STELLAR RESOURCES LIMITED — Investor Presentation 2025

May 5, 2025

Tin Mine

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 announced on 4 September 2023, 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 3 September 2024 ASX Announcement “Updated Heemskirk Tin Scoping Study” 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

Cautionary Statement

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Scoping Study Parameters

The Scoping Study referred to in this announcement 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 the potential viability of project and is 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.

The Scoping Study referred to in this announcement has been undertaken to determine the potential viability of the Heemskirk Project comprising a tin mine and processing plant constructed in Tasmania, Australia, and to reach a decision to proceed with more definitive studies. The Study for the Project has been prepared to an intended accuracy level of ± 35%. The results should not be considered a profit forecast or production forecast.

The Scoping Study is a preliminary technical and economic study of the potential viability of the Project. In accordance with the ASX Listing Rules, the Company advises it is based on low-level technical and economic assessments that are not sufficient to support the estimation of Ore Reserves. Further evaluation work including infill drilling and appropriate studies are required before Stellar will be able to estimate any Ore Reserves or to provide any assurance of an economic development case.

Approximately 97% of the total production targets are in the Indicated Mineral Resource category with 3% in the Inferred Mineral Resource category. 97% of the production target in the first 12 years is in the Indicated Mineral Resource category. The Company has concluded that it has reasonable grounds for disclosing a production target which includes an amount of Inferred Mineral Resource. However, there is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work (including infill drilling) on the Heemskirk Project will result in the determination of additional Indicated Mineral Resources or that the production target itself will be realized.

The Scoping Study is based on the material assumptions outlined elsewhere in this announcement. These include assumptions about the availability of funding. While Stellar considers all the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Scoping Study will be achieved.

To achieve the range outcomes indicated in the Scoping Study, additional funding will likely be required. Investors should note that there is no certainty that Stellar will be able to raise funding when needed. It is also possible that such funding may only be available on terms that dilute or otherwise affect the value of Stellar’s existing shares. It is also possible that Stellar could pursue other ‘value realisation’ strategies such as sale, partial sale, or joint venture of the Project. If it does, this could materially reduce Stellar’s proportionate ownership of the Project.

The Company has concluded it has a reasonable basis for providing the forward-looking statements included in this announcement and believes that it has a reasonable basis to expect it will be able to fund the development of the Project. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the Scoping Study.

ASX: SRZ | 3

Heemskirk is the highest-grade undeveloped tin project in Australia and third highest globally

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Potential to rank as a top 10 global producer * and the second largest in Australia

Stable tier-1 jurisdiction in Western Tasmania, strong mining history, significant processing capacity, quality infrastructure and 100% renewable energy

Project economics poised for significant growth through PFS via resource expansion, increased mining and processing rates plus ore sorting

Unencumbered offtake against a backdrop of falling supply

Robust balance sheet with A$8.4m in cash at 31 March 2025

Focused on the aim of becoming a material standalone producer of 3,000 – 3,500 tpa of payable tin (~1% global production*)

Cautionary Statement - This is an aspirational statement and SRZ does not have reasonable grounds to believe the statement can be achieved

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ASX: SRZ | 4

• Source: 2025 International Tin Association. All rights reserved.

Corporate Snapshot

$0.017

$35.3M Market Cap

2,079M

Shares On Issue Share Price 30 April 2025

$26.9M

$8.4M

Nil

Cash Debt 31 March 2025

Enterprise Value

Share Registry

59.3% 14.7% 9.9% 7.53% 5.57% Top 20 MARFORD Shareholders Group

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Broker Research

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$0.030 60.0
$0.025 50.0
$0.020 40.0
$0.015 30.0
$0.010 20.0
$0.005 10.0
$- -
Volume (m)
Price (A$/share)
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Board

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Mark Connelly | NON -EXECUTIVE CHAIR

Corporate executive with over 35 years in mining and a wealth of leadership experience in the resources sector. Mr Connelly has an outstanding track record for deal making and was responsible for the USD$570M merger of Papillon Resources and B2 Gold Corp in Oct 2014, as well as the key person responsible for the USD$597M merger of Adamus Resources Limited and Endeavour Mining in Sep 2011.

