STELLAR RESOURCES LIMITED — Capital/Financing Update 2022

Jul 26, 2022

MORE OUTSTANDING TIN INTERSECTIONS FROM SEVERN INFILL HOLES

Tasmanian-focused tin explorer, Stellar Resources Limited (ASX: SRZ, "Stellar" or "the Company"), is pleased to report assay results from Severn drillholes ZS150 and ZS151 at the Company's flagship Heemskirk Tin Project in Tasmania.

Highlights

• Assay results from infill hole ZS150, surpass recently announced hole ZS148 as the second-best significant intercept ever recorded at Severn on a grade * thickness (Sn%*m) basis with an outstanding intercept of:
  • 36.6m @ 1.07% Sn and 0.19% Cu from 471.5m, including:
    • o 12.0m @ 2.12% Sn and 0.23% Cu from 485.0m
• Assay results from infill hole ZS151, return the second-widest significant intercept ever recorded at Severn of:
  • 51.6m @ 0.44% Sn and 0.06% Cu from 381.3m, including:
    • o 5.7m @ 0.71% Sn and 0.04% Cu from 381.3m, and
    • o 3.2m @ 1.91% Sn and 0.09% Cu from 429.8m.
• These new holes along with recently announced hole ZS148, returned significantly thicker intersections than indicated by the current Mineral Resource model and further highlight a northplunging, high tin grade * thickness (Sn%*m) zone in the northern part of Severn extending for ~200m down dip and ~50m along strike.
• Severn Phase 2A drilling program is progressing well with 2,573m of the planned ~3,130m (6 diamond holes) completed to 21 July 2022:
  • Three infill holes (ZS149, ZS150, ZS151) targeting areas of thicker and higher-grade tin mineralisation to expand the Severn Indicated Mineral Resource completed with a fourth hole (ZS154) underway.
  • Hole ZS152 currently testing a large magnetic and approximately coincident conductive target to the south of the Severn deposit that was identified in geophysical modelling.
• Severn Mineral Resource update planned in October along with an update of the Heemskirk Tin Project capital and operating cost estimates.
• Heemskirk Tin Project mining study and Scoping Study update planned in November.

Executive Director, Gary Fietz, commented: "We are delighted by the results from drillholes ZS150 and ZS151 which rank among the best intercepts ever recorded at Severn and further define a north-plunging, high grade*thickness zone in the northern part of the Severn tin deposit that is significantly thicker than the current Mineral Resource model indicates."

"The Phase 2A drill program is progressing well, with all results expected to be incorporated into the October Mineral Resource update in preparation for the Heemskirk Tin Project Scoping Study planned for completion in November."

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.stellarresources.com.au Twitter: @SRZ_Tin

Assay Results from Severn Infill Hole ZS150

Outstanding assay results received from ZS150, the third infill hole completed this year targeting an expansion of the Severn Indicated Mineral Resource, surpassing recently announced hole ZS1481 as the second-best significant intercept ever recorded at Severn on a grade * thickness basis (Sn%*m). The intercept for ZS150 is shown in Table 1, with further details including analysis for other elements provided in Appendix 2.

Hole No.	From(m)	To(m)	Length(m)	Est. TrueThickness(m)	Sn(%)	Cu(%)
ZS150	471.5	509.8	36.6	34.6	1.07	0.19
Including:	485.0	497.0	12.0	11.3	2.12	0.23

Table 1 – ZS150 - Summary of Key Significant Intercepts

Note 1: This significant intercept includes 1.7m core loss excluded from significant intercept length and grade.

Note 2: As ZS150 was drilled at an angle of approximately ~71 degrees to the dip of the orebody, the (apparent) downhole interval lengths shown in the table above are close to the true thicknesses.

Assay Results from Severn Infill Hole ZS151

Assay results from ZS151, the fourth infill hole completed this year targeting an expansion of the Severn Indicated Mineral Resource, returned the second-widest significant intercept ever recorded at Severn. The significant intercepts for ZS151 are shown in Table 2, with further details including analysis for other elements provided in Appendix 2.

Hole No.	From(m)	To(m)	Length(m)	Est. TrueThickness(m)	Sn(%)	Cu(%)
ZS151	381.3	433.0	51.6	39.5	0.44	0.06
Including:	381.3	387.0	5.7	4.4	0.71	0.04
And:	429.8	433.0	3.2	2.4	1.91	0.09

Table 2 – ZS151 - Summary of Key Significant Intercepts

Note 1: This significant intercept includes 0.1m core loss excluded from significant intercept length and grade.

Note 2: As ZS151 was drilled at an oblique angle ~50 degrees to the dip of the orebody, the estimated true thicknesses have also been included in the table above are less than the (apparent) downhole interval lengths intersected.

Northern Severn High Grade * Thickness Zone

Along with recently announced hole ZS1481 , ZS150 and ZS151 are significantly thicker than indicated by the current Mineral Resource model and further highlight a north-plunging, high tin grade * thickness (Sn%*m) zone in the northern part of the Severn deposit extending for ~200m down dip and ~50m along strike between cross sections 3,750N and 3,800N as shown on the Severn Long Section (Figure 1) and on cross section 7,775N (Figure 2).

