STELLAR RESOURCES LIMITED — Capital/Financing Update 2025

Dec 17, 2025

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ASX Announcement | ASX: SRZ
18 December 2025
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Second Severn Wedge Hole Returns 51m Wide Tin Zone and High-Grade Core

HIGHLIGHTS:

• Wedge hole ZS187W1C at Severn has intersected a significant 51m wide zone of tin mineralisation infilling previous drilling (Figure 1) returning:

• 51.4m @ 0.55% Sn from 529.6m that includes a high-grade core of:

  • 11m @ 1.10% Sn from 529.6m incl,

  • 5m @ 1.33% Sn from 529.6m, and 0.3m @ 3.99% Sn from 539.4m

• The intersection is located approximately 60m from the previously reported 64m @ 0.53% Sn intersected within ZS187[2 ] that also included a high-grade core of 10.2m @ 1.68% Sn.

• The results support the continued resource conversion of the Heemskirk tin system with high expectations to upgrade from Inferred to Indicated whilst expanding the 2023 Mineral Resource Estimate (MRE)[1] .

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Figure 1: Drillhole Cross Section A-A’ (Location on Figure 3), drillholes ZS187, ZS187W1B and ZS187W1C, Indicated and Inferred Resource blocks from the 2023 MRE[1] . Assays for hole ZS187W2 are pending.

• 1 SRZ ASX Announcement 4 September 2023 – Heemskirk Tin Project MRE Update

Stellar Resources Limited | ASX: SRZ | ABN: 96 108 758 961

Level 5, 56 Pitt Street, Sydney NSW 2000, Australia | T: +61 2 8823 3179 | E: srzinfo@stellarresources.com.au stellarresources.com.au @SRZ_Tin

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ASX Announcement | ASX: SRZ
18 December 2025
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• A third wedge hole (ZS187W2) targeting 45m south of drillhole ZS187 has been completed with assays pending and a fourth wedge hole (ZS187W2B) has commenced to further test mineralisation to the south of ZS187 (Figures 1 & 2).

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Figure 2: Severn Long Section looking west showing pierce point for ZS187, ZS187W1B, ZS187W1C & ZS187WB plus the planned pierce point for ZS187W2B over Sept 2023 Severn Mineral Resource as projected total of the multiple mineralised resource zones, coloured by Sn % x Thickness (historic holes & SRZ holes shown). GDA Z55.

Stellar Resources Limited | ASX: SRZ | ABN: 96 108 758 961

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ASX Announcement | ASX: SRZ
18 December 2025
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• Prefeasibility work is progressing well including due diligence on the nearby Avebury Plant and investigations on the Comstock plant site with both areas under MOU’s.

• Tin prices climbing above US$41,000/t this month amid Indonesia’s crackdown on illegal mining and stricter export controls highlight ongoing global supply vulnerability and strengthens the strategic case for Stellar’s Heemskirk Tin Project in a stable Tier-1 jurisdiction.

• With the decision to extend the Resource and PFS drilling program and subsequent ongoing drilling success, the Company anticipates reporting updated Resources at Queen Hill and Severn in early 2026 and the completion of the PFS in the 1H 2026 as the Company adds additional holes to maximise the Resource size to be used in the Prefeasibility study.

Stellar’s Managing Director Mr Simon Taylor commented:

“These results from our second Severn wedge hole continue to build strong momentum in the Heemskirk infill program and further demonstrate the continuity and scale of high-grade tin mineralisation within the existing resource envelope. Intersecting a broad 51-metre mineralised zone with a substantial high-grade core of 11.1m @ 1.10% tin confirms that the system remains robust beyond the parent hole and reinforces our confidence in the geological model.

“Our infill strategy is deliberately focused on converting Inferred material to the higher-confidence Indicated category while also positioning the resource for potential growth. The consistency of widths and grades being delivered through wedge drilling is exactly what we want to see as we progress toward an updated Mineral Resource and the Prefeasibility Study.

“Wedge and navigational drilling continue to prove to be an efficient and capital-effective approach, allowing us to test multiple positions from existing platforms. With further assays pending and additional wedges underway, we remain well positioned to continue delivering results.

