Stellar’s 100% owned tin projects have an enviable location within the well-established mining district on the West Coast of Tasmania with access to established infrastructure including nearby water and renewable power, access to the port of Burnie 150km to the north via sealed highway for export of concentrate, and a competitive local market for services, mining and processing inputs and labour.

Stellar’s flagship Heemskirk Tin Project is just 18km to the southwest of the Renison tin mine, the largest and most productive tin mine in Australia. Including Renison, there are five major underground metal mines, four of which are operating, within 30km of the Heemskirk Tin Project.

The Heemskirk Tin Project includes three nearby tin deposits: Severn, Queen Hill and Montana. Stellar holds secure Mining Leases over the Heemskirk Tin Project including the tailings pipeline route, tailings storage site and also over the St Dizier satellite tin deposit.

In addition to the Heemskirk Tin Project, Stellar owns a portfolio of nearby Exploration Licences including the Montana Flats and Mount Razorback EL’s which contain a number of historic silver-lead-zinc mines with associated tin mineralisation, the Oonah tin deposit and the St Dizier and Mount Razorback satellite tin deposits.

Location of Stellar’s Tin Projects – West Coast of Tasmania

Stellar holds the following tin licenses in the West Coast of Tasmania near the historic mining town of Zeehan:

• Heemskirk Tin Mining Lease (ML2023P/M) containing all 3 of the Heemskirk Tin Project deposits (Queen Hill, Severn and Montana) and the proposed site for the Heemskirk Tin Project processing plant near Zeehan.
• Heemskirk Tailings Storage Mining Lease (ML2M/2014) over the tailings storage site for the Heemskirk Tin Project
• Heemskirk Tailings Pipeline Route Mining Lease (ML2040P/M) over the tailings pipeline route for the Heemskirk Tin Project
• St Dizier Tin Mining Lease (ML10M/2017) over the St Dizier satellite open-pit tin deposit located 20km to the northwest of Zeehan
• Montana Flats Exploration License (EL13/2018) containing the Oonah deposit, along with significant exploration potential with a number of historic silver-lead-zinc mines and associated tin mineralisation.
• Mount Razorback Exploration License (EL11/2017) containing the historic Razorback Mine and exploration target and significant exploration potential

The Heemskirk Tin Project Scoping Study completed in 2019 is based on development of an underground mine, processing plant, tailings storage facility and surface infrastructure to mine ~ 350ktpa ore from the Queen Hill and Severn tin deposits (2 of the 4 Heemskirk Tin Project deposits) over a 10 year mine-life. The Scoping Study also includes open-pit mining of the St Dizier satellite deposit and trucking to the processing plant at Heemskirk during the final year (year 11) of the project.

The Heemskirk Tin Project will be supplied by 100% Renewable Energy generation in Tasmania. There are 7 hydro power stations and the Granville Harbour Wind Farm within 30km of the  Heemskirk Tin Project

Strong ESG Credentials

• Underground mine, with limited surface footprint and environmental impact.
• Mine portal and processing plant to be located behind Queen Hill screening it from Zeehan.
• Tin is a critical mineral essential for de-carbonization and electrification of the planet.
• No environmental impediments identified by Stage 1 surveying of mine, tailings transport and storage sites.
• West Coast Council has inspected the project and provided positive feed back (WCC responsible for final mining approval).

Favourable location at Zeehan

• Mining Community
• Community supportive of Heemskirk Tin project development (additional local mining jobs).
• Established industrial and mining services base.
• Located in significant mining region; Renison, Henty, Rosebury, Mt Lyell and Avebury mines all within 30km.
• Historical mining town with extensive mining and processing.

Two infill drilling programs were completed at the Severn tin deposit during 2022 and 2023, which focused on increasing the Heemskirk Tin Project Indicated Mineral Resource in wide high-grade areas of the Severn deposit.

Severn is the largest of the four deposits in the flagship Heemskirk Tin Project.

Phase 2A Drilling Program

In September 2022, the Phase 2A drilling program was completed totalling 7 diamond holes for ~3,130m (ZS148-ZS154).

Results from the Phase 2A drilling program are amongst the best-ever intercepts on record in the main ore zone at the Severn tin deposit with highlights including:

Phase 2B Drilling Program

In June 2023, the Phase 2B drilling program was completed totalling 9 diamond holes for 4,022m (ZS155 to ZS163).