Simon Taylor | MANAGING DIRECTOR AND CEO

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 Mining Corp Sept 2023.

Andrew Boyd | EXECUTIVE DIRECTOR

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$90M and ~$A570M respectively, and Mantra Resources, acquired by ARMZ in 2011 for ~A$1Bn.

Simon O’Loughlin | NON-EXECUTIVE DIRECTOR

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.

ASX: SRZ | 5

Global Tin Supply Falling

2024 Tin Production

Unencumbered offtake in a tier 1 jurisdiction (Australia) likely to be highly sought after

2024 Tin Concentrate Production Percentage

Indonesia 19%

Myanmar 8%

DR Congo 9%

Banned all unrefined tin Wa State suspended Conflict uncertainty: Alphamin’s exports in June 2023, all tin mining Bisie mine hiatus (Mar/Apr 25) licensing delays. in August 2023. (~6% of 2024 global production)

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China Other
25% 39%
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ASX: SRZ | 6

Source: 2025 International Tin Association. All rights reserved, * estimate pending official confirmation.

Differentiated Growth on a Global Scale

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Path to becoming a global top 10 tin producer

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Tier 1 Jurisdiction

Mining Licence granted

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Stable production is rare in this industry; 100% of Heemskirk product offtake currently unencumbered

Potential to be a top 5 producer of tin concentrate outside of Asia and Africa

Tin concentrate producers ranked by 2024 tin output (tonnes)

	Rank	Company Name	2024 Prod. (t Sn)	Global Prod. %	Location of primary asset	Market cap (AUD$)#	Notes
	1	Minsur S.A.	39,851*	14.3%	Peru	A$5.11B
	2	Yunnan Tin	29,000*1	10.4%	China	A$5.17B
	3	PT Timah	19,703*	7.0%	Indonesia	A$700M
	4	Alphamin Resources	17,324	6.2%	DR Congo	A$649M	DRC conflict risk Bisie mine hiatus Mar/Apr 2025
	5	COMIBOL	12,560	4.5%	Bolivia	N/A	State owned
	6	Yinman Mining Co	9,500	3.4%	China	N/A
	7	Guangxi Huaxi Group	7,000	2.5%	China	N/A
	8	Metals X Ltd	5,503	1.9%	Australia	A$591M	Renison allocation via 50/50 JV
	9	Mining Mineral Resources	4,530	1.6%	DR Congo	N/A	DRC conflict uncertainty risk
	Stellar is aiming for production of 3,000-3,500 tpa payable Sn Heemski k has p tential to rank as a Top 10 producer
	10	Malaysian Smelting Company (MSC)	2,676*	0.9%	Malaysia	A$350M

Notes: 1. inclusive of Renison allocation. N/A = Not available

AUD market caps source: www/investing.com/pro and Iress as at 14 March 2025 Source: 2025 International Tin Association. All rights reserved, * Estimate pending official confirmation of figures,

ASX: SRZ | 7

Heemskirk Tin Project

Strategic location with development optionality

Ideal location to be developing Australia’s next tin mine

• ✶ World class fertile metal province → Over 100 years of mining with significant production of Tin, Lead, Silver, Nickel and Gold.

• ✶ Major underground operating mines → Renison, Rosebery, Henty and processing infrastructure nearby

• ✶ Growth potential → Renison’s 4.0Mt tin reserve in 1968 supported a 5-year LOM and still mining today.

• ✶ ‘Green tin’ potential → 5 Hydro power stations and Granville Harbour wind farm within 30km

• ✶ Latent infrastructure → Exclusive MOU[2] on adjacent Comstock site, 4km south of Heemskirk

• ✶ Strong community and regulatory support → Engaged with MRT, EPA and West Coast Council, positive support and feedback

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• 1 2025 International Tin Association. All rights reserved.

