STELLAR RESOURCES LIMITED — Capital/Financing Update 2023

May 18, 2023

Stellar Resources Limited (ASX:SRZ, "Stellar" or the "Company") is pleased to announce that under Round Eight of the Exploration Drilling Grant Initiative (EDGI) program, the Tasmanian Government has awarded the Company four exploration drilling co-funding grants totalling $258,500 for exploration drilling of the North Scamander, Carbine Hill East, Evenden, and Razorback tin-base metals-critical minerals targets.

The grants awarded to Stellar are for the following exploration projects:

• North Scamander Sn-base metals-critical minerals target EL19/2020 ($70,000 grant) One diamond drill hole (750m) planned to test the core of a regional scale magnetic anomaly, approximately 125m down dip of historic drilling hydrothermal breccia intersections with strongly anomalous tin, lead, zinc, and silver values. The primary target (~375m depth) is higher grade breccia hosted or sheeted vein mineralisation containing tin, silver, lead, zinc (+/-) indium near the core of the magnetic anomaly. The hole will also continue past the primary target to also test the roots of the breccia-hosted mineralisation, targeting greisen style mineralisation which may occur near the underlying inferred granite margin where tin, tungsten, lithium micas and other critical minerals such as tantalum and niobium may occur. The target is also supported by strong stream sediment and soil tin geochemistry anomalies and surface rock chip results up to 1.07% Sn generated by an outcropping mineralised gossan over target.
• Carbine Hill East Pb-Zn-Cu-Ag-Au VMS target EL29/2022 ($55,500 grant) One diamond drill hole (220m) planned to target a lead-zinc-copper-silver-gold VMS style deposit within the renowned Mt Read Volcanics which host the nearby Rosebery, Henty, Hellyer, Mt Lyell, Hercules, and Que River mines. The primary target is based on a strong EM anomaly identified from a high resolution airborne Electromagnetic survey flown in 2013 with a modelled Maxwell conductivity plate. The target is also supported by coincident and down slope zinc and lead soil and rock chip anomalies.
• Evenden Pb-Zn-Cu-Ag-Au VMS target EL29/2022 ($63,000 grant) One diamond drill hole (300m) planned to target a lead-zinc-copper-silver-gold VMS style deposit within the Mt Read Volcanics. The primary target is based on a strong EM with a modelled Maxwell conductivity plate and is supported by anomalous zinc, lead and copper rock chip geochemistry results in the surrounding area.
• Southern Extension of Mt Razorback Sn Mineralization EL11/2017 ($70,000 grant) An Exploration Target, in accordance with the JORC Code 2012, of 180,000 to 220,000 tonnes @ 0.8 – 1.0% Sn remaining in the Razorback Mine deposit was defined by Stellar in 2019 based on historical drilling. One diamond drill hole (550m) is planned to test for continuity of mineralisation ~380m below and ~230m south of the remaining Razorback Mine Exploration Target, where the deposit plunges steeply to the south. A secondary target is the potential for the Critical Minerals tungsten, indium, antimony, cobalt, and chromium to occur in association the tin mineralisation.

EDGI is an important initiative of the Tasmanian Government designed to encourage minerals exploration in the state. Stellar has been awarded four out of a total of twelve EDGI Round 8 grants awarded.

Executive Director Gary Fietz commented*: "We are very pleased that the Tasmanian Government has shown its support for co-funding of exploration drilling costs on these four priority exploration targets which we plan to drill over the coming year."*

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.stellarresouorces.com.au Twitter: @SRZ_Tin

North Scamander Sn-Base Metals-Critical Minerals Target (EL19/2020)

Introduction

The Scamander district in Northeast Tasmania contains a large number of metallic mineral occurrences hosted within folded and faulted Ordovician Mathinna Group sedimentary rocks and is underlain by a strongly fractionated alkali granite. The metalliferous nature of the district, well defined metal zonation and location above the inferred alkali granite suggest that known mineralisation in this area is spatially and genetically associated with the emplacement of the fertile granite.

Significant historic exploration for tin and base metals has been undertaken on Stellar's Scamander EL EL19/2020 including extensive soil and stream sediment sampling and drilling defining areas of anomalous Sn, Zn, Cu, Ag and Pb mineralisation extending to the NW and SE of the historic Great Pyramid Tin Mine within adjacent RL2/2009 held by Tin One Resources Incorporated. The Great Pyramid Tin Mine operated between 1928 and 1936 with 336 tonnes of ore mined at an average recovered grade of 0.88% Sn, implying an average grade of 1.5% Sn1 .

