STELLAR RESOURCES LIMITED — Capital/Financing Update 2021

Nov 4, 2021

ZS140 RESULTS AND HEEMSKIRK TIN DRILLING UPDATE

Stellar Resources Limited (ASX:SRZ, "Stellar" or the "Company) is pleased to report assay results from hole ZS140, the first hole completed as part of the Phase 1 Drilling Program at the Company's flagship Heemskirk Tin Project in Tasmania.

Highlights

• Assay results received from first Severn drillhole ZS140 confirming multiple wide zones of tin (Sn) mineralisation with over 40 m of cumulative tin mineralisation intersected, located approximately240 m down dip of the Severn Mineral Resource, including the following high-grade intercepts:
  • 5.0 m @ 0.76% Sn from 777.0 m
  • 3.0 m @ 0.87% Sn from 797.0 m (included within 10.0 m @ 0.43% Sn from 794.0 m intercept)
  • 1.1 m @ 2.24% Sn from 855.4 m
• 4 holes completed to date and 2 holes in progress with mineralisation observed in all holes (not including ZW145 where drilling is just commencing) and the presence of tin confirmed by anomalous handheld XRF results.
• Second Severn drillhole, ZS143 currently in progress(706 m depth on 28 October 2021) intersecting zones of mineralisation logged over 3 intervals between 550 and 595 m with a cumulative length of 27 m to date, located approximately 120 m down dip of the current Severn Resource.
• Mineralisation in ZS143 contains more visible pyrrhotite (which is commonly associated with cassiterite at the Severn deposit), and also more visible cassiterite than the previous Severn hole ZS140. The presence of tin in ZS143 has been confirmed by anomalous handheld XRF results with readings in ZS143 generally higher than those recorded in the previous Severn hole ZS140.
• First Oonah drillhole ZO142 completed to a depth of 498 m with zones of mineralisation logged over 4 intervals ranging from 2 to 8 m in length, commencing from 237 m. The presence of tin has been confirmed by anomalous handheld XRF results.
• Second Oonah drillhole ZO144 completed to a depth of 398 m with mineralisation observed and presence of tin confirmed by anomalous handheld XRF results. Detailed logging is in progress.
• First Montana No. 1 drillhole ZM141A completed to a depth of 534 m as previously reported, intersected several fissure vein lodes containing galena and sphalerite1 . The presence of lead, zinc, silver, copper and tin confirmed by anomalous handheld XRF results.
• ZM141A and ZO142 assays expected in late November. ZS143 and ZO144 assays expected in December.

Executive Director Gary Fietz commented; "Results to date from our Phase 1 Drilling Program have been very encouraging. Assay results from our first Severn hole, ZS140, have confirmed multiple wide zones of tin mineralisation located well below the depth of the current resource. Our second hole at Severn, ZS143 which is currently still in progress has already intersected zones of mineralisation below the depth of the current resource where, based on logging and handheld XRF readings, we expect the tin mineralisation to be better than in the first Severn hole ZS140. Our drilling below historic Silver-Lead Mines at Montana No 1 and Oonah has also been very successful with mineralisation observed and presence of tin, and in some cases silver, lead and zinc, confirmed by anomalous handheld XRF results in all holes to date"

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 ZS140

Assay Results recently received for the first hole in Phase 1 Drilling Program (ZS140) confirm multiple wide zones of tin mineralisation, including the following significant intercepts:

From(m)	To(m)	Length(m)	Sn(%)
332.0	332.8	0.8	0.03
731.6	740.0	8.4	0.23
747.0	761.2	14.2	0.28
777.0	782.0	5.0	0.76
794.0	804.0	10.0	0.43
820.0	822.0	2.0	0.62
855.4	856.5	1.1	2.24

Table 1 – ZS140 Summary of Significant Intercepts

The 794.0 m to 804.0 m, 10.0m @ 0.43% Sn interval includes 797.0 m to 800.0m, 3.0 m interval @ 0.87% Sn.

A more detailed table of the ZS140 significant intercepts, including analysis for other elements, is provided in Appendix 2.

The significant tin intercepts in ZS140 are approximately 240 m down dip of the current Severn resource as shown in Figure 1.

Tin mineralisation within ZS140 generally occurs in association with sulphide vein networks (commonly pyrite with pyrrhotite occasionally observed) as seen in core photographs (see Figure 2 and Figure 3).

The hole also intersected a 0.8 m fissure vein at 332.0 m @ 4.09 % Zn, 0.45 % Pb and 11 g/t Ag.

Figure 1 – Severn West-East Cross Section 4,000 m North (ZMG) showing Hole ZS140 (aqua), historical drilling (white) and Severn 2019 Resource (red-brown)

Figure 2 - ZS140 Intercept 777.0 m – 782.0 m: 5. 0m @ 0.76 % Sn

Figure 3 – ZS140 Intercept 855.4 m – 856.5 m: 1.1 m @ 2.24 % Sn

Phase 1 Drilling Program Status Update

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

• Severn Program - 2 holes targeting depth extensions below the Severn tin resource. Severn is the largest of the 4 deposits comprising the Heemskirk Tin Project and remains open at depth.

