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STELLAR RESOURCES LIMITED Investor Presentation 2024

May 6, 2024

65860_rns_2024-05-06_7b61a151-0486-426b-a2df-b22f0f3e8d2e.pdf

Investor Presentation

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Australia’s Next Tin Producer

Critical Mineral essential for the electrification of the planet.

RIU Sydney Resources Round-up

Conference Presentation

7-9 May 2024

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ASX:SRZ

Disclaimer

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This presentation has been prepared by Stellar Resources Limited (ASX: SRZ) (SRZ or the Company). It contains general information about the Company’s activities current as at the date of the presentation. The information is provided in summary form and does not purport to be complete. This presentation is not to be distributed (nor taken to have been distributed) to any persons in any jurisdictions to whom an offer or solicitation to buy shares in the Company would be unlawful. Any recipient of the presentation should observe any such restrictions on the distribution of this presentation and warrants to the Company that the receipt of the presentation is not unlawful. It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation or any information, opinions or conclusions expressed in the course of this presentation. This presentation is not a prospectus, product disclosure document or other offering document under Australian law or under any other law. It has been prepared for information purposes only and is not a recommendation as to whether to invest in SRZ shares. The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. The presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. Unless otherwise specified, data and tables set out in this presentation are based on SRZ management estimates.

This presentation does not include all available information on SRZ, and any potential investor should also refer to SRZ’s Annual Reports and ASX releases and take independent professional advice before considering investing in SRZ. For more information about Stellar Resources Limited, visit the website at www.stellarresources.com.au.

The Company confirms that it is not aware of any new information or data that materially affects the information contained in this presentation and, in the case of mineral resource estimates, all material assumptions and technical parameters underpinning the estimates included in this presentation continue to apply and have not materially changed. The Company confirms that all the material assumptions underpinning the production target, and all forecast financial information derived from the production target made in the Company’s 1st October 2019 ASX Announcement “Heemskirk Tin Scoping Study Confirms Attractive Economics” and included in this presentation continue to apply and have not materially changed

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of SRZ or its directors, or any of their employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault of negligence, for any loss arising from the use of the information contained in this presentation. In particular, no representation or warranty, express or implied is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness or any forecasts, projections, prospects or returns contained in this presentation nor is any obligation assumed to update such information. Such forecasts, prospects or returns are by their nature subject to significant uncertainties and contingencies. Past performance is no guarantee of future performance.

This presentation may contain “forward-looking statements” within the meaning of securities laws of applicable jurisdictions. Forward-looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, “continue”, “objectives”, “outlook”, “guidance” or other similar words, and include statements regarding certain plans, strategies and objectives of management and expected financial performance.

These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are outside the control of SRZ and any of its officers, employees, agents or associates. Actual results, performance or achievements may vary materially from any projections and forward-looking statements and the assumptions on which those statements are based. Readers are cautioned not to place undue reliance on forward-looking statements and SRZ assumes no obligation to update such information.

ASX: SRZ | 2

Investment Summary

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100% owned Heemskirk Tin Project highest grade undeveloped tin project in Australia and third globally.

Scoping Study (2019) demonstrated attractive & robust economics. New studies underway based on drilling success incorporated into updated 2023 MRE.

Excellent location & infrastructure, granted Mining Licences, 100% renewable energy, access to world markets.

Well positioned to capitalise on forecast looming tin supply shortage , for years to come.

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ASX: SRZ | 3

Corporate Snapshot

$0.017

$0.017 1,553m 313.5m SHARE PRICE SHARES ON ISSUE UNLISTED OPTIONS

2 May 2024

$4.1m

$31.7m

CASH

MARKET CAP (Fully Diluted)

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Reconfigured Board

Simon Taylor

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EXECUTIVE CHAIRMAN | GEOLOGIST

Resource executive with over 30 years' experience including technical, CEO and Board roles. Former Managing Director of Oklo Resources prior to takeover by B2Gold Corp. Sept 2022 and Non-Exec Director of Chesser Resources prior to takeover by Fortuna Silver Mines Sept 2023.

31 March 2024 2 May 2024 Cash from options $5.5m

54.5% Top 20 Shareholders 19.5% Nero Resource Fund

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Andrew Boyd

EXECUTIVE DIRECTOR | GEOPHYSICIST

Mr. Boyd is a geophysicist with over 25 years of exploration and mining experience, including General Manager Geoscience with ASX Companies Oklo Resources and Papillon Resources, acquired by B2Gold in 2022 and 2014 for ~A$90M and ~$A520M respectively, and Mantra Resources, acquired by ARMZ in 2011 for ~A$1Bn.

