HEEMSKIRK TIN PROJECT

Investor Presentation27 May 2019 ASX: SRZ

www.stellarresources.com.au

HEEMSKIRK TIN PROJECT ‐ OVERVIEW

Enviable project location
Secure tenure over Australia's best portfolio of tin assets
Updated Mineral Resource Estimate (May 2019)
Heemskirk Fast Start Scoping Study
Mt Razorback and St Dizier satellite deposits offer early production options
Substantial exploration Upside
2019 work plan
Tin expected to perform strongly against other metals
Investment proposition

ENVIABLE PROJECT LOCATION

WEST COAST TASMANIA – AUSTRALIA'S LARGEST AND MOST PRODUCTIVE TIN FIELD

Stellar owned (100%) tin properties:
- • Heemskirk Project (Queen Hill, Severn, Montana and Oonah deposits)
- •Razorback and St Dizier Satellite deposits
- •Large Exploration Licence package
5 underground metal mines, 3 currently operating, within 30km – significant sunk capital in associated infrastructure
Port of Burnie, 150km to the north, services all west coast mines and will provide access to world markets
Renewable power and water nearby
Competitive market for services, mining & processing inputs and labour

BEST PORTFOLIO OF TIN ASSETS IN AUSTRALIA

Secure Tenure: ML's over Heemskirk deposits and St Dizier
Large EL Package Providing Further Upside/Flexibility

HEEMSKIRK UPDATED MINERAL RESOURCE (MAY '19)

flaiicioCtssan	iDetpos	Tonnage	lToStan	indCtonae	iiCttassere	Cu	bP	Zn
		tm	%	Stn	fl%Sttooan	%	%	%
dicdIntea	illUpQHperueen	0.32	1.0	3,230	87	0.2	2.1	1.0
	llLoQHiwerueen	0.65	1.4	9,230	97	0.0	0.1	0.1
	Severn	1.15	1.0	11,500	99	0.1	0.0	0.1
lddInicTottaae		2.12	1.1	23,960	97	0.1	0.4	0.2
fedInrre	llUpQHiperueen	0.11	1.6	1,760	94	0.2	1.9	0.7
	llLoQHiwerueen	0.36	1.4	0405,	97	0.0	0.2	0.0
	Severn	2.74	0.9	24,660	99	0.0	0.0	0.0
	Mtaonna	0.68	1.5	0,2001	96	0.1	0.7	1.4
	hOona	0.59	0.9	5,310	36	0.8	0.1	0.1
lfedToIntarre		84.4	01.	6,9047	90	0.1	0.2	0.3
ldicdfedToInIntt+aaerre		6.60	1.1	70,930	92	0.1	0.3	0.3

6.6Mt @ 1.1% Sn total resource reported to JORC 2012 at 0.6% Sn cut‐off grade
Highest grade undeveloped tin resource in Australia
1.15Mt Maiden Indicated Resource at Severn and 64% increase in Total Indicated Resource vs 2016 estimate – Increased Resource Confidence Underpins Fast Start Development Scoping Study
All deposits have higher grade zones & amenable to mining at higher cut‐off grades
All deposits open at depth

GEOLOGY – QUEEN HILL AND SEVERN

Schematic W‐E Cross‐Section 3700N, Showing Queen Hill and Severn Tin Deposits

SEVERN DEPOSIT

HEEMSKIRK FAST START SCOPING STUDY

Study underpinned by May'19 Updated Resource (inc. 2.1Mt Indicated Resource)
Fast Start development:
- Sequential development; commencing at shallow Queen Hill deposit then later to larger Severn deposit
- Faster access to ore (6 months from commencing portal)
- Reduced production rate
- Lower initial capital development cost
- Potential to increase scale after operations established
Mining Study now underway
Previously completed studies to be utilised including; metallurgy, process plant, surface infrastructure, tailings dam and environmental studies
To consider incorporation of St Dizier
Completion expected 2019 Q2

HEEMSKIRK – METALLURGY

Renison Tin flow‐sheet tested at bench scale using drill core from Severn and Queen Hill deposits
Test‐work undertaken by ALS Burnie and supervised by Worley Parsons
Circuit optimised using Severn sample:
- grind size coarsened to 250µ from 130µ
- tin losses from sulphide float reduced to <3% from 10%
- gravity recovery increased to 69% from 63%
- optimised tin float and finishing
Over‐all recovery of 73% tin into a 49% tin concentrate

Proposed Tin Processing Plant

HEEMSKIRK – ENVIRONMENT

Notice of Intent submitted to Tasmanian EPA and environmental assessment program agreed (DPEMP)
No environmental impediments identified by Stage 1 surveying of mine, tailings transport and storage sites
Mining Leases granted for 12 year initial period over mine site, tailings pipeline route and tailings dam site
West Coast Council has inspected the project and provided positive feed back (WCC responsible for final mining approval)
Zeehan is a mining community that is very keen to see a new mine developed – strong support for the Heemskirk Tin Project