• 2 SRZ ASX Announcement 3 December 2024 – MOU Signed On Nearby Infrastructure at Heemskirk

• 3 MMG Limited – December 2024 Quarter Production Report

• 4 CYL ASX Announcement – December 2024 Quarter update

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ASX: SRZ | 8

Heemskirk Mineral Resource

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Highest grade undeveloped project in Australia with clear scope for resource growth

High Grade

Attractive metallurgy

Resource upside

Advanced permitting

High-grade zones defined in all deposits

Low footprint underground mining

97% tin contained in cassiterite

Highly amenable to conventional processing

Deposits open at depth Project is on St Dizier satellite deposit adds a further 1.20Mt @ 0.69% Sn (100% indicated) and along strike a granted ML ~~Resource upgrade Simplifying regulatory~~ targeted Q3 2025 approvals pathway

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Global tin development projects (Measured, Indicated and Inferred) [2]
1.80% Bubble size =
1.60% Resource Tonnage
South Crofty (Lower) Heemskirk Mineral Resource [1]
1.40% Nazareth
1.20% Category Tonnage (Mt) Grade Sn (%) Contained Sn (kt)
1.00% Heemskirk
Indicated 3.5 1.05% 37.0
0.80%
Cleveland
South Crofty (Upper)
0.60%
Gottesberg Achmmach Inferred 4.0 1.03% 40.9
0.40% Mt Lindsay Mt Garnet Oropresa Rentails Tellerhauser
0.20% Total 7.5 1.04% 77.9
East Kemptville
Taronga
0.00%
0.0 50.0 100.0 150.0 200.0 250.0
Contained tin (kt)
1 Reported at a cutoff grade of 0.6% Sn, refer to ASX Announcement 4 September 2023 – Heemskirk Tin Project MRE Update. 2 Refer to appendix 3 for peer company tin project benchmark assumptions ASX: SRZ | 9
Tin grade (% Sn)
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Scoping Study – The Base Case…

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Materially improved PFS economics expected to underpin standalone project

Proposed Heemskirk Tin Processing Plant

2024 Base Case (pre-tax) ~1,900 tpa payable tin

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Initial Mine Life
Average Annual Production
LOM Tin in Concentrate
Capex
ROAD FROM DECLINE TO ROM ROM
PROPOSED PLANT
Total Ore Mined Indicated Category [1]
AISC (LOM) to Sold Product [2]
TRIAL HARBOUR ROAD Base Case Spot Price
Tin Price per tonne
NPV8%
IRR
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Refer to: ASX Announcement 3 September 2024 - Updated Heemskirk Tin Scoping Study 1 – Mining schedules utilised Indicated Resource material and only incorporated Inferred material when encountered as part of development

• 2 - All in Sustaining Costs (AISC) includes mining, processing, concentrate transport and smelting, sustaining capital and royalties

ASX: SRZ | 10

Mineral Resource Driving Upside Potential Increase in mining inventory

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Conceptual Mine Plan

Scoping Study used indicated resource only, upside into Prefeasibility Study

Increase Indicated Resource through drilling

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Refer to: ASX Announcement, 3 September 2024, Updated Heemskirk Tin Scoping Study Confirms Attractive Economics 1 – Mining schedules utilised Indicated Resource material and only incorporated Inferred material when encountered as part of development 2 - All in Sustaining Costs (AISC) includes mining, processing, concentrate transport and smelting, sustaining capital and royalties

ASX: SRZ | 11

Mineral Resource Driving Upside Potential Increase in mining inventory

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Conceptual Mine Plan

Scoping Study used indicated resource only, upside into Prefeasibility Study

Increase Indicated Resource through drilling, allows an:

