Stellar Resources (SRZ) H1 2025 earnings summary

Executive summary

• Focused on exploration and development of the Heemskirk Tin Project in Western Tasmania, with a Prefeasibility Study (PFS) underway and targeted production of 3,000–3,500 tpa of tin over 6–10 years, improving on the 2024 Scoping Study base case of 1,900 tpa over 12 years.

• Updated Scoping Study confirmed robust project economics, low capital requirements, and significant upside potential from additional resources.

• Notable board and management changes, including a new Non-Executive Chairman and Managing Director.

Financial highlights

• Net loss after tax for the half-year was $3,097,686, compared to a loss of $1,203,601 for the same period last year.

• Exploration expenditure increased to $2,287,492 (2023: $762,054), and corporate/admin costs rose to $762,782 (2023: $502,881).

• Net assets at 31 December 2024 were $10,207,473, down from $10,658,729 at 30 June 2024.

• Cash and cash equivalents at period end were $2,414,441, with total cash and term deposits of $9,914,441.

• $10 million raised via placement, with $6.9 million from cornerstone investors.

Outlook and guidance

• PFS aims to increase production rates and optimize plant and infrastructure, with first ore to plant expected 6 months after decline development starts.

• Ongoing drilling and testwork to further define resources and improve project economics.