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Australia’s Next Tin Mine Aiming to Become a Global Top 10 Tin Producer ASX:SRZ Company Presentation 9 September 2026 Tin and Tungsten Conference
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Zeehan Townsite Built on mining Heemskirk Deposit Proposed portal Renison Tin Mine Bluestone Mines Tasmania JV (Metals X Ltd – 50%) 15km from Heemskirk Announced 30th April 2026 $17m Strategic Placement to Metals X Ltd (ASX:MLX), Substantial Shareholder in Stellar with 16.4%
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Stellar Resources | Corporate Presentation | September 2026 This presentation has been prepared by Stellar Resources Limited (ASX: SRZ) (SRZ or the Company). It contains general information about the Company’s activities current as at the date of the presentation. The information is provided in summary form and does not purport to be complete. This presentation is not to be distributed (nor taken to have been distributed) to any persons in any jurisdictions to whom an offer or solicitation to buy shares in the Company would be unlawful. Any recipient of the presentation should observe any such restrictions on the distribution of this presentation and warrants to the Company that the receipt of the presentation is not unlawful. It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation or any information, opinions or conclusions expressed in the course of this presentation. This presentation is not a prospectus, product disclosure document or other offering document under Australian law or under any other law. It has been prepared for information purposes only and is not a recommendation as to whether to invest in SRZ shares. The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. The presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. Unless otherwise specified, data and tables set out in this presentation are based on SRZ management estimates. This presentation does not include all available information on SRZ, and any potential investor should also refer to SRZ’s Annual Reports and ASX releases and take independent professional advice before considering investing in SRZ. For more information about Stellar Resources Limited, visit the website at www.stellarresources.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information contained in this presentation and, in the case of mineral resource estimates announced on 2 July 2026, 23 February 2026, 4 September 2023, 16 May 2019 and 12 March 2014, all material assumptions and technical parameters underpinning the estimates included in this presentation continue to apply and have not materially changed. The Company confirms that all the material assumptions underpinning the production target, and all forecast financial information derived from the production target made in the Company’s 3 September 2024 ASX Announcement “Updated Heemskirk Tin Scoping Study” and included in this presentation continue to apply and have not materially changed. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of SRZ or its directors, or any of their employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault of negligence, for any loss arising from the use of the information contained in this presentation. In particular, no representation or warranty, express or implied is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness or any forecasts, projections, prospects or returns contained in this presentation nor is any obligation assumed to update such information. Such forecasts, prospects or returns are by their nature subject to significant uncertainties and contingencies. Past performance is no guarantee of future performance. This presentation may contain “forward-looking statements” within the meaning of securities laws of applicable jurisdictions. Forward-looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, “continue”, “objectives”, “outlook”, “guidance” or other similar words, and include statements regarding certain plans, strategies and objectives of management and expected financial performance. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are outside the control of SRZ and any of its officers, employees, agents or associates. Actual results, performance or achievements may vary materially from any projections and forward-looking statements and the assumptions on which those statements are based. Readers are cautioned not to place undue reliance on forward-looking statements and SRZ assumes no obligation to update such information. Disclaimer ASX:SRZ | 3
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Stellar Resources | Corporate Presentation | September 2026 Scoping Study Parameters The Scoping Study referred to in this announcement has been undertaken for the purpose of ascertaining whether a business case can be made to proceed to more definitive studies on the viability of the Heemskirk Tin Project. It is a preliminary technical and economic study of the potential viability of project and is based on low level technical and economic assessments that are not sufficient to support the estimation of ore reserves. Further exploration and evaluation work and appropriate studies are required before Stellar will be in a position to estimate any ore reserves or to provide any assurance of an economic development case. The Scoping Study referred to in this announcement has been undertaken to determine the potential viability of the Heemskirk Project comprising a tin