Stellar Resources (SRZ) Q2 2025 TU earnings summary

Executive summary

• Prefeasibility Study (PFS) activities advanced for the Heemskirk Tin Project, following a robust updated Scoping Study in September 2024, with significant progress in drilling, metallurgical test work, and ore sorting studies.

• The Heemskirk Tin Project remains the highest-grade undeveloped tin resource in Australia and third globally, with a total Mineral Resource Estimate (MRE) of 7.48Mt @ 1.04% Sn (77.87kt contained tin) at a 0.6% Sn cut-off.

• Record high-grade tin intersections were achieved at Severn and Queen Hill deposits, exceeding current resource model expectations.

• A Memorandum of Understanding (MOU) was signed for access to adjacent Comstock mine infrastructure, supporting project development.

Financial highlights

• Strong cash position of $7.4 million at 31 December 2024, with an additional $2.5 million in term deposits available on call.

• Major cash outflows for the quarter included $1.57 million in exploration and evaluation and $328,000 in employee, administration, and corporate costs.

• No debt or financing facilities drawn at quarter end.

• Estimated 3.9 quarters of funding available at current expenditure rates.

Outlook and guidance

• PFS workstreams are underway, focusing on increased mining rates, plant optimization, ore sorting, and alternative tailings management.

• Results from ongoing metallurgical and ore sorting test work are expected over the next two quarters.

• Continued drilling aims to upgrade resources and expand high-grade zones, with further updates anticipated in 2025.