STELLAR RESOURCES LIMITED — Capital/Financing Update 2019

May 15, 2019

16 May 2019

Updated Heemskirk Resource Increases Indicated Category and Confidence in the Project

Stellar Resources Limited (ASX: SRZ, "Stellar" or the "Company) is pleased to announce the results of an updated mineral resource for its flagship Heemskirk Tin project recently completed by technical consultant Resource and Exploration Geology.

Highlights

• Updated Mineral Resource of 6.6Mt @ 1.1% Sn (70,930t of contained Sn) defined for the Heemskirk Tin project.
• The updated Mineral Resource is the highest grade undeveloped tin resource in Australia.
• A 64% increase in Indicated Mineral Resource to 2.1Mt @ 1.1% Sn (23,960t of contained Sn) compared with the 2016 estimate.
• Closer spaced drilling in 2017 led to a maiden Indicated Resource for the Severn deposit and the 64% increase in Total Indicated Mineral Resource.
• The updated Heemskirk Mineral Resource is 0.2Mt larger than the previous 2016 estimate, with a similar amount of contained tin.
• A maiden Inferred Mineral Resource of 0.6Mt @ 0.9% Sn for the recently acquired Oonah deposit is included in the updated Mineral Resource.
• A Scoping Study has commenced on a Fast Start Option for Heemskirk Tin focusing on development of Queen Hill, Severn and St Dizier deposits.

Managing Director Peter Blight said "this resource update significantly increases the level of confidence in the Heemskirk Tin project resource and provides a solid foundation for the company to complete its Fast Start scoping study. The study will focus on development of the enlarged indicated and associated inferred resources of the Queen Hill and Severn deposits with St Dizier potentially supplementing these ore sources."

About Stellar:

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 Australia's second largest producer of tin.

Shares:	380,328,733
Share Price (SRZ):	A$0.014
Listed Options:	59,142,857
Option Price (SRZO):	A$0.002
Unlisted Options:	17,000,000

Commodity

Tin Price: US$19,850/t Exchange Rate US$ 0.69

Main Shareholders

European Investors 19.5% 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

ASX Code: SRZ

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

Introduction

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

• 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;
• St Dizier Open Pit Tin project satellite deposit located 20km NW of Zeehan;
• Razorback Tin project satellite project located 8km East of Zeehan including a previously operated open pit tin mine and tin tailings; and
• A large exploration licence package with multiple tin exploration targets and historical metal mines

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 to the port of Burnie 150km to the north for export of tin concentrate.

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

Geology of Heemskirk Tin Deposits

The Heemskirk Tin project deposits are granite related cassiterite and basemetal stockwork and replacement style mineralisation hosted in older sediments and volcaniclastics of the Zeehan Sub Basin, Western Tasmania. Mineralisation is generally stratabound. Four deposits have been defined over a total strike length of approximately 1,300m to depths of 500m below surface.

Deposit	Orientation	Strike Length(m)	Dip Extent(m)	Width - truethickness (m)
Severn	Strikes N-S, Dips steeply E	400	380	3m - 50m
Queen Hill	Strikes N-S, Dips steeply E	400	400	2m - 25m
Montana	Strikes ENE, Near vertical	100	350	2m - 8m
Oonah	Strikes N-NW, Dips steeply E	400	200	1m - 5m
Total		1,300	1,330	1m - 50m

Figure 2: Schematic Geology Cross-Section 3700N, Showing Queen Hill and Severn Tin Deposits

Exploration Drilling

An 11-hole diamond drilling program (ZS132 to ZS139A) was completed by Stellar in 2017 in the upper Severn and Queen Hill deposits, locally reducing the drill spacing which, along with previous drilling results, supports an Indicated Mineral Resource classification in these areas.

A total of 58 recent diamond drillholes (18,709m), inclusive of the 2017 drilling program, have been completed by Stellar over the Heemskirk deposits since 2010. A further 133 historic diamond drillholes (31,485m) have been completed prior to 2010 by other companies over the Heemskirk deposits.

Basis of Updated Mineral Resource Estimate

The updated Mineral Resource has been estimated by technical consultant, Resource and Exploration Geology, based upon:

• 1. Results of all drilling completed over the Heemskirk deposits including; the 2017 drilling program, previous drilling completed by Stellar, and historical drilling completed by other companies.
• 1. A list of the significant drillhole intercepts in the Heemskirk deposits, used in the 2019 Mineral Resource Update, is included in Appendix 1. Unless otherwise stated, all drillhole intercept thicknesses, including those in Appendix 1 are downhole thickness and not necessarily true thickness.
• 1. Revised geological interpretations of the mineralized zones within the Heemskirk deposits. 3D wireframe solid models have been created for; 2 main mineralised zones and 10 smaller subparallel mineralised zones within the Queen Hill deposit, 4 mineralised zones within the Severn deposit, 1 mineralised zone within the Montana deposit, and 2 main mineralised zones and 2 smaller sub-parallel zones within the Oonah deposit. Mineralised zones are generally stratabound and demonstrate reasonable sectional continuity given the broad drill spacing and style of mineralisation modelled.
• 1. All samples were composited to 1m lengths. Top cuts were applied to Sn analyses for the Severn and Oonah deposits only and to Cu analyses for the Montana and Oonah deposits only.
• 1. Statistical and geostatistical analysis of the samples.
• 1. A block modelled resource estimation was calculated using an ordinary kriged algorithm for Sn constrained by solid models in the Severn and Queen Hill deposits. An inverse distance squared algorithm (ID2) was used to interpolate Sn grades into the Montana and Oonah solid models. An ID2 algorithm was used to interpolate S, Cu, Pb, Zn, soluble Sn and SG into the resource model. The estimation was validated by visually checking the interpolation results against drill hole data in plan and section, comparing input and output statistics and comparing with previous estimates. The estimate is considered to be robust on the basis of the above checks.
• 1. Classification of the Heemskirk Tin deposits taking into account data quality and distribution, spatial continuity, confidence in the geological interpretation and estimation confidence. Indicated Mineral Resources have been defined in the following two areas where higher confidence in the geological model and resource estimation exists; (a) The Queen Hill deposit above RL 930m and south of 3770N which has a spacing between drilling intercepts of approximately 20m to 50m, and (b) the Severn deposit above RL 870m and below RL 980m and south of 3770m which has a spacing between drilling intercepts of approximately 30m to 60m. The remainder of the resource is classified as Inferred Resource due to the low confidence in the local grade estimation and moderate confidence in the geological interpretation resulting from short range variability of the mineralisation and the broad drill spacing (typically 100m between drilling intercepts).
• 1. Inferred and Indicated Mineral Resources were reported above a 0.6% Sn cut-off and classified according to the guidelines of the 2012 edition of the JORC Code.

Updated Mineral Resource Estimate

An updated total mineral resource of 6.6Mt @ 1.1% Sn at a cut-off grade of 0.6% Sn has been defined in accordance with the JORC Code 2012 by technical consultant, Resource and Exploration Geology, for the Heemskirk Tin project deposits as shown in Table 1.