Share Price & Volume – 12 months

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$0.025 25
$0.020 20
$0.015 15
$0.010 10
$0.005 5
$- -
Volume (m)
Share Price (A$/Share)
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Simon O’loughlin

NON-EXEC DIRECTOR | LAWYER

Founder of O’Loughlins Lawyers, an Adelaide based specialist commercial law firm. Extensive Experience of equity capital markets, ASX and ASIC rules. Has held many Non-Exec Directorships on ASX listed companies.

Mathew Watkins

COMPANY SECRETARY | CHARTERED ACCOUNTANT

Specialises in Company Secretary and Accounting services for ASX listed and unlisted public companies in mining, biotech and industrial sectors.

ASX: SRZ | 4

Heemskirk Tin Project Strategically Located

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Stellar 100% Owned Tin Projects

Heemskirk Tin Project

(Severn, Queen Hill, Montana and Oonah tin deposits)

St Dizier Satellite Tin Project

Prospective Exploration Licence Package

  • Secure Tenure – MLs granted over Heemskirk deposits, tailings pipeline, tailings storage and St Dizier satellite project.

  • West Tasmania is a mining friendly jurisdiction – major underground operating mines nearby with significant infrastructure and mining services.

  • Access to world markets – Port of Burnie 150km to the north via sealed roads.

  • Low Environmental Impact – Since 2020, Tasmania has produced 100% of its energy needs from renewable sources. Heemskirk will be an underground mine, with limited surface footprint and environmental impact.

  • Development Options – Opportunity to build a standalone or potential to toll treat through existing plants for a fast-tracked production pathway.

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ASX: SRZ | 5

Heemskirk Tin Project Severn Deposit

  • Severn is the largest deposit with a strike length of over 500m and is open at depth and along strike .

  • Geophysics and detailed geological modelling underway to assist in drill targeting to increase Indicated resource tonnes and new discoveries adjacent to resource.

  • 2023 Infill drilling delivered wide high-grade tin zones including:

  • ZS150: 36.6m @ 1.07% Sn from 471.5m inc.

    • 12.0m @ 2.12% Sn from 485m

• ZS148 : 34.9m @ 1.01% Sn from 333m inc. 8.6m @ 1.66% Sn from 333m and 12.7m @ 1.19% Sn from 355.3m

  • ZS156: 42.9m @ 0.77% Sn from 490.1m inc. 15.9m @ 1.27% Sn from 496m

  • ZS162: 20m @ 1.16% Sn from 312m inc. 8m @ 1.56% Sn from 312m and 8m @ 1.34% Sn from 324m

Refer to: ASX Announcements, 15 June 2022 – Outstanding Tin Results From Severn Infill Holes, 27 July 2022 – More Outstanding Tin Intersections from Sever Infill Holes, 21 February 2023 – Robust Tin Results from Initial Phase 2B holes at Severn, 31 July 2023 – Outstanding Tin Results from Severn Hole ZS162

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ZS162
ZS148
ZS150
ZS156
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Heemskirk Mineral Resource Estimate Sept 2023 Update

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Classification Deposit Resource
Date
Tonnes
(Mt)
Sn
(%)
Contained
Sn (t)
Cassiterite % of
Total Sn (%)
Cu
(%)
Pb
(%)
Zn
(%)
Upper Queen Hill 2023 0.37 1.07 3,991 88 0.14 1.84 0.72
Indicated Lower Queen Hill 2023 0.81 1.30 10,493 97 0.04 0.29 0.35
Severn 2023 2.33 0.96 22,507 98 0.07 0.02 0.03
Sub Total Indicated 3.52 1.05 36,991 97 0.07 0.27 0.18
Upper Queen Hill 2023 0.14 0.92 1,332 89 0.12 1.7 0.39
Lower Queen Hill 2023 0.77 1.16 8,873 98 0.04 0.21 0.12
Inferred
Severn 2023 2.37 0.85 20,234 99 0.05 0.02 0.04
Sub Total
Grand Total
Montana
2019
Inferred
Heemskirk Tin Project
0.68
3.96
7.48
1.54
1.03
1.04
10,443
40,881
77,872
96
98
97
0.08
0.05
0.06
0.72
0.23
0.25
1.42
0.30
0.25

Note: Reported at a cutoff grade of 0.6% Sn

Large high grade tin resource.

47% of MRE defined in Indicated category.

High grade zones defined in all deposits.

