STELLAR RESOURCES LIMITED — Capital/Financing Update 2021

Dec 19, 2021

HIGH-GRADE TIN INTERSECTED IN SECOND SEVERN HOLE

Stellar Resources Limited (ASX:SRZ, "Stellar" or the "Company) is pleased to report assay results from the second Severn drillhole (ZS143) completed as part of the Phase 1 Drilling Program at the Company's flagship Heemskirk Tin Project in Tasmania.

Highlights

• Assay results from the second Severn drillhole (ZS143) in this year's drilling program confirm wide zones of high-grade tin (Sn) mineralisation with 20m of cumulative tin mineralisation intersected approximately 100m down dip of the Severn Inferred Resource1 and 620m below surface, including the following key intercepts:
  • 6.0m @ 0.51% Sn from 586.0m
  • 5.0m @ 1.27% Sn from 601.0m
  • 9.0m @ 0.78% Sn from 629.0m
• Results from hole ZS143 and previous Severn hole ZS140 successfully demonstrate continuation of the tin system at depth confirming potential to significantly expand the Severn resource which remains open at depth and along strike.
• A daughter hole (ZS143W) wedged off the ZS143 parent hole is underway targeting the down dip extension of Severn approximately half-way between the base of the resource and the ZS143 intercepts.
• Six of the Phase 1 Drilling Program holes completed to date and 2 holes in progress. Mineralisation has been observed in 5 of the 6 completed holes.
• Two further drillholes currently being planned at Severn as part of the Phase 1 Drilling Program.
• Planning also underway for a Phase 2 drilling program to commence at the end of Phase 1, which will focus on extending and infilling the Severn and Queen Hill tin deposits and will also include a deep hole to test the South Severn magnetic and conductivity target6 .
• Severn and Queen Hill are the two largest Heemskirk Tin Project deposits with a combined Mineral Resource of 5.33Mt @ 1.0% Sn, of which 40% is Indicated and 60% Inferred1 .
• Completion of drilling expected end-January for recently commenced Queen No. 4 hole ZQ146 and Severn hole ZS143W.

Executive Director Gary Fietz commented; "These wide, high-grade tin intercepts from our second hole this year at Severn are very encouraging and further highlight the potential for the Severn resource to be expanded significantly. Severn is already by far the largest of the 4 deposits comprising the Heemskirk Tin Project and remains open down dip and along strike.

We have now commenced a daughter hole (ZS143W) which targets the Severn mineralisation roughly half-way between the base of the Severn resource and the ZS143 intercepts. Given the positive results to date at Severn, further drilling is also now being planned at Severn."

Stellar Resources Limited ABN: 96 108 758 961

Level 4, 96 – 100 Albert Road, South Melbourne Victoria 3205, Australia

T: +61 3 9692 7222 F: +61 3 9077 9233 E: srzinfo@stellarresources.com.au

Web: www.stellar.com.au Twitter: @SRZ_Tin

Assay Results for Severn Drillhole ZS143

Assay Results received for ZS143, the second Severn drillhole in the Phase 1 Drilling Program confirm wide high-grade zones of tin mineralisation, including the following key significant intercepts:

	From(m)	To(m)	Length(m)	Sn(%)
	243.5	245.4	1.8	0.88
	549.0	553.0	3.7	0.74
	571.0	573.0	2.0	0.87
Down Dip	586.0	592.0	6.0	0.51
Projection ofSevern Inferred	601.0	606.0	5.0	1.27
Resource	629.0	638.0	9.0	0.78

Table 1 – ZS143 Summary of Key Significant Intercepts

The highest-grade significant intercept in ZS143 is 5.0m @1.27% Sn from 601.0m to 606.0m.

The 3 significant intercepts between 586m and 638m have a cumulative length of 20m of tin mineralisation at a length weighted average grade of 0.82% and align with the projection of the Severn resource approximately 100m down dip from the base of the resource and ~620m below surface (see Figure 1). This highlights the potential for the Severn resource to be expanded with further drilling. Severn is already by far the largest of the 4 deposits comprising the Heemskirk Tin Project and remains open down dip and along strike.

Tin mineralisation at Severn generally occurs within zones of sulphide vein networks including pyrite and pyrrhotite, with cassiterite (tin oxide). The ZS143 significant intercepts contain increased amounts of visible pyrrhotite and cassiterite and have high magnetic susceptibility readings (see Figure 2). Pyrrhotite is an iron sulphide which is both magnetic and conductive and is commonly associated with increased levels of cassiterite mineralisation at Severn.