Table 2: Heemskirk Tin Project Mineral Resource Statement 2019, JORC 2012
---------------------------------------------------------------------------	--	--

Classification	Deposit	Tonnage	Total Sn	Contained	Cassiterite	Cu	Pb	Zn
		mt	%	Sn t	% of total Sn	%	%	%
Indicated	Upper Queen Hill	0.32	1.0	3,230	87	0.2	2.1	1.0
	Lower Queen Hill	0.65	1.4	9,230	97	0.0	0.1	0.1
	Severn	1.15	1.0	11,500	99	0.1	0.0	0.1
Total Indicated		2.12	1.1	23,960	97	0.1	0.4	0.2
Inferred	Upper Queen Hill	0.11	1.6	1,760	94	0.2	1.9	0.7
	Lower Queen Hill	0.36	1.4	5,040	97	0.0	0.2	0.0
	Severn	2.74	0.9	24,660	99	0.0	0.0	0.0
	Montana	0.68	1.5	10,200	96	0.1	0.7	1.4
	Oonah	0.59	0.9	5,310	36	0.8	0.1	0.1
Total Inferred		4.48	1.0	46,970	90	0.1	0.2	0.3
Total Indicated + Inferred		6.60	1.1	70,930	92	0.1	0.3	0.3

1.cassiterite = (total Sn% - soluble Sn%)/total Sn%

1. block cut-off grade of 0.6% tin

2. tonnes rounded to reflect uncertainty of estimate

3. estimates prepared by Resource and Exploration Geology under JORC 2012

Updated Tonnage Grade Curve

Figure 3: Heemskirk Project (all deposits) Tonnage Grade Curve

All four of the Heemskirk tin deposits contain zones of higher grade and grade tonnage data suggests the deposits may be amenable to mining at higher cut-off grade.

Increasing the cut-off grade to 1.0% Sn has the potential to increase the resource grade to 1.5% Sn (resource tonnage would be decreased to 2.74 Mt).

Comparison with the Previous 2016 Resource Statement

The updated Heemskirk Mineral Resource includes 2.1Mt @ 1.1% Sn of Indicated Mineral Resource which is a 64% increase in the amount of Indicated Mineral Resource compared with the previous 2016 estimate.

This represents a significant improvement in resource confidence for the Heemskirk Tin project which is primarily due to the definition of a maiden Indicated Resource in upper Severn as a result of closer spaced drilling undertaken by Stellar in 2017.

The updated Total Heemskirk Mineral Resource (6.6Mt @ 1.1% Sn, containing 70,930 tonnes of tin) is 0.2Mt larger than the previous 2016 Total Heemskirk Mineral Resource estimate, with a similar amount of contained tin (the previous 2016 Total Mineral Resource for the Heemskirk Tin project was 6.4Mt @ 1.1% Sn, containing 72,000 tonnes of tin).

A maiden Inferred Mineral Resource of 0.6Mt @ 0.9% Sn for the recently acquired Oonah deposit is included in the updated Mineral Resource.

The Heemskirk Project Updated Mineral Resource is the highest grade undeveloped tin project in Australia.

Heemskirk Project Tin Deposits

In Figure 1, the location of the four Heemskirk tin deposits is shown in plan-view. Figures 4 – 7, show long projections of each deposit. All drilling intercepts in and around modelled mineralised zones are shown on the long projections and are colour coded by Sn M % (i.e. Sn grade in percent multiplied by apparent thickness in metres). Sn M % provide a visual indication of the amount of contained tin in each intercept.

Figure 4: Severn Long Projection (all mineralised zones)

Figure 5. Queen Hill Long Projection (all mineralised zones)

Figure 6: Montana Long Projection

Figure 7: Oonah Long Projection (all mineralised zones)

In the case of the Queen Hill, Oonah and Montana deposits, mineralisation is zoned with increasing concentrations of Pb-Zn veins located towards the top and adjacent to the tin zones.

Historical underground Pb-Ag-Zn mine workings exist near the upper parts of the Oonah, Montana and Queen Hill deposits. Where records are available, development roadways have been located on longprojections (Montana and Oonah). There is no record of historical stope locations. However, based on drilling results, mined areas do not generally coincide with Sn mineralisation.

Tin mineralisation in the Zeehan deposits is mostly in the form of insoluble cassiterite (SnO2) with acid soluble forms of Sn (stannite in the case of sulphides) accounting for 8% of total contained Sn. Table 2 shows the high proportion of cassiterite for the Severn (99%), Lower Queen Hill (97%) and Montana (96%) deposits. Cassiterite content is lower for Upper Queen Hill (89%) and particularly low for Oonah (36%). Cassiterite content is calculated by subtracting acid soluble Sn from total Sn assays. Acid soluble Sn concentrations for the Queen Hill, Montana and Oonah deposits is estimated from Cu assays using the stoichiometric relationship between Sn and Cu in stannite. In the case of Severn, acid soluble tin was measured directly on 1m composites.

Acid soluble Sn is not generally recoverable in conventional tin gravity concentration plants. However, it can be recovered in a sulphide concentrate for subsequent processing with other sulphides.

Heemskirk Exploration Upside

Mineralisation in all of the Heemskirk Tin project deposits remains open down dip and down plunge.

Renison Tin, Australia's oldest and largest tin mine is located 18km to the NE of Heemskirk and shares the same ore genesis and geology. The Heemskirk deposits have been drilled to a maximum depth of 500m and are open at depth to granite source rocks assumed from geophysics to be 1km from surface. Renison started with a 4.0mt reserve or 5-year mine life in 1968 and successful underground exploration has increased mine life to 50 years with at least another 15 years to go. The Heemskirk deposits total 71kt of contained tin or just 20% of the tin found at Renison to date.

Figure 8. Comparison of Heemskirk and Renison Tin Deposits

Fast Start Option Scoping Study

A Scoping Study has recently commenced on a Fast Start development option for the Heemskirk Tin project based primarily on the Queen Hill and Severn mineral resources.

The Scoping Study will include an update of the mine plan, schedule and mining cost estimates. Previous studies undertaken on the processing plant, tailings facility and other aspects of the project will be incorporated into the Scoping Study.

The recently completed St Dizier Scoping Study (see ASX release 22 January 2019) provides an opportunity to consider the incorporation of St Dizier into the larger Heemskirk Tin Scoping Study.

The Heemskirk Fast Start Scoping Study is expected to be completed late in the June quarter 2019.

Stellar Resources Tenement Map, Western Tasmania

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 Mineral Resources 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.

The drill and exploration results reported herein, insofar as they relate to mineralisation, are based on information compiled by Mr R K Hazeldene (Member of the Australasian Institute of Mining and Metallurgy and Member of the Australian Institute of Geoscientists) who is an employee of the Company. Mr Hazeldene has sufficient experience relevant to the style of mineralisation and type of deposits being considered to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2012 Edition). Mr Hazeldene consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. It should be noted that the abovementioned exploration results are preliminary.

