Stellar Resources (SRZ) Q1 2026 TU earnings summary

Executive summary

• Prefeasibility Study (PFS) activities for the Heemskirk Tin Project advanced, with metallurgical, mining, and ore sorting studies progressing well.

• Drilling success led to an expanded program, with 26 holes (11,215m) completed, supporting resource growth and potential upgrade of the Mineral Resource Estimate (MRE).

• Large-scale ore sorting trials at Queen Hill confirmed increased tin head grade and lower processing costs, supporting inclusion in the PFS.

• Strategic MOUs extended over adjacent Comstock site and signed with Avebury Nickel Mine, enhancing development options.

• Strong cash position of $6.7 million at quarter end, boosted by $2.6 million from option exercises.

Financial highlights

• Cash and cash equivalents at quarter end: $6.7 million.

• Net cash used in operating activities: $2.13 million for the quarter, mainly for exploration and evaluation.

• Proceeds from option exercises: $2.6 million.

• Estimated quarters of funding available: 3.1.

Outlook and guidance

• Updated mineral resources for Queen Hill and Severn expected in 2H25; PFS targeted for 1H26, with timelines subject to further drilling success.

• PFS aims to increase metal output, targeting 3,000–3,500 tpa of payable tin (~1% of global supply), though this is aspirational.

• Ongoing studies to optimise mining rates, plant size, and incorporate ore sorting and alternative tailings management.