mine and processing plant constructed in Tasmania, Australia, and to reach a decision to proceed with more definitive studies. The Study for the Project has been prepared to an intended accuracy level of ±35%. The results should not be considered a profit forecast or production forecast. The Scoping Study is a preliminary technical and economic study of the potential viability of the Project. In accordance with the ASX Listing Rules, the Company advises it is based on low-level technical and economic assessments that are not sufficient to support the estimation of Ore Reserves. Further evaluation work including infill drilling and appropriate studies are required before Stellar will be able to estimate any Ore Reserves or to provide any assurance of an economic development case. Approximately 97% of the total production targets are in the Indicated Mineral Resource category with 3% in the Inferred Mineral Resource category. 97% of the production target in the first 12 years is in the Indicated Mineral Resource category. The Company has concluded that it has reasonable grounds for disclosing a production target which includes an amount of Inferred Mineral Resource. However, there is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work (including infill drilling) on the Heemskirk Project will result in the determination of additional Indicated Mineral Resources or that the production target itself will be realized. The Scoping Study is based on the material assumptions outlined elsewhere in this announcement. These include assumptions about the availability of funding. While Stellar considers all the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Scoping Study will be achieved. To achieve the range outcomes indicated in the Scoping Study, additional funding will likely be required. Investors should note that there is no certainty that Stellar will be able to raise funding when needed. It is also possible that such funding may only be available on terms that dilute or otherwise affect the value of Stellar’s existing shares. It is also possible that Stellar could pursue other ‘value realisation’ strategies such as sale, partial sale, or joint venture of the Project. If it does, this could materially reduce Stellar’s proportionate ownership of the Project. The Company has concluded it has a reasonable basis for providing the forward-looking statements included in this announcement and believes that it has a reasonable basis to expect it will be able to fund the development of the Project. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the Scoping Study. Cautionary Statement ASX:SRZ | 4
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Stellar Resources | Corporate Presentation | September 2026 Project to be supplied by 100% Renewable Energy via 5 hydro power stations and Granville Harbour wind farm within 30km. ASX:SRZ | 5 Heemskirk is the highest-grade undeveloped tin project in Australia and third highest globally 1 Refer to SRZ ASX Announcement 2 July 2026 – Severn Resource Up 64% 2 Refer to SRZ ASX Announcements on 30 April 2026 - $17 Million Strategic Placement to Metals X and 4 May 2026 - $22.1m Placement Completed Robust balance sheet with A$30.1m in cash following $22.1m capital raising incl. $17m Strategic Placement to Metals X Ltd (ASX:MLX)2 Focused on the aim of becoming a material producer of payable tin to potentially rank as a top 10 global producer Project economics poised for significant growth; Total Resource increased to over 129kt1 (contained tin), Heemskirk PFS due in 2H 26 Stable tier-1 jurisdiction, strong mining history, significant processing capacity and infrastructure, 100% renewable energy Positive metallurgy - sought after unencumbered, clean, low contaminant concentrate for offtake against a backdrop of falling supply
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Stellar Resources | Corporate Presentation | September 2026 Path to becoming a global top 10 tin producer Tin concentrate producers ranked by 2024 tin output (tonnes) Notes: 1. inclusive of Renison allocation. N/A = Not available # AUD market caps source: www/investing.com/pro and Iress as at 8 September 2026 Source: 2025 International Tin Association. All rights reserved, * Estimate pending official confirmation of figures, Differentiated Growth on a Global Scale Tier 1 Jurisdiction Stable production is rare in this industry; 100% of Heemskirk product offtake currently unencumbered Mining Licence granted Rank Company Name 2024 Prod. (t Sn) Global Prod. % Location of primary asset Market cap (AUD$)# Notes 1 Minsur S.A. 39,851* 14.3% Peru A$9.05B 2 Yunnan Tin 29,000*1 10.4% China A$11.55B 3 PT Timah 19,703* 7.0% Indonesia A$2.62B 4 Alphamin Resources 17,324 6.2% DR Congo A$1.93B DRC conflict uncertainty risk Bisie mine hiatus Mar/Apr 2025 5 COMIBOL 12,560 4.5% Bolivia N/A State owned 6 Yinman Mining Co 9,500 3.4% China N/A 7 Guangxi Huaxi Group 7,000 2.5% China N/A 8 Metals X Ltd 5,503 1.9% Australia A$1.62B Renison allocation via 50/50 JV 9 Mining Mineral Resources 4,530 1.6% DR Congo N/A DRC conflict uncertainty risk 10 Malaysian Smelting Corporation (MSC) 2,676* 0.9% Malaysia A$487.2M ASX:SRZ | 6
