growth from the prior estimate. - Positive factor: Tonnage Growth - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: Inferred Resource - Negative factor: Low economic value Evidence · table > 15.4 Context: 109 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/esr-mre-update-werumata-limestone-project--e2fdf6fd-5d6a-4dc0-8b89-e8ebbd7f016f#fact-resource-facts-18) Werumata Limestone Project · calcium oxide #### Identity - Project: Werumata Limestone Project - Commodity: calcium oxide - Region: timor-leste - Reported Region: Timor-Leste - Ticker: ESR #### Resource scope - Estimate type: resource - Effective date: 2026-10-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Robert de Jongh - Resource group id: resource:b356ad9bf2bb7d4db17f - Deposit or zone: Product 3 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 109000000 - Grade: 3.1 - Grade Unit: % - Cutoff Grade: 20 - Cutoff Unit: % ANC #### Prior Estimate - Resource Date: 2026-10-15 - Prior Tonnes: 95000000 #### Lab - Laboratory: ASEAMCO Pty Ltd #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The Inferred resource for Product 3 includes a 3.1% calcium oxide grade, reflecting tonnage growth from the prior estimate. - Positive factor: Tonnage Growth - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: Inferred Resource - Negative factor: Low economic value Evidence · table > 3.1 Context: 109 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/esr-mre-update-werumata-limestone-project--e2fdf6fd-5d6a-4dc0-8b89-e8ebbd7f016f#fact-resource-facts-19) Werumata Limestone Project · magnesium oxide #### Identity - Project: Werumata Limestone Project - Commodity: magnesium oxide - Region: timor-leste - Reported Region: Timor-Leste - Ticker: ESR #### Resource scope - Estimate type: resource - Effective date: 2026-10-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Robert de Jongh - Resource group id: resource:b356ad9bf2bb7d4db17f - Deposit or zone: Product 3 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 109000000 - Grade: 2.6 - Grade Unit: % - Cutoff Grade: 20 - Cutoff Unit: % ANC #### Prior Estimate - Resource Date: 2026-10-15 - Prior Tonnes: 95000000 #### Lab - Laboratory: ASEAMCO Pty Ltd #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The Inferred resource for Product 3 includes a 2.6% magnesium oxide grade, reflecting tonnage growth from the prior estimate. - Positive factor: Tonnage Growth - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: Inferred Resource - Negative factor: Low economic value Evidence · table > 2.6 Context: 109 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/esr-mre-update-werumata-limestone-project--e2fdf6fd-5d6a-4dc0-8b89-e8ebbd7f016f#fact-resource-facts-20) 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 - Effective date: 2026-10-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Robert de Jongh - Resource group id: resource:72925c8ff15b29e47a97 - Deposit or zone: All Products - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 274000000 - Grade: 84.7 - Grade Unit: % ANC - Cutoff Grade: 47 - Cutoff Unit: % ANC #### Prior Estimate - Resource Date: 2026-10-15 #### Lab - Laboratory: ASEAMCO Pty Ltd #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The overall Indicated resource of 274Mt, primarily from Product 1, represents a significant upgrade in confidence with a high ANC grade of 84.7%. - Positive factor: Category Upgrade - Positive factor: High Grade - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 84.7 Context: 274 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/esr-mre-update-werumata-limestone-project--e2fdf6fd-5d6a-4dc0-8b89-e8ebbd7f016f#fact-resource-facts-21) Werumata Limestone Project · aluminium oxide #### Identity - Project: Werumata Limestone Project - Commodity: aluminium oxide - Region: timor-leste - Reported Region: Timor-Leste - Ticker: ESR #### Resource scope - Estimate type: resource - Effective date: 2026-10-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Robert de Jongh - Resource group id: resource:72925c8ff15b29e47a97 - Deposit or zone: All Products - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 274000000 - Grade: 2.2 - Grade Unit: % - Cutoff Grade: 47 - Cutoff Unit: % ANC #### Prior Estimate - Resource Date: 2026-10-15 #### Lab - Laboratory: ASEAMCO Pty Ltd #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The overall Indicated resource includes a 2.2% aluminium oxide grade, reflecting the significant upgrade in confidence. - Positive factor: Category Upgrade - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 