Secure Long‐Term Tailings Dam Site

RAZORBACK SATELLITE DEPOSIT

POTENTIAL TO ADD EARLY PRODUCTION AT LOW COST

Tailings Re‐Processing

Initial Focus on re‐processing Razorback mine tailings
12 hand auger holes drilled in Jan 2019 averaging 0.25% Sn
Pilot scale testwork using low cost gravity spirals underway ‐ results expected 2019 Q2

Open Pit Mine

Open pit operated from 1975‐ 1978 producing 158 tonnes tin
Encouraging results from 2018 trench and face samples
Resource review (historic drilling) and metallurgical testwork planned subject to results of tailings testwork

Razorback Open Pit and Tailings Dam Sampling

ST DIZIER OPEN PIT SATELLITE DEPOSIT

POTENTIAL TO ADD VALUE VIA LOW COST OPEN‐PIT

St Dizier Scoping Study Results (Jan '19)

Technical & Financial	Units	Base Case
Parameters
Tin Price	US$/t	20,000
Realisation Cost	US 5 /t	2,500
Exchange Rate	US$/A$	0.72
Mine Life	months	30
Strip Ratio (dil)	x	4.7
Ore Mined (dil)	tonnes	409,179
Tin Grade (dil)	%	0.90
Tin Recovery	%	50
Tin in Concentrate	tonnes	1,841
Unit Cash Cost	US$/t tin	10,539
Capital Expenditure	A $m	3.8
NPV 10% pre-tax	A$m	10.4
IRR	%	166
Payback	months	8

Higher grades near surface in Central Lode – attractive for open pit mining
Open Pit minable resource of 409kt @ 0.90% tin in pit shell over upper part of Central Lode
Early production may be possible subject to 3rd party processing plant access
Alternatively St Dizier may be processed in proposed Heemskirk plant

HEEMSKIRK COULD BECOME THE NEXT RENISON

Renison, Australia's oldest, largest & highest grade tin mine is located 18km to the NE of Heemskirk
Heemskirk and Renison share the same ore genesis and geology
Heemskirk deposits drilled to a depth of 500m – all deposits open at depth to granite source rocks 1km from surface (see long projection)
Successful underground exploration increased Renison mine life to 50 years with at least another 15 years to go – highlights the significant opportunity for underground drilling to expand resources
The Heemskirk deposits total 71kt of contained tin or just 20% of the tin found at Renison to date

Renison long projection with overlay of Heemskirk deposits

MONTANA FLATS EXPLORATION UPSIDE

EL13/2018 adds 3 km of strike length along the northwest trending, tin‐mineralising Oonah and Montana Faults
All tin deposits and major silver mines lie along or between the Oonah and Montana Faults
Silver miners of the 1900s largely ignored tin mineralisation
Exploration potential under Zeehan Western and other silver mines is untested
Stellar awarded $95,000 Exploration Drilling Grant Initiative Program from Tasmanian Government in May 2019 – to be applied to drilling 3 holes:
- 1 hole planned to target tin mineralisation underneath the historically mined Zeehan Western base metal mine
- 2 holes planned to target extension of tin mineralisation underneath Oonah tin resource

Tin supply tightening as exports from Myanmar decline and production in China and Indonesia faces greater regulation – exchange stocks also low
Mine development queue is limited – only one new mine under development (Bisie in DRC) and no significant exploration occurring
Demand for tin up 2.5% in 2018. New uses in the electronic and energy storage sectors to drive above trend demand growth post 2022

LME Tin Price (US$/t, A$/t) Versus Exchange Stocks (t)

NEW TECHNOLOGY TO DRIVE TIN USE

Tin ranked as the metal best placed to benefit from new technologies
Tin use in electrical and energy storage applications is easy to achieve and potentially disruptive
New uses of tin could have a major impact on market size

2019 WORK PLAN

St Dizier Scoping Study ‐ completed

Heemskirk Resource Update – completed

Heemskirk Fast Start Development Scoping Study – underway

Razorback Tailings – metallurgical testing underway

Fund and implement drilling program to define a Probable Reserve for Heemskirk Fast Start project PFS

THE INVESTMENT PROPOSITION

Investment in the best tin project in Australia – highest grade undeveloped tin project in Australia and third highest globally

Low cost investment – market capitalization undervalues Stellar's tin assets
Re‐focused Fast Start Heemskirk development strategy. Additional potential for early production from satellite deposits
- Significant exploration potential both laterally and at depth
Opportunity to invest in the next Rension Tin

Tin is emerging as an energy metal – second generation battery raw material demand to drive opportunities for tin and higher tin prices

DISCLAIMER

FORWARD LOOKING STATEMENT

This presentation 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 is this report, words such as "could", "plan", "estimate", "expert", "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 report 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.