“Against a backdrop of strengthening tin prices and increasing global supply risk, systematically growing and de-risking the Heemskirk Tin Project in a Tier-1 jurisdiction remains a highly compelling pathway to unlock long-term value for shareholders."

Stellar Resources Limited (ASX: SRZ, “Stellar” or the “Company”) is pleased to report further drilling results from the Severn deposit at its Heemskirk Tin Project (“ Heemskirk” ) in Western Tasmania. The extended program comprises a total 29-hole (~12,000m) diamond drilling campaign focused on infill and extensions to the 2023 Mineral Resource Estimate (MRE)[1] .

This release reports assay results from one wedge hole drilled at Severn (ZS187W1C) and a further wedge hole at Queen Hill (ZQ189W).

To date, Stellar has completed 28 holes (including 6 wedge holes) for a total of 12,064m. The Company has two rigs operating at present and will continue to report further assays as they come to hand.

Refer to Figures 1-4 for drillhole cross sections and locations and Tables 1-2 for significant intersections and drill hole location data.

Stellar Resources Limited | ASX: SRZ | ABN: 96 108 758 961

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ASX Announcement | ASX: SRZ
18 December 2025
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Severn – Hole ZS187W1C

Drillhole ZS187W1C was wedged at a start depth of 355m and drilled to 594m to infill the Severn Resource to the north of the parent hole ZS187[2] . The hole targeted an area of tin mineralisation within the Inferred category of the MRE between drillholes ZS187 and ZS107 that were drilled in 2025 and 2011 respectively. The goal of the wedge is to enable resource conversion of mineralisation to the Indicated category. The wedge hole successfully intersected the three tin lodes that make up the Severn deposit and with assays returning an intersection of:

• 51.4m @ 0.55% Sn from 529.6m, that includes a high-grade core in the upper lode of: o 21.4m @ 0.78% Sn from 529.6m including

• § 11.1m @ 1.10% Sn from 529.6m including

• § 5.4m @ 1.33% Sn from 529.6m and

• § 0.3m @ 3.99% Sn from 539.4m.

The previously reported parent hole ZS187 positioned to the south of the wedge hole successfully intersected the three tin lodes and reported a cumulative intersection width of:

• 64.4m @ 0.53% Sn from 560m, including;

• 44.0m @ 0.66% Sn from 560m.

The upper lode returned a spectacular high-grade intersection of:

• 10.2m @ 1.68% Sn from 560m, including;

• 4.0m @ 2.94% Sn from 564m.

The first wedge hole, ZS187W1B[3] , located above its parent hole intersected:

• 25m @ 0.38% Sn from 539m, including

• 7m @ 0.9% Sn from 543m and

• 4m @ 1.26% Sn from 546m including

• 2m @ 1.92% Sn from 547m.

These three holes have been working to infill a 125m x 160m panel of Inferred mineralisation up to the Indicated category (Figure 2).

A further wedge hole (ZS187W2) located south of ZS187 has been completed with assays pending and a new wedge (ZS187W2B) has commenced targeting mineralisation further south and below ZS166, which has the largest grade thickness intersection within the deposit.

It is intended that further wedge holes will be drilled including wedges that will seek to expand mineralisation towards the deep tin intersections at Severn within drillhole ZS140[4 ] completed in 2021.

2 SRZ ASX Release 27th August 2025 – 64m Tin intercept at Severn Signals Heemskirk Growth Potential

3 SRZ ASX Release 14th October 2025- First Severn Wedge Hole Returns High-Grade Tin up to 2.75% Sn

Stellar Resources Limited | ASX: SRZ | ABN: 96 108 758 961

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ASX Announcement | ASX: SRZ
18 December 2025
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Drillhole ZS140[4] intersected a broad tin zone, over 220m down plunge from ZS187, with over 40m of cumulative mineralisation including 5m @ 0.76% Sn from 777.0m, 10.0m @ 0.43% Sn from 794.0m and 1.1m @ 2.24% Sn from 855.4m, which are not included in the current 2023 MRE[1] .