Significant W, Sn, Cu and Zn anomalies are defined by stream sediment geochemistry which define a regional scale NW-SE trending mineralised corridor which includes the Pinnacles and North Scamander tin-base metals projects on EL19/2020, extending to the NW and SE of the Great Pyramid mine (see Figure 1).

Figure 1 – Scamander District - Regional Magnetics (greyscale), Surface Stream Sediment Geochemistry, Mineral Occurrences, and Outcropping Fractioned Alkali Granite over EL19/2020 (GDA94 Grid)

1 The Zoned Mineral Deposits of the Scamander – St Helens District, Groves, 1972

The North Scamander tin-base metals-critical minerals target is overlain by an outcropping mineralised gossan, that has generated strong surface stream sediment and soil tin geochemistry anomalies over the prospect and corresponds with a regional scale aeromagnetic anomaly. Rock chip samples from the prospect return grades of up to 1.07% Sn (see Figure 2).

Drilling over the North Scamander target completed in 1981 included 4 shallow percussion and 4 diamond holes to approximately 250m depth which intersected intervals of pyrrhotite-cemented hydrothermal breccia associated with intense magnetite alteration of the wall rocks and strongly anomalous Sn, Pb, Zn, Cu and Ag values. Previous results include:

NSD2 – 138m @ 0.8% Zn (from 31m), including 1m 0.45% Sn, 6.2% Pb, 7.8% Zn, and 62 g/t Ag.

NSD1 – 13m @ 0.1% Sn, 0.2% Cu, 0.1% Pb, 0.8% Zn and 25 g/t Ag from 163m.

Figure 2 - North Scamander Tin-Base Metals Advanced Prospect - Regional Magnetics RTP (greyscale), Surface Soil Geochemistry, and Historic Drillholes, EL19/2020 (GDA94 Grid)

Magnetic Inversion Modelling & Planned Drillhole

Magnetic inversion modelling undertaken by Stellar's geophysical consultants has shown that previous drilling at North Scamander was not deep enough to intersect the core of the regional scale magnetic anomaly which represents a high potential drilling target. The mineral content (Sn, Cu, Pb, Zn, Ag) in previous drillholes increases to the southeast (down dip), and closer to the core of the magnetic anomaly (see Figure 3).

One 750m diamond drillhole (NSD005) is planned targeting;

• a) The core of the intense magnetic anomaly.
• b) The down dip extension to the southeast of the breccia intersections in previous drillholes where, based on previous drilling results, tin, silver, lead, and zinc (+/- indium) are the most likely target minerals.
• c) The hole will also continue past the core of the magnetic anomaly to test the roots of the breccia-hosted mineralisation previously intersected targeting greisen style mineralisation which may occur near the underlying inferred granite margin where tin, lithium micas, tungsten, and other Critical Minerals such as tantalum and niobium may occur.

The proposed hole (NSD005), previous drillholes, magnetic inversion isosurface and the modelled granite surface are shown in cross section in Figure 3.

Stellar was previously awarded a $50,000 EDGI Round 7 grant for drilling at North Scamander which will expire in June 2023 because the hole was not completed within the Round 7 time limit. The previous Round 7 grant is now replaced by this $70,000 EDGI Round 8 grant for co-funding of direct drilling costs.

A drilling rig has been contracted to commence drilling the North Scamander hole in late-May 2023 . The hole is expected to take approximately 2 months to drill and a further 2 months for core processing, sampling, and laboratory analysis to be completed.

Figure 3 - North Scamander Prospect Cross Section (looking NW) – Proposed drillhole NSD005, Historic drillholes with tin grades , modelled granite surface (pale pink) and Magnetic Inversion (0.015 to 0.59 x10^-5 SI units) (bright pink)

Carbine Hill East and Evenden Pb-Zn-Cu-Ag-Au VMS Targets (EL29/2022)

Introduction

The northern part of EL29/2022 in Western Tasmania is located within the Western Mt Read Volcanics, an Early to Middle Cambrian volcaniclastic sequence renowned for hosting world-class Volcanogenic Massive Sulphide (VMS) Pb-Zn-Cu-Ag-Au deposits including; the Rosebery Zn-Pb-Cu-Ag mine, the Henty Au Mine, the Hellyer Zn-Pb-Cu-Ag-Au mine, the historic Hercules Ag-Pb-Zn-Au mine and the historic Que River Zn-Pb-Cu-Ag-Au mine. The Mt Read Volcanics also host the world-class Mount Lyell Cu-Au mine (see Figure 4).