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 1A – Significant Intercepts - Queen Hill Deposit

Hole No	Easting(m)	Northing(m)	RL(m)	End of Hole(m)	Azumith(degrees)	Dip(degrees)	From(m)	To(m)	Length(m)	Sn(%)
ZQ01	60,804.6	3,572.3	1,212.5	108.9	90	$-43$	39.62	65.84	26.22	2.40
ZQ01							103.43	105.95	2.52	0.52
ZQ02	60,804.6	3,572.3	1,212.5	123.6	116	$-47$	103.33	107.29	3.96	0.89
ZQ03	60,877.6	3,574.4	1,248.0	93.7	268	$-68$	53.34	56.69	3.35	0.40
ZQ03							65.84	85.65	19.81	2.01
ZQ04	60,877.6	3,574.4	1,248.0	86.0	287	$-68$	54.74	57.64	2.90	2.24
ZQ04							68.04	85.95	17.91	1.54
ZQ05	60,873.7	3,620.6	1,247.5	97.4	262	$-72$	57.30	63.40	6.10	1.07
ZQ06	60,873.7	3,620.6	1,247.5	116.3	246	$-85$	66.75	85.04	18.29	0.54
ZQ07	60,881.9	3,495.9	1,251.0	121.9	273	$-61$	27.43	28.65	1.22	0.57
ZQ08	60,881.9	3,495.9	1,251.0	138.7	273	$-87$	53.64	56.39	2.75	2.31
ZQ09	60,852.2	3,744.9	1,237.0	85.2	245	$-80$	67.67	69.49	1.82	1.21
ZQ10	60,948.3	3,576.7	1,281.0	298.7	268	$-77$	171.30	175.26	3.96	1.08
ZQ11	60,940.9	3,655.1	1,268.0	169.8	270	$-68$	141.43	157.28	15.85	0.57
ZQ11W	60,940.9	3,655.1	1,268.0	188.1	270	$-68$	141.40	156.91	15.51	0.76
ZQ11WZQ12							167.60	171.60	4.00	0.841.79
	60,941.1	3,655.2	1,268.0	265.0	274	$-83$	176.78	202.69	25.91	1.32
ZQ12ZQ13	60,959.6	3,744.5	1,261.8	241.4	270	$-59$	218.85196.90	228.30199.34	9.452.44	1.99
ZQ14	60,980.6	3,498.1	1,269.0	304.8	262	$-70$	201.20	202.40	1.20	0.80
ZQ15	61,046.5	3,718.9	1,236.0	292.6	273	$-60$	246.89	261.79	14.90	0.72
ZQ15W2	61,046.5	3,718.9	1,236.0	263.4	273	$-60$	252.15	262.94	10.79	0.00
ZQ16	60,862.2	3,791.7	1,226.0	140.2	247	$-60$	59.00	61.87	2.87	0.43
ZQ18	61,129.5	3,748.7	1,203.5	349.9	268	$-59$	291.00	303.28	12.28	1.11
ZQ18							328.00	333.15	5.15	0.58
ZQ22	60,999.3	3,607.6	1,276.5	246.0	274	-63	198.42	216.41	17.99	0.77
ZQ22							234.70	236.83	2.13	1.86
ZQ23	60,914.1	3,657.3	1,264.5	117.4	270	$-58$	106.20	109.50	3.30	0.80
ZQ24	60,932.7	3,692.9	1,264.0	164.6	270	$-60$	146.71	150.82	4.11	0.99
ZQ25	60,948.2	3,574.5	1,281.0	193.7	271	-64	147.00	149.00	2.00	0.12
ZQ26	60,996.9	3,608.2	1,277.5	316.8	270	$-70$	238.00	263.00	25.00	1.90
ZQ28	61,048.0	3,651.6	1,246.0	335.3	274	$-69$	246.00	247.00	1.00	0.50
ZQ30	60,841.8	3,730.4	1,236.0	46.0	238	$-55$	5.49	16.14	10.65	1.41
ZQ31	60,838.2	3,736.4	1,233.0	36.9	238	$-50$	12.57	15.54	2.97	0.75
ZQ33	61,131.1	3,806.4	1,199.0	474.5	275	$-67$	350.20	352.20	2.00	0.99
ZQ34B	61,130.2	3,806.0	1,198.0	377.8	275	$-67$	336.57	337.65	1.08	4.06
ZQ36	61,129.8	3,807.0	1,198.0	362.7	272	$-46$	330.00	331.00	1.00	0.00
ZQ38	60,847.9	3,751.9	1,235.0	65.5	238	$-55$	28.50	33.55	5.05	1.36
ZQ45	60,996.6	3,635.3	1,272.6	258.0	271	$-60$	205.83	217.95	12.12	0.01
ZQ45							239.00	242.00	3.00	0.49
ZQ46	60,682.0	3,373.2	1,202.0	302.0	87	$-45$	258.00	261.00	3.00	0.20
ZQ47	60,693.2	3,577.4	1,196.8	471.4	87	$-66$	400.70	401.70	1.00	2.50
ZQ48	60,733.8	3,493.0	1,206.2	207.9	93	$-47$	154.40	155.40	1.00	0.00
ZQ49	60,784.1	3,633.8	1,214.3	206.2	89	$-43$	128.00	139.80	11.80	1.59
ZQ49							173.40	196.40	23.00	0.45
ZQ50	60,781.6	3,572.7	1,207.1	205.2	92	$-56$	144.05	144.60	0.55	0.00
ZQ51B	61,019.9	3,693.5	1,250.6	277.4	272	$-68$	239.50	254.50	15.00	1.54
ZQ53	60,698.0	3,613.5	1,203.7	421.0	89	$-53$	256.40	262.00	5.60	1.75
ZQ55	60,689.4	3,756.7	1,191.71,219.3	508.3	91290	$-59$	459.60	462.05246.95	2.45	0.200.10
ZQ57ZQ58	60,932.1	3,162.9		307.4292.0	89	-56$-43$	245.85234.40	235.00	1.100.60	0.00
ZQ60	60,663.960,726.2	3,934.63,633.4	1,189.81,208.3	301.0	91	$-51$	270.00	271.40	1.40	0.80
ZQ61	61,035.8	3,676.4	1,246.8	307.7	272	$-64$	226.70	239.85	13.15	1.18
ZQ62	61,035.5	3,676.4	1,246.8	256.2	272	$-55$	221.00	236.00	15.00	1.86
ZQ64	60,981.2	3,309.2	1,230.9	343.5	259	$-63$	224.20	225.20	1.00	0.30
ZQ66	61,061.7	3,422.9	1,213.8	343.0	269	-60	304.80	305.80	1.00	0.20
ZQ71	61,101.8	3,554.7	1,217.6	358.2	272	$-57$	345.00	349.00	4.00	0.20

Appendix 1A – Significant Intercepts - Queen Hill Deposit (cont.)