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Figure 3: Drill hole location plan, location of cross sections A-A’ (Figure 1). Grey box indicates section line and width of sectional view. Indicated and Inferred Resource blocks and Montana Resource from the 2023 MRE[1]

4 sRZ ASX Release 5th November 2021 – ZS140 Results and Heemskirk Tin Drilling Update

Stellar Resources Limited | ASX: SRZ | ABN: 96 108 758 961

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ASX Announcement | ASX: SRZ
18 December 2025
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Figure 4: Close up of drill hole location plan of Severn deposit showing wedge holes ZS187W1C, ZS187W2 and ZS187W2B.

Table 1: Summary of Significant Intercepts

Hole Number	From (m)	To (m)	Width (m)	Sn %
ZS187W1C including including including including including	529.6	581	51.4	0.55
	529.6	551	21.4	0.78
	529.6	540.7	11.1	1.10
	529.6	535	5.4	1.33
	556.3	562	5.7	0.90
	565.1	573	7.9	0.48
ZQ189W	211.8	215.8	4	0.56

Individual intervals calculated using a 0.40% Sn lower cut off and no more than 1m of internal dilution. The 51m interval included material to 0.1%Sn and 7m of dilution within the interval. Drillhole ZS187W1C intersected mineralisation at ~ 45[o] to the modelled dip of the ore body. Hence the true widths are ~70% of the reported interval widths.

Stellar Resources Limited | ASX: SRZ | ABN: 96 108 758 961

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ASX Announcement | ASX: SRZ
18 December 2025
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Queen Hill – ZQ189W

ZQ189W represents the final hole into Queen Hole of the currently planned program from conversion of Inferred to Indicated material. The hole intersected a narrow low grade zone anticipated from the resource model.

Intersected approximately 125m higher than anticipated was a broad low grade (~0.1%Sn) zone which contained an interval of 4m @ 0.5% Sn from 211.8m depth and represents a potential small lode between Queen Hill and Severn. This interval will be followed up in future drill programs.

Further Work Programs and Drilling Progress

Drilling to date has completed 28 of the planned holes with additional wedges being added with two rigs currently operating. A total of 12,064 metres has been drilled, inclusive of holes in progress and exclusive of four abandoned holes.

The drilling program is designed to advance Heemskirk to development ready status by providing key technical inputs for the Prefeasibility Study, while also aiming for Mineral Resource expansion.

The PFS is progressing well with timing of completion in the 1H 2026, following recent drilling success extending the Resource and PFS drilling program.

Table 2: Drill hole location data

Hole Number	Easting	Northing	RL	Azimuth	Dip	Wedge Depth	Total Depth (m)
ZQ189W	361090	5362020	203	295.4	-66.8	131	364.9
ZS187W1C	361484	5361890	177	283.5	-77.9	355	594

Notes: All coordinates in Map Grid of Australia, Zone 55 (MGA Z55).

– ENDS –

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

For further details please contact:

For broker and media enquiries:

Simon Taylor Jason Mack Managing Director & CEO Senior Communications Advisor Stellar Resources Limited White Noise Communications T: +61 409 367 460 T: +61 400 643 799 E: simon@stellarresources.com.au E: jason@whitenoisecomms.com

Stellar Resources Limited | ASX: SRZ | ABN: 96 108 758 961

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ASX Announcement | ASX: SRZ
18 December 2025
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Competent Persons Statement

The information in this announcement that relates to exploration results is based on and fairly represents, information and supporting documentation compiled by Mr. Andrew Boyd who is an Executive Director and shareholder of the Company. Mr. Boyd is a Member of the Australian Institute of Geologists 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. Boyd 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.

Compliance Statement

This announcement contains information relating to Exploration Results extracted from ASX market announcements reported previously in accordance with the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" ("2012 JORC Code") and published on the ASX platform on 5 November 2021, 27 August 2025 and 14 October 2025. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement.

This announcement contains information relating to a Mineral Resource Estimate extracted from an ASX market announcement reported previously in accordance with the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" ("2012 JORC Code") and published on the ASX platform on 4 September 2023. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all the material assumptions and technical parameters underpinning the estimate in the release of 4 September 2023 continue to apply and have not materially changed.

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.