Final assay results from the Phase 2B program were announced in late-July 2023 and include some of the best-ever intercepts on record in both the main ore zone and in the upper ore zone at the Severn tin deposit with highlights including:

The Phase 2A and 2B drilling results have successfully extended the north-plunging, high tin grade-thickness (Sn%*m) zone in the main ore zone (Domain 201) at northern Severn by ~100m down dip and ~100m to the north. The zone now extends for a total of ~300m down dip and up to ~150m along strike.

The Phase 2B drilling results also defined a high-grade tin zone in the middle ore zone (Domain 202) at Southern Severn.

The Phase 2A and 2B drilling results supported an updated Mineral Resource Estimate completed in September 2023.

An updated Heemskirk Tin Project Total Mineral Resource Estimate (MRE) of 7.6Mt @ 1.1% Sn (81,976t contained Sn) at a cut-off grade of 0.6% Sn was defined in September 2023 in accordance with the JORC Code 2012.

Heemskirk Tin Project Mineral Resource Statement (2023)

The updated Indicated Mineral Resource of 3.52Mt @ 1.05% Sn (36,991t contained tin) for the Heemskirk Tin Project represents a 24% increase in contained tin in the Indicated Mineral Resource component from the November 2022 MRE and a 58% increase from the 2019 MRE, significantly increasing confidence in the Project.

Benchmarking the Heemskirk Tin Project Resource

Heemskirk is the highest-grade undeveloped tin resource in Australia and third highest globally.

Comparison with Renison Tin Mine

The Renison Tin Mine located 18km to the NE of Heemskirk has similar geology and ore genesis to the Heemskirk Tin deposits.  Renison started with a 4.0Mt reserve and 5 year mine life in 1968 and has since increased the mine life to 50 years with at least another 15 years to go. The Heemskirk deposits contain only ~20% of contained tin found at Renison to date.

Comparison of Heemskirk and Renison Tin Deposits

Scoping Study Overview

Stellar well positioned to take advantage of increasing tin demand and global supply shortages from sustainable ESG compliant Heemskirk Tin Project

In October 2019, Stellar announced the results of its Heemskirk Tin Project Scoping Study based on development of an underground mine, processing plant, tailings storage facility and surface infrastructure to mine ~ 350ktpa ore at a LOM head grade of ~ 0.95% tin from the Queen Hill and Severn tin deposits (2 of the 4 Heemskirk deposits) over a 10 year initial mine-life. The project also includes open-pit mining of the St Dizier satellite tin deposit and trucking of ore to the Heemskirk processing plant during year 11 of the mine plan.

The processing plant is expected to produce ~ 4,500 tpa of concentrate containing ~ 2,200tpa of tin. Concentrate produced will be trucked 150km to the north via sealed road to the Port of Burnie for export to smelters in Asia.

The Heemskirk Tin Project 2019 Scoping Study was 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 potential project viability 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.

Economic Evaluation

The 2019 Scoping Study confirmed the Heemskirk Tin Project has attractive economics:

• With a low pre-production capital base of A$57m, the Heemskirk Tin Project generates a pre-tax NPV^10% of approximately A$83m (post-tax NPV^10% of approximately A$71m), at a tin price of US$20,000/t and 0.70 USD:AUD exchange rate, to an accuracy of ±35%. The pre-tax internal rate of return of the project is approximately 45%.
• A competitive All-In Sustaining Cost of ~US$13,100/t of tin generates ~34% operating margin based on US$20,000/t tin price and 0.70 USD:AUD exchange rate.

Heemskirk Tin Project – Key Results from 2019 Scoping Study

Sensitivity analysis undertaken as part of the 2019 Scoping Study highlights the robustness and attractiveness of higher tin prices to the Heemskirk Tin Project.

Heemskirk Tin Project – Sensitivity Analysis

Mining

A study of mining the Queen Hill and Severn deposits based on the updated May 2019 Heemskirk mineral resource estimate was completed in September 2019 by technical consultants, Mining One.