Hole No	Easting(m)	Northing(m)	RL(m)	End of Hole(m)	Azumith(degrees)	Dip(degrees)	From(m)	To(m)	Length(m)	Sn(%)
ZQ093	60,874.8	3,552.9	1,248.1	94.8	274	$-70$	75.70	80.00	4.30	1.01
ZQ094	60,873.2	3,553.0	1,247.8	75.6	270	$-51$	64.00	70.00	6.00	1.39
ZQ095	60,874.2	3,576.9	1,247.9	78.9	270	$-50$	62.00	62.70	0.70	0.70
ZQ096	60,875.2	3,592.9	1,247.3	124.0	270	$-80$	68.00	73.00	5.00	1.15
ZQ096							86.00	107.00	21.00	0.90
ZQ097	60,873.1	3,592.7	1,247.0	80.3	270	$-50$	57.00	58.20	1.20	0.80
ZQ098	60,896.8	3,629.2	1,257.7	131.0	270	$-70$	92.00	100.00	8.00	1.53
ZQ099	60,880.3	3,511.8	1,248.8	122.3	270	$-50$	75.00	77.00	2.00	0.00
ZQ100	60,877.5	3,687.8	1,252.4	122.2	270	$-50$	102.00	104.00	2.00	0.40
ZQ101	60,878.5	3,687.8	1,252.4	139.0	270	$-75$	107.60	109.50	1.90	0.60
ZQ102	60,858.1	3,791.0	1,224.6	78.3	270	$-50$	50.00	51.00	1.00	0.00
ZQ103	60,859.4	3,791.2	1,224.7	140.3	270	$-75$	70.00	71.00	1.00	0.00
ZQ117	61,235.2	3,737.4	1,182.8	545.2	270	$-55$	384.00	386.00	2.00	1.17
ZQ117							396.00	399.00	3.00	0.56
ZQ125	61,021.5	3,650.9	1,256.4	301.0	260	$-57$	199.00	201.00	2.00	0.65
ZQ125							230.00	248.00	18.00	1.98
ZQ125							253.00	258.00	5.00	2.49
ZQ125W	61,021.5	3,650.9	1,256.4	284.0	260	$-57$	228.00	244.00	16.00	1.89
ZQ125W							252.00	260.00	8.00	0.89
ZQ127	60,995.6	3,784.7	1,252.8	329.5	268	$-57$	198.00	199.00	1.00	0.20
ZQ128	61,100.4	3,704.1	1,217.3	520.4	264	$-68$	395.00	397.00	2.00	2.07
ZQ129	61,161.5	3,952.5	1,182.0	498.3	255	$-69$	413.00	415.00	2.00	1.33
ZQ129W	61,161.5	3,952.5	1,182.0	445.0	270	$-70$	412.00	415.00	3.00	0.53
ZQ133	61,018.1	3,692.9	1,250.5	276.5	280	$-48$	208.00	215.00	7.00	0.73
ZQ134	60,960.9	3,744.4	1,260.5	247.8	266	$-67$	193.00	196.00	3.00	0.61
ZQ134W	60,960.9	3,744.4	1,260.5	247.8	266	$-67$	219.00	226.00	7.00	0.61
ZQ136	61,097.6	3,703.2	1,217.6	372.0	270	$-73$	273.00	274.00	1.00	0.00

Appendix 1B – Significant Intercepts - Severn Deposit

Hole No	Easting(m)	Northing(m)	RL(m)	End of Hole(m)	Azumith(degrees)	Dip(degrees)	From(m)	To(m)	Length (m)	Sn(%)
ZS039	61,382.7	3,674.2	1,181.0	364.2	246	$-41$	221.60	229.20	7.60	1.53
ZS040	61,374.7	3,703.4	1,180.0	310.5	270	$-43$		No significant Intersection
ZS040A	61,374.7	3,703.4	1,180.0	324.7	270	$-43$	286.00	290.50	4.50	0.38
ZS041	61,381.9	3,603.3	1,181.0	292.5	270	$-30$	231.00	236.00	5.00	0.80
ZS042	61,375.5	3,504.4	1,181.0	335.3	270	$-45$		No significant Intersection
ZS043	61,369.0	3,604.3	1,181.5	358.5	270	$-64$	242.00	246.00	4.00	0.89
ZS043							270.00	274.00	4.00	0.89
ZS065	61,373.4	3,606.7	1,182.0	292.5	281	$-60$	221.50	233.50	12.00	1.18
ZS065							251.00	263.50	12.50	1.33
ZS069	61,264.4	3,568.4	1,183.5	208.5	259	$-54$	137.00	139.70	2.70	0.63
ZS070	61,203.4	3,548.8	1,185.6	151.2	271	$-48$		No significant Intersection
ZS072	61,408.5	3,695.5	1,180.6	340.5	273	$-63$	285.50	294.50	9.00	1.76
ZS073	61,409.7	3,525.2	1,180.4	310.5	270	$-65$	171.00	173.00	2.00	1.29
ZS074	61,415.6	3,799.5	1,179.8	398.0	269	$-63$	361.00	371.00	10.00	1.54
ZS075	61,293.0	3,907.2	1,181.2	287.5	269	$-61$		No significant Intersection
ZS077	61,368.0	3,875.7	1,179.7	361.0	278	$-63$		No significant Intersection
ZS080	61,326.5	3,998.5	1,182.2	355.0	272	$-61$		No significant Intersection
ZS081	61,482.6	3,736.1	1,179.8	488.0	256	$-67$	408.00	412.00	4.00	0.48
ZS081							438.00	452.00	14.00	0.96
ZS084	61,447.0	3,874.3	1,178.8	471.0	273	-65	407.00	447.00	40.00	0.51
ZS087	61,516.1	3,569.6	1,179.2	420.0	269	$-63$	346.00	354.00	8.00	0.88
ZS090	61,669.7	3,333.7	1,185.0	83.0	276	$-70$		No significant Intersection
ZS091	61,637.6	2,925.8	1,190.0	642.0	246	$-67$		No significant Intersection
ZS092	61,674.1	3,335.0	1,185.0	595.5	306	$-75$		No significant Intersection
ZS107	61,553.3	3,881.6	1,177.2	635.4	273	$-70$		No significant Intersection
ZS107W	61,553.3	3,881.6	1,177.2	596.2	273	$-70$	531.00	537.00	6.00	1.09
ZS108	61,592.0	3,620.5	1,178.8	524.1	272	$-65$		No significant Intersection
ZS109	61,395.2	3,571.8	1,180.8	328.0	286	$-55$	251.00	254.00	3.00	0.59
ZS109							269.90	282.00	12.10	0.43
ZS110	61,465.7	3,625.1	1,180.6	400.1	267	-60	255.00	263.00305.00	8.005.00	0.920.19
ZS110ZS110							300.00324.00	345.00	21.00	1.00
ZS110							362.00	368.00	6.00	0.78
ZS110W	61,465.7	3,625.1	1,180.6	379.9	267	-60	300.00	305.00	5.00	0.66
ZS110W							324.00	346.00	22.00	0.59
ZS110W							360.00	367.00	7.00	1.10
ZS111	61,396.0	3,571.8	1,180.1	352.0	272	$-65$	228.00	235.00	7.00	0.27
ZS111W	61,396.0	3,571.8	1,180.1	280.3	272	-65	227.00	235.00	8.00	1.59
ZS112	61,467.8	3,627.7	1,180.6	551.6	277	$-70$	329.00	332.00	3.00	1.46
ZS112							386.00	388.00	2.00	$1.27$
ZS112							406.00	410.00	4.00	1.03
ZS113	61,370.7	3,701.0	1,180.7	350.4	287	$-65$	267.00	306.00	39.00	1.16
ZS113W	61,370.7	3,701.0	1,180.7	322.0	287	$-65$	266.00	300.00	34.00	0.98
ZS115	61,555.9	3,725.5	1,177.9	509.8	280	$-55$	465.00	481.00	16.00	0.62
ZS116	61,370.7	3,701.0	1,180.7	296.2	287	$-52$		No significant Intersection
ZS119	61,235.0	3,737.0	1,182.8	179.8	251	$-70$		No significant Intersection
ZS120	61,559.8	3,725.0	1,177.9	599.8	277	$-65$	514.00	517.00	3.00	1.04
ZS120							534.00	550.60	16.60	0.64
ZS121	61,626.2	2,966.8	1,188.2	495.8	263	$-50$		No significant Intersection
ZS122	61,654.0	3,353.0	1,186.0	450.0	283	$-55$		No significant Intersection
ZS123	61,370.7	3,701.0	1,180.7	392.7	265	$-76$	288.00	291.80	3.80	3.06
ZS123				377.6	274		299.00	309.00	10.00	$1.02$
ZS124ZS124	61,462.5	3,624.1	1,180.1			$-58$	256.00303.00	272.00305.00	16.002.00	0.630.36
ZS124							307.00	313.00	6.00	0.26
ZS130	61,154.5	3,086.4	1,190.3	207.5	318	-67		No significant Intersection
ZS131	61,168.9	3,143.9	1,189.5	249.7	257	$-55$		No significant Intersection
ZS132	61,160.5	3,957.5	1,182.2	443.3	154	$-53$	315.00	357.00	42.00	0.73
ZS135A	61,211.3	3,503.5	1,185.0	356.3	22	$-56$	195.00	273.00	78.00	0.30

