H E E M S K I R K 11 November 2019 T I N P R O J E C T ASX: SRZ - - PowerPoint PPT Presentation

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H E E M S K I R K T I N P R O J E C T

Investor Presentation 11 November 2019 ASX: SRZ www.stellarresources.com.au

HEEMSKIRK TIN PROJECT - OVERVIEW

 Enviable project location  Secure tenure over Australia’s best portfolio of tin assets  Updated Mineral Resource Estimate (May 2019)  Heemskirk Scoping Study Completed (October 2019)  2020 Work Plan  Mt Razorback satellite deposit offers early production option  Substantial Exploration Upside  Tin expected to recover in 2020  Investment proposition

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ENVIABLE PROJECT LOCATION

W E S T C O A S T T A S M A N I A – A U S T R A L I A ’ S L A R G E S T A N D M O S T P R O D U C T I V E T I N F I E L D

 Stellar owned (100%) tin properties:

• Heemskirk Project (Queen Hill, Severn,

Montana and Oonah deposits)

• Razorback and St Dizier Satellite deposits
• Large Exploration Licence package

 5 underground metal mines, 3 currently operating, within 30km – significant sunk capital in associated infrastructure  Port of Burnie, 150km to the north, services all west coast mines and will provide access to world markets  Renewable power and water nearby  Competitive market for services, mining & processing inputs and labour

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BEST PORTFOLIO OF TIN ASSETS IN AUSTRALIA

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

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HEEMSKIRK UPDATED MINERAL RESOURCE (MAY ‘19)

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Classification Deposit Tonnage Total Sn Contained Cassiterite Cu Pb Zn mt % Sn t % of total Sn % % % Indicated Upper Queen Hill 0.32 1.0 3,230 87 0.2 2.1 1.0 Lower Queen Hill 0.65 1.4 9,230 97 0.0 0.1 0.1 Severn 1.15 1.0 11,500 99 0.1 0.0 0.1 Total Indicated 2.12 1.1 23,960 97 0.1 0.4 0.2 Inferred Upper Queen Hill 0.11 1.6 1,760 94 0.2 1.9 0.7 Lower Queen Hill 0.36 1.4 5,040 97 0.0 0.2 0.0 Severn 2.74 0.9 24,660 99 0.0 0.0 0.0 Montana 0.68 1.5 10,200 96 0.1 0.7 1.4 Oonah 0.59 0.9 5,310 36 0.8 0.1 0.1 Total Inferred 4.48 1.0 46,970 90 0.1 0.2 0.3 Total Indicated + Inferred 6.60 1.1 70,930 92 0.1 0.3 0.3

 6.6Mt @ 1.1% Sn total resource reported to JORC 2012 at 0.6% Sn cut-off grade  Highest grade undeveloped tin resource in Australia & 2nd Highest Globally  1.15Mt Maiden Indicated Resource at Severn and 64% increase in Total Indicated Resource vs 2016 estimate – Increased Resource Confidence Underpins Scoping Study  All deposits have higher grade zones & amenable to mining at higher cut-off grades  All deposits open at depth

Bisi sie Alphamin in 5.1mt @ @ 4.5%Sn Sn

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COMPETITIVE GRADE/TONNAGE POSITION

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Please refer to the following slide for project benchmarking assumptions including; information sources, project stages & project resource categories

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Project Benchmarking Assumptions