Figure 4 - Location of EL29/2022, other Stellar Resources tenements (red and pink) and Major Mineral Deposits / Mines

A high-resolution helicopter-borne Versatile Time Domain Electromagnetic (VTEM) survey flown by the previous licence owners, Yunnan Tin Australia, in 2013, identified four key electromagnetic (EM) anomalies over the EL29/2022 area including two at Carbine Hill and one at Evenden (see Figure 5).

A significant number of historic mineral occurrences are present within the EL29/2022 area, including the Carbine South historic mine ~250m west of the Carbine Hill East prospect and the Evenden historic mine ~200m southwest of the proposed hole at the Evenden prospect, along with nine other historic occurrences within the immediate Evenden prospect area (see Figure 5).

In 2014 Geotech Ltd, on behalf of Yunnan Tin, completed conductivity and magnetic inversion modelling including creation of Maxwell conductor plate models over these EM anomalies identified from the 2013 VTEM survey. Most VMS deposits in the Mount Read Volcanics have strong EM responses as Cu, Zn and Pb massive sulphide lenses are highly conductive. The Que River and Hellyer deposits were discovered based on EM surveys.

Neither the Carbine Hill nor Evenden EM targets have been drill tested.

Figure 5 - EL29/2022 2013 VTEM Ch45 with Carbine hill East and West and Evenden Drill Targets and Historic Mining Occurrences

Carbine Hill East Modelled Plates, Surface Geochemistry and Planned Drillhole

The Maxwell plate model over the Carbine Hill East prospect is an isolated, sub-horizontal conductor of limited strike extent, interpreted to be hosted in volcaniclastics which may represent a flat lying VMS deposit. A second sub-horizontal Maxwell plate was also modelled at Carbine Hill West however the Carbine Hill East plate has been selected as the initial drill target as it is a much stronger EM anomaly and has a much greater modelled conductivity-thickness.

The Carbine Hill East prospect is also supported by anomalous soil and rock chip Zn and Pb geochemistry results from previous exploration, much of which is offset southwards from the centre of the EM anomaly, down the steep southern slope of Carbine Hill where the targets may have shed downhill (see Lead surface geochemistry plan in Figure 6).

Figure 6 - 2013 VTEM Ch45 anomalies with historic rock chip and soil results for Lead, historic mineral occurrences and EL29/2022 Drill Targets

One 220m helicopter supported diamond drillhole (CHE001) is proposed to be drilled at the Carbine Hill East targeting a Pb-Zn-Cu-Ag-Au VMS deposit based on a strong modelled EM Maxwell conductivity plate (T1) and coincident and down slope Zn and Pb soil and rock chip anomalies (see Figure 7).

A secondary target is vein and/or fault related Pb-Zn-Ag-Cu-Sn-Sb mineralisation associated with hydrothermal fluids that accompanied Devonian granite intrusions which are common in the area.

The Carbine East hole is expected to be drilled in early-2024, after; (a) MRT complete the formal process of granting EL29/2022 which commenced in December 2022, (b) follow up surface geochemistry sampling, (c) drilling access planning, and (d) permitting is completed.

A $55,500 EDGI Round Eight grant has been awarded for the Carbine East hole, comprising of $35,500 cofunding of direct drilling costs and $20,000 towards helicopter support costs.

Figure 7 – Carbine Hill East Prospect Cross Section, Flight Line 4310 (5,365,080 N) Resistivity Depth Image (RDI), Surface Topography (brown line), EM TAU dB/dt Z Profile (above topography), Modelled Plates and Proposed Drillhole (Source: EL22/2010 Yunnan Tin 2015 Annual Report, Appendix 5)

Evenden Modelled Plates and Planned Drillhole

The Maxwell plate model over the Evenden prospect targeted by the proposed hole is the central of four subhorizontal plates modelled over the Evenden prospect by Geotech Ltd with a substantial amount of volcaniclastics interpreted below the conductors and a major northwest trending fault dividing the conductors into two groups. The conductors also appear to be located next to an intrusive with strong magnetic responses. The four modelled plates at the Evenden prospect display an overall dome like structure, intersected by faults, which may represent a VMS mound structure formed by hydrothermal convection on the sea floor.

The Evenden prospect is also supported by anomalous Zn, Pb and Cu rock chip geochemistry results from previous exploration in the area surrounding (see Lead surface geochemistry plan in Figure 8).

One 300m helicopter supported diamond drillhole (EVN001) is proposed to be drilled at Evenden targeting a Pb-Zn-Cu-Ag-Au VMS deposit based on a strong modelled EM Maxwell conductivity plate (T3) and anomalous Zn and Pb rock chip geochemistry results in the area surrounding the Evenden prospect (see Figure 9).