2.2 Context: 274 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/esr-mre-update-werumata-limestone-project--e2fdf6fd-5d6a-4dc0-8b89-e8ebbd7f016f#fact-resource-facts-22) Werumata Limestone Project · calcium oxide #### Identity - Project: Werumata Limestone Project - Commodity: calcium oxide - Region: timor-leste - Reported Region: Timor-Leste - Ticker: ESR #### Resource scope - Estimate type: resource - Effective date: 2026-10-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Robert de Jongh - Resource group id: resource:72925c8ff15b29e47a97 - Deposit or zone: All Products - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 274000000 - Grade: 45.1 - Grade Unit: % - Cutoff Grade: 47 - Cutoff Unit: % ANC #### Prior Estimate - Resource Date: 2026-10-15 #### Lab - Laboratory: ASEAMCO Pty Ltd #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The overall Indicated resource includes a 45.1% calcium oxide grade, reflecting the significant upgrade in confidence. - Positive factor: Category Upgrade - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 45.1 Context: 274 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/esr-mre-update-werumata-limestone-project--e2fdf6fd-5d6a-4dc0-8b89-e8ebbd7f016f#fact-resource-facts-23) Werumata Limestone Project · magnesium oxide #### Identity - Project: Werumata Limestone Project - Commodity: magnesium oxide - Region: timor-leste - Reported Region: Timor-Leste - Ticker: ESR #### Resource scope - Estimate type: resource - Effective date: 2026-10-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Robert de Jongh - Resource group id: resource:72925c8ff15b29e47a97 - Deposit or zone: All Products - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 274000000 - Grade: 2.1 - Grade Unit: % - Cutoff Grade: 47 - Cutoff Unit: % ANC #### Prior Estimate - Resource Date: 2026-10-15 #### Lab - Laboratory: ASEAMCO Pty Ltd #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The overall Indicated resource includes a 2.1% magnesium oxide grade, reflecting the significant upgrade in confidence. - Positive factor: Category Upgrade - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 2.1 Context: 274 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/esr-mre-update-werumata-limestone-project--e2fdf6fd-5d6a-4dc0-8b89-e8ebbd7f016f#fact-resource-facts-24) 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 - Effective date: 2026-10-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Robert de Jongh - Resource group id: resource:72925c8ff15b29e47a97 - Deposit or zone: All Products - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 274000000 - Grade: 9.7 - Grade Unit: % - Cutoff Grade: 47 - Cutoff Unit: % ANC #### Prior Estimate - Resource Date: 2026-10-15 #### Lab - Laboratory: ASEAMCO Pty Ltd #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The overall Indicated resource includes a 9.7% silicon dioxide grade, reflecting the significant upgrade in confidence. - Positive factor: Category Upgrade - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 9.7 Context: 274 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/esr-mre-update-werumata-limestone-project--e2fdf6fd-5d6a-4dc0-8b89-e8ebbd7f016f#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 - Effective date: 2026-10-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Robert de Jongh - Resource group id: resource:413f6c032efdf62bfe97 - Deposit or zone: All Products - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 259000000 - Grade: 46.4 - Grade Unit: % ANC - Cutoff Grade: 20 - Cutoff Unit: % ANC #### Prior Estimate - Resource Date: 2026-10-15 - Prior Tonnes: 621000000 #### Lab - Laboratory: ASEAMCO Pty Ltd #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The overall Inferred resource of 259Mt, with an ANC grade of 46.4%, represents a significant tonnage reduction from the prior 621Mt, primarily due to bulk density changes. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: Inferred Resource - Negative factor: Tonnage Decline Evidence · table > 46.4 Context: 259 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 259000000 against 621000000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/esr-mre-update-werumata-limestone-project--e2fdf6fd-5d6a-4dc0-8b89-e8ebbd7f016f#fact-resource-facts-26) Werumata Limestone Project · aluminium oxide #### Identity - Project: Werumata Limestone Project - Commodity: aluminium oxide - Region: timor-leste - Reported Region: Timor-Leste - Ticker: ESR #### Resource scope - Estimate type: resource - Effective date: 2026-10-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Robert de Jongh - Resource group id: resource:413f6c032efdf62bfe97 - Deposit or zone: All Products - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 259000000 - Grade: 9.4 - Grade Unit: % - Cutoff Grade: 20 - Cutoff Unit: % ANC #### Prior Estimate - Resource Date: 2026-10-15 - Prior Tonnes: 621000000 #### Lab - Laboratory: ASEAMCO Pty Ltd #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The overall Inferred resource includes a 9.4% aluminium oxide grade, reflecting the significant tonnage reduction from the prior estimate. