Stellar Resources (SRZ) investor relations material

Strategic positioning and project overview

• Heemskirk is the highest-grade undeveloped tin project in Australia and third highest globally, with potential to become a top 10 global producer and the second largest in Australia.

• Located in a stable, tier-1 jurisdiction with strong mining history, significant infrastructure, and 100% renewable energy supply.

• Project economics are expected to improve through resource expansion, increased mining and processing rates, and ore sorting.

• The company holds a robust balance sheet with A$6.7m in cash and no debt as of September 2025.

• Aims to produce 3,000–3,500 tpa of payable tin, representing about 1% of global production.

Mineral resource and exploration

• Heemskirk Mineral Resource totals 7.5Mt at 1.04% Sn for 77.9kt contained tin, with 47% in the Indicated category.

• High-grade zones are defined in all deposits, with deposits open at depth and along strike, targeting a resource upgrade in 2H 2025.

• Advanced permitting is in place, simplifying regulatory approvals.

• Drilling at Queen Hill and Severn deposits has delivered high-grade results and confirmed extensions at depth.

• Additional exploration projects include East Renison, Granite Tor, and North Scamander, with significant tin and polymetallic discoveries.

Project development and economics

• Scoping Study base case: 12-year mine life, 1,900 tpa payable tin, A$71M capex, and AISC of US$18,260/t.

• NPV (8% pre-tax) ranges from A$122M at US$28,000/t tin to A$259M at US$36,000/t tin; IRR ranges from 33% to 59%.

• Ore sorting has shown strong results, increasing head grades and recoveries while reducing mass and costs.

• Development options include leveraging nearby infrastructure (Avebury Plant, Comstock site) under MOU to reduce costs and environmental impact.

• Fully funded for current development strategy, with key catalysts including further drilling, updated resource estimate, and PFS completion in 1H 2026.