Stellar Resources Limited | ASX: SRZ | ABN: 96 108 758 961

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ASX Announcement | ASX: SRZ
18 December 2025
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About Stellar Resources:

Stellar Resources ( ASX: SRZ ) is highly focused on developing its world class Heemskirk Tin Project located in the stable tier-1 mining friendly jurisdiction of Zeehan, Western Tasmania and aims to become a producer of 3,000 – 3,500tpa of payable tin, approximately 1% of global supply[#] . The Company has defined a substantial high-grade resource totalling 7.48Mt at 1.04% Sn, containing 77.87kt of tin (3.52Mt at 1.05% Sn, containing 36.99kt of tin classified as Indicated and 3.96Mt at 1.03% Sn, containing 40.88kt of tin classified as Inferred)*. This ranks the Heemskirk Project as the highest-grade undeveloped tin resource in Australia and third globally.

Aiming to become a producer of 3,000 to 3,500 tpa of payable tin is an aspirational statement and SRZ does not have reasonable grounds to believe the statement can be achieved.

Prefeasibility activities underway are evaluating potential project optimisations that will enable a boost in tin output from the 2024 Scoping Study. These activities include resource and exploration drilling to increase confidence by upgrading and expanding resource classifications as well as ore sorting test work to increase ore feed head-grade and tin recoveries.

Stellar also holds the highly prospective North Scamander Project where initial drilling in September 2023, intersected a significant new high-grade silver, tin, zinc, lead and Indium polymetallic discovery.

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Stellar Resources Heemskirk Tin Project Location

The Company confirms that it is not aware of any new information or data that materially affects the information included within the original announcement and that all material assumptions and technical parameters underpinning the MRE quoted in the release continue to apply and have not materially changed.

2025 International Tin Association. All rights reserved.

• SRZ ASX Announcement 4 September 2023 – Heemskirk Tin Project MRE Update.

Stellar Resources Limited | ASX: SRZ | ABN: 96 108 758 961

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ASX Announcement | ASX: SRZ
18 December 2025
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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
Sampling techniques	• Nature and Quality of sampling (e.g. cut channels, random chips or specific specialized industry standard measurement tools appropriate to the minerals under investigation, such as downhole gamma sondes, or handheld XRF instruments etc.). • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1m samples from which 3kg was pulverized to produce 30g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or sampling types (e.g. submarine nodules) may warrant disclosure of detailed information.	• The Zeehan Tin deposit has been delineated entirely by diamond drilling. Numerous drilling campaigns were completed between 1960 and 1992 by Placer, Gippsland, Minops, CRAE and Aberfoyle. Post 2010, diamond drilling was completed by Stellar with diamond core of nominally NQ or HQ diameter. • Logged sulphide and siderite altered zones were selected for geochemical analysis. • Approximately 1m samples of 2-3kg were taken from diamond saw cut drill core whilst respecting geological boundaries.
Drilling Techniques	• Drill type (e.g. core, reverse circulation, open hole hammer, rotary air blast, auger, bangka, sonic etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face sampling bit or other type, where core is oriented and if so by what method, etc.)	• All drill sampling by standard wireline diamond drilling.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximize sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material	• Core logging captured drilled recoveries and core loss. • Recoveries generally excellent (95-100%) through mineralized sections. • No bias based on recovery has been identified.
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel etc.) photography. • The total length and percentage of the relevant intersections logged.	• Geological logging has been carried out on all holes by experienced geologists and technical staff. • Holes logged for lithology, weathering, alteration, structural orientations, Geotech, RQD, magnetic susceptibility and mineralisation verified with an Olympus DPO 2000 pXRF. • Photographed dry and wet prior to cutting. • Logs loaded into excel spreadsheets and uploaded into an SQL database. • Standard lithology codes used for all drillholes.

