STELLAR RESOURCES LIMITED — Capital/Financing Update 2019

Jul 15, 2019

16 July 2019

Early Tin Production Potential at Razorback

Stellar Resources Limited (ASX: SRZ, "Stellar" or the "Company) is pleased to announce a maiden Exploration Target for the Razorback Mine and potential for early production from re-development of the Razorback Mine, along with results of testwork on re-processing of the Razorback tailings, within the Mount Razorback Exploration Licence (EL11/201) held by Stellar.

Highlights

• The Razorback Mine was operated as an open pit mine by Minops from 1975 to 1978 during which time an estimated 180,000 tonnes of ore at ~0.6% Sn was mined and processed by an on-site gravity plant and tailings facility.
• An Exploration Target for remaining material at the Razorback Mine of 180,000 – 220,000 tonnes @ 0.8 – 1.0% Sn has been defined to a depth of 100m below the pit floor.

It should be noted that this Exploration Target estimate is conceptual in nature. There has been insufficient exploration to define a Mineral Resource in this volume and it is uncertain if further exploration will result in the determination of a Mineral Resource.

• The Razorback Mine Exploration Target is based on; 35 historic surface drillholes (6,054m) completed between 1958 and 1982, underground exploration development and a further 22 underground drillholes (1,009m) completed between 1964 and 1966, and samples from 3 costeans dug into the pit floor by Stellar in 2018.
• Further validation of historical drilling and mine data will be undertaken with the aim of defining an Inferred Mineral Resource for Razorback Mine in H2 2019.
• Re-development of the Razorback Mine could potentially provide a source of early tin production and cashflow which Stellar plans to study further, after the Mineral Resource is defined.

Stellar Resources (SRZ) is an exploration and development company with assets in Tasmania. The company is rapidly advancing its high-grade Heemskirk Tin Project, located near Zeehan in Tasmania, and plans to become

ASX Code: SRZ About Stellar:

Australia's second largest producer of tin.

ABN 96 108 758 961 Level 17, 530 Collins Street Melbourne Victoria 3000 Australia

Telephone +61 3 9692 7222 Facsimile +61 3 9077 9233

www.stellarresources.com.au

Shares: 380,328,733 Share Price (SRZ): A$0.012 Listed Options: 59,142,857 Option Price (SRZO): A$0.002 Unlisted Options: 17,000,000

Capital Structure

Commodity

Tin Price: US$18,300/t Exchange Rate US$ 0.70

Main Shareholders

European Investors 19.2% Capetown SA 16.4%

Board & Management Phillip G Harman Non-Executive Chairman Peter G Blight Managing Director Gary L Fietz Non-Executive Director Thomas H Whiting Non-Executive Director Melanie J Leydin Company Secretary

Highlights (continued)

• It is expected that Infill drilling to achieve a 100% Indicated Mineral Resource and completion of a Definitive Feasibility Study for the Razorback Mine re-development could be completed within 12 months, subject to funding.
• A composited sample of 15 hand auger holes drilled into Razorback Tailings Dam 1 in January 2019 was submitted to ALS metallurgical laboratory for pilot scale testwork to evaluate reprocessing Razorback tailings using a low-cost gravity separation process. Recently completed results of this testwork show that an overall tin recovery of 14% and a concentrate grade of 43% Sn is achievable by simple gravity separation and concentrate dressing. ALS also inferred from the results that a further 15% tin recovery from tailings could be achievable if a re-grind stage is introduced into the gravity circuit.
• The tailings testwork also implies that a modern gravity plant could significantly improve on historical recovery of tin from primary ore. Stellar has collected a sample of primary ore from costeans in the Razorback pit floor for metallurgical testwork which is planned as part of the Definitive Feasibility Study.