A secondary target is vein and/or fault related Pb-Zn-Ag-Cu-Sn-Sb mineralisation associated with hydrothermal fluids that accompanied Devonian granite intrusions which are common in the area.

The Evenden hole is expected to be drilled in early-2024, after; (a) MRT complete the formal process of granting EL29/2022 which commenced in December 2022, (b) follow up surface geochemistry sampling, (c) drilling access planning, and (d) permitting is completed.

A $63,000 EDGI Round Eight grant has been awarded for the Carbine East hole, comprising of $43,000 cofunding of direct drilling costs and $20,000 towards helicopter support costs.

Figure 8 - 2013 VTEM Ch45 anomalies with historic rock chip and soil results for Lead, historic mineral occurrences and EL29/2022 Drill Targets

Figure 9 - Evenden Prospect Cross Section, Flight Line 4320 (5,365,890 N) - Resistivity Depth Image (RDI), Surface Topography (brown line), EM TAU dB/dt Z Profile (above topography), Modelled Plates and Proposed Drillhole (Source: EL22/2010 Yunnan Tin 2015 Annual Report, Appendix 5)

Southern Extension of Mt Razorback Sn Mineralization (EL11/2017)

Introduction

Tin mineralization at the historic Razorback Mine occurs as cassiterite associated with pyrrhotite, pyrite and arsenopyrite within a broader alteration zone of talc/carbonate/silica rock. The mineralised alteration zone is from 3m to 30m thick, strikes NNW, is near vertically dipping and lies within and parallel to the Razorback Fault which juxtaposes serpentinites and conglomerates/shales of Cambrian Dundas Group sediments.

The Razorback Open Pit Mine was operated by Minops Ltd from 1975 to 1978 with tin recovered from a simple gravity plant and tailings placed in a nearby storage facility. The mining operation ceased after extracting 180,000t of ore grading 0.6% Sn and producing 53t of tin in concentrate. Mill recoveries averaged only 40%.

In 2019, Stellar defined an Exploration Target in accordance with the JORC Code 2012 of 180,000 to 220,000 tonnes @ 0.8 – 1.0% Sn remaining in the Razorback Mine deposit based on historical drilling. The Exploration Target extends to a depth of ~100m below the pit floor2 .

Planned Drillhole

One 550m diamond drillhole is proposed to test for continuity of mineralisation ~380m below and ~230m south of the remaining Razorback Mine Exploration Target where the deposit plunges steeply to the south (see Figure 10).

The primary objective of the planned hole is to identify additional tin mineralisation a significant distance down plunge of the remaining Exploration Target which, along with further drilling, may support the definition of a much larger remaining tin resource with the potential to support the economic development of an underground mine at Razorback. The hole will also test a proposed geological structural model, that higher grade zones may occur in semi-contiguous down plunge dilatational zones within the Razorback deposit.

The secondary objective of the planned hole is to explore for Critical Minerals in addition to tin. There is the potential for the Critical Minerals tungsten, indium, antimony, cobalt, and chromium to occur in association with this style of tin mineralisation. None of these Critical Minerals have ever been analysed for in previous drilling at Razorback.

The timing of drilling the Razorback hole will be determined following Stellar's application for an Extension of Term of EL11/2017 is approved, which is currently being processed.

A $70,000 EDGI Round Eight grant has been awarded for the Razorback hole.