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Project Company Country Project Stage Total Resource Tonnes (Mt) Total Resource Grade (%) Total Resource Contained Tin (kt) Measured Resource in Total Indicated Resource in Total Inferred Resource in Total Source / Company Annouoncemnt Date Bisie Alphamin DRC Production 5.1 4.50 231 9% 81% 10% 23 August 2016 (TSXV) Syrymbet JSC Tin One Kazakhstan PFS 123.3 0.40 489 48% 0% 52% JSC Tin One & ITI websites (2018) Rentails MetalsX Australia DFS 23.9 0.44 105 100% 0% 0% 24 May 2019 (ASX) Renison MetalsX Australia Production 17.5 1.50 263 10% 78% 13% 25 May 2019 (ASX) San Raphael Minsur Peru Production 11.2 1.99 222 0% 100% 0% May 2018 Minsur presentation (unclassified) San Raphael B2 Tails Minsur Peru PFS 7.6 1.05 80 100% 0% 0% May 2018 Minsur presentation (unclassified) Heemskirk Stellar Australia Scoping 6.6 1.07 71 0% 34% 66% 16 May 2019 (ASX) South Crofty Strongbow UK PFS 2.4 1.84 44 0% 68% 32% SBW website - 2016 Lower Mine Resource Achmmach Kasbah Morocco DFS 14.9 0.85 127 13% 87% 0% 16 July 2018 DFS (ASX) Mt Lindsay Venture Australia DFS 45.1 0.20 81 22% 40% 40% VMS website (excludes Tungsten credits) Cleveland Elementos Australia Scoping 7.5 0.75 56 0% 83% 17% 31 July 2019, June 2019 Qrly Report (ASX) Mt Garnet Consolidated Australia PFS 12.1 0.39 48 22% 60% 19% CSD website (excludes Fe and Fl credits) Oropresa Elementos Spain PFS 12.5 0.54 68 5% 70% 24% 31 July 2019, June 2019 Qrly Report (ASX) East Kemptville Avalon Canada PFS 37.2 0.15 55 2% 62% 36% AVL website (excludes Indium credits) Gottesberg Anglo Saxony Germany Exploration 42.1 0.27 113 0% 25% 75% Tin Intn. website - 8 October 2012 resource Tellehauser Anglo Saxony Germany Exploration 22.0 0.46 102 0% 29% 71% Anglo Saxony Mining presentation 2015 Taronga AusTin Australia PFS 36.3 0.16 58 0% 79% 21% ANW presentation - May 2019

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HEEMSKIRK TIN SCOPING STUDY (October ‘19)*

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 ~350,000tpa underground mine, processing plant, tailings storage and surface infrastructure  Mining of Queen Hill and then Severn (2 of the 4 Heemskirk deposits) for first 10 years  Open pit mining of St Dizier satellite deposit and trucking to Heemskirk processing plant included in year 11 of the project  Tin concentrate trucked to Port of Burnie (150km via sealed road) for export to Asian smelters  Tailings pumped to tailings storage facility via 6.7km slurry pipeline

Heemskirk Scoping Study - Preliminary Production Schedule

* SRZ Announcement, 27 October 2019, ‘Heemskirk Tin Scoping Study Confirms Attractive Economics’ – Please refer to the Cautionary and Disclosure Statements contained within the announcement

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ATTRACTIVE SCOPING STUDY ECONOMICS

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 Low All-In Sustaining Cost of ~US$13,100/t

• f tin generating ~34% operating margin

based on US$20,000/t tin price assumed  Pre-tax NPV10% of ~A$83m  Post-tax NPV10% of ~A$71m from A$24m

• f tax shielding

 IRR of ~ 45%  Payback of ~A$57m pre-production capital within 3 years  Ratio of pre-tax NPV to Pre-production capital of 1.5  Cost estimates and valuations have an accuracy of ±35%

Heemskirk Scoping Study Base Case - Key Outcomes

Unit Total LOM Ore Production (Mt) 3,695,386 Sn Grade (LOM Ave) (%) 0.94 Tin Recovery (LOM Ave) (%) 69.4 Tin Producted (Tonnes) 24,000 Mine Life (Yrs) 11 Tin Price (US$/t) 20,000 Exhange rate USD:AUD 0.70 Tin Price (A$/t) 28,571 Gross Revenue (A$M) 691 Total Operating Costs (AISC) (A$M) 454 Total Operating Costs (AISC) (US$/t Tin) 13,100 Operating Cash Flow (A$M) 237 Operating Margin (%) 34% Capital Cost (A$M) 57 Net Cash Flow (Pre-Tax) (A$M) 180 Pre-Tax NPV10% (A$M) 83 Post-Tax NPV10% (A$M) 71 IRR (Pre-Tax) (%) 45 Payback Period (Yrs) 3.0 Pre-Tax NPV / Capex 1.5

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SENSITIVITY ANALYSIS DEMONSTRATES ROBUSTNESS

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 Sensitivity analysis demonstrates the project economics remain robust within most

• f the range of tin price (±20%) and exchange rate (±9%) scenarios considered

 Project only becomes uneconomic at the combination of the highest exchange rate and lowest commodity price assumptions. This combination is considered relatively unlikely and would also make most operating tin producers uneconomic.

