Stellar Resources (SRZ) Q3 2025 TU earnings summary

Executive summary

• Prefeasibility Study (PFS) activities for the Heemskirk Tin Project are progressing well, with drilling, metallurgical, mining, and ore sorting studies underway and nearing completion.

• The 24-hole, 9,500m infill and extensional diamond drilling program has completed 17 holes for 8,290m, delivering wide, high-grade tin intercepts at Queen Hill and Severn.

• Ore sorting trials at Severn achieved a 2.4x uplift in head grade and up to 95.3% tin recovery, supporting potential for lower costs and higher output.

• Application for the Ringville Exploration Licence adjacent to Renison Tin Mine was accepted, expanding the East Renison Project.

• Strong cash position of $8.4 million at quarter end, with no debt and significant funding runway.

Financial highlights

• Cash and cash equivalents at 31 March 2025 were $4.9 million, with an additional $3.5 million in term deposits, totaling $8.4 million available.

• Net cash outflow from operating activities for the quarter was $1.52 million, mainly due to exploration and evaluation expenditure.

• Major cash outflows included $1.28 million for exploration & evaluation and $0.37 million for employee, admin, and corporate costs.

• No borrowings or debt facilities; all funding from equity and cash reserves.

Outlook and guidance

• PFS activities are focused on increasing metal output, with a target of 3,000–3,500 tpa of payable tin, about 1% of global supply (aspirational target).

• Mineral Resource update is targeted for Q3 2025, with ongoing drilling expected to upgrade resources to the Indicated category.

• Ore sorting and metallurgical test work to continue, aiming to optimize plant size and mining rates.