2 SRZ Announcement, 16 July 2019

Figure 10 – Razorback Mine Tin Deposit Long Projection showing Planned Hole

Competent Persons Statement

The information in this announcement that relates to exploration results is based on and fairly represents historic open file information compiled by Mineral Resources Tasmania and reviewed by Ms. Rebecca Lockley who is an employee of the Company, holding the position of Exploration Manager, Tasmania. Ms. Lockley is a Member 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). Ms. Lockley 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 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 – NORTH SCAMANDER TARGET (EL19/2020) - 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 scans, or hand held XRF instruments etc.).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.	Data reported in this announcement is compiledfrom publicly available sources, principally MineralResources Tasmania's open file geochemicaldatabase. This multigenerational dataset has beencollected by many companies over a long period oftime and so has varying degrees of accompanyingmetadata, varying from comprehensive to absent. Asbest as the company can ascertain the originalsampling was conducted using industry best practice,though given its age, this data should be taken withthe requisite caution.Stream sediment samples with sampling techniquesrecorded range in treatments from sieving to -20 to -80 mesh with many not having treatments recorded.In instances of extreme anomalous values, such asthose in the % Sn range in some stream sedimentsamples, it remains possible that these samples mayhave originally had some panning treatmentfavouring higher Sn and/or gold grades, though thiscannot be verified. Stream sediment samples,compiled by MRT, are listed as having originated inthe following reports, which can be found on theMRT website; 82_1761, 84_2218, 90_3150, 92_3337,83_2059, 79_1407, 70_0677, 82_1683, 80_1482,81_1630, 83_1990, 81_1582, 79_1377, 82_1680,84_2092, 85_2378, 70_0690, 84_2203, 70_0623,70_0687, 71_0826, 95_3711, 14_6931Soil samples from North Scamander are reported in80-1444, 80-1680,Rock chip samples from the North Scamander areaare listed as having the originated in the followingreports, which can be found on the MRT website,ER8515S0, GSB55, UR2018_04.Information regarding percussion drilling at thePinnacles prospect can be found in reports 65-0395,and 84-2218Details on percussion and diamond drilling at NorthScamander can be found in 82-1680 and 82-1761Similarly, with respect to drillhole data
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.)	Drillholes PDP1- 1-6 - Open hole percussion usingHalco Stenuick drill rig.Drillholes PPH1 and PRC1-11 are listed at 'ReverseCirculation/PercussionNorth Scamander drill holes NSP1-4 were drilledusing percussion drilling to a depth or 50m, 50m,50m and 26m respectively. Only NSP4 reached thewater table.Drillholes NS1-4 were drilled using conventionaldiamond drilling

Criteria	JORC Code Explanation	Commentary
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 sample	See open file reports listed above.
	recovery and grade and whether sample bias mayhave occurred due to preferential loss/gain offine/coarse material
Logging	Whether core and chip samples have beengeologically and geotechnically logged to a levelof detail to support appropriate Mineral Resourceestimation, mining studies and metallurgicalstudies.	All drillholes were geologically logged – see open filesreports listed above.
	Whether logging is qualitative or quantitative innature. Core (or costean, channel etc.)photography.
	The total length and percentage of the relevantintersections logged.
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,	Samples from drillholes PDP1- 1-6 were taken using6ft composites.Samples from PPH1 and PRC1-11 were taken using 2mcomposites.Samples from NS1-3 were taken on intervals tocorrespond with geologic logging. On average this was2m. Samples were split half core.Samples from NS4 were taken more consistently on2m intervals. Samples were cut half core.Check samples not reported.
	including for instance results of fieldduplicate/second half sampling.Whether sample sizes are appropriate to thegrain size of the material being sampled
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.	The data presented here is historical open file data,with limited metadata related to assay method, labtests or QAQC. Where suitable metadata exists, Snand W values are generally from XRF instrumentswhile base metals are from ICP analysis.Given the historic nature of the data, accuracy andprecision of the instruments are considered to besignificantly reduced compared to modern standards
	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.

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.	No verification of the assays has been undertaken.Relogging of drillholes NS1-4 confirms the presence ofmineralized breccia at intervals that also reportanomalous geochemistry
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 coordinates in presented in GDA94/UTM 55S andare taken from MRT open file database.
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	Only historic exploration drilling is reported here.
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.	Drillholes are, as best we understand orientedperpendicular to the mineralized body.
SampleSecurity	The measures taken to ensure sample security.	Unknown.
Audits orReviews	The results of any audits or reviews of samplingtechniques and data.	No audits or reviews of sampling data and techniquescompleted, as no sampling reported in this release.

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	All tenements referred to in this release areExploration Licenses held by Stellar ResourcesLimited's wholly owned subsidiary, Tarcoola Iron PtyLtd.
Explorationdone by otherparties	Acknowledgement and appraisal of explorationby other parties.	Data and maps presented in the release are fromMRT.
Geology	Deposit type, geological setting and style ofmineralization.	The mineralization style of the prospects presentedhere is best categorized as granite-related Sn-W. Asbest can be determined from historic reports, ThePinnacles prospect represents more of a sheeted veinstyle of mineralization, whereas the mineralizationintersected to date at the North Scamander prospect isbetter described as a tabular hydrothermal breccia.
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	Drillhole information is open file – MRT database orlisted reports.