A more detailed table of the ZS143 significant intercepts, including all intercepts >0.2% Sn over >1.0m length and analysis for other elements, is provided in Appendix 2.

This release includes only the ZS143 assay results down to 674m which represents the main mineralisation zones logged in the hole.

Daughter Hole ZS143W Underway

As shown in Figure 1, a wedge off ZS143, ZS143W is currently in progress designed to test in-between the Severn Inferred Resource and the ZS143 intercepts.

Drilling of ZS143W is expected to be completed at the end of January, with assay results expected in early-March.

Figure 1 – Severn West-East Cross Section 3,725m North (ZMG) showing Hole ZS143 (aqua) with key significant intercepts, daughter hole ZS143W and historical drilling (white) and Severn 2019 Resource (red).

Figure 2 – ZS143 Intercept 604.0m to 605.0m: 1.0m @ 3.05% Sn. With zoomed in photo at 604.8m showing visible cassiterite surrounded by pyrite and pyrrhotite

Phase 1 Drilling Program Status Update

The 9-hole Phase 1 diamond drilling program (for ~4,900m) commenced in June 2021, targeting new areas of high-grade tin mineralisation with 2 rigs on site including:

• Severn Initially 2 holes planned targeting depth extensions below the Severn tin resource which has now been increased to 4 holes based on the success of the first 2 holes. Severn is the largest of the 4 deposits comprising the Heemskirk Tin Project and remains open at depth and along strike.
• Depth Extensions of key historic silver-lead-zinc mines Initially 7 holes planned targeting depth extensions below the historic silver-lead mines with typical grades mined ranging from 20 to 100 oz/t Ag1 . Hole target depths test where the interpreted transition of silver-lead-zinc mineralisation into cassiterite (tin) mineralisation may occur. Two of these holes have now been re-allocated to further drilling at Severn.

6 holes have been completed, and 2 holes are currently in progress with a total of 3,283m drilled to 14 December 2021. A summary of the Phase 1 drilling program is shown in Figure 3 and Table 2. A table of the collar locations and drillhole information is shown in Appendix 1.

Figure 3 - Zeehan Mineral Field Surface Geology, Tin Deposits, Historic Ag-Pb-Zn Mines and 2021 Phase 1 Drillholes

Hole	Planned	Drilled to	Status
(Deposit)	Depth	14.12.21
	(m)	(m)
ZS140	700	889	Completed - Intersected wide zones of tin mineralisation
(Severn)			~240m down dip of the Severn resource (assays reported
			05.11.213).
ZS140W	250	0	Cancelled - Planned wedge and daughter hole from ZS140 but
(Severn)			was not possible due to broken ground in ZS140.
ZM141A	460	534	Completed - Intersected very high-grade silver-lead-zinc
(Montana No. 1)			fissure veins (assays reported 22.11.215).
ZO142	400	494	Completed - Lower grade tin intercepts confirm continuation
(Oonah)			of tin mineralisation ~70m below the Oonah Inferred
			Resource (assays reported 22.11.215).
ZS143	700	859	Completed - Intersected wide high-grade zones of tin
(Severn)			mineralisation ~100m down dip of the Severn resource
			(assays reported in this release).
ZO144	400	401	Completed - mineralisation logged over several intervals with
(Oonah)			stannite (tin-copper sulphide) observed and presence of tin
			confirmed by anomalous handheld XRF results. Logging
			completed and core cutting and sampling underway. Assay
			results expected in early-February.
ZW145	400	372	Completed - with only minor silver-lead-zinc fissure vein
(Western			mineralisation observed over narrow intervals. Logging in
Zeehan)			progress with core cutting and sampling scheduled for early
			January and assay results expected in late-February.
ZS143W	250	91	In Progress - wedge and daughter hole from ZS143. Planned
(Severn)			length increased to 400m based on revised hole design
			targeting intersection mineralisation in ZS143 ~half-way
			between ZS143 significant intercepts and the base of the
			Severn Inferred Resource.
ZQ146	300	15	In Progress - commenced 14 December.
(Zeehan Queen
No. 4)
WZ Hole 2	400	0	Cancelled - Second planned hole cancelled due to only minor
(Western			mineralisation being intersected in the first Western Zeehan
Zeehan)			drillhole, ZS145.
M1 Hole 2	640	0	Cancelled- Second planned hole cancelled due to focus of
(Montana No. 1)			Phase 1 Program being on tin, not silver-lead-zinc.
Total	4,900	3,283

Table 2 – Status of Phase 1 Drilling Program to 14 December 2021

Historic Silver-Lead-Zinc Mine Extension Drilling

Oonah

Two drillholes (ZO142 and ZO144) have been completed targeting depth extensions of the silver-lead-zinc fissure lodes mined in the historically significant Oonah mine to a depth of ~120m from surface, and depth extensions of the Oonah Inferred Resource (0.59 Mt at 0.9% Sn, 0.8% Cu, 0.1% Pb, 0.1% Zn. Ag not included)1 defined by previous drilling below the historic workings.