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Stellar Resources | Corporate Presentation | September 2026 Simon Taylor | MANAGING DIRECTOR AND CEO Resource executive with over 30 years' experience including technical, CEO and Board roles. Former Managing Director of Oklo Resources prior to takeover by B2Gold Corp. Sept 2022 and Non-Exec Director of Chesser Resources prior to takeover by Fortuna Mining Corp Sept 2023. Simon O’Loughlin | NON-EXECUTIVE DIRECTOR Founder of O’Loughlins Lawyers, an Adelaide based specialist commercial law firm. Extensive Experience of equity capital markets, ASX and ASIC rules. Has held many Non-Exec Directorships on ASX listed companies. Market Cap $132.6M Cash 30 June 2026 $30.1M Share Price 8 September 2026 $0.39 Shares On Issue 340.0M Nil Debt Andrew Boyd | EXECUTIVE DIRECTOR Geophysicist with over 25 years of exploration and mining experience, including General Manager Geoscience with ASX Companies Oklo Resources and Papillon Resources, acquired by B2Gold in 2022 and 2014 for ~A$90M and ~$A570M respectively, and Mantra Resources, acquired by ARMZ in 2011 for ~A$1Bn. Top Shareholders Board 12.00% 8.60% Mark Connelly | NON -EXECUTIVE CHAIR Broker Research $102.5M Enterprise Value ASX:SRZ | 7 Corporate executive with +35 years in mining and a wealth of leadership experience in the resources sector. Mr Connelly has an outstanding track record for deal making and was responsible for the USD$570M merger of Papillon Resources and B2 Gold Corp in Oct 2014, as well as the key person responsible for the USD$597M merger of Adamus Resources Limited and Endeavour Mining in Sep 2011. 4.56% MARFORD Group 16.40% Brett Smith | NON-EXECUTIVE DIRECTOR MLX Nominee. Brett is a highly credentialed executive with +35 years of leadership in Australia and internationally. With a proven track record of managing global companies and developing major resource projects across a broad range of commodities, Brett currently serves on the Board of several publicly listed and private mining companies. 30 June 2026 31 July 2026 Corporate Snapshot - 10.0 20.0 30.0 40.0 50.0 60.0 $- $0.100 $0.200 $0.300 $0.400 $0.500 Volume (m) Price (A$/share)
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Stellar Resources | Corporate Presentation | September 2026 Heemskirk Tin Project ASX:SRZ | 8 ✶ World class fertile metal province → Over 100 years of mining with significant production of Tin, Lead, Silver, Nickel and Gold. ✶ Major underground operating mines → Renison, Rosebery, Henty and processing infrastructure nearby ✶ Growth potential → Renison’s 4.0Mt tin reserve in 1968 supported a 5-year LOM and still mining today. ✶ ‘Green tin’ potential → 5 Hydro power stations and Granville Harbour wind farm within 30km ✶ Latent infrastructure → Including adjacent Avebury Plant & Comstock site ✶ Strong community and regulatory support → Engaged with MRT, EPA and West Coast Council, positive support and feedback 1 2025 International Tin Association. All rights reserved. 2 SRZ ASX Announcements 3 December 2024, 14th July 2025 & 25 August 2025 – MOU’s Comstock and Avebury 3 MMG Limited – December 2024 Quarter Production Report 4 CYL ASX Announcement – December 2024 Quarter update Ideal location to be developing Australia’s next tin mine Strategic location with development optionality
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Stellar Resources | Corporate Presentation | September 2026 Heemskirk Mineral Resource Highest grade undeveloped project in Australia with clear scope for resource growth Project Tonnes (Mt) Sn (%) Sn Tonnes (kt) Cassiterite % Heemskirk 13.36 0.86% 115.3 98 St Dizier 2.26 0.61% 13.8 75 Total 15.62 0.83% 129.1 95 Global tin development projects (Measured, Indicated and Inferred)2 St Dizier satellite deposit adds a further 1.20Mt @ 0.69% Sn (100% indicated) Tin grade (% Sn) 1 Refer to ASX Announcements 4 September 2023 – Heemskirk Tin Project MRE Update, 23 February 2026 – Queen Hill Resource Up 41% & 2 July 2026 – Severn Resource Up 64% 2 Refer to Appendix 3 for peer company tin project benchmark assumptions and disclaimer High-grade zones defined in all deposits Low footprint underground mining High Grade ASX:SRZ | 9 Total Mineral Resource Base1 98% tin contained in cassiterite1 Highly amenable to conventional processing Attractive metallurgy Deposits open at depth and along strike Two drill rigs focusing on growth opportunities Resource upside Project is on a granted ML Simplifying regulatory approvals pathway Advanced permitting Contained tin (kt) 62% of Total Resource Base in Indicated Category South Crofty (Upper) South Crofty (Lower) Nazareth Heemskirk Tellerhauser Cleveland AchmmachGottesberg RentailsOropresaMt Garnet Mt Lindsay Taronga Bygoo Tallebung East Kemptville - 10.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 1.80% 0.0 50.0 100.0 150.0 200.0 250.0 Bubble size = Resource Tonnage
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Stellar Resources | Corporate Presentation | September 2026 Stellar Resources is a member of the International Tin Association (ITA) – a globally reputable source of Tin information for development study inputs Owner’s Team Heemskirk Tin Project Development Evaluation Dominic Piscioneri Principal Engineer at Australiz, a Burnie-based firm supporting Tasmanian mining. Dominic has extensive west coast experience and strong familiarity with the Heemskirk project, having led a prior study with GR Engineering Services. ENGINEERING Ben Pearson Environmental consultant and executive with 25+ years ’ experience in project permitting, approvals, and sustainability. Ben is leading the Heemskirk Tin EIA and is reviewing commitments, closure plans, and environmental risk. ENVIRONMENT MANAGER Geoff Beros Consultant with 40+ years’ experience, incl. Chief