Managing Director Peter Blight said "redevelopment of the Razorback Mine has the potential to become an early source of tin production which the Company plans to study further this year. This could become an important 'stepping-stone' for Stellar, with the potential cash flow from the Razorback Mine redevelopment being used to advance the Company's flagship Heemskirk Tin project"

Introduction

Stellar has a strong tenement position covering its 100% owned tin properties near Zeehan, Tasmania:

• Heemskirk Tin project Queen Hill, Severn, Montana and Oonah deposits located near Zeehan. Stellar is focused on rapidly progressing a fast start development of the Heemskirk Tin project;
• Razorback Tin project satellite project located 8km East of Zeehan including a previously operated open pit tin mine and tin tailings;
• St Dizier Open Pit Tin project satellite deposit located 20km NW of Zeehan;
• A large exploration licence package with multiple tin exploration targets & historical metal mines

Figure 1 - Location of Stellar's Tin Tenements around Zeehan, Tasmania

Stellar's projects have an enviable location within the well-established mining district on the West Coast of Tasmania with a competitive market for services, mining and processing inputs and labour, access to nearby water and power, and the port of Burnie 150km to the north for concentrate export.

Razorback Geology

The style of mineralisation at Razorback is essentially the same as at Renison Mine, located 7km along strike to the north.

The geology of the Razorback Mine is dominated by the Razorback Fault where the Cambrian serpentinite is in faulted contact with the younger Dundas Group Red Lead Conglomerate and Hodge Slate. The Serpentinite has been strongly dolomitized and talc altered within 20-30m of the fault contact. The sequence strikes north-northwest and is near vertically dipping with the fault dip steep east near surface to steep west dipping below 100m depth.

Tin mineralisation is hosted within the talc-carbonate altered serpentinite and the Red Lead Conglomerate where they are adjacent to the Razorback Fault. The mineralised lodes are semi continuous and plunge steeply south within the plane of the fault. Mineralisation consists of semimassive pyrrhotite with cassiterite, pyrite, arsenopyrite, chalcopyrite, sphalerite and galena. The lode is wedge shaped with a width of 10-15m at the top (base of pit floor), narrowing to widths of 2-3m at a depth of approximately 100m below the pit floor. The average length of the significant intersections listed in Appendix 1 is 6.4m. The Razorback lode strikes over [200m] and possibly plunges steeply south to over 400m in depth.

A typical cross section, geological and drillhole collar location plan, and long projection of the Razorback Mine are provided in Figures 2, 3 and 4 respectively.

Figure 2- Razorback Mine Cross Section 5,363,850mN

Previous Mining and Exploration at Razorback Mine

Initial exploration over the Razorback Tin Mine was undertaken from 1958 to 1969 by the Bureau of Mineral Resources and the Tasmanian Mines Department who completed 7 surface diamond drillholes for 528m.

Extensive underground exploration development, 22 underground diamond drillholes (1,009m) and underground bulk sampling was completed over the Razorback Mine by Placer Prospecting Ltd between 1964 and 1966. Placer also completed 16 surface diamond drillholes over the Razorback Mine during this period.

The Razorback Mine was operated as an open pit mine by Minops Pty Ltd from 1975 to 1978 during which time an estimated 180,000 tonnes of ore at ~0.6% Sn was mined and processed by an on-site processing plant and tailings facility.

In 1978 Minops completed a further 7 surface diamond drillholes aimed at locating extensions of the ore to the south of the open cut.

In 1979, a Joint Venture was signed between Minops and CRA Exploration who proceeded to drill 5 deeper surface diamond drillholes over the next few years. In 1982, CRA Exploration decided not to procced further with the project.

In total, 35 historical surface diamond drillholes (6,054m) and 22 underground diamond drillholes (1,009m) have been completed over the Razorback Mine between 1958 and 1984.

In 2018, Stellar dug and sampled 3 costeans in the pit floor.

Figure 4: Razorback Mine Long Projection

Razorback Exploration Target

An Exploration Target of 180,000 – 220,000 tonnes @ 0.8 – 1.0% Sn has been defined for the remaining material in the Razorback Mine to a depth of 100m below the previously mined Razorback pit floor as shown in Table 1.

Table 1: Razorback Mine Exploration Target

Description	Tonnage (tonnes)	Sn (%)
Exploration Target to a depth of 100mbelow the current pit floor	180,000 – 220,000	0.8 – 1.0%

It should be noted that this Exploration Target estimate is conceptual in nature. There has been insufficient exploration to define a Mineral Resource in this volume and it is uncertain if further exploration will result in the determination of a Mineral Resource.