COMPETENT PERSONS STATEMENT ‐ RESOURCES

The information in this report that relates to Mineral Resources was prepared in accordance with the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code) by Tim Callaghan of Resource and Exploration Geology. Tim Callaghan is a Member of The Australasian Institute of Mining and Metallurgy ("AusIMM"), has a minimum of five years' experience in the estimation, assessment and evaluation of Mineral Resources of this style and is the Competent Person as defined in the JORC Code. This report accurately summarises and fairly reports his estimations and he has consented to the resource report in the form and context in which it appears.

COMPETENT PERSONS STATEMENT ‐ EXPLORATION

The drill and exploration results reported herein, insofar as they relate to mineralisation, are based on information compiled by Mr. R.K. Hazeldene who is a Member of the Australasian Institute of Mining and Metallurgy. Mr. Hazeldene has sufficient experience relevant to the style of mineralisation and type of deposits being considered to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Mr. Hazeldene consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears.

APPENDIX

FINANCIAL SUMMARYBOARD OF DIRECTORSQUEEN HILL LONG PROJECTION TIN DEMAND DRIVERS

COMPANY OVERVIEW

100% owner of Heemskirk Tin Project, 150km south of Burnie, Tasmania
Stand‐ out high grade resource ( 1.1% Sn)
Focused on Heemskirk Fast Start development with vision to be a major tin producer
18km from the world class Renison tin mine – same ore genesis and geology

Financial information

iselueEnterprva	$A4.6m
bt()31‐18DeDec‐	btNoDe
h(h‐)Ca31‐M19sarc	$A0.7m
kelMCaitaisaiottarpn	$A5.3m
bef shaNumr ores	380.3m
ha()Sice20‐M‐19repray	$A0.014

15m unlisted options (exercise prices A$0.06 to A$0.12, expiring on 20‐Nov‐19), 2m unlisted options (exercise price A$0.02, expiring on 10‐May 2022) and 59m A$0.05 options expiring on 18 May 2020

Ownership

CaS.A.topewn	16.4%
belyiBuFannenrgm	11.9%
ire&DMtotrsanagemenc	2.2%
20ShaholdeToprers	%52.9

BOARD OF DIRECTORSEXPERIENCED AND MULTI‐DISCIPLINARY WITH STRONG GLOBAL CONNECTIONS

PHIL HARMAN, NON‐EXECUTIVE CHAIRMANGEOPHYSICIST

Over 30 years experience in BHP Billiton minerals exploration Past and present Director of several ASX listed companies

PETER BLIGHT, MANAGING DIRECTORGEOLOGIST

30 years experience in exploration, mining and finance sectors Previously worked for UBS, UC Rusal and Rio Tinto

GARY FIETZ, NON‐EXECUTIVE DIRECTORTECHNCIAL CONSULTANT

Geologist with 30 years technical and commercial experience in exploration, project development and mining. Experienced Director of ASX and foreign listed companies

THOMAS WHITING, NON‐EXECUTIVE DIRECTORGEOPHYSICIST

Former manager of BHP Billiton exploration Chairman of Deep Exploration Technologies Cooperative Research Centre

MELANIE LEYDIN, COMPANY SECRETARYCHARTERED ACCOUNTANT

Over 25 years experience as an accountant and 15 years as a company secretary. Leydin Freyer provides accounting and company secretarial services for a number of ASX listed companies.

QUEEN HILL DEPOSIT – LONG SECTION

FUTURE GROWTH FOR TIN IN EV BATTERIES

WILL 2ND GENERATION EV BATTERIES DRIVE GROWTH?

ITA VIEW OF TIN'S ROLE

ADVANTAGES OF USING TIN IN EV AND PVTIN DEMAND

Increases energy density in battery anodes = increased battery life University of Alberta, Cornell University, Furukawa Group, University of Texas

Improves conductivity of silicon and graphite anodes = improved cycle times Nissan, Daimler, Samsung applied for patents

Stabilises lithium and sodium anodes in solid state batteries = improved safety Toyota, Japanese Car Industry Research JV, Penn State Universit y

Tin nano‐particles for SnS, SnSC and SnCoC anodes = reduced battery cost

China's largest car company BYD conducting research

Superior performance in PV straps = easier and cheaper to apply than silver EI Dupont, Samsung, Hitachi applied for patents

Tin perovskite in PV cells = increased energy efficiency and improved economics University of Groningen research

STELLARRESOURCESLIMITED

Level 17, 530 Collins Street Melbourne VIC 3000Phone +61 3 9692 7222Fax +61 3 9077 9233www.stellarresources.com.au