Stellar Resources (SRZ) H1 2026 earnings summary

Executive summary

• Focused on exploration and development at the Heemskirk Tin Project, aiming to increase payable tin production to 3,000–3,500 tpa over 6–10 years, with a Prefeasibility Study (PFS) due in 1H2026, improving on the 2024 Scoping Study base case of 1,900 tpa over 12 years.

• Completed an extended diamond drilling program at Severn and Queen Hill, totaling 28 holes and 12,101m, with significant high-grade tin intersections reported.

• Expanded project pipeline with the acquisition of the Granite Tor Tin Project and progress at the East Renison Project, both in Tasmania.

Financial highlights

• Net loss after tax for the half-year was $4,666,806, compared to a loss of $3,097,686 for the same period last year.

• Exploration expenditure increased to $3,215,958 (2024: $2,287,492), and corporate/admin costs rose to $1,150,040 (2024: $968,487).

• Net assets rose to $13,291,717 as of 31 December 2025 (30 June 2025: $5,478,489), with cash and term deposits at $13,349,290 (30 June 2025: $6,144,565).

• Equity raised via placements totaled $9,500,000 before costs during the half-year.

Outlook and guidance

• PFS for Heemskirk Tin Project expected in 1H2026, targeting higher production rates and improved economics.

• Ongoing systematic exploration at East Renison and Granite Tor, with government co-funding for drilling at Carbine Hill.