Oonah Drillhole ZO142

The results of the first Oonah drillhole (ZO142) released on 22 November 20215 included multiple zones of lower grade tin mineralisation and confirmed the continuation of tin mineralisation ~70m below the Oonah Inferred Resource.

Oonah Drillhole ZO144

The second drillhole at Oonah (ZO144) was completed in late-October 2021 to a depth of 401m with mineralised zones logged over the following intervals:

• 311.9m to 316.2m (4.3m length including 1.7m core loss) mineralisation primarily consists of massive to semi-massive pyrite contained within a breccia zone with stannite (tin-copper sulphide) and cassiterite observed and presence of tin confirmed by anomalous handheld XRF results.
• 354.6m to 358.8m (4.2m length) a poorly mineralised zone consisting of narrow veins of pyrite with some visible cassiterite on the margins.

Geological logging has been completed and core cutting and sampling has recently commenced. Assay results are expected in early-February.

Figure 4 – ZO144 Intercept 303.7m to 316.2m with blow up showing massive pyrite

Montana No. 1

Montana No. 1 Drillhole ZM141A

The results of the first drillhole targeting depth extensions of the Montana No 1 historic mine (ZM141A) released on 22 November 20215 included very high-grade silver-lead-zinc fissure vein intercepts. The best intercept was a fissure vein with a downhole length of 1.2m from 423.0m to 424.2m returning 31.8 oz/t Ag, 23.9% Pb, 0.4% Zn and 0.1% Cu. This very high-grade fissure vein intercept is approximately 90m below the deepest historic Montana No. 1 mine workings.

This hole highlighted the potential for high-grade silver-lead-zinc mineralisation on Stellar's tenements in the Zeehan Mineral Field to complement its flagship Heemskirk Tin Project.

Second Planned Montana No. 1 Hole

The second drillhole planned at Montana No 1 in the Phase 1 Drilling Program has been cancelled to focus primarily on tin mineralisation. Further drilling of silver-lead-zinc fissure veins at Montana No.1 and elsewhere on Stellar's tenements will be reviewed again in the future.

Zeehan Western

Zeehan Western Drillhole ZW145

The first drillhole targeting depth extensions of the Zeehan Western historic mine (ZW145) was completed in December 2021 to a depth of 372m with only minor silver-lead-zinc fissure vein mineralisation observed over narrow intervals.

Geological logging is in progress with core cutting and sampling scheduled for early-January and assay results expected in late-February.

Second Planned Western Zeehan Hole

The second drillhole planned at Western Zeehan in the Phase 1 Drilling Program has been cancelled to focus exploration drilling on tin mineralisation.

Zeehan Queen No. 4

Zeehan Queen No. 4 Drillhole ZQ146

The first drillhole targeting depth extensions of the Zeehan Queen No 4. historic mine (ZQ146) commenced on 14 December.

Further Severn Drilling

Two further drillholes are currently being planned at Severn as part of the Phase 1 Drilling Program.

Planning is also underway for a Phase 2 drilling program to commence at the end of Phase 1. Severn and Queen Hill are the two largest Heemskirk Tin Project deposits with a combined total Mineral Resource of 5.33Mt @ 1.0% Sn, of which 40% is Indicated and 60% Inferred1 and will be the focus of the Phase 2 drilling program.

Phase 2 program at Severn and Queen Hill is expected to include:

• Severn resource extension drilling.
• Infill drilling of the Severn and Queen Hill Inferred Resource.
• A deep hole to test the South Severn magnetic and conductivity target6 .