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: Inferred Resource - Negative factor: Tonnage Decline Evidence · table > 9.4 Context: 259 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 259000000 against 621000000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/esr-mre-update-werumata-limestone-project--e2fdf6fd-5d6a-4dc0-8b89-e8ebbd7f016f#fact-resource-facts-27) Werumata Limestone Project · calcium oxide #### Identity - Project: Werumata Limestone Project - Commodity: calcium oxide - Region: timor-leste - Reported Region: Timor-Leste - Ticker: ESR #### Resource scope - Estimate type: resource - Effective date: 2026-10-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Robert de Jongh - Resource group id: resource:413f6c032efdf62bfe97 - Deposit or zone: All Products - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 259000000 - Grade: 23.4 - Grade Unit: % - Cutoff Grade: 20 - Cutoff Unit: % ANC #### Prior Estimate - Resource Date: 2026-10-15 - Prior Tonnes: 621000000 #### Lab - Laboratory: ASEAMCO Pty Ltd #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The overall Inferred resource includes a 23.4% calcium oxide grade, reflecting the significant tonnage reduction from the prior estimate. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: Inferred Resource - Negative factor: Tonnage Decline Evidence · table > 23.4 Context: 259 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 259000000 against 621000000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/esr-mre-update-werumata-limestone-project--e2fdf6fd-5d6a-4dc0-8b89-e8ebbd7f016f#fact-resource-facts-28) Werumata Limestone Project · magnesium oxide #### Identity - Project: Werumata Limestone Project - Commodity: magnesium oxide - Region: timor-leste - Reported Region: Timor-Leste - Ticker: ESR #### Resource scope - Estimate type: resource - Effective date: 2026-10-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Robert de Jongh - Resource group id: resource:413f6c032efdf62bfe97 - Deposit or zone: All Products - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 259000000 - Grade: 2 - Grade Unit: % - Cutoff Grade: 20 - Cutoff Unit: % ANC #### Prior Estimate - Resource Date: 2026-10-15 - Prior Tonnes: 621000000 #### Lab - Laboratory: ASEAMCO Pty Ltd #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The overall Inferred resource includes a 2.0% magnesium oxide grade, reflecting the significant tonnage reduction from the prior estimate. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: Inferred Resource - Negative factor: Tonnage Decline Evidence · table > 2.0 Context: 259 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 259000000 against 621000000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/esr-mre-update-werumata-limestone-project--e2fdf6fd-5d6a-4dc0-8b89-e8ebbd7f016f#fact-resource-facts-29) 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 - Effective date: 2026-10-15T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Robert de Jongh - Resource group id: resource:413f6c032efdf62bfe97 - Deposit or zone: All Products - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 259000000 - Grade: 35.1 - Grade Unit: % - Cutoff Grade: 20 - Cutoff Unit: % ANC #### Prior Estimate - Resource Date: 2026-10-15 - Prior Tonnes: 621000000 #### Lab - Laboratory: ASEAMCO Pty Ltd #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The overall Inferred resource includes a 35.1% silicon dioxide grade, reflecting the significant tonnage reduction from the prior estimate. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: Inferred Resource - Negative factor: Tonnage Decline Evidence · table > 35.1 Context: 259 #### 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is 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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 259000000 against 621000000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ## 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.