STELLAR RESOURCES LIMITED — Regulatory Filings 2021

Nov 21, 2021

EXCEPTIONAL SILVER-LEAD GRADES IN FIRST MONTANA NO. 1 HOLE

Stellar Resources Limited (ASX:SRZ, "Stellar" or the "Company) is pleased to report assay results from holes ZM141A and ZO142, completed as part of the Phase 1 Drilling Program underway on its tenements near Zeehan, Tasmania.

Highlights

• Assay results from hole ZM141A, the first ever hole drilled beneath Zeehan's largest historic silver-lead mine, Montana No. 1, confirm very high-grade silver-lead-zinc fissure vein intercepts approximately 90m below the deepest historic mine workings. Significant down hole intercepts include:
  • 1.2 m @ 31.8 Oz/t Ag, 23.9% Pb, 0.4% Zn and 0.1% Cu from 423.0 m
  • 0.4 m @ 15.4 Oz/t Ag, 12.2% Pb and 4.6% Zn from 411.0 m
  • 0.6 m @ 3.8 Oz/t Ag, 3.6% Pb and 0.4% Zn from 239.0 m
• Assay results received from hole ZO142, the first hole drilled by Stellar beneath the significant historic Oonah silver-lead mine and the Oonah Inferred Resource confirm the continuation of multiple zones of lower grade tin mineralisation approximately 70m below the Oonah Inferred Resource.
• 4 holes completed to date and 2 holes in progress (3,291m drilled to 17 November) as part of the Phase 1 Drilling Program.
• Second Severn drillhole ZS143 is currently at 805m depth, with zones of mineralisation logged over 3 intervals with a cumulative length of 27m between 550m and 595m, approximately 120m down dip of the Severn Mineral Resource. Mineralisation observed in ZS143 contains more visible cassiterite (tin oxide) and pyrrhotite (commonly associated with cassiterite at Severn) than previous Severn hole ZS140, as reported on 5 November1 .
• Second Oonah drillhole ZO144 completed to a depth of 398 m with mineralisation observed and presence of tin confirmed by anomalous handheld XRF results.
• First Zeehan Western drillhole ZW145 is currently in progress at a depth of 170m and is yet to reach target depth.
• ZS143 and ZO144 assays expected during December.

Executive Director Gary Fietz commented; "The very-high grade silver-lead-zinc results from ZM141A, the first ever hole drilled beneath Montana No. 1, Zeehan's largest historic silver-lead mine, highlights the potential for high-grade silver-lead-zinc mineralisation on Stellar's tenements in the Zeehan Mineral Field to complement its flagship Heemskirk Tin Project, the highest-grade undeveloped tin resource in Australia and second highest globally3 . We are also encouraged by the intersection of tin mineralisation in ZO142, well below the historically significant Oonah Mine which highlights the potential to further extend the Oonah tin resource."

Stellar Resources Limited ABN: 96 108 758 961

Level 4, 96 – 100 Albert Road, South Melbourne Victoria 3205, Australia T: +61 3 9692 7222 F: +61 3 9077 9233 E: srzinfo@stellarresources.com.au Web: www.stellar.com.au Twitter: @SRZ_Tin

Assay Results for Montana No. 1 Drillhole ZM141A

Assay results received for ZM141A, the first ever hole drilled beneath Montana No. 1, Zeehan's largest historic silver-lead mine, have confirmed the presence of very high-grade silver-lead-zinc fissure veins with the following significant intercepts:

From(m)	To(m)	Length(m)	Ag(oz/t)	Pb(%)	Zn(%)	Cu(%)	Sn(%)
239.0	239.6	0.6	3.8	3.6	0.4	0.0	<0.01
271.1	271.9	0.8	0.0	0.1	0.1	0.0	0.52
411.0	411.4	0.4	15.4	12.2	4.6	0.0	0.03
423.0	424.2	1.2	31.8	23.9	0.4	0.1	0.02

	Table 1 – ZM141A Summary of Significant Intercepts
--	----------------------------------------------------	--	--	--

The best intercept was a fissure vein with a downhole interval of 1.2m from 423.0m to 424.2m returning 31.8 oz/t Ag, 23.9% Pb, 0.4% Zn and 0.1% Cu. This very-high grade fissure vein intercept is approximately 90m below the deepest historic Montana No. 1 mine workings as shown in Figure 1.