Appendix 1B – Significant Intercepts - Severn Deposit (cont.)

Hole No	Easting(m)	Northing(m)	RL(m)	End of Hole(m)	Azumith(degrees)	Dip(degrees)	From(m)	To(m)	Length $(m)$	Sn(%)
ZS137	61,562.6	3.725.3	1.178.0	498.4	271	$-55$	429.00	431.00	2.00	0.49
ZS137							434.00	452.00	18.00	0.34
ZS138	61.375.3	3.698.0	1.180.6	402.3	290	$-70$	295.00	314.00	19.00	0.11
ZS139A	61,378.2	3.690.9	1,180.8	399.0	239	$-70$	271.00	274.00	3.00	0.16
ZS139A							275.00	286.00	11.00	1.65

Appendix 1C – Significant Intercepts - Montana Deposit

Hole No	Easting(m)	Northing(m)	RL(m)	End of Hole(m)	Azumith(degrees)	Dip(degrees)	From(m)	To(m)	Length(m)	Sn(%)
ZM020	61,160.7	4,051.5	1,175.6	189.6	270	$-52$	142.65	148.74	6.09	1.39
ZM027	61,160.3	4,052.4	1,175.6	199.9	301	$-60$	115.60	119.60	4.00	1.61
ZM037	61,160.7	4,051.5	1,176.0	243.9	279	$-69$	178.20	180.00	1.80	0.60
ZM037W	61,160.7	4,051.5	1,176.0	227.1	279	$-69$		No Significant intersection
ZM054	61,073.4	4,017.9	1,180.5	270.7	269	$-38$		No Significant intersection
ZM067	61,256.0	4,091.6	1,181.2	223.5	278	$-64$	192.70	200.30	7.60	3.68
ZM076	61,317.6	4,188.4	1,178.8	385.5	286	$-69$	No Significant intersection
ZM078	61,359.3	4,110.0	1,179.3	377.4	274	$-57$	335.00	349.85	14.85	1.63
ZM083	61,283.1	4,078.9	1,180.8	263.1	339	$-58$	No Significant intersection
ZM085	61,376.4	4,002.6	1,181.0	89.0	317	$-62$		No Significant intersection
ZM085A	61,363.7	3,997.9	1,181.3	487.4	317	$-62$	429.00	433.40	4.40	0.31
ZM086	61,208.5	3,992.1	1,181.5	255.0	322	$-62$	249.00	253.00	4.00	0.55
ZM086W	61,207.3	3,991.7	1,181.5	277.3	322	$-62$	249.00	253.00	4.00	0.73
ZM088	61,263.8	4,144.5	1,179.9	274.3	280	$-59$		No Significant intersection
ZM104	61,122.6	4,050.9	1,182.2	91.1	324	$-50$		No Significant intersection
ZM105	61,122.9	4,050.0	1,182.1	171.8	324	$-75$	150.50	153.00	2.50	1.27
ZM106	61,160.3	4,050.1	1,181.9	179.3	324	$-55$		No Significant intersection
ZM114	60,809.4	4,128.3	1,190.5	143.3	337	$-60$		No Significant intersection
ZM126	61,281.8	3,870.5	1,180.9	550.8	334	$-62$	455.00	463.00	8.00	0.74
ZM126W	61,281.8	3,870.5	1,180.9	599.0	334	$-62$	422.00	428.00	6.00	0.56

Appendix 1D – Significant Intercepts - Oonah Deposit

Hole No	Easting(m)	Northing(m)	RL(m)	End of Hole(m)	Azumith(degrees)	Dip(degrees)	From(m)	To(m)	Length(m)	Sn(%)
DD79OC2	60,343.0	4,098.0	1,243.0	280.4	244	$-60$	241.00	244.60	3.60	0.43
DD80OC3	60,299.0	4,200.0	1,243.0	343.7	247	$-64$	259.90	264.70	4.80	0.43
DD80OC4							91.50	97.40	5.90	2.11
DD80OC4	60,145.0	4,103.0	1,240.0	151.0	244	$-50$	117.00	119.00	2.00	0.60
DD81OC12	60,154.0	4,112.0	1,240.0	208.5	304	$-55$	193.00	202.10	9.10	0.47
M01	60,091.0	4,145.0	1,270.0	222.0	218	$-70$	136.80	143.20	6.40	1.58
M02	60,072.0	4,245.0	1,276.0	233.0	227	$-68$		No Significant Intercepts
M03	60,090.0	4,175.0	1,276.0	210.0	236	$-69$	178.80	184.20	5.40	0.42
M04	60,298.0	4,009.0	1,227.0	186.5	249	$-70$	169.80	175.60	5.80	0.44
M06	60,332.0	3,977.0	1,221.0	282.6	247	$-68$		No Significant Intercepts
M08							90.00	93.60	3.60	0.61
M08	60,112.0	4,113.0	1,252.0	156.2	218	$-70$	128.30	138.90	10.60	0.38
M10	60,091.0	4,145.0	1,270.0	138.1	242	$-50$	121.00	123.10	2.10	0.63
002	60,392.0	3,976.0	1,214.0	331.0	285	$-80$	281.50	285.50	4.00	0.58
O03							98.80	101.50	2.70	0.22
003	60,159.0	4,100.0	1,240.0	210.4	247	$-60$	124.60	132.20	7.60	1.32
O04	60,159.0	4,100.0	1,240.0	128.0	247	$-35$	93.00	95.20	2.20	0.26
005	60,159.0	4,100.0	1,240.0	210.0	247	$-80$	163.60	169.90	6.30	1.27
TNT01	60,147.0	4,075.6	1,237.0	116.3	244	$-45$	67.00	71.10	4.10	0.69
TNT02	60,148.1	4,073.7	1,237.9	84.0	210	$-45$	55.30	60.00	4.70	1.14