Section 2: Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section)

Criteria	JORC Code Explanation	Commentary
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.	No data has been aggregated in this release.
	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.
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.	True widths not available
	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)
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 plans presented in the body of the release.
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	All stream sediment, soil, rock ship and drillhole dataavailable has been included in the figures in thisrelease and the exploration targets are based on thisand geological mapping and technical papers andhave been described in a balanced fashion.
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.	None
Further work	The nature and scale of planned further work(e.g. test for lateral extensions or depthextensions or large scale step out drilling).	Conduct geophysical (IP) surveys over targets toidentify chargeable pyrite domains associated withSn mineralisation.
	Diagrams clearly highlighting the areas ofpossible extensions, including the maingeological interpretations and future drillingareas, provided this information is notcommercially sensitive.	Drill targets identified by work outlined above

APPENDIX 2 – CARBINE HILL & EVENDEN TARGETS (EL29/2022) - 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 scans, or hand held XRF instruments etc.).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.	Data reported in this announcement is compiledfrom publicly available sources, principally MineralResources Tasmania's open file geochemicaldatabase. This multigenerational dataset has beencollected by many companies over a long period oftime and so has varying degrees of accompanyingmetadata, varying from comprehensive to absent. Asbest as the company can ascertain the originalsampling was conducted using industry best practice,though given its age, this data should be taken withthe requisite caution.Surface Soil and Rock chip samples from the CarbineHill East, Carbine Hill West, and Evenden targetshave been sourced from the following reports whichcan be found on the MRT website; 74-0996, 84-2183,89-2994, 03-4953, 06-5271.Stellar Resources 2007 heli VTEM survey overprevious EL21/2004 and Jovan Silic inversions havebeen sourced from internal company informationand the following reports which can be found on theMRT website; 09-5886.Yunnan Tin 2012-2013 heli VTEM survey overEL22/2010 and 2014 Geotech inversions have beensourced from the following reports which can befound on the MRT website; 14-6828, 16-7368.Other exploration results over EL22/2010 aresourced from the following reports which can befound on the MRT website; 22-8546, 19-8210, 20-8378, 20-8234, 18-7872, 17-7650 and 16-7365.
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.)	Historic exploration drilling results in in Stellar's 6December 2022 announcement are compiled frompublicly available sources, principally MineralResources Tasmania's open file database including:oEL22/2010 Concert Creek, Dundas, Tasmaniathird annual progress report for the periodbetween 9 November 2012 and 8 November2013, Yunnan Tin Australia (MRT Report 14-6828).EL22/2010 Concert Creek Dundas, Tasmaniaoeighth annual progress report to December2019, Yunnan Tin Australia (MRT Report 20-8234)

Criteria	JORC Code Explanation	Commentary
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	Unknown historic drillholes included in in Stellar's 6December 2022 announcement.
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.	Logs for SCD001, SCD002 and CC0_5 historicdrillholes referred to in Stellar's 6 December 2022announcement are provided in:14_6828 - EL 22/2010 Concert Creek,oDundas, Tasmania third annual progressreport for the period between 9 November2012 and 8 November 2013, Yunnan TinAustralia (MRT Report 14-6828).EL 22/2010 Concert Creek Dundas, Tasmaniaoeighth annual progress report to December2019, Yunnan Tin Australia (MRT Report 20-8234).
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	Unknown historic drillholes included in in Stellar's 6December 2022 announcement.
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.	Standards and Blanks were inserted with samplesfor historic hole CC0_5.Unknown for other historic holes included inStellar's 6 December 2022 announcement.

Criteria	JORC Code Explanation	Commentary
Verificationof samplingand assaying	The verification of significant intersections byeither independent or alternative companypersonnel	Significant results have been verified in originalreports.
	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.
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	All coordinates in presented in GDA94/UTM 55S.
	Quality and accuracy of topographic control.
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	Not Applicable.
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 a	Unknown.
	sampling bias, this should be assessed andreported if material.
SampleSecurity	The measures taken to ensure sample security.	Unknown.
Audits orReviews	The results of any audits or reviews of samplingtechniques and data.	No audits or reviews of sampling data and techniquescompleted, as no sampling reported in this release.

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	All tenements referred to in this release areExploration Licences.Mineral Resources Tasmania has recently confirmedthat it is in the process of awarding EL29/2022 toColumbus Metals Limited a wholly owned subsidiaryof Stellar Resources Limited.
Explorationdone by otherparties	Acknowledgement and appraisal of explorationby other parties.	Data and maps presented in the release are fromMRT's public file database.
Geology	Deposit type, geological setting and style ofmineralization.	The EL29/2022 area (15 km2) covers areas of MountRead Volcanics known for Cu-Pb-Zn-Ag-Au VMSmineralisation notably Rosebery and Hercules to thenorth and Henty to the southeast. Additionally mappedin the area are Precambrian Oonah Formation quartziteand slates and Dundas Group mass flow/turbidite stylesediments.A number of mineral occurrences are known in the area
		including multiple historic workings dating back to theturn of last century. These are typically vein occurrencessourced from Devonian granite intrusions (Pine Hillgranite to the NW), and remobilisation of CambrianVMS, the latter thought to be associated with the VTEManomalies on which the drill targets in this report arebased. The principal mineralising event in the Dundasarea is associated with the hydrothermal fluids thataccompanied the Devonian granite intrusions. Thereare a variety of mineralisation styles present withinEL29/2022, the most relevant to the target of interestinclude Devonian Pb-Zn-Ag veins (Comet, Kosminsky),Devonian Sn-Cu-As veins (Greens, Frazer) and LateDevonian replacement zones of Sn-Cu-As-W.
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 - elevation	See Appendix 1 and Appendix 2 of Stellar's 6December 2022 announcement.
	above 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