Increase in mining inventory

Increase in mining rate up to 750,000 tpa, as confirmed in Scoping Study

Mineral Resource update targeted for Q3 2025

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Refer to: ASX Announcement, 3 September 2024, Updated Heemskirk Tin Scoping Study Confirms Attractive Economics 1 – Mining schedules utilised Indicated Resource material and only incorporated Inferred material when encountered as part of development

2 - All in Sustaining Costs (AISC) includes mining, processing, concentrate transport and smelting, sustaining capital and royalties

ASX: SRZ | 12

Resource Upgrade – Drilling Success Queen Hill deposit – growth and high-grade tin potential

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• ✶ New drilling delivers wide high-grade tin zones below indicated resource, 23.3m @ 2.20% Sn

• ✶ DHEM conductor located south of section along strike

• ✶ Positive DHEM testing of historical mineralisation

• validates exploration tool

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Heemskirk drill location plan, cross sections and DHEM target location

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Drill Hole Cross Section - new infill drill holes ZQ170, ZQ173 and ZQ173W, Indicated and Inferred resource blocks from the 2023 MRE SRZ ASX Announcement 4 September 2023 – Heemskirk Tin Project MRE Update

ASX: SRZ | 13

Refer to: ASX Announcements 19 November 2024 – Record High-Grade Tin Intersection From Severn Deposit at Heemskirk and 11 February 2025 – Outstanding Wide High-Grade Tin Intersection

Resource Upgrade – Drilling Success Queen Hill deposit – growth and high-grade tin potential

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• ✶ New drilling continues to deliver high-grade results outside the Indicated Category and extensions at depth

• ✶ High confidence level of potential for conversion of 2023 Inferred tonnes to Indicated Category

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Queen Hill core tray photo from drill hole ZQ181

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Queen Hill Long Section looking west and the Sept 2023 Queen Hill Mineral Resource as projected total of the multiple mineralised resource zones and drillhole pierce points coloured by Sn% * Thickness (historic holes & SRZ holes shown). GDA Z55

Refer to SRZ ASX Announcements:

• 19 November 2024 – Record High-Grade Tin Intersection From Severn Deposit at Heemskirk

• 11 February 2025 – Outstanding Wide High-Grade Tin Intersection

• 5 May 2025 - High Grade Tin Intercepts at Queen Hill Confirm Heemskirk Resource Extension Potential

ASX: SRZ | 14

Resource Upgrade – Drilling Success Severn deposit – growth and high-grade tin potential

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• ✶ New drilling delivers wide high-grade tin zone below indicated resource, 20.9m @ 1.97% Sn

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B
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Drill Hole Cross Section, drill holes ZS166, Indicated and Inferred resource blocks from the 2023 MRE SRZ ASX Announcement 4 September 2023 – Heemskirk Tin Project MRE Update

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B’
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Severn Long Section looking west showing Sept 2023 Severn Mineral Resource as projected total of the multiple mineralised resource zones and drillhole pierce points coloured by Sn% * Thickness (historic holes & SRZ holes shown). GDA Z55

ASX: SRZ | 15

Refer to: ASX Announcement 19 November 2024 – Record High-Grade Tin Intersection From Severn Deposit at Heemskirk

Ore Sorting – Excellent Results Across Severn Deposit

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Ore Sorting XRT Flow Sheet

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✶ High-grade product generated:
▪ Head grade increased to 1.65%
Sn from 0.70% Sn average
(2.4 x uplift)
▪ 84.7% Sn recovery achieved
▪ 64.2% of the mass rejected
✶ Optimised product generated:
▪ Feed grade increased to 0.97% Sn
(1.4 x uplift)
▪ 96.0% recovery achieved
▪ 28.9% mass rejected
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Refer to: ASX Announcement 28 January 2025 – Ore Sorting Demonstrates Excellent Results at Heemskirk