Metallurgist at Renison Tin Mine, GM – Metallurgy at Venture Minerals and Snr Manager Technical Marketing at Fortescue Metals Group. Geoff leads the Heemskirk program, brings deep knowledge of the Avebury plant, and is integrating test work into the PDC to deliver a fit-for-purpose flowsheet. METALLURGIST Andrew Doe Mining Engineer with 30 years’ experience. He has held site and corporate roles incl. Chief Mining Engineer and VP Sustainability & Technical Support for Anglo Gold Ashanti, led an underground division for a major contractor and served as Mining Manager/Deputy GM at Beaconsfield Gold. Andrew oversees coordination, evaluation, and alignment with construction options. STUDY MANAGER EXTERNAL CONSULTANTS Mine Planning and Scheduling Geotechnical Engineering Metallurgical Testwork Tailings Dam Engineering Process Engineering ASX:SRZ | 10
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Stellar Resources | Corporate Presentation | September 2026 Scoping Study – The Base Case… Expanded PFS expected to materially improve economics and development optionality Refer to: ASX Announcement 3 September 2024 - Updated Heemskirk Tin Scoping Study 1 – Mining schedules utilised Indicated Resource material and only incorporated Inferred material when encountered as part of development 2 - All in Sustaining Costs (AISC) includes mining, processing, concentrate transport and smelting, sustaining capital and royalties 2024 Base Case (pre-tax) ~1,900 tpa payable tinProposed Heemskirk Tin Processing Plant PROPOSED PLANT ROM TRIAL HARBOUR ROAD ROAD FROM DECLINE TO ROM Initial Mine Life 12 year Average Annual Production 350kt LOM Tin in Concentrate +22kt Capex A$71M Total Ore Mined Indicated Category1 97% AISC (LOM) to Sold Product2 US$18,260/t Base Case Spot Price Tin Price per tonne US$28,000 US$36,000 NPV8% A$122M A$259M IRR 33% 59% ASX:SRZ | 11
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Stellar Resources | Corporate Presentation | September 2026 3.52Mt @ 1.05% 3.79Mt @ 0.78% 9.31Mt @ 0.87% 4.0Mt @ 1.03% 0.1Mt @ 0.32% 5.0Mt @ 0.86% - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 2023 MRE 2024 Scoping 2026 MRE 2026 PFS ,000 tonnes (kT) Indicated Inferred Significant Resource Upgrade ▪ +67% increase to 115kt of contained tin ▪ Long Life Mine Schedule potential Metallurgical Improvements ▪ +10% increased recoveries at Queen Hill ▪ High-quality clean concentrate Tailings Storage Facility (TSF) option ▪ Comstock site signed & ML application submitted LOM Upside ▪ Heemskirk – Severn resource open at depth ▪ Montana Resource (0.68Mt @ 1.54%) ▪ St Dizier Open Pit (2.26Mt @ 0.61%) Exploration Upside ▪ East Renison Project adjacent to Renison Mine Positioned to deliver Owner’s team appointed with significant funding of A$30 million cash in bank Prefeasibility Progress – what we have achieved 2023-2026 Significant Mineral Resource Upgrade Refer to ASX Announcements: 2 September 2024 - Updated Heemskirk Tin Scoping Study Confirms Attractive Economics 4 September 2023 - Heemskirk Tin Project MRE Update 23 February 2026 - Queen Hill Resource Up 41%, and 2 July 2026 – Severn Resource up 64% 9 December 2025 - Positive Metallurgical Results for Heemskirk Tin Project 22 April 2026 - Increased Metallurgical Results for Queen Hill Long Life Tin Mine Potential Significant Additional Upside Potential Montana St Dizier (Open Pit) ASX:SRZ | 12 PFS IN PROGRESS
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Stellar Resources | Corporate Presentation | September 2026 Heemskirk Resource Upgrade – Indicated up 94% Growth and high-grade tin potential ASX:SRZ | 13 Refer to ASX Announcements 4 September 2023 – Heemskirk Tin Project MRE Update, 23 February 2026 – Queen Hill Resource Up 41%, and 2 July 2026 – Severn Resource up 64% ✶ Queen Hill Resource increased by 41% in Feb 26 ✶ Severn Resource increased by 64% in July 26 ✶ Montana First drilling since 2012 underway ✶ Growth potential Depth extensions confirmed and open Over 115kt contained tin
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Stellar Resources | Corporate Presentation | September 2026 Resource Upgrade Success Severn & Queen Hill deposits ASX:SRZ | 14 Severn Long Section looking west showing July 2026 Severn Mineral Resource as projected total of the multiple mineralised resource zones and drillhole pierce points (historic holes & SRZ holes shown). GDA Z55 Section 5361900mN showing domains 208, 210, 220 and 230 and % Sn content. Updated MRE July 2026 ✶ 67% increase in Total Resource ✶ 94% increase in Indicated Category Refer to ASX Announcements 4 September 2023 – Heemskirk Tin Project MRE Update, 23 February 2026 – Queen Hill Resource Up 41%, and 2 July 2026 – Severn Resource up 64%
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Stellar Resources | Corporate Presentation | September 2026 Mineral Resource Driving Upside Potential Refer to: ASX Announcement, 3 September 2024, Updated Heemskirk Tin Scoping Study Confirms Attractive Economics 1 – Mining schedules utilised Indicated Resource material and only incorporated Inferred material when encountered as part of development Conceptual Mine Plan Increase in mining inventory 94% increase in Indicated Resource through drilling, allows an: Increase in mining inventory Increase in mining rate up to 750,000 tpa Increased resource allows for longer mine life at larger production rate 100m Queen Hill (Lower Level) -276m asl Severn (Lower Level) -500m asl Portal 230m asl ASX:SRZ | 15 Severn (Top Level) 60m asl 200m Rl 0m Rl -200m Rl -400m Rl -600m Rl Indicated Resource Inferred Resource Potential to increase mining rate further being evaluated as part of PFS Scoping Study used Indicated Resource (2023) only, upside into Prefeasibility Study