• Depth Extensions of Key Historic silver-lead-zinc mines - 7 holes targeting depth extensions below key historic silver-lead mines with typical ore grades of 20 to 100 Oz/t silver. Hole target depths test where interpreted transition of silver-lead-zinc mineralisation into cassiterite mineralisation may occur.

4 holes have been completed, and 2 holes are currently in progress with a total of 3,021 m drilled to 28 October 2021. A summary of the Phase 1 drilling program is shown in Table 2 and Figure 4. A table of the collar locations and drillhole information is shown in Appendix 1.

Mineralisation has been observed in all holes, with the presence of tin confirmed by anomalous handheld XRF results (not including ZW145, with drilling just commencing).

Hole	Planned	Drilled to	Status & Visual Results
(Deposit)	Depth(m)	28.10.21(m)
ZS140	700	889	Completed - Intersected wide zones of mineralisation well
(Severn)			beyond planned target depth. Assays received and reported in
ZS140A	250	0	this release.Cancelled - Planned wedge and daughter hole from ZS140 but
(Severn)			was not possible due to broken ground in ZS140.
ZM141A	460	534	Completed - Intersected several fissure vein lodes containing
(Montana No. 1)			galena and sphalerite. Presence of lead, zinc, silver, copper
			and tin confirmed by anomalous handheld XRF results1. Assayresults expected late November.
ZO142	400	494	Completed – Logging and sampling underway. Mineralisation
(Oonah)			observed and presence of tin confirmed by anomalous
			handheld XRF results. Assay results expected late November.
ZS143	700	706	In Progress - Target depth extended to 900m – Logging
(Severn)			underway and sampling yet to commence. Mineralisationobserved and presence of tin confirmed by anomalous
			handheld XRF results. Assay results expected in December.
ZS143W	250		Planned - Wedge and daughter hole from ZS143.
(Severn)
ZO144	400	398	Completed - Logging underway and sampling yet to
(Oonah)			commence. Mineralisation observed and presence of tin
			confirmed by anomalous handheld XRF results. Assay resultsexpected in December.
ZW145	400	0	In Progress – Rig currently being moved to site from ZO144.
(Western
Zeehan)
WZ Hole 2	400		Planned
(WesternZeehan)
QH4 Hole 1	300		Planned
(Queen No. 4)
M1 Hole 2	640		Planned
(Montana No. 1)
Total	4,900	3,021

Table 2 – Status of Phase 1 Drilling Program to 28 October 2021

Figure 4 - Zeehan Mineral Field Surface Geology, Tin Deposits, Historic Ag-Pb-Zn Mines and 2021 Phase 1 Drillholes

Severn Drillhole ZS143

Drilling on Severn drillhole ZS143 is currently ongoing (706 m deep on 28 October 2021), with zones of mineralisation primarily consisting of sulphide vein networks including pyrite and pyrrhotite, with visible cassiterite, logged in the following intervals to date:

From(m)	To(m)	Length(m)
367	370	3
550	557	7
571	576	5
580	595	15

The mineralisation in ZS143 contains more visible pyrrhotite (which is commonly associated with cassiterite at the Severn deposit) than the previous Severn hole ZS140 (see Figure 6).

The presence of tin (Sn) in ZS143 has been confirmed by anomalous tin results from a handheld XRF instrument used to guide drillhole logging. Handheld XRF readings in ZS143 have generally been higher than those recorded in the previous Severn hole ZS140.

The main zones of mineralisation in ZS143 to date are ~120 m down dip of the current Severn resource, and 550 m below surface as shown in Figure 5.

The target depth of the hole has been extended from 700 to 900 m, with drilling continuing. Logging of ZS143 is underway and sampling is yet to commence. Assay results are expected in December.

A wedge and daughter hole ZS143W is planned on completion of the ZS143 parent hole, targeting a further extension of the Severn tin deposit.

Figure 5 – Severn West-East Cross Section 3,725 m North (ZMG) showing Hole ZS143 (aqua) with observed sulphide mineralisation zones marked in red, historical drilling (white) and Severn 2019 Resource (red-brown)

Figure 6 – ZS143: Mineralisation from 586.4 m to 595 m

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)2 defined by previous drilling below the historic workings.

Drillhole ZO142

First Oonah drillhole ZO142 was completed to a depth of 498m with zones mineralisation logged over the following intervals:

From(m)	To(m)	Length(m)
237	239	2
308	315	7
336	342	8
403	407	7

The mineralised zones observed in ZO142 are typically structurally controlled by fissure veins and brecciated faults that contain, brecciated pyrite, chalcopyrite, galena, sphalerite, stannite, cassiterite, siderite and quartz (see Figure 8).

The presence of Tin (Sn) has been confirmed by anomalous Sn results from a handheld XRF instrument.