Also, Phase 1A drillholes ZS143 / ZS143W extend the tin mineralisation ~200m further down dip than the current Mineral Resource model on cross section 7,775N, below historic hole ZS120 (Figure 2).

1 SRZ Announcement 15 June 2022 "Outstanding Tin Results from Severn Infill Holes". ZS148 returned a significant intercept of 34.9m @ 1.01% Sn from 333.0m.

Figure 1 – Severn Long Section looking west showing Phase 2A and historic drillholes, Severn Resource (main ore lens) and drillhole pierce points coloured by Sn%*m from the current Mineral Resource model (Zeehan Mine Grid)

Figure 2 – Severn West-East Cross Section 3,775m North (ZMG) showing significant intercepts from ZS148, ZS150 and ZS151, historical drilling within +/-50m of the section line, preliminary new interpretation & current Mineral Resource

Phase 2A Drilling Program Update

In late-March 2022, Stellar commenced its Phase 2A drilling program of six inclined diamond holes for ~3,130m at Severn, the largest of the Heemskirk Tin Project deposits. The Phase 2A drilling program is focused on infill drilling to increase the Severn Indicated Mineral Resource primarily targeting areas of thicker and higher-grade tin mineralisation.

The Severn Phase 2A drilling program is progressing well with three holes completed (ZS149, ZS150 and ZS151) and the final two holes underway (ZS152 and ZS154). One hole (ZS153) had to be abandoned due to bad ground conditions. A total of 2,573m Phase 2A drilling has been completed to 21 July 2022.

A summary of the status of the Phase 2A holes is shown in Table 3 with the locations shown in Figure 3.

Hole	Phase	PlannedDepth(m)	ActualDepth at21/07/22(m)	Drilling Status	Assay Status
ZS148	1	400	405	Completed	Announced
ZS149	2A	440	468	Completed	Announced
ZS150	2A	500	538	Completed	Announced
ZS151	2A	400	465	Completed	Announced
ZS152	2A	900	634	Underway	Early-October
ZS153	2A	430	269	Abandoned - bad groundconditions	Did not reach target depth
ZS154	2A	460	199	Underway	Early-October
Total Phase 2A		3,130	2,573	Excludes Phase 1 Hole ZS148

Table 3 –Phase 2A Drilling Program Status (as at 21 July 2022)

Severn Indicated Mineral Resource Expansion Holes

Four of the Phase 2A holes (ZS149, ZS150, ZS151, and ZS154), along with the last Phase 1 hole (ZS148), are infill holes aimed at increasing the Severn Indicated Mineral Resource as a precursor to a Scoping Study update and Pre-Feasibility Study (PFS) on the Heemskirk Tin Project.

These Phase 2A holes primarily target areas of thicker and higher-grade tin mineralisation at depths of ~280m to ~380m from surface (~450m average planned hole length).

A long section of the Severn deposit showing historic and Phase 2A holes is shown in Figure 1. A plan of the Severn deposit showing the location and status of the Phase 2A holes is shown in Figure 3.

Figure 3 - Location and Status of Phase 2A Drillholes, Severn Mineral Resource (main ore lens) and existing drillhole pierce points coloured by Sn%*m from the current Mineral Resource model, historic mines and Severn South magnetic inversion centroid (GDA 94 grid tick marks and Zeehan Mine Grid lines)

South Severn Magnetic and Conductivity Target Hole

One of the Phase 2A holes, ZS152 (~900m length) will test a large magnetic and approximately coincident conductive target to the south of the Severn deposit that was identified in geophysical modelling completed last November by Stellar's consultants, Mira Geoscience. This hole also passes through the projected position of the Severn deposit ~100m south of the defined Mineral Resource (refer to Figure 3 and Figure 4).

Figure 4 shows an updated isosurface from a revised magnetic inversion interpretation completed in March 2022 by Mira Geoscience. The impact of the Severn and Queen Hill deposits was reduced by removing the magnetic signature of the mineralisation prior to inversion.

Figure 4 - Image of planned drillhole to test the Severn South magnetic and conductive target; view looking west (GDA94 Grid)

Advancement of Heemskirk Tin Project Development

The following activities are planned to be completed in H2 2022 to advance the Heemskirk Tin Project towards development:

• Severn Mineral Resource update planned in October 2022.
• Heemskirk Tin Project capital and operating cost estimate update planned in October 2022.
• Heemskirk Tin Project mining study update planned in November 2022.
• Heemskirk Tin Project Scoping Study update planned for November 2022.
• Planning of Phase 2B Infill Drilling to further extend the Indicated Resource at Severn and Queen Hill is well underway and is expected to continue directly following the completion of Phase 2A drilling.

Following the completion of the Phase 2B infill drilling, a PFS is planned to be completed for the Heemskirk Tin Project in 2023.