Stellar Resources Limited | ASX: SRZ | ABN: 96 108 758 961

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Criteria	JORC Code Explanation	Commentary
Sub- Sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub sampling stages to maximize representivity of samples. • Measures taken to ensure that the sampling is representative of the insitu material collected, including for instance results of field duplicate/second half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled	• Half core split by diamond saw over 0.3 – 1.0m sample intervals while respecting geological contacts. Most sample intervals are 1.0m. • Assay sample weights between 1 and 4kg are considered appropriate with respect to any coarse tin that may be present. • Half core has specific gravity undertaken using the Archimedes method by the laboratory before it is coarse crushed and then pulverized to 85% passing 75um.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibration factors applied and their derivation etc. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	• Sn, Fe and S analyses were conducted at ALS Laboratories using: • A fused disc XRF technique (ALS Method XRF15B). Fused disc XRF is considered a total technique, as it extracts and measures the whole of the element contained within the sample. • Aqua regia acid digestion and multi element analysis using Induced coupled plasma mass spectrometry (ALS Method 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 base metals analysis is undertaken by Aqua regia acid digestion and multi element analysis using Induced coupled plasma mass spectrometry (ME-OG46). Where required, Pb that is overlimit for OG46Pb analysis, is analysed by a fused disc XRF technique (XRF15d).Certified reference material (CRM) are inserted approximately every 20 samples using custom made CRM material by OREAS with grades of ~ 0.3, 0.7 and 1.5% Sn dCourse blanks and fine blank OREAS 22e are also inserted after mineralised zones. • Duplicate samples are requested approximately every 20 samples for the lab to repeat the sample.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• Significant intersections were reviewed by company personnel. • Eight twinned holes have been included in previous drilling program with six holes demonstrating moderate to high Sn grade variability between 20% and 50%. Two holes demonstrate extreme grade and or geological variability. • Data is collected by qualified geologists and experienced field assistants and entered into excel spreadsheets. Data is imported into and SQL database. Data is regularly backed up and archival copies of the database stored on the cloud and hard drives.

Stellar Resources Limited | ASX: SRZ | ABN: 96 108 758 961

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Criteria	JORC Code Explanation	Commentary
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and downhole surveys) trenches, mine workings and other locations used in mineral resource estimation • Specification of grid system used • Quality and accuracy of topographic control.	• Drill holes are sighted and initially recorded by hand held GPS (+/- 5m accuracy), with final locations picked up by a licensed surveyor on a 3 monthly basis. The holes reported in this release are located by handheld (non-RTK) GPS • All Post 2010 drill collars surveyed by licensed surveyor using differential GPS, including those included in this announcement. • Pre 2010 drill collars surveyed by licensed surveyor with the exception of 13 early drill holes located to within 1m by local grid tape and compass for Queen Hill deposit. • Down hole surveys by downhole camera or Tropari. 2017 holes by Deviflex. For the 2021/2022 holes a digital magnetic survey tool used up to hole ZQ146. From hole Z1S43W onwards, a gyroscopic survey tools have been used. • The Digital Terrain Model has been generated from lands department 10m contours and adjusted with surveyed drill collar and controlpoints.
Data Spacing and distribution	• Data spacing for reporting Exploration Results • Whether data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied	• Drill hole spacing for this phase of exploration drilling is approximately 50m. • It is anticipated that this will be suitable for an Indicated classification of resource, based on existing geo-statistics but will need to be assessed by the CP undertaking the estimation.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	• The majority of drill holes have been drilled local grid east west sub-perpendicular to the steeply east dipping mineralisation in the Severn and Queen Hill Deposits. • Drillhole ZQ181 intersected at approximately 65oto the currently modelled dip of the ore body. Hence the (true) downhole interval lengths are ~90% of the interval widths in this announcement. • Drill hole orientation is not considered to have introduced any material sampling bias.
Sample Security	• The measures taken to ensure sample security.	• Post 2010 chain of custody is managed by Stellar from the drill site to ALS laboratories in Burnie. • All samples, bagged in pre-numbered calico bags and delivered in labelled poly-weave bags. • Pre 2010 sample securityis not documented.
Audits or Reviews	• The results of any audits or reviews of sampling techniques and data.	• No audits or reviews of sampling data and techniques have been completed.