ASX: SRZ | 16

Tin Use

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Essential to everyday life

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

Source: MIT; Rio Tinto, 2018; ITA

• ✶ 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

Global tin use by application in 2023

ASX: SRZ | 17

Source: Investment Case for Tin Presentation, Investing in Tin Seminar 2024, International Tin Association (ITA)

Heemskirk Tin Project Development pathway

De-risking delivered in the last 12 months

Reconfigured Board to drive transitional strategy from explorer to developer

Successfully raised $13.2m. Fully funded to advance development strategy Reinitiated Baseline Studies

9,500m resource extension & PFS drilling program underway Scoping Study refresh with Sept 23 MRE completed Geophysics & detailed geological modelling underway

Ore Sorting, early PFS workstream

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Key Upcoming Catalysts

Drilling and DHEM to identify additional targets

Ore Sorting and Metallurgical testwork Updated Mineral Resource Estimate Q3 2025 Completed Pre-Feasibility Study 2H 2025 Decision to proceed DFS

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ASX: SRZ | 18

Heemskirk is the highest-grade undeveloped tin project in Australia and third highest globally

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Potential to rank as a top 10 global producer * and the second largest in Australia

Stable tier-1 jurisdiction in Western Tasmania, a strong mining history, significant processing capacity, quality infrastructure and 100% renewable energy

Project economics poised for significant growth through PFS via resource expansion, increased mining and processing rates plus ore sorting

Unencumbered offtake against a backdrop of falling supply

Robust balance sheet with A$8.4m in cash at 31 March 2025

Focused on the aim of becoming a material standalone producer of 3,000 – 3,500 tpa of payable tin (~1% global production*)

Cautionary Statement - This is an aspirational statement and SRZ does not have reasonable grounds to believe the statement can be achieved

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SRZ | 19
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• Source: 2024 International Tin Association. All rights reserved.

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 | 20

Refer to: ASX Announcements, 4[th] December 2023 – Multiple downhole conductors confirmed at North Scamander, 19[th] September – New high grade polymetallic discovery

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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Refer to: ASX Announcements, 4[th] December 2023 – Multiple downhole conductors confirmed at North Scamander, 19[th] September – New high grade polymetallic discovery

ASX: SRZ | 21

E: simon@stellarresources.com.au M: +61 409 367 460

E: jason@whitenoisecomms.com M: +61 400 643 799

ASX: SRZ

Appendix 1 – 2024 Scoping Study

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Summary of Technical and Financial Parameters

	Unit	Total LOM
Ore Production	(kt)	3,894
Sn Grade (LOM Ave)	(%)	0.78
Tin Recovery (LOM Ave)	(%)	75
Tin Produced	(Tonnes)	22,818
Mine Life	(Yrs)	12
Tin Price	(US$/t)	28,000
Exchange rate	USD:AUD	0.67
Tin Price	(A$/t)	41,791
Gross Revenue	(A$M)	877
Total Operating Costs (AISC)	(A$M)	489
Total Operating Costs (AISC)	(US$/t Sn)	18,260
Operating Cash Flow	(A$M)	389
Operating Margin	(%)	44%
Capital Cost	(A$M)	71
Net Cash Flow (Pre-Tax)	(A$M)	267
Pre-Tax NPV8%	(A$M)	122
Post-Tax NPV8%	(A$M)	75
IRR (Pre-Tax)	(%)	33
Payback Period	(Yrs)	3.5
Pre-Tax NPV / Capex		1.7

Capital Cost Summary

Tin Price Sensitivity

	(A$M)	(US$M)			Tin Price (US$/t Sn)	Tin Price (US$/t Sn)	Tin Price (US$/t Sn)	Tin Price (US$/t Sn)	Tin Price (US$/t Sn)
Mining	11	7			26,000	28,000	30,000	32,000	34,000
Processing& Surface Infrastructure	40	27		NPV Pre Tax	87	122	156	190	225
Tailings	6	4		IRR Pre Tax	26%	33%	39%	46%	52%
WorkingCapital	12	8		NPV Post Tax	51	75	99	123	147
Contingency	2	1		IRR Post Tax	20%	26%	31%	36%	41%
Total Development Capital Cost	71	48		Payback	4.25	3.50	3.00	2.75	2.50