The Razorback Mine Exploration Target has been estimated by technical consultant, Resource and Exploration Geology, based upon:

• 1. Results of all drilling, underground exploration development, bulk samples, costeans and operational data from the previous open pit mine at Razorback as detailed in the "Previous Mining and Exploration at Razorback Mine" section above.
• 1. Results of costean sampling undertaken in 2018 by Stellar were not included
• 1. A list of the significant drillhole intercepts in the Razorback Mine deposit, used in the determining the Exploration Target is included in Appendix 1. Many of the intercepts are incomplete testing mineralisation in the footwall and hangingwall of mine development. The average unweighted intercept grade is 0.65% Sn. Unless otherwise stated, all drillhole intercept thicknesses, including those in Appendix 1 are apparent thickness and not necessarily true thickness.
• 1. Geological interpretations and 3D wireframe solid models of the mineralized zones within the Razorback Mine deposit.
• 1. Construction of a simple block model and interpolation of tin grades from un-composited drillhole data using an inverse distance squared algorithm (ID2).
• 1. Application of a 0.3% Sn Cut Off Grade.
• 1. Calculation of target tonnage and grade above 180m RL.
• 1. The Exploration Target estimate is biased by the lack of infill data close to northern drillhole MD2 which may result in an over estimation of the grade.
• 1. Historical tonnage and grade estimates undertaken by Minops Pty Ltd in 1978 after open-pit mining closure have not been used to determine the Exploration Target however they do provide support as they fall within the of the Exploration Target tonnage and grade ranges.
• 1. It is unclear how much of the mineralisation is oxide and sulphide but sulphur assays in the channel samples would suggest that much of the remainder would be mainly sulphide.
• 1. The Exploration Target is potentially minable via retreat Avoca style long hole stopes. A ~200m long decline could provide access from the valley floor where the previous processing plant was located. The addition of a sub-level (50m stope heights) would increase the total development length from ~200m to ~500m.

Exploration Upside

Most of the historical drilling, which forms the basis of the Exploration Target, has only tested mineralisation to a depth of ~150m below the current pit floor. Possible extensions to the Razorback Mine orebody were further identified by CRA Exploration in 1979 after drilling 5 deeper holes. Further drilling of deeper extension targets, such as those identified by CRA Exploration in 1979, have the potential to substantially increase the Razorback Mine Exploration Target.

There is also potential for discovery of further mineralisation along the Razorback Fault over the 7km of strike length between Razorback and Renison and including the Grand Prize Tin deposit, also within Stellar's Exploration Licence (EL11/201).

Razorback Tailings Reprocessing Update

15 hand auger holes were drilled into Razorback Tailings Dam 1 by Stellar in January 2019 averaging 0.25% Sn. A composited sample of these 15 holes was then submitted to ALS metallurgical laboratory for pilot scale testwork to evaluate re-processing Razorback tailings using a low-cost gravity separation process. Recently completed results of this testwork show that an overall tin recovery of 14% and a concentrate grade of 43% is achievable by simple gravity separation (spirals and tables) and concentre dressing. ALS also inferred from the testwork resultsthat a further 15% tin recovery from tailings could be achievable if a re-grind stage is introduced into the gravity circuit.

The tailings testwork also implies that a modern gravity plant could significantly improve on historical recovery of tin from primary ore. Stellar has collected a sample of primary ore from costeans in the Razorback pit floor for metallurgical testwork which is planned as part of the Definitive Feasibility Study.

Stellar's focus has now shifted from recovering tin from tailings to redevelopment of the open pit given the greater economic potential of higher grade/higher recovery primary ore.

Razorback Work Program

Further validation of historical drilling and mining data will now be undertaken with the aim of defining an Inferred Mineral Resource for Razorback Mine in 2019 H2.

Stellar plans to further study the potential for early production and cashflow identified from redevelopment of the Razorback mine, after the Mineral Resource is defined.

It is expected that an infill drilling program of ~8 diamond drillholes for 700m would be required to upgrade the Razorback Mine resource to a 100% Indicated Mineral Resource classification. These drillholes would also provide samples for further metallurgical testwork, along with the bulk samples taken by Stellar in 2018 from costeans in the pit floor.