Stellar Resources Limited | ASX: SRZ | ABN: 96 108 758 961

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ASX Announcement | ASX: SRZ
18 December 2025
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Section 2: Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section)

Criteria	JORC Code Explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of tenure held at the time of reporting along with known impediments to obtaining a license to operate the area	• ML2023P/M, RL5/1997 and EL13/2018 hosting the Heemskirk Tin Project in Western Tasmania are 100% owned by Stellar Resources Ltd.
Exploration done by other parties	• Acknowledgement and appraisal of exploration by other parties.	• Early mining activity commenced in the 1880’s with the production of Ag-Pb sulphides and Cu-Sn sulphides from fissure loads. • Modern exploration commenced by Placer in the mid 1960’s with the Queen Hill deposit discovered by Gippsland in 1971. • The Aberfoyle-Gippsland JV explored the tenements until 1992 with the delineation of the Queen Hill, Severn and Montana deposits.
Geology	• Deposit type, geological setting and style of mineralization.	• The Heemskirk Tin Deposits are granite related tin- sulphide-siderite vein and replacement style deposits hosted in the Oonah Formation and Crimson Creek Formation sediments and volcanics. Numerous Pb-Zn-Ag fissure lodes are associated with the periphery of the mineralizing system. Mineralisation is essentially stratabound controlled by northeast plunging fold structures associated with northwest trending faults. Tin is believed to be sourced from a granite intrusion located over 1km from surface below the deposit.
Drill hole information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: - easting and northing of the drill hole collar - elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar - dip and azimuth of the hole - downhole length and interception depth - hole length • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case	• See the body of this report for tabulated drill hole collar details and mineralised results.
Data aggregation methods	• In reporting of Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high	• Exploration assay results are downhole length weighted averages for Sn%, Cu%. • High grade intercepts may have been selected from some longer low-grade length weighted downhole average

Stellar Resources Limited | ASX: SRZ | ABN: 96 108 758 961

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Criteria	JORC Code Explanation	Commentary
	grades) and cut-off grades are usually material and should be stated. • Where aggregate intercepts include short lengths of high grade results and longer lengths of low grade results, the procedure used for aggregation should be stated and some examples of such aggregations should be shown in detail • The assumptions used for any reporting of metal equivalent values should be clearly stated.	intercepts and presented as length-weighted average inclusions. • No metal equivalents have been used.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralization with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the downhole lengths are reported, there should be a clear statement to this effect (e.g. down hole length, true width not known)	• Drillhole ZS187 and wedges have intersected at approximately 45oto the currently modelled dip of the ore body. Hence the (true) downhole interval length is ~70% of the interval widths in this announcement.
Diagrams	• Appropriate maps and sections (with scales) and tabulated intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill collar locations and appropriate sectional views.	• See body of the announcement for relevant plan and sectional views.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/ or widths should be practiced to avoid misleading reporting of Exploration Results	• In general, mineralised zones above a Sn cut off of 0.4% and greater than 3.0m length or shorter intervals with a significant grade are included in the tables and figures associated with this report, however in some cases lower cut off grades have been used for selection of significant intervals.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey result; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• Metallurgical test work completed by ALS/BRL laboratories and supervised by Worley-Parsons over a number of different campaigns on drill core samples. cDeposits have been zoned mineralogically and metallurgically • Cassiterite is the dominant tin-bearing mineral occurring as free grains and in complex mineral composites. • Grain sizes vary according to ore type, with Severn having the coarsest and Upper Queen Hill having the finest. • Cassiterite liberation generally commences at a grind of 130 microns and is largely complete at 20 microns. • Based on the work undertaken by ALS metallurgy, Stellar anticipates that concentrates grading approximately 48% tin at an overall tin recovery of 73% will be obtained from the Zeehan Tin ores. • Bulk densities determined on mineralised intercepts using the Archimedes method.
Further work	• The nature and scale of planned further work (e.g. test for lateral extensions or depth extensions or large scale step out drilling).	• Prefeasibility level metallurgical and mining studies are occurring in conjunction with the current drilling.

Stellar Resources Limited | ASX: SRZ | ABN: 96 108 758 961

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ASX Announcement | ASX: SRZ
18 December 2025
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Criteria	JORC Code Explanation	Commentary
	• Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• Environmental baseline studies are underway to support the application of a Notice of Intent with the Environmental Protection Authority of Tasmania. • The mineral deposits remain open down dip and down plunge and will be explored as access becomes available with mine development.

Stellar Resources Limited | ASX: SRZ | ABN: 96 108 758 961

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