St Dizier Satellite Tin Project

7.48Mt @ 1.04% Sn (77.87kt contained tin)

(36.99kt of contained tin)

(Scoping mine plan accessing - higher grade Queen Hill first)

1.20Mt @ 0.69% Sn (Indicated MRE)

Refer to: ASX Announcement, 4 September 2023 – Severn MRE Estimate Returns 29% Increase in Contained Tin

ASX: SRZ | 7

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Tin Grade %
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Benchmarking the Heemskirk Tin Project Grade Advantage

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Heemskirk is the
highest-grade
undeveloped tin
resource in Australia
& 3rd highest globally
All Heemskirk deposits open at
depth and include higher grade zones
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(Comparison utilising Measured and Indicated Resources)

Resource (Million Tonnes)

ASX: SRZ | 8

Refer to appendix 1 for peer company tin project benchmark assumptions

Scoping Study Outline - 2019

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Conceptual Heemskirk Tin Project Mine Design (Grey stopes=Indicated, Brown Stopes= Inferred)
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  • ~350,000tpa underground mine , on site processing plant, tailings storage and surface infrastructure

  • Underground mining of Queen Hill and then Severn deposits for first 10 years

  • Open pit mining of St Dizier satellite deposit and trucking to Heemskirk processing plant included in year 11

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Proposed Heemskirk Tin Processing Plant
ROAD FROM DECLINE TO ROM ROM
PROPOSED PLANT
TRIAL HARBOUR ROAD
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  • Scoping study mine plan contains 58% Indicated Mineral Resource and 42% Inferred Mineral Resource over LOM. First 4 years are based on mining 100% Indicated Resource

  • The high level of Inferred Mineral Resources resulted in the study reported to Scoping Study rather than PFS level.

  • Tin concentrate trucked to Port of Burnie (150km via sealed road) for export to Asian smelters

ASX: SRZ | 9

Refer to: ASX Announcement, 1 October 2019, Heemskirk Tin Scoping Study Confirms Attractive Economics

Scoping Study Economics – 2019 Leveraged to Tin Price

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Heemskirk Tin Project Sensitivity Analysis (Pre-Tax NPV 10% A$M)

AUD:USD Tin Price (US$/t)
Exchange Rate 16,000 18,000
20,000
22,000 24,000
0.76 -9 23 55 88 120
0.73 2 35 69 102 136
0.70 13 48 83 118 153
0.67 26 62 99 135 172
0.64 39 78 116 154 192
  • 2019 Scoping Study to be updated with 2023 Mineral Resource Estimate: 7.48Mt @ 1.04% Sn containing 77.87kt of tin .

  • Stellar anticipates major improvement in Scoping Study economics, improved tin pricing metrics and larger component of resource defined in Indicated category (47%).

  • Potential to reduce up front capital costs by repurposing nearby existing operations.

Refer to: ASX Announcement, 1 October 2019, Heemskirk Tin Scoping Study Confirms Attractive Economics

  • Excellent upside potential to project economics with current tin spot price and USD:AUD exchange rate.

  • Current LME Spot tin price is approx. US$32,300/t*

  • Current AUD:USD exchange rate is 0.65*

  • Sensitivity analysis (left) highlights project robustness, and

  • Low All-In Sustaining Cost of ~US$13,100/t of tin (2019)

  • Low upfront capital cost of A$57m (2019)

  • Tin price and USD:AUD exchange rate as of 2/05/24

Cautionary Statement - The Heemskirk Tin Project Scoping Study has been undertaken for the purpose of ascertaining whether a business case can be made to proceed to more definitive studies on the viability of the Heemskirk Tin Project. It is a preliminary technical and economic study of potential project viability based on low level technical and economic assessments that are not sufficient to support the estimation of ore reserves. Further exploration and evaluation work and appropriate studies are required before Stellar will be in a position to estimate any ore reserves or to provide any assurance of an economic development case.

ASX: SRZ | 10

Energy transition To drive tin demand exponentially

Tin ranked as the No.1 metal best placed to benefit from new technology.

Source: MIT; Rio Tinto, 2018; ITA

Tin demand from the energy transition and increased electrification

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Currently ~50% of all tin is used as solder in electronics. Solder is the ‘glue’ that connects everything electronic.

Our clean, new technology future will be driven by robotics, computing, EV’s, energy storage and renewables – these all use more electronics and semiconductors, which all require more tin.

Tin demand from the green sector could more than double by 2030, topping 70,000/t per annum equivalent to a fifth of current consumption.

Source: Reuters January 2024

Source: Bloomberg NEF, Rho Motion, Macquarie Strategy, September 2023

ASX: SRZ | 11

Extensive Deficits Forecast

  • Tin is expected to be in deficit for years to come.

  • Deficits in 2020 and 2021, resulted in tin price pushing over US$50,000/t in early 2022.