Previously released core photographs of the fissure vein intercept from 423.0m to 424.2m are shown in Figure 2.

Minor tin mineralisation (0.52% Sn) was also recorded over a narrow 0.8m interval from 271.1m to 271.9m.

As most of the mineralisation intersected in this hole is present as silver-lead-zinc fissure veins, it is interpreted that the transition into zones of tin mineralisation may still occur at greater depths below those intersected in hole ZM141A.

A more detailed table of the significant intercepts in hole ZM141A is provided in Appendix 2.

Figure 1 – Montana No. 1, West-East Cross Section – 4470m North (ZMG) showing Hole ZM141A (aqua), historical workings (stopes in red and development in grey)

Figure 2 - ZM141A: Silver-Lead-Zinc mineralisation from 423m to 424.2m with visible galena and sphalerite

Assay Results for Oonah Hill Drillhole Z0142

Assay results received for ZO142, the first hole drilled by Stellar beneath the significant historic Oonah silverlead mine confirmed multiple zones of tin mineralisation with the following down hole intercepts recorded:

From(m)	To(m)	Length(m)	Sn(%)
288.0	289.0	1.0	0.54
299.4	300.0	0.6	0.80
320.0	321.0	1.0	0.40
336.0	347.0	10.9	0.22
352.0	355.1	3.1	0.39
378.0	380.0	2.0	0.32

Table 2 – Z0142 Summary of Significant Intercepts

Whilst the above tin intercepts have lower tin grades than the Oonah Inferred Resource (0.59Mt @ 0.9% Sn, 0.8% Cu, 0.1% Pb & 0.1% Zn)2 , the hole successfully confirmed continuation of tin mineralisation approximately 70m below the Oonah Inferred Resource as shown in Figure 3.

100% of the tin in all the above intercepts is present as cassiterite (tin oxide), suggesting that the stannite (tin-copper sulphide) mineralisation within the Oonah resource has transitioned fully into cassiterite in these intercepts.

A more detailed table of the Z0142 significant intercepts, including the results for other elements, is provided in Appendix 2.

Figure 3 - Oonah, West-East Cross Section – 4150m North (ZMG) showing Hole Z0142 (aqua), historical drilling (white traces shaded by % Sn), historical workings (development in grey) and Oonah 2019 Inferred Resource (red)

Phase 1 Drilling Program Status Update

A 9-hole Phase 1 diamond drilling program (for ~4,900 m) using 2 rigs targeting new areas of high-grade tin mineralisation commenced in June 2021 with 2 rigs on site including:

• Severn Program 2 holes targeting depth extensions below the Severn tin resource. Severn is the largest of the 4 deposits comprising the Heemskirk Tin Project and remains open at depth.
• Depth Extensions of key historic silver-lead-zinc mines 7 holes targeting depth extensions below the historic silver-lead mines with typical grades mined ranging from 20 to 100 Oz/t silver1 . Hole target depths test where the interpreted transition of silver-lead-zinc mineralisation into cassiterite (tin) mineralisation may occur.

4 holes have been completed, and 2 holes are currently in progress with a total of 3,209 m drilled to 17 November 2021. A summary of the Phase 1 drilling program is shown in Table 3 and Figure 4. A table of the collar locations and drillhole information is shown in Appendix 1.