The hole was extended from the planned depth of 400m to 498m due to intervals of mineralisation beyond the expected depth.

ZO142 logging and sampling is well underway, with assay results expected late November.

Figure 7 - Oonah West – East Cross Section 4,100 m North (ZMG) showing Drillhole Z0142 (aqua), observed sulphide mineralised intercepts(red), historical drilling (white), Oonah 2019 Resource (red-brown), Oonah Mine workings (grey).

Figure 8 – ZO142: Mineralisation from 335 m to 342 m

Drillhole ZO144

Oonah Drillhole ZO144 was completed in late-October 2021 to a depth of 398m. Mineralisation has been observed and presence of tin confirmed by anomalous handheld XRF results. Logging has recently commenced, and sampling is yet to commence. A further update on this hole will be provided when logging is completed. Assay results are expected in December.

Montana No. 1 - Drillhole ZM141A

As previously reported, drillhole ZM141A was completed to a depth of 534m Intersected several fissure vein lodes containing galena and sphalerite1 . Presence of lead, zinc, silver, copper and tin confirmed by anomalous handheld XRF results. Assay results for ZM141A are pending and are expected to be announced in late November.

Footnotes / Live Links

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

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

3 SRZ Announcement, 12 April 2021, "Investor Presentation" – See page 11 Benchmarking Assumptions

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 Australian 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)	AzimuthPlanned(degrees)	Dip(degrees)	Length(m)
ZS140	Severn	Completed	61,550	3,881	1,185	317	-77	889
ZM141A	Montana	Completed	60,959	4,468	1,230	268	-53	534
ZO142	Oonah	Completed	60,309	4,295	1,214	243	-62	494
ZS143	Severn	Underway	61,560	3,725	1,178	309	-77	700
ZS143W	Severn	Planned	61,560	3,725	1,178	309	-74	250
ZO144	Oonah	Completed	60,400	4,230	1,210	243	-61	400
ZW145	ZeehanWestern	Underway	60,455	4,640	1,220	280	-50	400
WesternZeehan # 2	ZeehanWestern	Planned	60,455	4,500	1,220	293	-50	400
Queen No4 # 1	QueenHill	Planned	60,985	3,405	1,235	288	-48	300
MontanaNo 1 # 2	Montana	Planned	60,988	4,446	1,190	243	-52	640

Note: All coordinates in Zeehan Mine Grid

APPENDIX 2 – ZS140 SIGNIFICANT INTERSECTIONS

HoleNo	Easting(m)	Northing(m)	RL(m)	AzimuthPlanned(degrees)	Dip(degrees)	EndofHole(m)	From(m)	To(m)	Length(m)	Sn(%)	Cassiterite% of TotalSn	Cu(%)	Pb(%)	Zn(%)	Ag(g/t)
ZS140	61,550	3,881	1,185	317	-77	889	332.0	332.8	0.8	0.03	100.0	0.03	0.45	4.09	11.00
ZS140	61,550	3,881	1,185	317	-77	889	731.6	740.0	8.4	0.23	99.9	0.03	0.00	0.01	0.93
ZS140	61,550	3,881	1,185	317	-77	889	747.0	761.2	14.2	0.28	99.8	0.02	0.00	0.01	0.75
ZS140	61,550	3,881	1,185	317	-77	889	777.0	782.0	5.0	0.76	100.0	0.06	0.00	0.00	0.16
ZS140	61,550	3,881	1,185	317	-77	889	794.0	804.0	10.0	0.43	99.7	0.04	0.00	0.00	0.10
ZS140	61,550	3,881	1,185	317	-77	889	820.0	822.0	2.0	0.62	100.0	0.02	0.00	0.01	0.00
ZS140	61,550	3,881	1,185	317	-77	889	855.4	856.5	1.1	2.24	98.4	0.29	0.0	0.0	13.0

Notes:

All coordinates in Zeehan Mine Grid

All lengths are apparent lengths

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,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
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.•Total of 381 assay records derived from half diamonddrill core includes core sizes of NQ for ZS140.
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	•ZS140 core logging captured drilled recoveries andcore loss.•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, 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. Aquaregia acid 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.•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 ZS140. Analyses waswithin acceptable limits of +- 1 standard deviationfor SZSt.1, SZSt.2 and SZSt.3. Duplicate samples sitwithin an acceptable limit of <5%.

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.•Metallurgical test work completed on somequartered core.•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 adjustedto half the detection limit for statistical analysis.
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.	•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, although

		steep 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 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.
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 ZS140 significantintercepts using the formulae, % Cassiterite = 100 –(Soluble Sn % by aqua regia acid digestion andICP41a analysis / Total Sn % by XRF analysis).•High grade intercepts have been selected from somelonger low grade length weighted downhole averageintercepts and presented as length-weighted averageinclusions.•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 observed inZS143 are at high angles. True widths are likely to besignificantly smaller.•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% areincluded in the tables and figures associated withthis 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 remains open down dip anddown plunge and will be explored as access becomesavailable with mine development.