  • This price increase was the result of two years of deficit. Current forecasts predict over four years of deficits.

  • Tin demand expected to continue to increase with the electrification of the world.

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Solar Electric Artificial
Panels Vehicles Intellig ence
5G
Data
Net work
Storage
Roll Outs
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Future Global Tin Market Consistent Shortfalls

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10,000 Source: Macquarie Bank research | Reuters, February 2024 Tin Market is
expected to
8,000 swing to a
7,000
5,000 6,000 deficit in 2024
0 0 0
-5,000
-5,000
-7,000
-8,000
-9,000
-10,000
-10,000 -11,000
-15,000
$50,000
$40,000
$30,000
$20,000
$10,000
$-
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Metric Tonnes of Refined Tin
Tin Spot Price US$/t
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ASX: SRZ | 12

Global Tin Supply Falling

China

Indonesia

Myanmar

Majority of global tin production from unreliable jurisdictions, accounting for 70% of Global Tin Supply (2023).

Peru

  • Myanmar Wa State suspended all tin mining in August 2023.

  • Indonesia banned all unrefined tin exports in June 2023 , and extended licensing delays indicate that exports may remain suppressed.

  • Tin production is falling in existing mines due to diminishing reserves and lower grades.

  • Minimal investment in tin exploration results in limited viable projects to fill forecast tin deficit.

2023 Tin Concentrate Production

2023 Refined Tin Production

Country
China
Production (t)
69,500
Country
China
Production (t)
177,000
Indonesia 59,573 Indonesia 68,710
Myanmar
Peru
39,900
26,231
Peru
Malaysia
25,287
20,722
Brazil 21,793 Brazil 15,394
DR Congo
Bolivia
18,982
18,516
Bolivia
United States
14,899
10,000
Australia
Malaysia
Nigeria
9,532
6,274
5,797
Belgium
Thailand
Poland
9,508
9,180
4,222
Others
Total
15,702
291,800
Others
Total
18,413
373,355
  • In 2023 there was a 22% shortfall between concentrate and refined tin production.

  • Without Myanmar and Indonesia’s supply, it will cause a ~50% shortfall between concentrate and refined tin production.

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China
Other 24%
42%
Indonesia
20%
Myanmar
14%
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Percentage Tin Concentrate Production

34% of tin supply in doubt for 2024

Source: 2024 International Tin Association. All rights reserved.

ASX: SRZ | 13

Source: 2024 International Tin Association. All rights reserved.

Heemskirk Tin Project Development Pathway

Geophysics and detailed geological modelling to assist in drill targeting

Successful placement with cornerstone investor. Fully funded to advance development strategy

Reconfigured Board to drive transitional strategy from explorer to developer

ASX: SRZ | 14

North Scamander Project High-Grade Discovery

  • Located in the Scamander Mineral Field in Northeast Tasmania.

  • Numerous high-priority drill ready targets including North Scamander and Pinnacles.

  • Stream sediment and soil Geochem returned significant rock-chip results up to 1.1% tin .

  • Outcropping mineralised gossan and a coincidental regional magnetic anomaly.

  • Drilling in 2023 made a significant new high-grade polymetallic discovery.

Massive Vein Mineralisation in NSD005 Core from 160.0m to 160.5m

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Sph-Gn Sph Gn Sph
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ASX: SRZ | 15

North Scamander Project High-Grade Discovery

  • Exploration drill hole (NSD005) returned a significant new high-grade Ag-Sn-Zn-Pb-In polymetallic discovery.

  • 32.0m @ 141 g/t Ag, 0.34% Sn, 3.8% Zn, 2.0% Pb, 77 g/t In, 19 g/t Ga from 130.0m inc.

o 5.0m @ 495 g/t Ag, 1.04% Sn, 5.2% Zn, 7.1% Pb, 113 g/t In, 23 g/t Ga from 130.0m and

  • 1.4m @ 353 g/t Ag, 2.29% Sn, 14.2% Zn, 8.8% Pb, 594 g/t In, 29 g/t Ga from 159.7m

  • Results include up to; 1,035 g/t Ag, 5.75% Sn, 27.6% Zn, 21.2% Pb, 1,070 g/t In and 37 g/t Ga.

  • Downhole electromagnetic (DHEM) survey completed in Oct 23 has identified multiple downhole conductors in discovery hole NSD005.

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Upper Zone EM
Conductor Plate
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ASX: SRZ | 16

Why Invest

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100% owned Heemskirk Tin Project highest grade undeveloped tin project in Australia and third globally.

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Scoping Study (2019) demonstrated attractive & robust economics. New studies underway based on drilling success incorporated in updated 2023 MRE. Excellent location & infrastructure, granted Mining Licences, 100% renewable energy, access to world markets.