Hole	Planned	Drilled to	Status & Visual Results
(Deposit)	Depth	17.11.21
	(m)	(m)
ZS140	700	889	Completed - Intersected wide zones of tin mineralisation well
(Severn)			beyond Severn resource. Assays reported on 5 November1
ZS140A	250	0	Cancelled - Planned wedge and daughter hole from ZS140 but
(Severn)			was not possible due to broken ground in ZS140.
ZM141A	460	534	Completed - Intersected very high-grade silver-lead-zinc
(Montana No. 1)			fissure veins as reported in this release.
ZO142	400	494	Completed – Lower grade tin assay results reported in this
(Oonah)			release confirm continuation of tin mineralisation well below
			the Oonah historic mine and Inferred Resource2
ZS143	700	805	In Progress – Logging and sampling well underway.
(Severn)			Mineralisation observed containing more visible cassiterite
			and pyrrhotite (commonly associated with cassiterite at
			Severn) than previous Severn hole ZS140, as reported on 5
			Nov1. Target depth extended to 900m. Assay results expected
			in December.
ZS143W	250		Planned - Wedge and daughter hole from ZS143.
(Severn)
ZO144	400	398	Completed - Logging underway and sampling yet to
(Oonah)			commence. Mineralisation observed and presence of tin
			confirmed by anomalous handheld XRF results as reported on
			5 Nov1. Assay results expected in late December.
ZW145	400	170	In Progress – yet to reach target depth.
(Western
Zeehan)
WZ Hole 2	400		Planned
(Western
Zeehan)
QH4 Hole 1	300		Planned
(Queen No. 4)
M1 Hole 2	640		Planned
(Montana No. 1)

Table 3 – Status of Phase 1 Drilling Program to 17 November 2021

Figure 4 - Zeehan Mineral Field Surface Geology, Tin Deposits, Historic Ag-Pb-Zn Mines and 2021 Phase 1 Drillholes

Footnotes / Live Links

1 SRZ Announcement, 7 September 2021. "First 2 Drillholes at Heemskirk Intersect Significant Zones of Alteration and Mineralisation"

2 SRZ Announcement, 16 May 2019, "Updated Heemskirk Resource Increases Indicated Category and Confidence in the Project"

3 SRZ Announcement, 16 November 2021, Investor Presentation – See pages 9 and 29

Competent Persons Statement

The information in this announcement that relates to exploration results has been compiled by Mr. Tim Callaghan, an independent mining consultant working for Resource and Exploration Geology. Mr. Callaghan is a Member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists 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. Callaghan has reviewed the contents of this news release and consents to the inclusion in this announcement of exploration results in the form and context in which they appear.

Forward Looking Statements

This report may include forward-looking statements. Forward-looking statements include but are not limited to statements concerning Stellar Resources Limited's planned activities and other statements that are not historical facts. When used in this report, the words such as "could", "plan", "estimate", "expect", "intend", "may", "potential", "should" and similar expressions are forward-looking statements. In addition, summaries of Exploration Results and estimates of Mineral Resources and Ore Reserves could also be forward-looking statements. Although Stellar Resources Limited believes that its expectations reflected in these forwardlooking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. The entity confirms that it is not aware of any new information or data that materially affects the information included in this announcement and that all material assumptions and technical parameters underpinning this announcement continue to apply and have not materially changed. Nothing in this report should be construed as either an offer to sell or a solicitation to buy or sell Stellar Resources Limited securities.

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

For further details please contact:

Gary Fietz Executive Director Stellar Resources Limited Tel: 0408 489 957 Email: gary@widerange.net.au

APPENDIX 1 – 2021 PHASE 1 DRILLING PROGRAM DRILLHOLE LOCATIONS

Hole ID	Prospect	Status	Easting(m)	Northing(m)	RL(m)	AzimuthPlanned(degrees)	DipPlanned(degrees)	Length(m)
ZS140	Severn	Completed	61,550	3,881	1,185	294	-77	889
ZM141A	Montana	Completed	60,959	4,468	1,230	248	-56	534
ZO142	Oonah	Completed	60,309	4,295	1,214	220	-64	494
ZS143	Severn	Underway	61,560	3,725	1,178	306	-78	900
ZS143W	Severn	Planned	61,560	3,725	1,178	308	-74	250
ZO144	Oonah	Completed	60,400	4,230	1,210	219	-61	400
ZW145	ZeehanWestern	Underway	60,455	4,640	1,220	260	-51	400
WesternZeehan # 2	ZeehanWestern	Planned	60,455	4,500	1,220	270	-50	400
Queen No 4# 1	QueenHill	Planned	60,985	3,405	1,235	265	-48	300
Montana No1 # 2	Montana	Planned	60,988	4,446	1,190	220	-52	640

Notes:

All coordinates in Zeehan Mine Grid

Table contains corrections to azimuth 's announced on 5th November due to a grid translation error and minor dip changes based on survey tool readings