Footnotes / Live Links

1 SRZ Announcement, 16 May 2019, "Updated Heemskirk Resource Increases Indicated Category and Confidence in the Project"

2 SRZ Announcement, 7 September 2021, "First 2 Drillholes at Heemskirk Intersect Significant Zones of Alteration and Mineralisation"

3 SRZ Announcement, 5 November 2021, "ZS140 Results and Heemskirk Drilling Update"

4 SRZ Announcement, 16 November 2021, "Investor Presentation" – See pages 9 and 29

5 SRZ Announcement, 22 November 2021, "Exceptional Silver-Lead Grades in First Montana No. 1 Hole"

6 SRZ Announcement, 11 November 2021, "Large Magnetic and Conductive Target Modelled at South Severn"

Competent Persons Statement

The information in this announcement that relates to exploration results has been compiled by Mr. Tim Callaghan, an independent mining consultant working for Resource and Exploration Geology. Mr. Callaghan is a Member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Mr. Callaghan has reviewed the contents of this news release and consents to the inclusion in this announcement of exploration results in the form and context in which they appear.

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.

This announcement is authorised for release to the market by the Board of Directors of Stellar Resources Limited.

For further details please contact:

Gary Fietz Executive Director Stellar Resources Limited Tel: 0408 489 957 Email: gary@widerange.net.au

APPENDIX 1 – 2021 PHASE 1 DRILLING PROGRAM DRILLHOLE LOCATIONS

Hole ID	Prospect	Status	Easting(m)	Northing(m)	RL(m)	Azimuth(degrees)	Dip(degrees)	Length(m)
ZS140	Severn	Completed	61,550	3,881	1,185	293	-77	889.0
ZM141A	Montana	Completed	60,959	4,468	1,230	248	-53	533.9
ZO142	Oonah	Completed	60,309	4,295	1,232	220	-64	494.0
ZS143	Severn	Completed	61,557	3,729	1,178	293	-78	858.8
ZO144	Oonah	Completed	60,410	4,218	1,214	231	-61	401.2
ZW145	ZeehanWestern	Completed	60,445	4,670	1,120	260	-50	372.0
ZQ146	QueenNo. 4	Underway	60,985	3,405	1,235	265	-48	300.0
ZS143W	Severn	Underway	61,510	3,747	933	280	-77	400.0

Note: All coordinates in Zeehan Mine Grid

APPENDIX 2 – ZS143 SIGNIFICANT INTERCEPTS

HoleNo	Easting(m)	Northing(m)	RL(m)	AzimuthPlanned(degrees)	Dip(degrees)	End ofHole(m)	From(m)	To(m)	Length(m)	Sn(%)	Cassiterite% of TotalSn	Cu(%)	Pb(%)	Zn(%)	Ag(g/t)
ZS143	61,557	3,729	1,178	293	-78	858.8	243.5	245.4	1.8	0.88	99.6%	0.01	0.03	0.09	3.00
ZS143	61,557	3,729	1,178	293	-78	858.8	367.2	369.0	1.8	0.34	97.3%	0.05	0.08	0.33	5.56
ZS143	61,557	3,729	1,178	293	-78	858.8	431.0	432.0	1.0	0.67	100.0%	0.01	0.00	0.01	0.00
ZS143	61,557	3,729	1,178	293	-78	858.8	540.0	541.0	1.0	0.84	100.0%	0.02	0.00	0.01	0.00
ZS143	61,557	3,729	1,178	293	-78	858.8	543.0	544.0	1.0	0.25	100.0%	0.03	0.00	0.01	1.00
ZS143	61,557	3,729	1,178	293	-78	858.8	549.0	553.0	3.7	0.74	99.8%	0.05	0.00	0.01	0.24
ZS143	61,557	3,729	1,178	293	-78	858.8	556.0	557.0	1.0	0.31	100.0%	0.07	0.00	0.01	1.00
ZS143	61,557	3,729	1,178	293	-78	858.8	571.0	573.0	2.0	0.87	100.0%	0.05	0.00	0.01	0.00
ZS143	61,557	3,729	1,178	293	-78	858.8	586.0	592.0	6.0	0.51	100.0%	0.04	0.00	0.01	0.00
ZS143	61,557	3,729	1,178	293	-78	858.8	601.0	606.0	5.0	1.27	99.7%	0.08	0.00	0.01	0.20
ZS143	61,557	3,729	1,178	293	-78	858.8	619.0	620.0	1.0	0.71	100.0%	0.02	0.00	0.01	0.00
ZS143	61,557	3,729	1,178	293	-78	858.8	629.0	638.0	9.0	0.78	99.1%	0.04	0.00	0.00	0.24

Notes:

All coordinates in Zeehan Mine Grid

All lengths are apparent lengths

Cut-off grade of 0.2% Sn and a minimum length of 1.0m used for selection of significant intervals