Section 2: Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section)

Criteria	JORC Code Explanation	Commentary
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.	No data has been aggregated in this release.
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)	Historic drillhole data included in in Stellar's 6December 2022 announcement are apparentthicknesses only. Deposit orientation is unknown andtherefore true thickness is unknown.
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 plans presented in the body of the release and inStellar's 6 December 2022 announcement.SCD001, SCD002 and CC0_5 historic drillholesreferred to in Stellar's 6 December 2022announcement are in the vicinity of the historicKosminsky and Great South Comet mineraloccurrences as shown in Figure 2 of Stellar's 6December 2022 announcement.
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	All soil samples and rock chip data available has beenincluded in the figures in this release and theexploration targets are based on this and public filecompany reports and have been described in abalanced fashion.
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.	None

Criteria	JORC Code Explanation	Commentary
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.	Initial work will focus on refining the two drilltargets including further soil and rock chip samplingaround the target areas, analysis and finalisation ofhole locations and orientations.Drilling of the three holes is then planned subjectto rig availability ($333,000 budget). The programwill be managed by Stellar's existing team based inZeehan.

APPENDIX 3 – RAZORBACK (EL211/2017) - 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 Razorback Tin deposit has been delineated bydiamond drilling and channel sampling.Numerousdrilling campaigns were completed between 1958 and1981 by Tasmanian Department of Mines,Placer/Minops JV, and CRAE.Logged sulphide and siderite altered zones wereselected for geochemical analysis.Where specified, approximately 1m samples of 2-3kgwere taken from diamond saw cut drill core whilstrespecting geological boundaries.Underground bulk and channel samples taken byPlacer limited. Sampling details are unspecified.Stellar Resources Ltd completed three costeanschannel sampled in historic open pit. Samples on 1mintervals of 2-3kg.
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)	No drilling completed by Stellar.Razorback Mine historic diamond drilling completedby Tasmanian Mines Department, 7 diamond Holes for528.7m, Placer/Minops 16 surface diamond drillholesfor 2,823.6m, Placer 20 underground (BQ) diamondholes for 1,009m, CRAE 12 HQ/NQ diamond holes for2,703.3m.Grand Prize historic diamond drilling completed byRenison Ltd, 20 HQ/NQ diamond Holes for 8096m.
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	Where recorded, diamond drill core recoveries weregenerally good to excellent (100%).Full data compilation and analysis has yet to becompleted.An analysis of recovery verses Sn grade has yet to becompleted.
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.	Drill core reconstituted, measured for recoveryDrill core logged by experienced geologists onstandard logging sheets.Entire holes logged for lithology, weathering,alteration, structural orientations and mineralisation.Mineralised sections marked up for analysis onessentially 1m intervals while respecting geologicalboundaries.All logs standardized and loaded into access database.