APPENDIX 2 – ZS140 SIGNIFICANT INTERSECTIONS

Hole No	Easting(m)	Northing(m)	RL(m)	AzimuthPlanned(degrees)	DipPlanned(degrees)	End ofHole(m)	From(m)	To(m)	Length(m)	Sn(%)	Cassiterite% of TotalSn	Cu(%)	Pb(%)	Zn(%)	Ag(g/t)
ZM141A	60,959	4,468	1,230	248	-56	534	239.0	239.6	0.6	<0.01	100.0	0.0	3.6	0.4	119
ZM141A	60,959	4,468	1,230	248	-56	534	271.1	271.9	0.8	0.52	100.0	0.0	0.1	0.1	1
ZM141A	60,959	4,468	1,230	248	-56	534	411.0	411.4	0.4	0.03	33.3	0.0	12.2	4.6	478
ZM141A	60,959	4,468	1,230	248	-56	534	423.0	424.2	1.2	0.02	100.0	0.1	23.9	0.4	988
ZO142	60,309	4,295	1,214	220	-64	494	288.0	289.0	1.0	0.54	100.0	0.0	0.0	0.0	1
ZO142	60,309	4,295	1,214	220	-64	494	299.4	300.0	0.6	0.80	100.0	0.0	0.0	0.0	2
ZO142	60,309	4,295	1,214	220	-64	494	320.0	321.0	1.0	0.40	100.0	0.0	0.0	0.0	1
ZO142	60,309	4,295	1,214	220	-64	494	336.0	347.0	10.9	0.22	100.0	0.0	0.0	0.0	1
ZO142	60,309	4,295	1,214	220	-64	494	352.0	355.1	3.1	0.39	100.0	0.0	0.0	0.0	1
ZO142	60,309	4,295	1,214	220	-64	494	378.0	380.0	2.0	0.32	100.0	0.0	0.0	0.0	0

Notes:

All coordinates in Zeehan Mine Grid

All lengths are apparent lengths

Table contains corrections to azimuth 's announced on 5th November due to a grid translation error and minor dip changes based on survey tool readings

JORC Code, 2012 Edition – Table 1

Section 1: Sampling Techniques and Data (criteria in this section apply to all succeeding sections)

Criteria	JORC Code Explanation	Commentary
Samplingtechniques	•Nature and Quality of sampling (e.g. cut channels,random chips or specific specialized industrystandard measurement tools appropriate to theminerals under investigation, such as downholegamma sondes, or hand held XRF instrumentsetc.).•Include reference to measures taken to ensuresample representivity and the appropriatecalibration of any measurement tools or systemsused.•Aspects of the determination of mineralisationthat are Material to the Public Report.•In cases where 'industry standard' work has beendone this would be relatively simple (e.g. 'reversecirculation drilling was used to obtain 1m samplesfrom which 3kg was pulverized to produce 30gcharge for fire assay'). In other cases, moreexplanation may be required, such as wherethere is coarse gold that has inherent samplingproblems. Unusual commodities or samplingtypes (e.g. submarine nodules) may warrantdisclosure of detailed information.	•The Zeehan Tin deposit has been delineated entirelyby diamond drilling. Numerous drilling campaignswere completed between 1960 and 1992 by Placer,Gippsland, Minops, CRAE and Aberfoyle. Post 2010,diamond drilling was completed by Stellar withdiamond core of nominally NQ or HQ diameter.•Logged sulphide and siderite altered zones wereselected for geochemical analysis.•Approximately 1m samples of 2-3kg were taken fromdiamond saw cut drill core whilst respectinggeological boundaries
DrillingTechniques	•Drill type (e.g. core, reverse circulation, open holehammer, rotary air blast, auger, bangka, sonicetc.) and details (e.g. core diameter, triple orstandard tube, depth of diamond tails, facesampling bit or other type, where core is orientedand if so by what method, etc.)	•All drill sampling by standard wireline diamonddrilling.•
Drill samplerecovery	•Method of recording and assessing core and chipsample recoveries and results assessed.•Measures taken to maximize sample recovery andensure representative nature of the samples.•Whether a relationship exists between samplerecovery and grade and whether sample bias mayhave occurred due to preferential loss/gain offine/coarse material	•Core logging captured drilled recoveries and coreloss.•Recoveries generally excellent (95-100%)
Logging	•Whether core and chip samples have beengeologically and geotechnically logged to a levelof detail to support appropriate Mineral Resourceestimation, mining studies and metallurgicalstudies.•Whether logging is qualitative or quantitative innature. Core (or costean, channel etc.)photography.•The total length and percentage of the relevantintersections logged.	•Geological logging has been carried out on all holesby experienced geologists and technical staff.•Holes logged for lithology, weathering, alteration,structural orientations, Geotech, RQD, magneticsusceptibility and mineralisation verified with anOlympus DPO 2000 pXRF.•Photographed wet cutting.•Logs loaded into excel spreadsheets and uploadedinto access database.•Standard lithology codes used for all drillholes.