Pre-Tax NPV (A$M) Sensitivity to Tin Price and USD:AUD Exchange Rate

AUD:USD Exchange Rate 16,000 18,000 20,000 22,000 24,000 0.76

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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 Tin Price (US$/t)

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LOW PRE-PRODUCTION CAPITAL EXPENDITURE

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 Low Total pre-production capital cost of ~A$57m to an accuracy of ±35%  A$8m Mining capital cost for production decline at Queen Hill estimated by Mining One  A$34m Processing Plant (350ktpa) and Surface Infrastructure capital cost estimated by Mincore. Access to existing water, road and power infrastructure minimises connection cost  A$5m Tailings capital cost for stage 1 tailings containment and 6.7km tailings pipeline estimated by J Miedecke & Partners & Mincore  A$9m Working Capital cost covers

• perating costs up until the first

concentrate sales commence (month 10)  4.5% contingency included other than for mining as conservative decline advance rates used

Pre-production Capital Expenditure

(A$M) (US$M) Mining 8 6 Processing & Surface Infrastructure 34 24 Tailings 5 4 Working Capital 9 6 Contingency 1.7 1 Total Development Capital Cost 57 40

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COMPETITIVE OPERATING COST STRUCTURE

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 Unit All In Sustaining Cash Costs (AISC) of ~US$13,100/t to an accuracy of ±35% – comparable to Renison Tin and comfortably in lower half of global cost curve  Cash margin of US$6,800/t tin or 34% of US$20,000/t tin price assumed in base case  A$58/t ore average mining operating cost based on;

• A$62/t underground mining cost estimated by Mining One for Queen Hill and Severn

inclusive of leasing costs for A$13M owner operated mining fleet cost

• A$26/ open pit mining cost estimated by Polberro for St Dizier in last year of project

 A$35/t ore processing operating cost estimated by Mincore  Concentrate transport and treatment based of third party estimates  Royalties include state and vendor royalties and total 6.5% of net revenues

LOM Operating Costs

Total LOM (A$M) Annual Ave (A$M) A$/t Ore US$/t Sn Mining 213 19.4 58 6,179 Ore Transport 2 0.2 1 59 Processing 128 11.7 35 3,711 Administration 8 0.8 2 243 Concentrate transport & treatment 48 4.3 13 1,380 Royalties 41 3.8 11 1,196 Sustaining Capital 13 1.3 4 375 Total All In Sustaining Cash Costs (AISC) 454 41 123 13,143

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SCOPING STUDY MINE PLAN - HEEMSKIRK

 Mine life of 10 years at Heemskirk (Queen Hill and Severn) with St Dizier adding an 11th year  ~350ktpa average ore production rate @ 0.94% tin  Long hole stoping underground mining method  Sequential development; commencing at shallow Queen Hill deposit then later to larger Severn deposit  Fast access to ore (6 months from commencing portal) using a single decline into Queen Hill  Low initial capital development cost of A$8m for the mine

Source: Mining One 2019 Scoping Study

Conceptual Heemskirk Mine Design Showing Stopes based on Indicated Mineral Resource (Grey) and Inferred Mineral Resource (Brown)

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 Low cost open pit mining from St Dizier included in the final year of project  409,179t @ 0.90% Sn In-pit diluted Indicated Mineral Resource  4.7:1 average strip ratio of after application of 10% mining dilution and 95% mining recovery factors  A$3.3m mining capital costs for drainage diversion, pit development and construction of a waste stockpile. A$0.5m mine closure capital cost  A$26/t ore contractor operated mining

• perating cost inclusive of waste

removal estimated by Polberro  A$5/t trucking cost to the processing plant at Heemskirk (20km)  The accuracy of the mining operating cost and capital cost estimates was ±35%

SCOPING STUDY MINE PLAN – ST DIZIER

Long Projection St Dizier Tin Deposit

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METALLURGY & PROCESSING

 Renison Tin flow-sheet tested at bench scale using drill core from Severn, Queen Hill & St Dizier  Test-work undertaken by ALS Burnie and supervised by Worley  Circuit optimised using Severn sample – potential for further

• ptimisation at Queen Hill & St

Dizier  Over-all recovery including St Dizier of 69% tin into a 49% tin concentrate  Processing plant to be located on the northwest side of Queen Hill to minimize impact on Zeehan and the Trial Harbour road  350ktpa processing plant and surface infrastructure capital and

• perating costs estimates, to an

accuracy of ±35%,by Mincore used in Scoping Study Proposed Tin Processing Plant

Average Head Grade, Recovery and Concentrate Grade by Deposit

Parameter Unit Upper Lower Severn St Dizier LOM Queen Hill Queen Hill Schedule Head Grade % Sn 0.98% 1.15% 0.83% 0.90% 0.94% Recovery % 53% 66% 80% 50% 69% Conc Grade % Sn 48% 48% 49% 50% 49%

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HEEMSKIRK – ENVIRONMENT & COMMUNITY