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 been	•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,diamond drilling was completed by Stellar withdiamond core of nominally NQ or HQ diameter.•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
	done 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.
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.
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 logging captured drilled recoveries and coreloss.•Recoveries generally excellent (95-100%)
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, Geotech, RQD, magneticsusceptibility and mineralisation verified with anOlympus DPO 2000 pXRF.•Photographed wet cutting.•Logs loaded into excel spreadsheets and uploadedinto access database.•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 has specific gravity for bulk samplesundertaken before it is course crushed and thenpulverized to 85% passing 75um.
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.	•Sn, WO3, Fe and S analyses were conducted at ALSLaboratories using a fused disc XRF technique(XRF15d), which is the current industry standard forore-grade tin. Fused disc XRF is considered a totaltechnique, as it extracts and measures the whole ofthe element contained within the sample. Aqua regiaacid digestion and multi element analysis usingInduced coupled plasma mass spectrometry (ICP41a)for Sn, Li, Ag, Ba, Ca, Cr, Ga, La, Mo, P, Sb, Th, U, Zn,Al, Cu, Mg, Na, Pb, Sc, Ti, V, As, Bi, Co, Fe, K, Mn, Ni,Sr, Tl, W. Where required, overlimit ore grade basemetals analysis is undertaken by Aqua regia aciddigestion and multi element analysis using Inducedcoupled plasma mass spectrometry (ME-OG46).Where required, Pb that is overlimit for OG46Pbanalysis, is analysed by a fused disc XRF technique(XRF15d).•OREAS certified standard reference material hasbeen inserted every 20 samples using SZSt.1, SZSt.2and SZSt.3. Course blanks and fine blank OREAS 22ehave also been inserted after mineralised zones.•Duplicate samples have been requested every 20samples for the lab to repeat the sample.•QAQC has been undertaken on ZS143. Analyses waswithin acceptable limits of +- 1 to 2 standarddeviations for SZSt.1, SZSt.2 and SZSt.3.

Criteria	JORC Code Explanation	Commentary
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.	•Significant intersections reviewed by companypersonnel.•Eight twinned holes have been included in previousdrilling program with six holes demonstratingmoderate to high Sn grade variability between 20and 50%. Two holes demonstrating extreme gradeand or geological variability.•Data is collected by qualified geologists andexperienced field assistants and entered into excelspreadsheets. Data is imported into Microsoft accesstables. Data is regularly backed up and archivalcopies of the database stored on the cloud and harddrives.•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.Negative values in the database have been adjusted
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.	to 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 surveyorwith the exception of 13 early drill holes located towithin 1m by local grid tape and compass for QueenHill deposit.•Historic 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. 2021 Single shot camera usedto capture azimuth and dip.•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	•Drill hole spacing for this phase of exploration drillingis approximately 100m. The exploration drilling isthe first phase of extension drilling and if successfulwill be followed by closer spaced drilling.
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 sub-perpendicular to the steeply east dippingmineralisation in the Severn Oonah and MontanaDeposits.•Drillholes, ZS140 and ZS143 were drilled at a lowangle to the dip of the orebody due to drillingconstraints.•Drill hole orientation is not considered to haveintroduced any material sampling bias, althoughsteep angled holes may result in localised dataclustering.

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 to	•ML2023P/M, RL5/1997 and EL13/2018 hosting theHeemskirk Tin Project in Western Tasmania is 100%owned by Stellar Resources Ltd.
	obtaining a license to operate the area
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	•See the body of this report for tabulated drill holecollar details and mineralised results.
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 assay results are downhole lengthweighted averages for Sn%, Cu%, Pb%, Zn% and Agg/t.•Results for cassiterite % of total Sn have beencalculated and reported for significant interceptsusing the formulae, % Cassiterite = 100 – (Soluble Sn% by aqua regia acid digestion and ICP41a analysis /Total Sn % by XRF analysis).•High grade intercepts may have been selected fromsome longer low grade length weighted downholeaverage intercepts and presented as length-weightedaverage inclusions.•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)	•Mineralisation widths for ZS140 and ZS143 are athigh angles. True widths are likely to be significantlysmaller.•Mineralisation is thought to be of a stockwork stylewith vein angles within mineralised zones variable.•Observed results for the Oonah and Montanaintercepts are considered to be at high angles to themineralised veins and approximate true widths.
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	•Mineralised zones above a Sn cut off of 0.2% andgreater than 1.0m length are included in the tablesand figures associated with this report.
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.•Bulk densities determined on mineralised interceptsusing the Archimedes method.
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 after this phase ofexploration drilling.•The mineral deposits remain open down dip anddown plunge and will be explored as access becomesavailable with mine development.