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Stellar Resources | Corporate Presentation | September 2026 ✶ Comstock Mine Site closed in 1990’s ✶ Agreement signed to lodge Mining Licence application over area adjacent to Heemskirk ✶ Detailed assessment by reputable engineering firm confirms potential for a Tailings storage facilities (TSF) within ML application area ✶ Avebury Plant in care and maintenance ✶ <10km on sealed bitumen from Heemskirk ✶ Nameplate production capacity 900ktpa ✶ TSF potential and environmental advantages ✶ Discussions ongoing under prior MOU Development Options Targeting reductions in cost, time and environmental impact ASX:SRZ | 16 Refer to ASX Announcements: - Comstock - 3 December 2024 - MOU Signed on Nearby Infrastructure at Heemskirk, 14 July 2025 – Stellar Signs MOU Extension on Adjacent Mine Infrastructure & 5 February 2026 – Consent to Apply for Mining Licence at Heemskirk - Avebury - 25 August 2025 - Stellar Signs MOU on Avebury Plant and Mine Infrastructure Evaluating nearby infrastructure as part of PFS
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Stellar Resources | Corporate Presentation | September 2026 Heemskirk Project Location ASX:SRZ | 17 Queen Hill Proposed Portal Site Trial Harbour Road (8km to Avebury Mine) Queen Hill Deposit Severn Deposit Zeehan Townsite Heemskirk Conceptual Mine Plan
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Stellar Resources | Corporate Presentation | September 2026 Queen Hill Proposed Portal Site Trial Harbour Rd Severn Deposit Zeehan Townsite Comstock Site Avebury Plant Potential Haul Rd Heemskirk Project Location – Access Roads to Avebury ASX:SRZ | 18 8km
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Stellar Resources | Corporate Presentation | September 2026 Positive Metallurgical Results 1 Metals X Ltd (ASX:MLX) – 2025 Annual Report Refer to ASX Announcements 9 December 2025 – Positive Metallurgical Results for Heemskirk Tin Project & 22 April 2026 – Increased Metallurgical Results for Queen Hill Potential for a highly sought-after unencumbered product from a stable Tier-1 jurisdiction Strong tin recoveries and clean concentrate quality Robust metallurgical performance Results demonstrate pathway to strong tin recoveries and low- impurity concentrates High tin recoveries at both deposits Severn - 75% recovery Queen Hill – increased to >70% recovery Producing tin concentrates grading 42-49% Sn Nearby Renison Bell Tin Operations reported tin recoveries of 79.9% tin for 12 months to Dec 20251 Favourable ore mineralogy Sulphides dominated by pyrite with only trace penalty elements Supports potential for a premium low-impurity concentrate Clean concentrate and effective sulphide rejection Sulphide flotation removed 72–93% of sulphides providing a clean gravity-feed product ASX:SRZ | 19
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Stellar Resources | Corporate Presentation | September 2026 Ore Sorting – Major Economic Benefits ASX:SRZ | 20 ✶ Reduce plant capital costs and optimise size ✶ Lower operating and processing costs ✶ Reduce tailings volumes ✶ Produce coarse backfill material for underground mining ✶ Improved grade blending strategies across mine life Refer to ASX Announcement 5 August 2025 – Positive Ore Sorting Results at Heemskirk High-grade product generated: ▪ Head grade increased to 1.50% Sn from 0.91% Sn average (1.6 x uplift) ▪ 82.4% Sn recovery achieved ▪ 50.0% mass rejected Optimised product generated: ▪ Feed grade increased to 1.13% Sn (1.2 x uplift) ▪ 97.2% recovery achieved ▪ 21.2% mass rejected
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Stellar Resources | Corporate Presentation | September 2026 Heemskirk Tin Project Development pathway De-risking delivered Reconfigured Board to drive transitional strategy from explorer to developer Fully funded to advance development strategy Scoping Study refresh with Sept 23 MRE completed 9,500m resource extension & PFS drilling program Severn & Queen Hill Ore Sorting & Metallurgical testwork Comstock Mining Licence Application Agreement Updated Queen Hill Mineral Resource Estimate $22.1m Placement, incl $17m to Metals X Ltd (ASX:MLX) Results from final Severn PFS drill program Updated Severn Mineral Resource Key Upcoming Catalysts Results from Montana drilling Completed Pre-Feasibility Study 2H 2026 Decision to proceed to DFS ASX:SRZ | 21
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Stellar Resources | Corporate Presentation | September 2026 East Renison Project Mineral Sample Results Tin (Sn) 2.24% 1.49% 1.34% Antimony (Sb) 15.5% 11.1% 6.1% Silver (Ag) 7,751g/t 4,660g/t 3,370g/t Gold (Au) 0.9g/t 0.8g/t 0.6g/t Bismuth (Bi) 2.0% 1.6% 1.5% Base Metals (Cu + Zn + Pb) 49.7% 37.5% 35.1% ✶ Adjoins the Renison Tin Mine mining lease1 and covers the interpreted continuation of the Federal-Bassett and Montezuma Faults. ✶ These faults are main conduits for hydrothermal fluids that play an important part in the localisation of significant mineralisation in the district. ✶ Historical rock chip sampling has defined a ~3x3km mineralised zone containing high levels of tin, antinomy, gold, silver, copper, bismuth, zinc and lead. Selected Historic rock chip sample highlights1 1 SRZ ASX Announcement 29 July 2025 – East Renison Project Update Refer to ASX Announcement 7 July 2026 – Tenement Granted Adjacent to Renison Tin Mine ASX:SRZ | 22