Average Head Grade, Recovery and Concentrate Grade by Deposit

Parameter	Unit	Upper	Lower	Severn	LOM
		Queen Hill	Queen Hill		Schedule
Head Grade	% Sn	0.99%	1.04%	0.71%	0.78%
Recovery	%	53%	66%	80%	75%
Conc Grade	% Sn	48%	48%	49%	49%

Operating Costs Summary

Operating Costs Summary
Mining Processing Concentrate transport & smelting SustainingCapital Royalties Total All In SustainingCash Costs(AISC)	Total LOM (A$M)	Annual Ave (A$M)	A$/t Ore	A$/t Sn	US$/t Sn
	303	25.3	78	13,288	8,903
	169	14.1	43	7,406	4,962
	83	7.0	21	3,657	2,450
	9	0.7	2	378	253
	57	4.8	15	2,518	1,687
	622	52	160	27,247	18,256

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Appendix 2 – Heemskirk Mineral Resource Estimate September 2023

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Large high grade tin resource.

7.48Mt @ 1.04% Sn 77.87kt contained tin

47% of MRE defined in Indicated category.

36.99kt of contained tin

High grade zones defined in all deposits.

• Mine plan accessing higher grade Queen Hill first

St Dizier Satellite Tin Project

1.20Mt @ 0.69% Sn Indicated MRE

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
	Montana	2019	0.68	1.54	10,443	96	0.08	0.72	1.42
Sub Total	Inferred		3.96	1.03	40,881	98	0.05	0.23	0.30
Grand Total	Heemskirk	Tin Project	7.48	1.04	77,872	97	0.06	0.25	0.25

Note: Reported at a cutoff grade of 0.6% Sn

Refer to: ASX Announcement, 4 September 2023 Heemskirk Tin Project MRE Update

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Appendix 3 – Heemskirk Tin Project Benchmarking Assumptions

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As of 20/03/2025	As of 20/03/2025	As of 20/03/2025					Measured	Measured	Measured	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Total(M&I&I)	Total(M&I&I)	Total(M&I&I)
Company	Project	Country	Source	Date	Products	Project Stage	Tonnes (Mt)	Grade (%)	Contained Tin ('000's)	Tonnes (Mt)	Grade (%)	Contained Tin ('000's)	Tonnes (Mt)	Grade (%)	Contained Tin ('000's)	Resource Tonnes (Mt)	Resource Grade (%)	Resource Contained Tin (kt)
Cornish Metals	South Crofty (Upper)	UK	PEA Results for South Crofty Tin Project	1/05/2024	Sn	FS	0	0.00%	0.00	0.26	0.69%	2	0.5	0.66%	3.1	0.7	0.67%	4.9
Cornish Metals	South Crofty (Lower)	UK	PEA Results for South Crofty Tin Project	1/05/2024	Sn	FS	0	0.00%	0.00	2.90	1.50%	43	2.6	1.42%	37.3	5.5	1.46%	80.7
Minsur	Nazareth	Peru	Minsure Annual Report 2023	30/12/2023	Sn, Cu, Ag	SS	0.07	1.05%	0.74	6.38	1.30%	83	5.20	1.42%	73.8	11.7	1.35%	157.5
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	3.96	1.03%	40.8	7.5	1.04%	77.7
First Tin	Tellerhauser	Germany	Corporate Presentation	26/04/2024	Sn	DFS	0	0.00%	0.00	9.97	0.45%	45	27.9	0.50%	139.5	37.9	0.49%	184.4
Elementos	Cleveland	Australia	Elementos Website - JORC Resources	31/07/2018	Sn, Cu	SS	0	0.00%	0.00	6.23	0.75%	19	1.24	0.76%	9.4	7.5	0.75%	56.1
Atlantic Tin	Achmmach	Morocco	Achmmach Tin Project Resource Update	4/11/2024	Sn	SS	2.1	0.85%	18	25.80	0.61%	158	11.2	0.33%	37.5	39.1	0.55%	213.3
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	6.8	0.49%	33.3	8.8	0.49%	42.9
Metals X & BMT JV	Rentails	Australia	Metals X Website - Minerals Resource	4/11/2024	Sn, Cu	FS	27.53	0.43%	118	-	0.00%	0			0.0	27.5	0.43%	118.4
			and Ore Reserves
Elementos	Oropresa	Spain	Elementos Website - JORC Resources	14/02/2023	Sn	DFS	7.4	0.36%	27	11.11	0.41%	45	1.1	0.38%	4.0	19.6	0.39%	75.8
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	3.7	0.37%	13.7	13.1	0.39%	51.7
Venture Minerals	Mt Lindsay	Australia	Venture Minerals Website - Mt Lindsay	17/10/2012	Sn,Fe,W	FS				6.20	0.40%	22	4.2	0.40%	17000.0	10.4	0.40%	41.80
			Project Page
First Tin	Taronga	Australia	Corporate Presentation	1/12/2023	Sn	DFS	33	0.134%	44.20	38.9	0.108%	42.00	61.1	0.085%	51.9	133.0	0.10%	138.1
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	14.3	0.14%	19.8	37.2	0.15%	55.0