Conceptual Heemskirk Mine Design Showing Stopes based on Indicated Mineral Resource (Grey) and Inferred Mineral Resource (Brown)

Key parameters of the mine design selected for the 2019 Scoping Study include:

• Long hole stoping underground mining method with either Cemented Aggregate Fill or Cemented Rockfill.
• Mine access via a single decline enabling quick access to Upper Queen Hill, with an initial underground connection access to Severn, followed by an internal decline at Severn and a second connection from Queen Hill to Severn for recovery of upper Severn later in mine life.
• Mine ventilation provided by using two exhaust shafts and an emergency escape way system designed as a second egress and fresh air intake.
• Decline dimensions 5mW x 5.5mH
• Ore drives dimensions 5mW x 4.5mH
• Stope height 20 m
• Minimum stope width 2 m
• Maximum stope width 100 m
• Strike length 15 m
• Pillar width 5 m

Heemskirk Tin Project – Preliminary Production Schedule by Resource Category

The preliminary mining schedule for Queen Hill and Severn used in the 2019 Scoping Study includes total mineral resources of 3.29Mt @ 0.95% Sn after application of mining dilution and recovery factors and mining cut-off grades.

For the first 5 years of production and most of year 6, ore is mined from indicated resources. Indicated resources represent 58% of total ore mined over the 11-year life of the project.

Mining of indicated resources from the St Dizier satellite deposit has also been included in the final year (year 11) of the 2019 Scoping Study preliminary mining schedule.

Metallurgy

The Heemskirk Tin Project’s Queen Hill and Severn tin deposits are broadly similar with cassiterite being the principle tin mineral (97% of total tin) in association with coarser grained sulphides (pyrite and pyrrhotite), silicates and carbonates (siderite) and accessory fluorite and rutile. Minor amounts of lead and zinc sulphide occur in the Upper Queen Hill deposit but become less common below 1100RL.

A number of metallurgical test work programs have been completed between 2010 and 2015 on composited drill core samples from the Queen Hill and Severn deposits by ALS Metallurgical Laboratory in Burnie, Tasmania, and supervised by Worley Parsons.

The table below summarises the recovery and concentrate grade estimated from test work completed and the Life of Mine average head grades for each ore type.

Average Head Grade, Recovery and Concentrate Grade by Deposit

Processing Plant and Surface Infrastructure

Due to similarities between ore types, metallurgical test work at Heemskirk and St Dizier has used a modified version of the Renison Tin processing flowsheet. The Renison plant has operated for more than 50 years and under-gone several adaptions over its history to deal with changing ore-types. Such demonstrated flexibility will be a significant advantage for the Heemskirk processing plant.

The flowsheet for the Heemskirk processing plant was designed by GR Engineering and later reviewed by Mincore in July 2016.

Heemskirk Tin Project – Process Flow Diagram  (Mincore)

The main elements of the Heemskirk processing plant flowsheet include:

• 2 stage crushing followed by grinding (open-circuit rod mill feeding a closed-circuit ball mill)
• Primary sulphide flotation, regrind of sulphide concentrate and flotation of fine sulphide
• Coarse and fine gravity separation using spirals and wet tables to produce a concentrate
• Gravity middling regrind and recycle
• Flotation of deslimed fine cassiterite
• Sulphuric acid leach of concentrate to remove carbonate
• Concentrate dressing using sulphide flotation and magnetic separation

In July 2016, engineering consultants, Mincore, completed plant layout, typical equipment drawings and a +/-35% capital cost estimate for a 200ktpa Heemskirk Processing Plant and Surface Infrastructure.

Mincore were re-engaged by Stellar in August 2019 to scale their June 2016 estimate up to a 350ktpa Heemskirk Processing Plant and Surface Infrastructure capital cost estimate which has been used as the basis for this 2019 Scoping Study.

Opportunities exist for optimisation of the flow sheet and recovery including addition of ore sorting.

Proposed Heemskirk Tin Processing Plant (Mincore 2016)

Tailings Pipeline and Storage

Tailings from the Heemskirk Tin processing plant will be thickened to recover process water and pumped via a 6.7km slurry pipeline to the planned tailings storage facility located within ML 2M/2014. Tailings water is to be reclaimed from the tailings storage facility and pumped back via return water pipeline for use in the process.

An area has been selected for a tailings storage facility located in a concealed valley on crown land with no competing land use and no observed endangered flora or fauna. The site is secured by ML2M/2014 and has no observed geological structures that might make the site unsuitable. The valley is naturally shaped to contain tailings with only a relatively small embankment required to be constructed at the northern limit, minimizing the cost of construction.