Criteria	JORC Code Explanation	Commentary
SubSamplingtechniquesand samplepreparation	•If core, whether cut or sawn and whetherquarter, half or all core taken.•If non-core, whether riffled, tube sampled, rotarysplit, etc. and whether sampled wet or dry•For all sample types, the nature, quality andappropriateness of the sample preparationtechnique.•Quality control procedures adopted for all subsampling stages to maximize representivity ofsamples.•Measures taken to ensure that the sampling isrepresentative of the insitu material collected,including for instance results of fieldduplicate/second half sampling.•Whether sample sizes are appropriate to thegrain size of the material being sampled	•Half core split by diamond saw over 0.3 – 1.0msample intervals while respecting geologicalcontacts. Most sample intervals are 1.0m.•Assay sample weights between 1 and 4kg areconsidered appropriate with respect to any coarsetin that may be present.•Half core has specific gravity for bulk samplesundertaken before it is course crushed and thenpulverized to 85% passing 75um.
Quality ofassay dataandlaboratorytests	•The nature, quality and appropriateness of theassaying and laboratory procedures used andwhether the technique is considered partial ortotal.•For geophysical tools, spectrometers, handheldXRF instruments, etc., the parameters used indetermining the analysis including instrumentmake and model, reading times, calibrationfactors applied and their derivation etc.•Nature of quality control procedures adopted(e.g. standards, blanks, duplicates, externallaboratory checks) and whether acceptable levelsof accuracy (i.e. lack of bias) and precision havebeen established.	•Sn, WO3, Fe and S analyses were conducted at ALSLaboratories using a fused disc XRF technique(XRF15d), which is the current industry standard forore-grade tin. Fused disc XRF is considered a totaltechnique, as it extracts and measures the whole ofthe element contained within the sample. Aquaregia acid digestion and multi element analysis usingInduced coupled plasma mass spectrometry (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 basemetals analysis has been undertaken by Aqua regiaacid digestion and multi element analysis usingInduced coupled plasma mass spectrometry (MEOG46). Where required, Pb that was overlimit forOG46Pb analysis, was analysed by a fused disc XRFtechnique (XRF15d).•OREAS certified standard reference material hasbeen inserted every 20 samples using SZSt.1, SZSt.2and SZSt.3. Course blanks and fine blank OREAS 22ehave also been inserted after mineralised zones.•Duplicate samples have been requested every 20samples for the lab to repeat the sample.