1,2 Cautionary Statement

In the peer resources disclosed in table above:

Footnoted items 1 were reported by the relevant companies under the Canadian NI 43-101 and are a qualifying foreign estimate of mineralisation.

Footnoted items 2

• the data are not reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (referred to as the “JORC Code (2012)”);

• a Competent Person has not done sufficient work to classify the historical estimates or foreign estimates as Mineral Resources or Ore Reserves in accordance with the JORC Code (2012); and

• it is uncertain that following evaluation if the historical estimates or foreign estimates will be able to be reported as Mineral Resources or Ore Reserves in accordance with the JORC Code (2012).

Mr Andrew Boyd (BSc), a Competent Person, who is an Executive Director of Stellar Resources, and a member of the Australasian Institute of Geologists, has considered the information for the foreign estimates of mineralisation for the peer resources disclosed in the table above and considers that the information disclosed is an accurate representation of the available data for the peer resource. Mr Boyd consents to the inclusion in this Study of the matters based on this information in the form and context which it appears, with relevant links provided for each resource embedded as a hyperlink.

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Development Options – Reducing Environmental Impact MOU signed on existing Infrastructure

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• ✶ MOU signed with Australian Hualong Pty Ltd over Comstock Plant located adjacent to Heemskirk.

• ✶ On-site tailings storage facilities (TSF), a water supply, grid power, waste rock dump, ROM pad, level plant site and other office and plant facilities.

• ✶ Re using existing infrastructure to reduce environmental footprint

• ✶ MOU is non-binding and Stellar has a 6-month exclusivity period.

• ✶ The MOU sets a framework to investigate how the Comstock site could potentially be integrated with Heemskirk and to then negotiate a potential transaction structure.

Heemskirk and Surrounding Infrastructure

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Refer to: ASX Announcement, 3 December 2024, MOU Signed on Nearby Infrastructure at Heemskirk

LME Spot Tin Price and Stock Levels

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Spot Tin Price (L) Stock Levels (R)
$55,000 12,000
$50,000
10,000
$45,000
$40,000
8,000
$35,000
$30,000
6,000
$25,000
$20,000
4,000
$15,000
$10,000
2,000
$5,000
$0 0
Source: westmetall.com
LME Spot Tin Price (US$/t) LME Tin Stock Levels (Tonnes)
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