A further 500m of drilling is also recommended to be completed in conjunction with the infill drilling in order to optimise the Razorback Mine resource and test depth and strike extensions of the deposit.

It is expected that Infill and optimisation drilling and completion of a Definitive Feasibility Study for the Razorback Mine Re-development project could be completed within 12 months, subject to funding.

Heemskirk Tin Project

Stellar Resources Limited is a tin exploration and development company that is focused on developing its flagship Heemskirk Tin Project in western Tasmania.

The project has two significant competitive advantages. First, Heemskirk has a JORC 2012 compliant Mineral Resource of 6.6mt @ 1.1% Sn which makes it the highest grade undeveloped tin project of significance in Australia. Second it has an excellent location within the historic west coast mining district of Tasmania.

Access to existing infrastructure including power, sealed roads and water is a significant advantage over more remote tin projects. In addition, the project is located next to the mining town of Zeehan which provides a supportive community, access to skilled miners and accommodation. The service industry, established to support existing long-term mines in the district, also provides an opportunity for access to competitive suppliers.

Competent Persons Statement

The Information in this report that relates to Exploration Results and Exploration Targets was prepared in accordance with the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves"(JORC Code), by Tim Callaghan (Principle, Resource and Exploration Geology Pty Ltd), who is a Member of the Australasian Institute of Mining and Metallurgy ("AusIMM"), has a minimum of five years' experience in the estimation, assessment and evaluation of Mineral Resources of this style and is a Competent Person as defined in the JORC Code. This announcement accurately summarises and fairly reports his estimations and he has consented to the resource report in the form and context in which it appears.

Forward Looking Statements

This report may include forward-looking statements. Forward-looking statements include but are not limited to statements concerning Stellar Resources Limited's planned activities and other statements that are not historical facts. When used in this report, the words such as "could", "plan", "estimate", "expect", "intend", "may", "potential", "should" and similar expressions are forward-looking statements. In addition, summaries of Exploration Results and estimates of Mineral Resources and Ore Reserves could also be forward-looking statements. Although Stellar Resources Limited believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. The entity confirms that it is not aware of any new information or data that materially affects the information included in this announcement and that all material assumptions and technical parameters underpinning this announcement continue to apply and have not materially changed. Nothing in this report should be construed as either an offer to sell or a solicitation to buy or sell Stellar Resources Limited securities.

For further details please contact:

Peter Blight Managing Director Stellar Resources Limited Tel: 03 9692 7222 Email: peter.blight@stellarresources.com.au or visit our Website at: http://www.stellarresources.com.au

