STELLAR RESOURCES LIMITED — Capital/Financing Update 2020

Sep 14, 2020

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15 September 2020

Dear Optionholder

Notification of pro-rata non-renounceable entitlement issue

Stellar Resources Limited ( Company ) has announced to ASX Limited ( ASX ) a pro-rata nonrenounceable entitlement offer ( Entitlement Offer ) to acquire two (2) fully paid ordinary shares ( New Shares ) at $0.01 (1 cent) per share for every five (5) existing shares ( Entitlement ) held by Company’s shareholders in Australia, New Zealand as at 7.00pm (AEST) on Thursday, 17 September 2020 ( Record Date ).

The Entitlement Offer seeks to raise approximately $1.87 million (before costs) and is fully underwritten.

The options held by you do not give you an entitlement to participate in the Entitlement Offer. However, should you exercise your options prior to the Record Date for determining entitlements to the Entitlement Offer, the shares issued to you on the exercise of options will give you an entitlement to participate in the Entitlement Offer provided that your registered address is in Australia or New Zealand.

If you wish to participate in the Entitlement Offer, you will need to exercise your options at least 2 days prior to Record Date in accordance with their terms.

Pursuant to section 708AA of the Corporations Act 2001 , the Company is not required, and consequently, will not issue a prospectus or other disclosure document for the Entitlement Offer.

Should you have any queries in relation to this matter, please do not hesitate to contact the Company on +61 3 9692 7222.

On behalf of the Board and management of Stellar Resources Limited, we thank you for your continued interest and support of the Company.

Yours faithfully,

Simon O’Loughlin Non-Executive Chairman

STELLAR RESOURCES LIMITED

ABN 96 108 758 961

1

Level 17 530 Collins Street Melbourne Victoria 3000 Australia Tel +61 3 9692 7222 Fax +61 3 9077 9233