Criteria	JORC Code Explanation	Commentary
Verificationof samplingand assaying	•The verification of significant intersections byeither independent or alternative companypersonnel•The use of twinned holes.•Documentation of primary data, data entryprocedures, data verification, data storage(physical and electronic) protocols.•Discuss any adjustment to assay data.	•Significant intersections reviewed by companypersonnel.•Eight twinned holes have been included in previousdrilling program with six holes demonstratingmoderate to high Sn grade variability between 20and 50%. Two holes demonstrating extreme gradeand or geological variability.•Data is collected by qualified geologists andexperienced field assistants and entered into excelspreadsheets. Data is imported into Microsoft accesstables. Data is regularly backed up and archivalcopies of the database stored on the cloud and harddrives.•Negative values in the database have been adjustedto half the detection limit for statistical analysis fromthe excel spreadsheets. Data checked by thedatabase and resource geologists for errors.Negative values in the database have been adjusted
Location ofdata points	•Accuracy and quality of surveys used to locatedrill holes (collar and downhole surveys) trenches,mine workings and other locations used inmineral resource estimation•Specification of grid system used•Quality and accuracy of topographic control.	to half the detection limit for statistical analysis.•All Post 2010 drill collars surveyed by licensedsurveyor using differential GPS.•Pre 2010 drill collars surveyed by licensed surveyorwith the exception of 13 early drill holes located towithin 1m by local grid tape and compass for QueenHill deposit.•Historic Oonah drillholes located on local grid. Collarlocations digitized from referenced historic plans (+/-10m).•All coordinates in Zeehan Mine Grid (ZMG) andGDA94•RL's as MSL +1000m•Down hole surveys by downhole camera or Tropari.2017 holes by Deviflex. 2021 Single shot camera usedto capture azimuth and dip.•The Digital Terrain Model has been generated fromlands department 10m contours and adjusted withsurveyed drill collar and control points.
Data Spacinganddistribution	•Data spacing for reporting Exploration Results•Whether data spacing and distribution issufficient to establish the degree of geologicaland grade continuity appropriate for the MineralResource and Ore Reserve estimationprocedure(s) and classifications applied.•Whether sample compositing has been applied	•Drill hole spacing for this phase of exploration drillingis approximately 100m. The exploration drilling isthe first phase of extension drilling and if successfulwill be followed by closer spaced drilling.
Orientationof data inrelation togeologicalstructure	•Whether the orientation of sampling achievesunbiased sampling of possible structures and theextent to which this is known, considering thedeposit type.•If the relationship between the drillingorientation and the orientation of key mineralisedstructures is considered to have introduced asampling bias, this should be assessed andreported if material.	•The majority of drill holes have been drilled grid eastwest sub-perpendicular to the steeply east dippingmineralisation in the Severn Oonah and MontanaDeposits.•Drillhole ZS143 was drilled at a low angle to the dipof the orebody due to drilling constraints.•Drill hole orientation is not considered to haveintroduced any material sampling bias, althoughsteep angled holes may result in localised dataclustering.

SampleSecurity	•The measures taken to ensure sample security.	•Post 2010 chain of custody is managed by Stellarfrom the drill site to ALS laboratories in Burnie.•All samples ticketed, bagged in calico bags anddelivered in labelled poly-weave bags.•Pre 2010 sample security is not documented.
Audits orReviews	•The results of any audits or reviews of samplingtechniques and data.	•No audits or reviews of sampling data andtechniques have been completed.

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

Criteria	JORC Code Explanation	Commentary
Mineraltenement andland tenurestatus	•Type, reference name/number, location andownership including agreements or materialissues with third parties such as joint ventures,partnerships, overriding royalties, native titleinterests, historical sites, wilderness or nationalpark and environmental settings.	•ML2023P/M, RL5/1997 and EL13/2018 hosting theHeemskirk Tin Project in Western Tasmania is 100%owned by Stellar Resources Ltd.
	•The security of tenure held at the time ofreporting along with known impediments toobtaining a license to operate the area
Explorationdone by otherparties	•Acknowledgement and appraisal of explorationby other parties.	•Early mining activity commenced in the 1880's withthe production of Ag-Pb sulphides and Cu-Snsulphides from fissure loads.•Modern exploration commenced by Placer in the mid1960's with the Queen Hill deposit discovered byGippsland in 1971.•The Aberfoyle-Gippsland JV explored the tenementsuntil 1992 with the delineation of the Queen Hill,Severn and Montana deposits.
Geology	•Deposit type, geological setting and style ofmineralization.	•The Heemskirk Tin Deposits are granite related tinsulphide-siderite vein and replacement style depositshosted in the Oonah Formation and Crimson CreekFormation sediments and volcanics. Numerous PbZn-Ag fissure lodes are associated with the peripheryof the mineralizing system. Mineralisation isessentially stratabound controlled by northeastplunging fold structures associated with northwesttrending faults. Tin is believed to be sourced from agranite intrusion located over 1km from surfacebelow the deposit.

