Estrella Resources Limited has announced a transformational agreement with PT Raka Energi Mandiri, a prominent Indonesian mining services company, to drive large-scale limestone sales from its mining concessions in Timor-Leste. Under this binding Master Agreement, REM has secured exclusive marketing and offtake rights to facilitate the sale and export of limestone into the Indonesian market. This venture is designed to complement Estrella’s ongoing manganese exploration efforts, where limestone layers overlay and surround manganese deposits, thereby targeting two valuable commodities from the same concessions. The arrangement sets an aspirational target of up to 500 million dry metric tonnes of limestone over a five-year period from the first shipment. In recognition of its role, REM will benefit from unlisted share options at A$0.05 each; one option will be granted for every tonne of limestone ordered and paid for, subject to shareholder and regulatory approvals. The agreement lays the groundwork for negotiating a detailed Offtake Agreement that will establish annual sale prices and further outline the commercial terms. It is subject to several critical development milestones, including securing material licenses, achieving a JORC-compliant resource estimate of at least 500 million tonnes, completing a positive scoping study, and obtaining necessary export infrastructure permits by the end of 2025. On the technical front, Estrella’s recent geological mapping has identified significant exposures of high-calcium limestone within the Baucau Formation, characterized by its high calcite content and minimal impurities. This limestone offers strong acid neutralisation potential, making it well-suited for industrial applications such as cement, lime production, glass manufacturing, and even environmental remediation in nickel refining processes. The strategic focus on calcite is timely, given the growing demand in Indonesia and broader Southeast Asia, where rapid urbanisation and stricter environmental standards are pushing for more sustainable mining and manufacturing practices. The development comes at a time when Southeast Asia’s market for calcite and industrial limestone is expected to expand considerably, driven by infrastructure development and a shift towards more environmentally friendly practices. Estrella is also actively engaging with government bodies and exploring both new and existing port infrastructures to ensure smooth logistics for its export operations. While the deal promises significant upside if development milestones are met, multiple permitting hurdles and the aspirational nature of the sales targets introduce an element of risk. Bullish sentiment centers on the strategic value of the partnership and the long-term potential for Estrella to become a major supplier of high-grade limestone to a rapidly growing market, thereby unlocking considerable shareholder value. The involvement of a seasoned local partner in REM enhances market access and execution capabilities, presenting an attractive near-term catalyst if key milestones are successfully achieved. Conversely, a bearish viewpoint highlights the inherent uncertainties: the sales targets are forward-looking and contingent on regulatory approvals, successful resource validation, and timely completion of exploration milestones. Any delays or failures in securing environmental permits, mining licenses, or infrastructure could adversely affect the expected timeline and financial returns.