Appendix 1 – Significant Intercepts - Razorback Mine Deposit

Hole	Easting(m)	Northing(m)	RL.(m)	End of Hole(m)	Azumith(degrees)	Dip(degrees)	From(m)	To:(m)	Length(m)	Sn(%)
MD1	369,366.0	5,363,835.0	205.0	70	280	$-30$	50.9	63.7	12.8	0.4
MD 2	369,333.0	5,364,002.0	262.0	79	263	$-50$	59.4	69.5	10.1	2.0
R1	369,376.8	5,363,838.9	200.2	149	293	$-60$	89.9	94.5	4.6	0.8
R11	369,375.0	5,363,875.0	137.7	182	283	$-45$	171.0	172.0	1.0	Not Assayed
R12	369,370.1	5,363,870.3	188.9	116	284	$-60$	112.5	116.4	3.9	0.3
R13	369,245.0	5,364,038.0	184.0	153	270	$-43$	140.0	141.0	1.0	Not Assayed
R2	369,395.0	5,363,830.8	182.0	116	293	$-75$	101.0	102.0	1.0	Not Assayed
R3	369,355.1	5,363,941.2	235.2	166	262	$-45$	101.0	102.0	1.0	Not Assayed
R5	369,404.0	5,363,832.9	136.0	185	294	$-40$	150.3	151.1	0.8	$1.5,$
R5	369,404.0	5,363,832.9	136.0				172.2	173.1	0.9	0.2
R7	369,371.9	5,363,721.6	179.8	151	264	$-65$	109.7	111.5	1.8	No significant analyses
R9	369,397.5	5,363,768.3	109.8	204	279	$-75$	147.8	183.8	36.0	0.1
R 16	369,447.0	5,363,707.0	130.0	287	317	$-70$	138.5	148.6	10.1	0.2
RC1	369,431.4	5,363,699.5	$-56.4$	368	261	$-60$	322.8	324.0	1.2	0.8
RC1	369,424.3	5,363,698.5	$-77.3$				345.0	345.9	0.9	0.3
RC 2	369,245.6	5,364,038.1	184.6	197	251	-39	178.0	179.0	1.0	No significant analyses
RC3	369,341.5	5,363,948.8	79.0	298	261	$-48$	265.0	265.8	0.8	0.9
RC4	369,398.9	5,363,638.0	42.4	305	262	$-47$	284.4	286.0	1.6	0.3
RZS1	369,390.3	5,363,793.1	181.6	128	299	$-70$	92.0	98.5	6.5	0.6
RZS1	369,385.6	5,363,794.9	165.8				110.2	113.5	3.3	0.2
RZS2	369,546.6	5,363,351.3	163.5	121	255	$-37$	105.8	106.8	1.0	No significant analyses
RZS3	369,448.2	5,363,550.2	204.7	120	260	$-49$	72.4	73.7	1.3	0.1
RZS3	369,420.6	5,363,543.4	169.8				117.5	118.5	1.0	0.3
RZS4	369,381.1	5,363,777.0	205.3	116	266	$-57$	78.6	81.4	2.8	0.9
RZS4	369,374.2	5,363,776.4	195.2				88.8	95.7	6.9	0.1
RZS5	369,444.3	5,363,538.6	138.0	155	254	$-58$	136.5	137.2	0.7	No significant analyses
RZS6	369,441.0	5,363,736.8	90.6	287	260	$-69$	173.9	184.3	10.4	0.1
RZS7	369,389.5	5,363,709.8	138.5	203	250	$-44$	168.0	169.0	1.0	No significant analyses
UR10	369,333.1	5,363,907.8	256.4	48	98	$-45$	0.0	3.2	3.2	0.1
UR11	369,352.2	5,363,888.3	206.7	57	250	$-75$	51.8	53.3	1.5	No significant analyses
UR12	369,333.0	5,363,908.4	255.6	76	70	$-60$	1.4	2.9	1.5	0.6
UR13	369,370.0	5,363,854.0	197.3	74	90	$-80$	59.4	61.0	1.6	0.1
UR14	369,372.0	5,363,855.0	248.0	42	282	$-25$	4.5	11.4	6.9	0.1
UR16	369,367.0	5,363,799.0	251.0	13	305	$-60$	3.0	5.2	2.2	0.8
UR17	369,358.1	5,363,800.6	253.5	32	305	$-75$	3.0	5.2	2.2	0.8
UR17	369,356.6	5,363,801.7	246.6				9.7	12.9	3.2	No significant analyses
UR18	369,359.0	5,363,799.0	218.8	75	$\Omega$	$-90$	22.9	54.6	31.7	0.3
UR19	369,358.3	5,363,827.5	248.7	39	102	$-75$	7.6	10.7	3.1	0.1
UR21	369,367.0	5,363,880.0	250.0	24	60	$-5$	4.6	10.8	6.2	0.6
UR22	369,363.0	5,363,857.2	256.8	20	75	$-5$	7.6	9.1	1.5	1.6
UR5	369,360.0	5,363,878.8	231.0	42	260	$-75$	21.0	33.8	12.8	0.6
UR8	369,353.3	5,363,853.8	250.9	38	263	$-75$	2.6	11.0	8.4	3.7

JORC Code, 2012 Edition – Table 1

Section 1: Sampling Techniques and Data (criteria in this section apply to all succeeding sections)