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

Secure Long-Term Tailings Dam Site

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2020/21 WORK PLAN AND BUDGET

PFS  Drilling - ~17 holes (6,800m) to increase Queen Hill and Severn Indicated Resource to ~3.3Mt and to support a Probable Reserve)  Metallurgical testwork to focus on improving Queen Hill recovery  Geotechnical drilling and determination of underground water flows and quality  Stage 2 environmental and mining impact studies for DPEMP  Mining and Processing cost studies and PFS report  Time frame is 12 to 18 months for PFS BFS  Bankable Feasibility Study to be completed in the following 12 months at a cost of ~A$4.0m

Pre Feasibility Study (18 months) (A$) Drilling - Heemskirk Probable Reserve 1,700,000 Site Overhead and Geology Costs 450,000 Metallurgical Testwork 300,000 Geotechnical, Hydrological holes and testing 200,000 Environmental baseline surveys 150,000 PFS Costs 450,000 Corporate Overhead Costs 900,000 Total PFS Cost 4,150,000

EXPLORATION UPSIDE  Exploration drilling supported by EDGI funding – still to be budgeted

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HEEMSKIRK COULD BECOME THE NEXT RENISON

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

• f contained tin or just 20% of the

tin found at Renison to date

Renison long projection with overlay of Heemskirk deposits

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EARLY TIN PRODUCTION POTENTIAL AT RAZORBACK SATELITE DEPOSIT

 Open pit operated from 1975-1978 producing 158 tonnes tin  57 historic holes drilled between 1958 and 1982  Encouraging results from 2018 trench and face samples  Exploration target of 180,000t to 220,000t @ 0.8% to 1.0% Sn*1 to a depth of 100m below the pit floor estimated by Resource and Exploration Geology in July’19*2  Metallurgical testing of tailings demonstrates potential for 15% increase in historical recovery  Validation of historical data with the aim of defining an Inferred Resource for Razorback Mine is planned  Highly prospective exploration potential along Razorback & Grand Prize faults within EL11/2017. >6km strike length along strike from Renison

Razorback Open Pit and Tailings Dam Sampling

*1 It should be noted that this Exploration Target estimate is conceptual in nature. There has been insufficient exploration to define a Mineral Resource in this volume and it is uncertain if further exploration will result in the determination of a Mineral Resource

*2 SRZ Announcement 16 July 2019

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MONTANA FLATS EXPLORATION UPSIDE

 EL13/2018 adds 3 km of strike length along the northwest trending, tin-mineralising Oonah and Montana Faults  All tin deposits and major silver mines lie along or between the Oonah and Montana Faults  Silver miners of the 1900s largely ignored tin mineralisation  Exploration potential under Zeehan Western and

• ther silver mines is untested

 Stellar awarded $95,000 Exploration Drilling Grant Initiative Program from Tasmanian Government in May 2019 – to be applied to drilling 3 holes:

• 1 hole planned to target tin mineralisation

underneath the historically mined Zeehan Western base metal mine

• 2 holes planned to target extension of tin

mineralisation underneath Oonah tin resource

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TIN PRICE EXPECTED TO RECOVER IN 2020

 Tin supply tightening as the largest producers, China and Indonesia, cut production in response to low prices  Mine development queue is limited – only one new mine developed (Bisie in DRC) in the last 20 years and no significant exploration occurring  Demand for tin weaker in 2019 due to declining semi-conductor shipments and lower auto production – price expected to rebound in 2020  Longer-term outlook is strong with new uses in the electronic and energy storage sectors to drive above trend demand growth post 2022

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

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TIN PRICE EXPECTED TO RECOVER IN 2020

 “Shanghai Metals Markets (SMM) expect tin prices to rebound above US$20,000/t by the end of 2019 as tight ore availability and maintenance-caused production cuts at China’s largest tin producer, Yunnan Tin, will lead to a sharp supply decline” according to SMM’s senior tin analyst presenting at the 2019 China Tin Summit on 6 Nov 2019  “China’s refined tin production has reduced by ~6% ytd in 2019” (SMM)  “Significant reductions in China’s imports of tin

• re and Chinese mine accidents have also

contributed to the current tight tin supply in China” (ITA)  “China domestic ore production is expected to fall by ~5,000 tonnes (~6% YoY), helping to keep tin prices in the US$ 20,000 - 20,500/tonne range in 2020, while demand is likely to increase as the US and China head towards a partial unwinding of trade tariffs” (SMM)  ~15% of the worlds tin production is currently