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Stellar Resources | Corporate Presentation | September 2026 Granite Tor Project ASX:SRZ | 23 ✶ Acquired Granite Tor Project ✶ Tin potential – Stream sediment sampling has returned up to 8.1% Sn with follow up soil sampling delineating a 4km long >100 ppm Sn anomaly untested by drilling. ✶ REE potential - Stream and soil sampling results indicate potential for REE mineralisation returning up to 9.5% Ce. ✶ Large Exploration holding of 156km2 through combined East Renison and Granite Tor Projects 1 ASX Announcement 2 October 2025 – Project Acquired in World Class Tin Province, Tasmania Consolidates Stellar’s land holding in Tasmania’s World Class Tin Province Strategic location with development optionality
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Stellar Resources | Corporate Presentation | September 2026 Tin at a Glance – Why it Matters ASX:SRZ | 24 Today - essential Demand +26% Growth in solder, boosted by energy transition +20% Growth in other sectors Existing mines Initial recovery Long-term decline due to grades, policy Secondary supply Set to grow steadily as industry grows, new technologies Feedstock competition a limit New mines Approximately $3.7 billion required by 2035 to plug the deficit Source: International Tin Association, Investing in Tin 2025 Demand to outstrip supply by 2033 Source: International Tin Association, International Tin Conference 2026 Others 7% Tin Copper 5%Lead-acid Battery 8% Tinplate 11% Tin Chemicals 16% Solder 53% Electronic 34% Photovoltaics 12% Industrial 7%
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Stellar Resources | Corporate Presentation | September 2026 China 26% Other 38% Global Tin Supply Falling 25 ASX:SRZ | 25 Refined Tin Total Unencumbered offtake in a tier 1 jurisdiction (Australia) likely to be highly sought after Tin Concentrate Total 2025 Tin Concentrate Production Percentage Source: 2026 International Tin Association. All rights reserved, * estimate pending official confirmation. Tin production is declining in existing mines due to diminishing reserves and lower grades. Global growth in demand from electrification, electronics and semiconductors to support rising tin market deficits Minimal investment in tin exploration results in limited viable projects to fill forecast tin deficit. 2025 Tin Production 371,232 tonnes -0.57%, flat from 2023 284,059* tonnes -0.3% down from 2024 Banned all unrefined tin exports in June 2023, closed 1,000 illegal tin mines, nationalised seized tin smelters in October 2025 Conflict uncertainty: Alphamin’s Bisie mine hiatus (Mar/Apr 25) (~6% of 2024 global production) Wa State suspended all tin mining in August 2023. Indonesia 21% Myanmar 5% DR Congo 10%
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Stellar Resources | Corporate Presentation | September 2026 LME Spot Tin Price and Stock Levels ASX:SRZ | 26Source: westmetall.com Spot Tin Price (L) Stock Levels (R) 0 2,000 4,000 6,000 8,000 10,000 12,000 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 LME Tin Stock Levels (Tonnes) LME Spot Tin Price (US$/t)
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Stellar Resources | Corporate Presentation | September 2026 ASX: SRZ | 27 Heemskirk is the highest-grade undeveloped tin project in Australia and third highest globally Robust balance sheet with A$30.1m in cash following $22.1m capital raising incl. $17m Strategic Placement to Metals X Ltd (ASX:MLX)2 Focused on the aim of becoming a material standalone producer of payable tin to potentially rank as a top 10 global producer Project economics poised for significant growth; Total Resource increased to over 129kt1 (contained tin), Heemskirk PFS due in 2H 26 Stable tier-1 jurisdiction, strong mining history, significant processing capacity and infrastructure, 100% renewable energy Positive metallurgy - sought after unencumbered, clean, low contaminant concentrate for offtake against a backdrop of falling supply 1 Refer to SRZ ASX Announcement 2 July 2026 – Severn Resource Up 64% 2 Refer to SRZ ASX Announcements on 30 April 2026 - $17 Million Strategic Placement to Metals X and 4 May 2026 - $22.1m Placement Completed
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ASX: SRZ Contact Us Simon Taylor Managing Director E: simon@stellarresources.com.au M: +61 409 367 460 Jason Mack White Noise Communications E: jason@whitenoisecomms.com M: +61 400 643 799
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Stellar Resources | Corporate Presentation | September 2026 ✶ Located in the Scamander Mineral Field in Northeast Tasmania. ✶ Numerous high-priority drill ready targets including North Scamander and Pinnacles. ✶ Stream sediment and soil Geochem returned significant rock-chip results up to 1.1% tin. ✶ Outcropping mineralised gossan and a coincidental regional magnetic anomaly. ✶ Drilling in 2023 made a significant new high-grade polymetallic discovery. North Scamander Project High-grade discovery Massive Vein Mineralisation in NSD005 Core from 160.0m to 160.5m Sph - Gn Sph Sph Gn Refer to: ASX Announcements, 4th December 2023 – Multiple downhole conductors confirmed at North Scamander, 19th September – New high grade polymetallic discovery ASX:SRZ | 29