Criteria	JORC Code Explanation	Commentary
Samplingtechniques	•Nature and Quality of sampling (e.g. cut channels,random chips or specific specialized industrystandard measurement tools appropriate to theminerals under investigation, such as downholegamma sondes, or hand held XRF instrumentsetc.).•Include reference to measures taken to ensuresample representivity and the appropriatecalibration of any measurement tools or systemsused.•Aspects of the determination of mineralisationthat are Material to the Public Report.•In cases where 'industry standard' work has beendone this would be relatively simple (e.g. 'reversecirculation drilling was used to obtain 1m samplesfrom which 3kg was pulverized to produce 30gcharge for fire assay'). In other cases, moreexplanation may be required, such as wherethere is coarse gold that has inherent samplingproblems. Unusual commodities or samplingtypes (e.g. submarine nodules) may warrantdisclosure of detailed information.	•The Razorback Tin deposit has been delineated bydiamond drilling and channel sampling.Numerousdrilling campaigns were completed between 1958 and1981 by Tasmanian Department of Mines,Placer/Minops JV, and CRAE.•Logged sulphide and siderite altered zones wereselected for geochemical analysis•Where specified, approximately 1m samples of 2-3kgwere taken from diamond saw cut drill core whilstrespecting geological boundaries.•Underground bulk and channel samples taken byPlacer limited. Sampling details are unspecified.•Stellar Resources Ltd completed three costeanschannel sampled in historic open pit. Samples on 1mintervals of 2-3kg.•The Grand Prize mineralisation has been delineated bywire line diamond drilling between 1980 and 1985 byRenison Ltd.
DrillingTechniques	•Drill type (e.g. core, reverse circulation, open holehammer, rotary air blast, auger, bangka, sonicetc.) and details (e.g. core diameter, triple orstandard tube, depth of diamond tails, facesampling bit or other type, where core is orientedand if so by what method, etc.)	•No drilling completed by Stellar•Razorback Mine historical diamond drilling completedby Tasmanian Mines Department, 7 diamond Holes for528.7m, Placer/Minops 16 surface diamond drillholesfor 2,823.6m, Placer 20 underground (BQ) diamondholes for 1,009m, CRAE 12 HQ/NQ diamond holes for2,703.3m.•Grand Prize historical diamond drilling completed byRenison Ltd, 20 HQ/NQ diamond Holes for 8096m.
Drill samplerecovery	•Method of recording and assessing core and chipsample recoveries and results assessed.•Measures taken to maximize sample recovery andensure representative nature of the samples.•Whether a relationship exists between samplerecovery and grade and whether sample bias mayhave occurred due to preferential loss/gain offine/coarse material	•Where recorded, diamond drill core recoveries weregenerally good to excellent (100%).•Full data compilation and analysis has yet to becompleted.•An analysis of recovery verses Sn grade has yet to becompleted.
Logging	•Whether core and chip samples have beengeologically and geotechnically logged to a levelof detail to support appropriate Mineral Resourceestimation, mining studies and metallurgicalstudies.•Whether logging is qualitative or quantitative innature. Core (or costean, channel etc.)photography.•The total length and percentage of the relevantintersections logged.	•Drill core reconstituted, measured for recovery•Drill core logged by experienced geologists onstandard logging sheets.•Entire holes logged for lithology, weathering,alteration, structural orientations and mineralisation.•Mineralised sections marked up for analysis onessentially 1m intervals while respecting geologicalboundaries.•All logs standardized and loaded into access database.