• perating at a loss according to the International

Tin Association (ITA) 2019 cost curve above  The 90th percentile price of US$17,400/t shown

• n the ITA 2019 cost curve should form a base

against further weakening of the tin price  If current weak tin prices continue a number of mines are expected to close, further tightening supply

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NEW TECHNOLOGY TO DRIVE TIN USE

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

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THE INVESTMENT PROPOSITION

Investment in the best tin project in Australia – highest grade undeveloped tin project in Australia and second highest globally Low cost investment – market capitalization significantly undervalues Stellar’s tin assets Heemskirk Scoping Study completed in October ‘19 demonstrates the project has attractive and robust economics Potential for early production from Razorback satellite deposit Significant exploration potential – both laterally and at depth in all Heemskirk deposits and within large Exploration Licence package Opportunity to invest in the next Rension Tin Tin is emerging as an energy metal – second generation battery raw material demand to drive opportunities for tin and higher tin prices

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DISCLAIMER

F O R W A R D L O O K I N G S T A T E M E N T S

This presentation may include forward-looking statements. Forward-looking statements include, but are not limited to statements concerning Stellar Resources Limited’s planned activities and other statements that are not historical facts. When used is this report, words such as “could”, “plan”, “estimate”, “expert”, “expect”, “intend”, “may”, “potential”, “should”, and similar expressions are forward-looking statements. In addition, summaries of Exploration Results and estimates of Mineral Resources and Ore Reserves could also be forward-looking statements. Although Stellar Resources Limited believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward–looking

• statements. The entity confirms that it is not aware of any new information or data that materially affects the information included in this report and that all material

assumptions and technical parameters underpinning this announcement continue to apply and have not materially changed. Nothing in this report should be construed as either an offer to sell or a solicitation to buy or sell Stellar Resources Limited securities.

C O M P E T E N T P E R S O N S S T A T E M E N T - R E S O U R C E S

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

C O M P E T E N T P E R S O N S S T A T E M E N T - E X P L O R A T I O N

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

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APPENDIX

F I N A N C I A L S U M M A R Y B O A R D O F D I R E C T O R S G E O L O G Y S E C T I O N S

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SHARE PRICE YET TO REFLECT SOLID ACHIEVEMENTS AT HEEMSKIRK TIN

 100% owner of Heemskirk Tin Project, 150km south of Burnie, Tasmania  Stand- out high grade resource ( 1.1% Sn)  Focused on Heemskirk Tin Project development with vision to be a major tin producer  18km from the world class Renison tin mine – same ore genesis and geology C O M P A N Y O V E R V I E W Financial information

Share price (08-November-19) A$0.012 Number of shares 380.3m Market Capitalisation A$4.6m Cash (30-September-19) A$0.4m Debt (30-September-19) No Debt Enterprise value A$4.2m

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

Capetown S.A. 16.4% Bunnenberg Family 11.9% Directors & Management 2.2% Top 20 Shareholders 52.9%

O w n e r s h i p

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

P H I L H A R M A N , N O N - E X E C U T I V E C H A I R M A N G E O P H Y S I C I S T

BOARD OF DIRECTORS

E X P E R I E N C E D A N D M U L T I - D I S C I P L I N A R Y W I T H S T R O N G G L O B A L C O N N E C T I O N S

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

P E T E R B L I G H T , M A N A G I N G D I R E C T O R G E O L O G I S T

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

G A R Y F I E T Z , N O N - E X E C U T I V E D I R E C T O R T E C H N C I A L C O N S U L T A N T

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

T H O M A S W H I T I N G , N O N - E X E C U T I V E D I R E C T O R G E O P H Y S I C I S T

Over 25 years experience as an accountant and 15 years as a company

• secretary. Leydin Freyer provides

accounting and company secretarial services for a number of ASX listed companies.

M E L A N I E L E Y D I N , C O M P A N Y S E C R E T A R Y C H A R T E R E D A C C O U N T A N T

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

GEOLOGY – QUEEN HILL AND SEVERN

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SEVERN DEPOSIT

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Severn Long Section Showing All Mineralised Zones (2017 Drillholes labelled) OPEN

400m Strike Extent 380m Dip Extent 3m – 50m Thickness

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QUEEN HILL DEPOSIT – LONG SECTION

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Queen Hill Long Section Showing All Mineralised Zones (2017 Drillholes labelled) OPEN

400m Strike Extent 400m Dip Extent 2m – 25m Thickness

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S T E L L A R R E S O U R C E S L I M I T E D

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