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Stellar Resources | Corporate Presentation | September 2026 ✶ Exploration drill hole (NSD005) returned a significant new high-grade Ag-Sn-Zn-Pb-In polymetallic discovery. ✶ 32.0m @ 141 g/t Ag, 0.34% Sn, 3.8% Zn, 2.0% Pb, 77 g/t In, 19 g/t Ga from 130.0m inc. o 5.0m @ 495 g/t Ag, 1.04% Sn, 5.2% Zn, 7.1% Pb, 113 g/t In, 23 g/t Ga from 130.0m and o 1.4m @ 353 g/t Ag, 2.29% Sn, 14.2% Zn, 8.8% Pb, 594 g/t In, 29 g/t Ga from 159.7m ✶ Results include up to; 1,035 g/t Ag, 5.75% Sn, 27.6% Zn, 21.2% Pb, 1,070 g/t In and 37 g/t Ga. ✶ Downhole electromagnetic (DHEM) survey completed in Oct 23 has identified multiple downhole conductors in discovery hole NSD005. North Scamander Project High-grade discovery ASX:SRZ | 30 Upper Zone EM Conductor Plate Refer to: ASX Announcements, 4th December 2023 – Multiple downhole conductors confirmed at North Scamander, 19th September – New high grade polymetallic discovery
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Stellar Resources | Corporate Presentation | September 2026 ✶ Reconnaissance rock chip sampling returned high-grade tungsten, bismuth and silver results across multiple prospects. ✶ The Lutwyche prospect returned high-grade tungsten and bismuth including; ✶ 6.91% WO3, 4.28% WO3 4.22% WO3 and 0.2% Bi ✶ Scamander Bell sampling returned very high silver grades; ✶ 2,730 g/t Ag, 1,410 g/t Ag and 1,040 g/t Ag Scamander Project High-Grade Tungsten and Silver Results ASX:SRZ | 31 SRZ ASX Announcements 28 April 2026 – High Grade Tungsten and Silver at Scamander Coarse wolframite crystals hosted by quartz veins at the Lutwyche Prospect, Scamander Project (Samples LW26013 (Left) and LW26006 (Right))
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Stellar Resources | Corporate Presentation | September 2026 Appendix 1 – 2024 Scoping Study ASX:SRZ | 32 Average Head Grade, Recovery and Concentrate Grade by Deposit Parameter Unit Upper Lower Severn LOM Queen Hill Queen Hill Schedule Head Grade % Sn 0.99% 1.04% 0.71% 0.78% Recovery % 53% 66% 80% 75% Conc Grade % Sn 48% 48% 49% 49% Unit Total LOM Ore Production (kt) 3,894 Sn Grade (LOM Ave) (%) 0.78 Tin Recovery (LOM Ave) (%) 75 Tin Produced (Tonnes) 22,818 Mine Life (Yrs) 12 Tin Price (US$/t) 28,000 Exchange rate USD:AUD 0.67 Tin Price (A$/t) 41,791 Gross Revenue (A$M) 877 Total Operating Costs (AISC) (A$M) 489 Total Operating Costs (AISC) (US$/t Sn) 18,260 Operating Cash Flow (A$M) 389 Operating Margin (%) 44% Capital Cost (A$M) 71 Net Cash Flow (Pre-Tax) (A$M) 267 Pre-Tax NPV8% (A$M) 122 Post-Tax NPV8% (A$M) 75 IRR (Pre-Tax) (%) 33 Payback Period (Yrs) 3.5 Pre-Tax NPV / Capex 1.7 Summary of Technical and Financial Parameters (A$M) (US$M) Mining 11 7 Processing & Surface Infrastructure 40 27 Tailings 6 4 Working Capital 12 8 Contingency 2 1 Total Development Capital Cost 71 48 Capital Cost Summary Total LOM (A$M) Annual Ave (A$M) A$/t Ore A$/t Sn US$/t Sn Mining 303 25.3 78 13,288 8,903 Processing 169 14.1 43 7,406 4,962 Concentrate transport & smelting 83 7.0 21 3,657 2,450 Sustaining Capital 9 0.7 2 378 253 Royalties 57 4.8 15 2,518 1,687 Total All In Sustaining Cash Costs (AISC) 622 52 160 27,247 18,256 Operating Costs Summary Tin Price (US$/t Sn) 26,000 28,000 30,000 32,000 34,000 NPV Pre Tax 87 122 156 190 225 IRR Pre Tax 26% 33% 39% 46% 52% NPV Post Tax 51 75 99 123 147 IRR Post Tax 20% 26% 31% 36% 41% Payback 4.25 3.50 3.00 2.75 2.50 Tin Price Sensitivity Refer to ASX Announcement 3 September 2024 – Updated Heemskirk Scoping Study
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Stellar Resources | Corporate Presentation | September 2026 Large high - grade tin resource 13.36Mt @ 0.86% Sn 115.3kt contained tin 62% of MRE defined in Indicated category 71.93kt of contained tin High - grade zones defined in all deposits Mine plan accessing higher - grade Queen Hill first St Dizier Satellite Tin Project 1.20Mt @ 0.69% Sn Indicated MRE 3 Appendix 2 – Heemskirk Mineral Resource Estimate July 2026 ASX:SRZ | 33 †Montana 2019 MRE reported at a 0.6% cut-off grade Classification Deposit Tonnes (Mt) Sn (%) Sn Tonnes (kt) Cassiterite % of Total Sn (%) Cu (%) Pb (%) Zn (%) Year Indicated Upper Queen Hill4 0.54 0.81 4.39 83.2 0.13 1.20 0.62 2026 Lower Queen Hill 1.72 0.97 16.80 98.0 0.03 0.25 0.30 2026 Severn1 6.05 0.84 50.74 98.7 0.07 0.02 0.03 2026 Indicated Total 8.31 0.87 71.93 97.5 0.06 0.14 0.12 Inferred Upper Queen Hill4 0.2 0.66 1.5 86 0.27 1.19 0.12 2026 Lower Queen Hill 1.6 0.75 12.2 99 0.03 0.06 0.07 2026 Severn1 2.5 0.77 19.3 99 0.05 0.04 0.03 2026 Montana2 0.7 1.54 10.4 96 0.08 0.72 1.42 2019† Inferred Total 5.0 0.86 43.4 98.2 0.06 0.11 0.05 Grand Total 13.36 0.86 115.3 97.8 0.06 0.13 0.10 1 ASX Announcement: 2 July 2026 – Severn MRE Up 64% 2 ASX Announcement: 16 May 2019 – Updated Heemskirk Resource Increases Indicated Category and Confidence in the Project. 3 ASX Announcement: 12 March 2014 – New Open Pittable Resource at St Dizier. 4 ASX Announcement : 23 February 2026 – Queen Hill Resource Up 41%