SubSamplingtechniquesand samplepreparation	•If core, whether cut or sawn and whetherquarter, half or all core taken.•If non-core, whether riffled, tube sampled, rotarysplit, etc. and whether sampled wet or dry•For all sample types, the nature, quality andappropriateness of the sample preparationtechnique.•Quality control procedures adopted for all subsampling stages to maximize representivity ofsamples.•Measures taken to ensure that the sampling isrepresentative of the insitu material collected,including for instance results of fieldduplicate/second half sampling.•Whether sample sizes are appropriate to thegrain size of the material being sampled	•Half core sampled on essentially 1m lengths whilerespecting geological boundaries.•Placer underground bulk samples derived from 1shovel in 20 selected locations. Crushed and subsample selected for analysis.•CRAE relogged and re-assayed selected Placerdiamond holes, analysis yet to be reviewed.•Sample sizes are considered to be industry standardfor similar styles of mineralisation.
Quality ofassay dataandlaboratorytests	•The nature, quality and appropriateness of theassaying and laboratory procedures used andwhether the technique is considered partial ortotal.•For geophysical tools, spectrometers, handheldXRF instruments, etc., the parameters used indetermining the analysis including instrumentmake and model, reading times, calibrationfactors applied and their derivation etc.•Nature of quality control procedures adopted(e.g. standards, blanks, duplicates, externallaboratory checks) and whether acceptable levelsof accuracy (i.e. lack of bias) and precision havebeen established.	•Pre 1980's Placer and Minops analysis completed inlocal laboratories, procedures and techniques havenot been recorded.•CRAE drill holes analysed by commercial laboratoriesAMDEL and Analabs by pressed powder XRF. Care isrequired for matrix matched standards when usingthis technique.•Renison drill core analysed by commercial laboratoriesAnalabs by pressed powder XRF.
Verificationof samplingand assaying	•The verification of significant intersections byeither independent or alternative companypersonnel•The use of twinned holes.•Documentation of primary data, data entryprocedures, data verification, data storage(physical and electronic) protocols.•Discuss any adjustment to assay data.	•Limited check analyses of Placer drill core by CRAE.Results not yet reviewed.
Location ofdata points	•Accuracy and quality of surveys used to locatedrill holes (collar and downhole surveys) trenches,mine workings and other locations used inmineral resource estimation•Specification of grid system used•Quality and accuracy of topographic control.	•Razorback drill collars and adits poorly located onhistoric local grids. Some ambiguity in grid locationrequires validation.•Grand Prize drill hole collars surveyed by licensedsurveyor.•Eastman single shot camera used for downholesurveys where available.•Significant magnetite in host rocks effects Razorbacksurveys.
Data Spacinganddistribution	•Data spacing for reporting Exploration Results•Whether data spacing and distribution issufficient to establish the degree of geologicaland grade continuity appropriate for the MineralResource and Ore Reserve estimationprocedure(s) and classifications applied.•Whether sample compositing has been applied	•Close spaced bulk sampling and underground drillingof Razorback mine.•Broad 100 x 100m spacing or worse for Grand Prizeand Razorback local area.•Spacing considered sufficient for defining ExplorationTarget and possibly Inferred Resources.•Sample compositing has not been applied.

Orientationof data inrelation togeologicalstructure	•Whether the orientation of sampling achievesunbiased sampling of possible structures and theextent to which this is known, considering thedeposit type.•If the relationship between the drillingorientation and the orientation of key mineralisedstructures is considered to have introduced asampling bias, this should be assessed andreported if material.	•Most drillholes, costeans and crosscuts are orientedsub perpendicular to the strike of the mineralisation.•Sample orientation is unlikely to have introduced bias.
SampleSecurity	•The measures taken to ensure sample security.	•Unspecified in historic data
Audits orReviews	•The results of any audits or reviews of samplingtechniques and data.	•No audits or reviews completed

Section 2: Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section)

Criteria	JORC Code Explanation	Commentary
Mineraltenement andland tenurestatus	•Type, reference name/number, location andownership including agreements or materialissues with third parties such as joint ventures,partnerships, overriding royalties, native titleinterests, historical sites, wilderness or nationalpark and environmental settings.•The security of tenure held at the time ofreporting along with known impediments toobtaining a license to operate the area	•EL11/2017 is 100% owned by Stellar Resources'wholly owned subsidiary Columbus Metals Limited.There are no other interests in the property.•EL11/2017 is located 10km to the east of Zeehan onTasmania's west coast. Access to historical mine siteswithin the EL is provided by existing roads.•EL11/2017 was granted on 6th December 2017 for aperiod of 5 years based on an agreed program ofwork.
Explorationdone by otherparties	•Acknowledgement and appraisal of explorationby other parties.	•Limited early mining activity occurred between 1909and 1960 period following the discovery of tin insurface outcrops at the Razorback and Grand PrizeMines.•Modern exploration commenced at Grand Prize byPlacer Limited from 1964 to 1968 and RenisonLimited from 1968 to 1987.•Placer explored Razorback between 1964 and 1968followed by Renison from 1968 to 1971.•Minops Pty Ltd mined 180,000t of ore at Razorbackbetween 1975 to 1978 from a small open cut.•CRAE limited explored the immediate mine areafrom 1978 until 1981.
Geology	•Deposit type, geological setting and style ofmineralization.	•Tin-sulphide mineralization at the Grand Prize mineis related to fissure lodes within the Grand PrizeFault and its subsidiaries with significantreplacement style tin-sulphide mineralisationassociated with the Red Lead Conglomerate.Mineralisation extends over 500m in strike and400m in depth consisting of steep fissure lodes andflat dipping replacement lodes.•Tin-sulphide mineralization at Razorback occurs asreplacement lodes within dolomitized serpentiniteand conglomerates in steep dipping faulted contacts.Mineralisation occurs as cassiterite associated withpyrrhotite, pyrite and arsenopyrite within a broader