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Well positioned to capitalise on forecast looming tin supply shortage , for years to come.

Appendix 1 – Heemskirk Tin Project Benchmarking Assumptions

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As of 2 May2024 As of 2 May2024 As of 2 May2024 Measured Measured Measured Indicated Indicated Indicated Total Total Total
Company Project Country Source Date Products Project
Stage
Tonnes
(Mt)
Grade
(%)
Contained
Tin
('000's)
Tonnes
(Mt)
Grade
(%)
Contained
Tin
('000's)
Resource
Tonnes
(Mt)
Resource
Grade
(%)
Resource
Contained
Tin
(kt)
Measured
Resource in
total
(%)
Indicated
Resource in
total
(%)
Cornish Metals South Crofty UK Technical Report for South Crofty 30/10/2023 Sn FS 0 0.00% 0.00 2.90 1.50% 43 2.9 1.50% 43 - 100.0%
Minsur Nazareth Peru Minsure
Annual Report 2022
30/12/2022 Sn, Cu, Ag SS 0.07 1.05% 0.74 6.75 1.25% 84 6.8 1.25% 85 0.9% 99.1%
Stellar
Resources
**Heemskirk ** Australia Severn Updated MRE Increases
Indicated by 24%
4/10/2023 Sn, Cu SS 0 0.00% 0.00 3.52 1.05% 37 3.5 1.05% 37 - 100.0%
First Tin Tellerhauser Germany Corporate Presentation 26/04/2024 Sn DFS 0 0.00% 0.00 9.97 0.45% 45 10.0 0.45% 45 - 100.0%
Elementos Cleveland Australia Corporate Presentation 16/02/2024 Sn SS 0 0.00% 0.00 6.23 0.75% 47 6.2 0.75% 47 - 100.0%
Atlantic Tin Achmmach Morocco Achmmach
Tin Project - Resource Update
5/07/2021 Sn FEED 1.9 0.89% 17 20.50 0.68% 139 22.4 0.70% 156 11% 89.2%
First Tin Gottesberg Germany First Tin Website - Gottesberg Project Page 1/12/2021 Sn Exploration 0 0.00% 0.00 2.00 0.48% 9.6 2.0 0.48% 10 - 100.0%
Metals X & BMT JV Rentails Australia Metals X Website - Minerals Resource and Ore
Reserves
31/05/2018 Sn, Cu FS 23.9 0.44% 105 - 0.00% 0 23.9 0.44% 105 100% -
Elementos Oropresa Spain Corporate Presentation 29/11/2023 Sn DFS 7.4 0.36% 27 11.11 0.41% 46 18.5 0.39% 72 37% 63.0%
JSC Tin One Syrymbet Kazakhstan ITA Website - The Syrymbet Tin Projet 2/05/2024 Sn FS 35.5 0.40% 142 34.31 0.28% 96 69.9 0.34% 238 60% 40.3%
TableLands Mining
Group
Mt Garnet Australia Consolidated Tin Mines - PFS Announcement 30/09/2013 Sn,Fe,F PFS 1.1 0.73% 8.07 8.30 0.36% 30 9.4 0.40% 38 21% 78.7%
Venture Minerals Mt Lindsay Australia Venture Minerals Website - Mt Lindsay Project
Page
17/10/2012 Sn,Fe,W FS 2.2 0.30% 6.60 1.90 0.40% 8 4.1 0.35% 14 46% 53.5%
Kanbauk Kanbauk Myanmar Kanbauk Webiste - Project Overview 1/05/2017 Sn,W Exploration 0 0.00% 0.00 - 0.00% 0 0.0 0.00% 0 - -
TinOne Resources Great Pyramid Australia TinOne Website - Great Pyramid Project 26/02/2014 Sn Exploration 0 0.00% 0.00 - 0.00% 0 0.0 0.00% 0 - -
First Tin Taronga Australia Corporate Presentation 1/12/2023 Sn DFS 33 0.13% 42.90 38.90 0.11% 43 71.9 0.12% 85.7 50% 49.9%
Avalon Advanced
Materials
East Kemptville Canada East Kemptville Tin Production and PEA 7/05/2018 SN PFS 0.58 0.20% 1.18 22.39 0.15% 34 23.0 0.15% 35.21 3% 96.7%

Note: Kanbauk and Great Pyramid projects have inferred resource only.

ASX: SRZ | 18

Contact Us

Simon Taylor Executive Chairman

E: [email protected]

T: +61 409 367 460

Zander Beacham White Noise Communications E: [email protected]

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ASX: SRZ