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Stellar Resources | Corporate Presentation | September 2026 Appendix 3 Heemskirk Tin Project Benchmarking Assumptions ASX:SRZ | 34 As of 3/8/2026 Measured Indicated Inferred Total (M&I&I) Company Project Country Source Date Products Project Stage Tonnes (Mt) Grade (%) Contained Tin ('000's) Tonnes (Mt) Grade (%) Contained Tin ('000's) Tonnes (Mt) Grade (%) Contained Tin ('000's) Resource Tonnes (Mt) Resource Grade (%) Resource Contained Tin (kt) Cornish Metals South Crofty (Upper) UK PEA Results for South Crofty Tin Project 6/09/2023 Sn, Cu, Zn FS 0 0.00% 0.00 0.26 0.69% 1.8 0.47 0.66% 3.1 0.7 0.67% 4.9 Cornish Metals South Crofty (Lower) UK PEA Results for South Crofty Tin Project 6/09/2023 Sn FS 0 0.00% 0.00 2.90 1.50% 43.6 2.6 1.42% 37.4 5.5 1.47% 81.0 Minsur Nazareth Peru Minsur Annual Report 2024 30/04/2025 Sn, Cu, Ag SS 0 0% 0.00 6.80 1.26% 86 5.40 1.38% 74.5 12.2 1.31% 160.2 Stellar Resources Heemskirk Australia Severn MRE Up 64% 2/7/2026 Sn, Cu SS 0 0.00% 0.00 8.31 0.87% 71.93 5.0 0.86% 43.4 13.36 0.86% 115.3 Stellar Resources St Dizier Australia New Open Pittable Resource at St Dizier 12/3/2014 Sn SS 0 0.00% 0.00 1.20 0.69% 8.3 1.06 0.52% 5.5 2.26 0.61% 13.80 First Tin Tellerhauser Germany First Tin Website - Resources & Reserves 1/12/2025 Sn DFS 0 0.00% 0.00 10.0 0.45% 45 18.0 0.52% 93.6 27.9 0.50% 138.6 Elementos Cleveland Australia Elementos Website - JORC Resources 31/07/2018 Sn, Cu SS 0 0.00% 0.00 6.23 0.75% 19 1.24 0.76% 9.4 7.5 0.75% 56.1 Inner Mongolia Xingye Silver & Tin Mining Co Achmmach Morocco Achmmach Tin Project Resource Update 4/11/2024 Sn SS 2.1 0.85% 18 25.80 0.61% 158 11.2 0.33% 37.5 39.1 0.55% 213.3 First Tin Gottesberg Germany First Tin Website - Resources & Reserves 17/09/2025 Sn Exploration 0 0.00% 0.00 6..1 0.23% 14.2 31.1 0.25% 77.1 37.2 0.25% 91.3 Metals X & BMT JV Rentails Australia Metals X Website - Minerals Resource and Ore Reserves 4/11/2024 Sn, Cu FS 27.53 0.43% 118 0 0.00% 0 0 0.0% 0.0 27.5 0.43% 118.4 Elementos Oropresa Spain Elementos Website - JORC Resources 14/02/2023 Sn DFS 7.4 0.36% 27 11.11 0.41% 45 1.1 0.38% 4.0 19.6 0.39% 75.8 TableLands Mining Group Mt Garnet Australia Consolidated Tin Mines - PFS Announcement 30/09/2013 Sn,Fe,F PFS 1.1 0.73% 8.07 8.30 0.36% 30 3.7 0.37% 13.7 13.1 0.39% 51.7 Critica Mt Lindsay3 Australia Critica 2025 Annual Report 17/10/2012 Sn,Fe,W SS 8.1 0.20% 18.0 17.00 0.20% 32 20.0 0.20% 32.0 45.0 0.20% 81.0 First Tin Taronga Australia First Tin Website - Resources & Reserves 30/04/2026 Sn DFS 39.2 0.13% 51.2 46.5 0.10% 46.4 46.2 0.08% 38.9 132 0.10% 136.6 Caspin Resources Bygoo Australia Caspin Website - JORC Resources 1/09/2025 Sn Exploration 0 0.00% 0.00 0 0.00% 0.00 3.94 0.50% 19.3 3.9 0.50% 19.3 Sky Metals Tallebung2 Australia Sky Metals - Tallebung Resource Update 13/7/2026 Sn, W SS 0.5 0.19% 0.90 12.3 0.14% 17 19.9 0.15% 18.8 32.7 0.11% 37.0 Avalon Advanced Materials East Kemptville1 Canada East Kemptville Tin Production and PEA 7/05/2018 SN PFS 0.58 0.20% 1.18 22.39 0.15% 34 14.3 0.14% 19.8 37.2 0.15% 55.0 Please refer to the Disclaimer, Cautionary Statement and Competent Person Statement on the following page for important information on the peer comparison presented in this document.
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Stellar Resources | Corporate Presentation | September 2026 Appendix 3 (Cont.) Heemskirk Tin Project Benchmarking Assumptions ASX:SRZ | 35 Disclaimer The peer comparison presented in this document is provided for illustrative purposes only. The peer group comprises 15 projects of listed companies with primary tin development assets. The peer group is not intended to represent a comprehensive or exhaustive population of all comparable companies or projects operating in the relevant sector. Other companies or projects that may be considered comparable have not been included, whether due to data availability or differences in disclosure standards. This comparison does not purport to be a comprehensive, statistically representative, or exhaustive comparison of all relevan t peers. Differences between the Company's project and those of the peer group, including but not limited to geology, jurisdiction, permitting status, infrastructure, capital cost estimates, project stage, and market conditions, may materially affect the comparability of the metrics presented. The comparison should not be relied upon as a basis for investm ent decisions and should not be construed as a representation that the Company's project will achieve, or is likely to achieve, similar outcomes to those of the peer group. 1,2 Cautionary Statement - In the peer resources disclosed in the table in Appendix 3: Footnoted item 1 was reported by the relevant company under the Canadian NI 43 -101 and is a qualifying foreign estimate of miner alisation. Footnoted item 2 uses only the contained tin Resource and not the tin equivalent Resource. Footnoted item 3: • the data are not reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (referred to as the “JORC Code (2012)”); • a Competent Person has not done sufficient work to classify the historical estimates or foreign estimates as Mineral Resour ces or Ore Reserves in accordance with the JORC Code (2012); and • it is uncertain that following evaluation if the historical estimates or foreign estimates will be able to be reported as M ineral Resources or Ore Reserves in accordance with the JORC Code (2012). Competent Person Statement Mr Andrew Boyd (BSc), a Competent Person, who is an Executive Director of Stellar Resources, and a member of the Australian I nstitute of Geoscientists, has considered the information for the foreign estimates of mineralisation for the peer resources disclosed in the table above and considers tha t the information disclosed is an accurate representation of the available data for the peer resource. Mr Boyd consents to the inclusion in presentation the matters based on this information in the form and context which it appe ars, with relevant links provided for each resource embedded as a hyperlink.