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 Zeehan Tin deposit has been delineated entirelyby diamond drilling. Numerous drilling campaignswere completed between 1960 and 1992 by Placer,Gippsland, Minops, CRAE and Aberfoyle. Post 2010,drilling was completed by Stellar with the lastdrillhole ZS139A completed in 2017.•Pre-2010 drilling 133 diamond drill holes for31,485.5m•Post 2010 drilling 58 holes for 18,709.21m.•Logged sulphide and siderite altered zones wereselected for geochemical analysis•Approximately 1m samples of 2-3kg were taken fromdiamond saw cut drill core whilst respectinggeological boundaries
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.).	•All drill sampling by standard wireline diamonddrilling. All Post-2010 holes oriented by wire linespear. 2017 drilling oriented using Coretell Gen 4device.•Total of 9485 assay records derived from halfdiamond drill core includes core sizes of 4857 NQ,2264 BQ, 1731 HQ, 102 PQ, 20 AX/EX and 238 notrecorded.
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	•Core reconstituted, marked up and recoverymeasured for most drillholes except earliest drillholes, G1, G3, G4, G11W, G15, G15W, G18, G20,G22, G24, G25, G26, G27 and G33•Recoveries generally excellent (95-100%)•No relationship between recovery and grade wasobserved
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.	•Geological logging has been carried out on all holesby experienced geologists and technical staff.•Holes logged for lithology, weathering, alteration,structural orientations, RQD and mineralisation.•All holes photographed wet and dry before cutting.•Logs loaded into excel spreadsheets and uploadedinto access database.•Pre-2010 paper logs entered into access database byexperienced geologists.•Standard lithology codes used for all drillholes.

Criteria	JORC Code Explanation	Commentary
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 split by diamond saw over 0.3 – 1.0msample intervals while respecting geologicalcontacts. Most sample intervals are 1.0m.•Assay sample weights between 1 and 4kg areconsidered appropriate with respect to any coarsetin that may be present.•Half core crushed and pulverized over the Pre- andPost-2010 drilling campaigns. Post-2010 samplescrushed to 70% passing 2mm and rifle split to 1kgwhich was then pulverized to 85% passing 75ubefore division of fusion disk XRF sample.
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.	•Post-2010 total Sn analyses were conducted at ALSLaboratories using a fused disc XRF technique, whichis the current industry standard for ore-grade tin.Fused disc XRF is considered a total technique, as itextracts and measures the whole of the elementcontained within the sample.•Pre 2010 total Sn analyses were conducted at variouscommercial and company laboratories by pressedpowder XRF. Care is required for matrix matchedstandards when using this technique. CRAEanalytical techniques at the Oonah deposit are notspecified•Soluble Sn, Cu, Pb, Zn and Ag analysed by acid leachfollowed by AAS.•Pre and Post 2010 drilling campaign assay samplessubmitted to rigorous Independent laboratory checksampling only.•No certified reference material, blanks or duplicatesamples were employed in the drilling campaignsprior to 2017.•Post 2017 drilling involved the insertion of standards,blanks and duplicates. All analyses were withinacceptable limits.

Criteria	JORC Code Explanation	Commentary
Verificationof samplingand assayingLocation ofdata points	•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.•Accuracy and quality of surveys used to locatedrill holes (collar and downhole surveys) trenches,mine workings and other locations used in	•Significant intersections reviewed by companypersonnel.•Metallurgical test work completed on somequartered core.•Eight twinned holes have been included in theHeemskirk drilling program with six holesdemonstrating moderate to high Sn grade variabilitybetween 20 and 50%. Two holes demonstratingextreme grade and or geological variability.•Data is collected by qualified geologists andexperienced field assistants and entered into excelspreadsheets. Data is imported into Microsoft accesstables resource geologists for errors. Data is regularlybacked up and archival copies of the database storedin separate offices.•Negative values in the database have been adjustedto half the detection limit for statistical analysis fromthe excel spreadsheets. Data checked by thedatabase and resource geologists for errors. Data isregularly backed up and archival copies of thedatabase stored in separate offices.•Negative values in the database have been adjustedto half the detection limit for statistical analysis.•All Post 2010 drill collars surveyed by licensedsurveyor using differential GPS.•Pre 2010 drill collars surveyed by licensed surveyor
	mineral resource estimation•Specification of grid system used•Quality and accuracy of topographic control.	with the exception of 13 early drill holes located towithin 1m by local grid tape and compass for QueenHill deposit.•All Oonah drillholes located on local grid. Collarlocations digitized from referenced historic plans (+/-10m).•All coordinates in Zeehan Mine Grid (ZMG) andGDA94•RL's as MSL +1000m•Down hole surveys by downhole camera or Tropari.2017 holes by Deviflex.•The Digital Terrain Model has been generated fromlands department 10m contours and adjusted withsurveyed drill collar and control points.
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	•Drillhole intersection spacing approximately 20 to50m for the Queen Hill deposit above 930m andsouth of 3770m.•Drillhole intersection spacing approximately 30-60mfor Severn deposit above 870m RL, below 980mRLand south of 3770mN.•Drillhole intersection spacing 20-50m for upperOonah deposit•Drillhole intersection spacing generally 100m forMontana and down plunge of Queen Hill, Severn andOonah.•Drill spacing is considered to be appropriate for theestimation of Indicated Mineral resources for someof Queen Hill and Severn deposits only.•Drill spacing is considered to be appropriate for theestimation of Inferred Mineral Resources for theremainder of Queen Hill and Severn, and all of theMontana and Oonah Deposits.