Criteria	JORC Code Explanation	Commentary
Drill holeinformation	•A summary of all information material to theunderstanding of the exploration resultsincluding a tabulation of the followinginformation for all Material drill holes:-easting and northing of the drill holecollar-elevation or RL (Reduced Level - elevationabove sea level in metres) of the drill holecollar-dip and azimuth of the hole-downhole length and interception depth-hole length•If the exclusion of this information is justifiedon the basis that the information is notMaterial and this exclusion does not detractfrom the understanding of the report, theCompetent Person should clearly explain whythis is the case	•See the body of this report for tabulated drill holecollar details and mineralised results.
Dataaggregationmethods	•In reporting of Exploration Results, weightingaveraging techniques, maximum and/orminimum grade truncations (e.g. cutting of highgrades) and cutoff grades are usually materialand should be stated.•Where aggregate intercepts include shortlengths of high grade results and longer lengthsof low grade results, the procedure used foraggregation should be stated and someexamples of such aggregations should beshown in detail•The assumptions used for any reporting ofmetal equivalent values should be clearlystated.	•Exploration assay results are downhole lengthweighted averages for Sn%, Cu%, Pb%, Zn% and Agg/t.•Results for cassiterite % of total Sn have beencalculated and reported for significant interceptsusing the formulae, % Cassiterite = 100 – (Soluble Sn% by aqua regia acid digestion and ICP41a analysis /Total Sn % by XRF analysis).•High grade intercepts have been selected from somelonger low grade length weighted downhole averageintercepts and presented as length-weighted averageinclusions.•No metal equivalents have been used.
Relationshipbetweenmineralisationwidths andinterceptlengths	•These relationships are particularly importantin the reporting of Exploration Results.•If the geometry of the mineralization withrespect to the drill hole angle is known, itsnature should be reported.•If it is not known and only the downholelengths are reported, there should be a clearstatement to this effect (e.g. down hole length,true width not known)	•Mineralisation widths observed in ZS143 are at highangles. True widths are likely to be significantlysmaller.•Mineralisation is thought to be of a stockwork stylewith vein angles within mineralised zones variable.•Observed results for the Oonah and Montanaintercepts are considered to be at high angles to themineralised veins and approximate true widths.
Diagrams	•Appropriate maps and sections (with scales)and tabulated intercepts should be included forany significant discovery being reported. Theseshould include, but not be limited to a planview of drill collar locations and appropriatesectional views.	•See body of the announcement for relevant plan andsectional views.
Balancedreporting	•Where comprehensive reporting of allExploration Results is not practicable,representative reporting of both low and highgrades and/ or widths should be practiced toavoid misleading reporting of ExplorationResults	•Mineralised zones above a Sn cut off of 0.2% areincluded in the tables and figures associated withthis report.
Criteria	JORC Code Explanation	Commentary

Othersubstantiveexplorationdata	•Other exploration data, if meaningful andmaterial, should be reported including (but notlimited to): geological observations; geophysicalsurvey result; geochemical survey results; bulksamples – size and method of treatment;metallurgical test results; bulk density,groundwater, geotechnical and rockcharacteristics; potential deleterious orcontaminating substances.	•Metallurgical test work completed by ALS/BRLlaboratories and supervised by Worley-Parsons overa number of different campaigns on drill coresamples.•Deposits zoned mineralogically and metallurgically•Cassiterite is the dominant tin-bearing mineraloccurring as free grains and in complex mineralcomposites.•High concentrations of stannite are located in theupper levels of the Oonah deposit.•Grain sizes vary according to ore type, with Severnhaving the coarsest and Upper Queen Hill having thefinest.•Cassiterite liberation generally commences at a grindof 130 microns and is largely complete at 20 microns.•Based on the work undertaken by ALS metallurgy,Stellar anticipates that concentrates gradingapproximately 48% tin at an overall tin recovery of73% will be obtained from the Zeehan Tin ores.•Bulk densities determined on mineralised interceptsusing the Archimedes method.
Further work	•The nature and scale of planned further work(e.g. test for lateral extensions or depthextensions or large scale step out drilling).•Diagrams clearly highlighting the areas ofpossible extensions, including the maingeological interpretations and future drillingareas, provided this information is notcommercially sensitive.	•Resource infill drilling is planned to coincide withfurther technical studies after this phase ofexploration drilling.•The mineral deposits remains open down dip anddown plunge and will be explored as access becomesavailable with mine development.