SubSamplingtechniquesand samplepreparation	If core, whether cut or sawn and whetherquarter, half or all core taken.	Half core sampled on essentially 1m lengths whilerespecting geological boundaries.
	If non-core, whether riffled, tube sampled, rotarysplit, etc. and whether sampled wet or dry	Placer underground bulk samples derived from 1shovel in 20 selected locations. Crushed and sub
	For all sample types, the nature, quality andappropriateness of the sample preparationtechnique.	sample selected for analysis.
		CRAE relogged and re-assayed selected Placerdiamond holes, analysis yet to be reviewed.
	Quality control procedures adopted for all subsampling stages to maximize representivity ofsamples.	Sample sizes are considered to be industry standardfor similar styles of mineralisation.
	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
Quality ofassay dataand	The nature, quality and appropriateness of theassaying and laboratory procedures used andwhether the technique is considered partial or	Pre 1980's Placer and Minops analysis completed inlocal laboratories, procedures and techniques havenot been recorded.
laboratorytests	total.	CRAE drill holes analysed by commercial laboratories
	For geophysical tools, spectrometers, handheldXRF instruments, etc., the parameters used in	AMDEL and Analabs by pressed powder XRF. Care isrequired for matrix matched standards when using
	determining the analysis including instrument	this technique.
	make and model, reading times, calibrationfactors applied and their derivation etc.	Renison drill core analysed by commercial laboratoriesAnalabs by pressed powder XRF.
	Nature of quality control procedures adopted(e.g. standards, blanks, duplicates, external
	laboratory checks) and whether acceptable levelsof accuracy (i.e. lack of bias) and precision have
	been established.
Verificationof samplingand assaying	The verification of significant intersections byeither independent or alternative companypersonnel	Limited check analyses of Placer drill core by CRAE.Results not yet reviewed.
	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.
Location ofdata points	Accuracy and quality of surveys used to locatedrill holes (collar and downhole surveys) trenches,mine workings and other locations used in	Razorback drill collars and adits poorly located onhistoric local grids. Some ambiguity in grid locationrequires validation.
	mineral resource estimationSpecification of grid system used	Grand Prize drill hole collars surveyed by licensedsurveyor.
	Quality and accuracy of topographic control.	Eastman single shot camera used for downhole
		surveys where available.Significant magnetite in host rocks effects Razorback
		surveys.
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.	Close spaced bulk sampling and underground drillingof Razorback mine.
		Broad 100 x 100m spacing or worse for Grand Prize
		and Razorback local area.Spacing considered sufficient for defining Exploration
		Target and possibly Inferred Resources.
	Whether sample compositing has been applied	Sample compositing has not been applied.

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.	Most drillholes, costeans and crosscuts are orientedsub perpendicular to the strike of the mineralisation.Sample orientation is unlikely to have introduced bias.
SampleSecurity	The measures taken to ensure sample security.	Unspecified in historic data
Audits orReviews	The results of any audits or reviews of samplingtechniques and data.	No audits or reviews completed

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	EL11/2017 is 100% owned by Stellar Resources'wholly owned subsidiary Columbus Metals Limited.There are no other interests in the property.EL11/2017 is located 10km to the east of Zeehan onTasmania's west coast. Access to historical mine siteswithin the EL is provided by existing roads.EL11/2017 was granted on 6th December 2017 for aperiod of 5 years based on an agreed program ofwork.
Explorationdone by otherparties	Acknowledgement and appraisal of explorationby other parties.	Limited early mining activity occurred between 1909and 1960 period following the discovery of tin insurface outcrops at the Razorback and Grand PrizeMines.Modern exploration commenced at Grand Prize byPlacer Limited from 1964 to 1968 and RenisonLimited from 1968 to 1987.Placer explored Razorback between 1964 and 1968followed by Renison from 1968 to 1971.Minops Pty Ltd mined 180,000t of ore at Razorbackbetween 1975 to 1978 from a small open cut.CRAE limited explored the immediate mine areafrom 1978 until 1981.
Geology	Deposit type, geological setting and style ofmineralization.	Tin-sulphide mineralization at the Grand Prize mineis related to fissure lodes within the Grand PrizeFault and its subsidiaries with significantreplacement style tin-sulphide mineralisationassociated with the Red Lead Conglomerate.Mineralisation extends over 500m in strike and400m in depth consisting of steep fissure lodes andflat dipping replacement lodes.Tin-sulphide mineralization at Razorback occurs asreplacement lodes within dolomitized serpentiniteand conglomerates in steep dipping faulted contacts.Mineralisation occurs as cassiterite associated withpyrrhotite, pyrite and arsenopyrite within a broaderalteration zone of talc/carbonate/silica rock. Themineralised zone strikes north-south with essentiallyvertical dip. Mineralisation is from 1m to 30m thickand over 200m in strike length.
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 not	See tables in Appendix 1 of 16 July 2019 SRZannouncement for a list of historic drillholeintercepts.

Section 2: Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section)

	Material and this exclusion does not detractfrom the understanding of the report, theCompetent Person should clearly explain whythis is the case
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.	Drill intercepts of greater than 1m @ 0.1% Sn arereported.Mineralised intercepts have been length weighted.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)	Drill intercepts are reported as downhole or lengths.Channel samples are reported as horizontal widths.Drill holes and costeans are essentially perpendicularto the mineralisation.
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 text for plans sections and longprojection in this announcement and in 16 July 2019SRZ announcement.
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	See tables in Appendix 1 of 16 July 2019 SRZannouncement.
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.	Historic production from Minops open cut operatedbetween 1975 and 1978 produced 180,000t @ 0.6%Sn. Ore treated in gravity plant on site.
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.	All historical drill hole and mine plan data is beingcompiled into a 3D data base for the Razorback mineto determine a JORC 2012 compliant mineralresource and to identify drilling targets.Exploration along the Razorback Fault.