		•Samples have been composited on 1m intercepts forthe resource estimation.
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.	•The majority of drill holes have been drilled grid eastwest or west east sub-perpendicular to the steeplyeast dipping mineralisation in the Severn and QueenHill Deposits.•Drill holes sampling the Montana deposit have beendrilled southeast-northwest sub perpendicular to thestrike of the steeply dipping deposit.•Three drillholes, ZS132, ZS135 and ZS135A weredrilled at a low angle to the strike of the orebody.•Drill hole orientation is not considered to haveintroduced any material sampling bias with theexception of the two oblique holes which haveresulted in localised data clustering. Drillhole ZS132sampled only part of the hangingwall of domain 202and is possibly not representative of what maypotentially be recovered.
SampleSecurity	•The measures taken to ensure sample security.	•Post 2010 chain of custody is managed by Stellarfrom the drill site to ALS laboratories in Burnie.•All samples ticketed, bagged in calico bags anddelivered in labelled poly-weave bags.•Pre 2010 sample security is not documented.
Audits orReviews	•The results of any audits or reviews of samplingtechniques and data.	•No audits or reviews of sampling data andtechniques have been 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	•ML2023P/M, RL5/1997 and EL13/2018 hosting theHeemskirk Tin Project in Western Tasmania is 100%owned by Stellar Resources Ltd.•A previous JV partner holds a variable rate royaltyover production from ML2023P/M commencing at1% of NSR (net smelter revenue) above A$25,000/tof Sn and rising to a cap of 2% at an NSR ofA$30,000/t.
Explorationdone by otherparties	•Acknowledgement and appraisal of explorationby other parties.	•Early mining activity commenced in the 1880's withthe production of Ag-Pb sulphides and Cu-Snsulphides from fissure loads.•Modern exploration commenced by Placer in the mid1960's with the Queen Hill deposit discovered byGippsland in 1971.•The Aberfoyle-Gippsland JV explored the tenementsuntil 1992 with the delineation of the Queen Hill,Severn and Montana deposits.
Geology	•Deposit type, geological setting and style ofmineralization.	•The Heemskirk Tin Deposits are granite related tinsulphide-siderite vein and replacement style depositshosted in the Oonah Formation and Crimson CreekFormation sediments and volcanics. Numerous PbZn-Ag fissure lodes are associated with the peripheryof the mineralizing system. Mineralisation isessentially stratabound controlled by northeastplunging fold structures associated with northwesttrending faults. Tin is believed to be sourced from agranite intrusion located over 1km from surfacebelow the deposit.

Criteria	JORC Code Explanation	Commentary
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	•Not applicable. This announcement refers to theResource Estimation of the Zeehan Tin Deposit and isnot a report on Exploration Results. See StellarResources website for ASX reports on explorationresults.•Drillhole collar details and all significant drillholeintercepts that intersect the interpret mineralizedzone solids are located in Appendix 1A-D of thisannouncement.
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.	•Exploration results are not included in this resourceestimation report.•A lower cut-off grade of 0.4% Sn has been applied formineralised domain modelling. Domain modelsinclude internal dilution (i.e. 1m grading <0.4% Sn)provided the average grade of any intercept thatincludes the 1m internal dilution is greater than 0.4%Sn.•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)	•Exploration results are not included in this resourceestimation report.•All drillholes modelled 3 dimensionally for resourceestimation.
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 the announcement for relevant plan andsectional views.
Balancedreporting	•Where comprehensive reporting of allExploration Results is not practicable,representative reporting of both low and highgrades and/ or widths should be practiced toavoid misleading reporting of ExplorationResults	•Appendix 1A-D provides a table of all drillholeintercepts that intersect the interpreted mineralizedzone solids (i.e. every intercept is included)

Criteria	JORC Code Explanation	Commentary
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.	•Metallurgical test work completed by ALS/BRLlaboratories and supervised by Worley-Parsons overa number of different campaigns on drill coresamples.•Deposits zoned mineralogically and metallurgically•Cassiterite is the dominant tin-bearing mineraloccurring as free grains and in complex mineralcomposites.•High concentrations of stannite are located in theupper levels of the Oonah deposit.•Grain sizes vary according to ore type, with Severnhaving the coarsest and Upper Queen Hill having thefinest.•Cassiterite liberation generally commences at a grindof 130 microns and is largely complete at 20 microns.•Based on the work undertaken by ALS metallurgy,Stellar anticipates that concentrates gradingapproximately 48% tin at an overall tin recovery of73% will be obtained from the Zeehan Tin ores.
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.	•Resource infill drilling is planned to coincide withfurther technical studies as part of a DefinitiveFeasibility Study.•The mineral deposit remains open down dip anddown plunge and will be explored as access becomesavailable with mine development.

Section 3: Estimation and Reporting of Mineral Resources (Criteria listed in section 1, and where relevant in

section 2, also apply to this section)

Criteria	JORC Code Explanation	Commentary
Databaseintegrity	•Measures taken to ensure that the data has notbeen corrupted by, for example, transcriptionor keying errors, between its initial collectionand its use for Mineral Resource estimationpurposes.•Data validation procedures used.	•Data provided as access database•Historic data validated by checking paper logsand assay sheets•Post 2010 data received electronically andloaded into database•Data integrity validated with Surpac Software forEOH depth and sample overlaps andtranscription errors.•1m composite statistical analysis checked forsignificant variations or anomalous figures. Nomaterial errors identified.
Site visits	•Comment on any site visits undertaken by theCompetent Person and the outcome of thosesite visits.•If no site visits have been undertaken indicatewhy this is the case.	•Numerous site visits made during drilling programssince 2012.•Periodic advice on infill drilling and QAQC procedureshave been provided.

Criteria	JORC Code Explanation	Commentary
Geologicalinterpretation	•Confidence in (conversely, the uncertainty of)the geological interpretation of the mineraldeposit.•Nature of the data used and of any assumptionsmade.•The effect, if any, of alternative interpretationson Mineral Resource estimation.•The use of geology in guiding and controllingMineral Resource estimation.•The factors affecting continuity both of gradeand geology.	•High confidence in the global geological model.Potential for geological models to vary significantlyon a local scale. Although models are considered tobe appropriate for definition of Mineral Resourcesfor feasibility studies, re-modelling prior toproduction with input from infill drilling, mapping,face and blast-hole sampling will be required.•No alternative geological interpretations wereattempted for this estimation. Geology model doesnot vary significantly from historic geologyinterpretations.•Geology/grade contour used for mineralised domainmodeling.•Mineralised trends well defined from drilling andfield mapping.
Dimensions	•The extent and variability of the MineralResource expressed as length (along strike orotherwise), plan width, and depth belowsurface to the upper and lower limits of theMineral Resource.	•Severn north trending moderate to steeply eastdipping and north plunging stratabound deposit.Comprised of several lenses of mineralisation in abroader sulphide halo. Strike extending north over400m, width 3-50m and down dip extent over 380m.•Queen Hill north trending moderate to steeply eastdipping and north plunging stratabound deposit.Comprised of multiple lenses of mineralisation in abroader sulphide halo. Strike extending north over400m, width 2-50m and down dip extent over 400m.Fracture and stratabound basemetal veiningincreasing towards the top of the deposit.•Montana northeast trending stratabound to fissurecontrolled deposit extending 100m along strike andextending over 350m steeply south down dip. Widthvarying between 2 and 10m.•Oonah west-northwest trending, steeply northdipping fissure lode. Strike of > 400m and down dipextent of 200m. Width varying between 1 and 5m.
Estimationand modellingtechniques	•The nature and appropriateness of theestimation technique(s) applied and keyassumptions, including treatment of extremegrade values, domaining, interpolationparameters and maximum distance ofextrapolation from data points. If a computerassisted estimation method was chosen includea description of computer software andparameters used.•The availability of check estimates, previousestimates and/or mine production records andwhether the Mineral Resource estimate takesappropriate account of such data.•The assumptions made regarding recovery ofby-products.•Estimation of deleterious elements or othernon-grade variables of economic significance(e.g. Sulphur for acid mine drainagecharacterization).•In the case of block model interpolation, theblock size in relation to the average samplespacing and the search employed.•Any assumptions behind modelling of selectivemining units.	•Block modeled estimation completed with SurpacTMsoftware licensed to Tim Callaghan.•Wire-framed solid models created from drillholes ongenerally 25-50m sectional interpretation.•Solid models snapped to drill holes•Minimum width of 3m downhole @ 0.4% Sn•Internal dilution generally restricted to 3m withallowances for geological continuity•Data composited on 1m intervals including Total SnSoluble Sn, Cu, Pb, Zn, S and SG.•Top cutting based on CV and grade histograms.•Metal association analysis suggests good correlationbetween Sn, Soluble Sn, S and SG. Good correlationbetween Cu and soluble Sn in Queen Hill andMontana Deposits.•The blockmodel extends between 3200 and 4350min the y direction, 59,900and 61550 in the x directionand between 400 to 1280m RL. Block sizes were setat 10m x 10m x 10m with sub-celling to 1.25m in thex direction and 2.5m in the y and z and directions.•Variogram models are well constructed withmoderate to high nugget effect (50-70%) and shortrange of 10 to 15m to sill for major geologicaldomains.•Search ellipse set at 100m spherical range to ensure