Competent Persons Statement

The information in this announcement that relates to exploration results has been compiled by Mr. Ross Corben who is an independent consultant. Mr. Corben is a Fellow of the Australasian Institute of Mining and Metallurgy 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. Corben 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 forwardlooking 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 T: 0408 489 957 E: gary@widerange.net.au For broker and media enquiries: Zander Beacham White Noise Communications T: 0433 515 723 E: zander@whitenoisecomms.com

APPENDIX 1 – DRILLHOLE LOCATIONS

Hole No.	Deposit	Status	Easting(m)	Northing(m)	RL(m)	Azimuth(degrees)	Dip(degrees)	Length(m)
ZS150	Severn	Completed	61,557	3,726	1,178	279	-57	538.1
ZS151	Severn	Completed	61,412	3,715	1,185	285	-71	464.9

Note: All coordinates in Zeehan Mine Grid

APPENDIX 2 – SIGNIFICANT INTERCEPTS

Hole No.	Easting(m)	Northing(m)	RL(m)	Azimuth(degrees)	Dip(degrees)	End ofHole(m)	From(m)	To(m)	Length(m)	Est. TrueThickness(m)	Sn(%)	Cassiterite% of TotalSn	Cu(%)	Pb(%)	Zn(%)	Ag(g/t)
ZS150	61,557	3,726	1,178	279	-57	538.1	471.5	509.8	36.6	34.6	1.07	94.8%	0.19	0.02	0.02	6.7
Inc:							485.0	497.0	12.0	11.3	2.12	96.3%	0.23	0.00	0.01	6.9
ZS151	61,412	3,715	1,185	287	-70	464.9	381.3	433.0	51.6	39.5	0.44	97.4%	0.06	0.01	0.01	1.9
Inc:							381.3	387.0	5.7	4.4	0.71	99.4%	0.04	0.02	0.01	1.6
And:							429.8	433.0	3.2	2.4	1.91	99.0%	0.09	0.00	0.00	1.1

Notes:

All coordinates in Zeehan Mine Grid

ZS150 36.6m significant intercept includes 1.7m core loss excluded from significant intercept length and grade

ZS151 51.6m significant intercept includes 0.1m core loss excluded from significant intercept length and grade

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 handheld 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.
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. 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. 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 areinserted approximately every 20 samples usingSZSt.1, SZSt.2 and SZSt.3.Course blanks and fine blank OREAS 22e are alsoinserted after mineralised zones.Duplicate samples are requested approximatelyevery 20 samples for the lab to repeat the sample.QAQC sampling was undertaken on ZS150 (1Standard, 2 Blanks and 2 Duplicates) and ZS151 (5Standards, 2 Blanks and 3 Duplicates). Analyses arewithin acceptable limits for all standards and theduplicate assays showed very good precision.3 other standards were submitted for ZS150 but dueto a laboratory error in procedure, were notanalysed. As a result, the laboratory has undertakento re-analyse the entire batch of samples within theZS150 significant intercept along with the 3standards. This is being undertaken for QAQCpurposes and material changes in the ZS150 resultsare not expected as the accuracy and precision ofresults from ALS laboratory has been very good forall Phase 1 and 2A results to date.

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 inmineral resource estimationSpecification of grid system usedQuality and accuracy of topographic control.	Significant intersections were reviewed by companypersonnel.Eight twinned holes have been included in previousdrilling program with six holes demonstratingmoderate to high Sn grade variability between 20%and 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.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.ZMG RL's are reported as MSL +1000m.
		Down hole surveys by downhole camera or Tropari.2017 holes by Deviflex. For the 2021/2022 holes adigital magnetic survey tool used up to hole ZQ146.From hole ZS43W onwards, a Deviflex survey toolhas been used.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 50m.

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.Drillhole ZS150 was drilled at an angle of approx. 710to the dip of the orebody, hence the (apparent)downhole interval lengths are close to the truethicknesses.Drillhole ZS151 was drilled at an oblique angle ofapprox. 500 to the dip of the orebody, hence the(apparent) downhole interval lengths are less thanthe true thicknesses.
		Drill hole orientation is not considered to haveintroduced any material sampling bias.
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 are 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 cut-off 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 lengthweighted average inclusions.No metal equivalents have been used.
Relationshipbetweenmineralisationwidths andinterceptlengthsDiagrams	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)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.	Drillhole ZS150 was drilled at an angle of approx. 710to the dip of the orebody, hence the (apparent)downhole interval lengths are close to the truethicknesses.Drillhole ZS151 was drilled at an oblique angle ofapprox. 500 to the dip of the orebody, hence the(apparent) downhole interval lengths are less thanthe true thicknesses.Mineralisation is thought to be of a stockwork stylewith vein angles within mineralised zones variable.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	In general, mineralised zones above a Sn cut off of0.2% and greater than 1.0m length are included inthe tables and figures associated with this report,however in some cases higher cut off grades havebeen in for selection of significant intervals.

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.