		alteration zone of talc/carbonate/silica rock. Themineralised zone strikes north-south with essentiallyvertical dip. Mineralisation is from 1m to 30m thickand over 200m in strike length.
Drill holeinformation	•A summary of all information material to theunderstanding of the exploration resultsincluding a tabulation of the followinginformation for all Material drill holes:-easting and northing of the drill holecollar-elevation or RL (Reduced Level - elevationabove sea level in metres) of the drill holecollar-dip and azimuth of the hole-downhole length and interception depth-hole length•If the exclusion of this information is justifiedon the basis that the information is notMaterial and this exclusion does not detractfrom the understanding of the report, theCompetent Person should clearly explain whythis is the case	•See tables associated with this report for a list ofhistoric drillhole intercepts.
Dataaggregationmethods	•In reporting of Exploration Results, weightingaveraging techniques, maximum and/orminimum grade truncations (e.g. cutting of highgrades) and cutoff grades are usually materialand should be stated.•Where aggregate intercepts include shortlengths of high grade results and longer lengthsof low grade results, the procedure used foraggregation should be stated and someexamples of such aggregations should beshown in detail•The assumptions used for any reporting ofmetal equivalent values should be clearlystated.	•Drill intercepts of greater than 1m @ 0.1% Sn arereported.•Mineralised intercepts have been length weighted•No metal equivalents have been used.
Relationshipbetweenmineralisationwidths andinterceptlengths	•These relationships are particularly importantin the reporting of Exploration Results.•If the geometry of the mineralization withrespect to the drill hole angle is known, itsnature should be reported.•If it is not known and only the downholelengths are reported, there should be a clearstatement to this effect (e.g. down hole length,true width not known)	•Drill intercepts are reported as downhole or lengths.•Channel samples are reported as horizontal widths.•Drill holes and costeans are essentially perpendicularto the mineralisation.
Diagrams	•Appropriate maps and sections (with scales)and tabulated intercepts should be included forany significant discovery being reported. Theseshould include, but not be limited to a planview of drill collar locations and appropriatesectional views.	•See body of text for plans sections and longprojection.
Balancedreporting	•Where comprehensive reporting of allExploration Results is not practicable,representative reporting of both low and highgrades and/ or widths should be practiced to	•See tables associated with this report.

	avoid misleading reporting of ExplorationResults
Othersubstantiveexplorationdata	•Other exploration data, if meaningful andmaterial, should be reported including (but notlimited to): geological observations; geophysicalsurvey result; geochemical survey results; bulksamples – size and method of treatment;metallurgical test results; bulk density,groundwater, geotechnical and rockcharacteristics; potential deleterious orcontaminating substances.	•Historical production from Minops open cutoperated between 1975 and 1978 produced180,000t @ 0.6% Sn. Ore treated in gravity plant onsite.
Further work	•The nature and scale of planned further work(e.g. test for lateral extensions or depthextensions or large scale step out drilling).•Diagrams clearly highlighting the areas ofpossible extensions, including the maingeological interpretations and future drillingareas, provided this information is notcommercially sensitive.	•All historical drill hole and mine plan data is beingcompiled into a 3D data base for the Razorback mineto determine a JORC 2012 compliant mineralresource and to identify drilling targets.•Exploration along the Razorback Fault.