Criteria	••••	Any assumptions about correlation betweenvariablesDescription of how the geologicalinterpretation was used to control the resourceestimates.Discussion of basis of using or not using gradecutting or capping.The process of validation, the checking processused, the comparison of model data to drillhole data, and use of reconciliation data if anyavailable.JORC Code Explanation	••••••	Ordinary kriged estimation for Sn constrained bygeology solid modelInverse distance squared estimation of Sol Sn, Cu,Pb, Zn, S and SG.Sn % as Stannite derived from interpolated Curelationship for Queen Hill and Montana due to lownumber of soluble Sn analyses.Sn % as Stannite for Severn derived from sol Sninterpolation.Block grades validated visually against input data andby comparing global inputs with estimate outputs.Excellent grade correlation with previous estimation.Commentary
Moisture	•	Whether the tonnages estimated on a dry basisor with natural moisture, and the method ofdetermination of the moisture content.	•	The estimate based on a dry tonnage basis
Cut-offparameters	•	The basis of the adopted cut-off grade(s) orquality parameters applied.	••	Cut off grades have been determined from miningrecoveries (90%), metallurgical recoveries (73%),estimated industry costs ($115/t), prevailing mineralprice (US$22,000) and exchange rate estimations($US/$A0.76).A block cutoff of 0.6% Sn has been applied for thereporting of the mineral resources
Mining factorsorassumptions	•	Assumptions made regarding possible miningmethods, minimum mining dimensions andinternal (or, if applicable, external) miningdilution. It is always necessary as part of theprocess of determining reasonable prospectsfor eventual economic extraction to considerpotential mining methods, but the assumptionsmade regarding mining methods andparameters when estimating Mineral Resourcesmay not always be rigorous. When this is thecase, this should be reported with anexplanation of the basis of the miningassumptions made.	••••	Mining studies completed by Mining One (2013,2016) and Polberro (2015).Decline accessed underground mineA combination of Long Hole Stoping and Drift and Fillmining methods with 25m bench stopes and CAFback fillMining loss of 10% and dilution of 10%
Metallurgicalfactors orassumptions	•	The basis for assumptions or predictionsregarding metallurgical amenability. It is alwaysnecessary as part of the process of determiningreasonable prospects for eventual economicextraction to consider potential metallurgicalmethods, but the assumptions regardingmetallurgical treatment processes andparameters made when reporting MineralResources may not always be rigorous. Wherethis is the case, this should be reported with anexplanation of the basis of the metallurgicalassumptions made.	••••	Post 2010 Metallurgical test work completed by ALSBurnie and plant design by GRES/Mincore.Standard crushing grinding circuit followed bysulphide flotation, gravity separation and Sn flotationof gravity tails.Testwork suggests a 48% Sn concentrate can beachieved with a 73% recovery.It may be possible to recover stannite richmineralisation in the Oonah deposit by sulphideflotation to produce a Cu-Sn concentrate or by asulphide roaster. No test work has been completedon this mineralisation style.

Criteria	JORC Code Explanation	Commentary
Environmentalfactorsorassumptions	•Assumptions made regarding possible wasteand process residue disposal options. It isalways necessary as part of the process ofdetermining reasonable prospects for eventualeconomic extraction to consider the potentialenvironmental impacts of the mining andprocessing operation. While at this stage thedetermination of potential environmentalimpacts, particularly for a greenfield project,many not always be well advanced, the statusof early consideration of these potentialenvironmental impacts should be reported.Where these aspects have not been consideredthis should be reported with an explanation ofthe environmental assumptions made.	•Historic mining centre.•Baseline environmental studies and conceptualmining plan in support of ML2023P/M completed.•Final Development Plan and EnvironmentalManagement Plan in progress.
Bulk density	•Whether assumed or determined. If assumed,the basis for the assumptions. If determined,the method used, whether wet or dry, thefrequency of the measurements, the nature,size and representativeness of the samples.•The bulk density for bulk material must havebeen measured by methods that adequatelyaccount for void spaces (vugs, porosity, etc.),moisture and differences between rock andalteration zones within the deposit.•Discuss assumptions for bulk density estimatesused in the evaluation process of the differentmaterials.	•Bulk density derived from diamond drill core usingair pycnometer the Archimedes method at variouslaboratories.•Core is un-oxidised and free of cavities•Sg of mineralised intersections determined on assayintervals•SG interpolated into blockmodel using ID2 algorithm.•Waste rock assigned SG of 3.0 from the mean SG ofsamples with <0.1% Sn.
Classification	•The basis of the classification of the MineralResource into varying confidence categories.•Whether appropriate account has been takenof all relevant factors (i.e. relevant confidencein tonnage/grade estimations, reliability ofinput data, confidence in continuity of geologyand metal values, quality, quantity anddistribution of the data)•Whether the result appropriately reflects theCompetent Person's view of the deposit.	•Confidence in the geological model, data quality andinterpolation is considered to be sufficient forMineral Resource located within 50m of sample datato be classified as Indicated Resource.•Resource estimated >50m of drilling data has beenclassified as Inferred Resource.•The resource classification appropriately reflects theviews of the Competent Person
Auditsorreviews	•The results of any audits or reviews of theMineral Resource estimates.	•No audits or reviews have been completed for thisestimation
Discussionofrelativeaccuracy/confidence	•Where appropriate a statement of the relativeaccuracy and confidence level in the MineralResource estimate using an approach orprocedure deemed appropriate by theCompetent Person.•The statement should specify whether it relatesto global or local estimates, and, if local statethe relevant tonnages, which should berelevant to technical and economic evaluation.	•The geological model is robust at a global levelbetween sections and down dip of cross sections.•Broad drill spacing of inferred resources and shortrange variability reduce confidence in the estimatewhich is reflected in the resource classification.•The effects of localized brittle faulting and gradevariability is likely to impact the geology model on alocal level. Infill drilling, face mapping and samplingwill be necessary for grade control duringproduction.
	•These statements of relative accuracy andconfidence of the estimate should be comparedwith production data, where available.	•Grade and geological variance is highlighted bytwinned holes and variogram models.No production data is available for reconciliation.•