Proposed Heemskirk Tailings Storage Facility Plan (Initial Stage) and Site Photograph

Capital Costs

The Heemskirk Tin Project pre-production total capital cost is estimated to be ~A$57M.

Heemskirk Tin Project Capital Cost Summary (±35% accuracy)

Operating Costs

The Heemskirk Tin Project has competitive operating costs of ~A$123/t ore or ~US$13,100/t tin All in Sustaining Cash Cost (AISC).

Heemskirk Tin Project – Operating Costs Summary (±35% accuracy)

Environment

A Stage 1 environmental review of the Heemskirk and St Dizier project areas has been completed by John Miedecke and Partners Pty Ltd. The Stage 1 environmental review concluded that there are no environmental issues that would prevent development of the Heemskirk or St Dizier projects.

Stellar has registered the projects with the Tasmanian Environmental Protection Authority by lodging a notice of intent. The EPA has responded by issuing guidelines for the preparation of a Development Proposal and Environmental Management Plan for each of Heemskirk and St Dizier.

Stage 2 environmental surveying will be conducted in accordance with EPA guidelines and compiled into a DPEMP submission to the EPA and the West Coast Council in support of final mining approvals.

Community

The Heemskirk tin deposits surround Queen Hill a prominent topographical feature (70m elevation above town) that marks the northwest extremity of Zeehan. Housing is sparse on the town side of Queen Hill and non-existent on the northwest side of the hill.

All surface infrastructure including the mine portal, processing plant, surface stockpiles, workshops and offices are sited on the northwest side of Queen Hill above the Trial Harbour Road. The location selected prevents the transmission of noise and dust emissions into the town precinct. Mine access routes are also designed to prevent any interaction between mine vehicles and private vehicles operated within the town.

Underground mine development, particularly of the Severn tin deposit, will extend below the sparsely populated town side of Queen Hill. Much of this activity will occur below 200m from the surface and should have no impact on surface dwellings. Stellar expects to confirm this assessment with vibration and seismic modelling as part of a DPEMP.

Zeehan has a population of 728 people many of whom are involved in the mining industry and would support an increase in mining activity in the area. Stellar has conducted a number of diamond drilling programs on the town side of Queen Hill with the cooperation and support of local residents. The Company also has a good relationship with the West Coast Council who would like to see a Heemskirk workforce making use of the many unoccupied dwellings in the town.

Geology and Exploration History

St Dizier is a satellite open-pit tin deposit located 20km to the northwest of Zeehan. St Dizier is a tin skarn, formed by metasomatic alteration of an original dolomite unit by tin bearing fluids emanating from the Heemskirk Granite. Much of the dolomite is altered to serpentine-magnetite-calc-silicate rock flanked by shales to the south and quartzites to the north. The total meta-sediment package has the form of an east-west trending, vertically dipping roof pendant surrounded by Heemskirk Granite. The skarn consists of magnetite-serpentinite-cassiterite-schoenfliesite-scheelite-bismuthinite. Tin mineralisation is zoned with dominantly cassiterite in the west and increasing amounts of schoenfliesite and other tin species to the east.

43 historic diamond drill holes for 7,309m have been completed at St Dizier over a number of campaigns by different operators. Stellar has completed a further 3 confirmatory diamond drill holes for 317m at St Dizier.

Plan View of St Dizier Geology

The Indicated Resource at St Dizier includes the West and Central Lodes. The bodies crop-out at the surface and strike east-west over a distance of 400m. They dip vertically to a depth of 200m from the surface (in the case of Central) and vary in width from 3m to 40m. Higher tin grades occur between the surface and a depth of 70m in the Central Lode and grades are higher nearer to the surface making the deposit attractive as a potential low-cost open pit development. The smaller Western Lode could also potentially be considered for open pit mining but has not been included in the mine design at this stage.

Cross-Section 345,150mE, Central Lode, St Dizier

Resource

A total mineral resource for the St Dizier satellite tin deposit of 2.3mt @ 0.61% Sn (13,786t of contained tin) at a cut-off grade of 0.3% Sn was defined in accordance with the JORC Code 2012 by technical consultant, Resource and Exploration Geology, in March 2014.

St Dizier Mineral Resource Statement (JORC 2012), March 2014

St Dizier Mineral Resource Statement (JORC 2012), March 2014

Mining

A mining study on the St Dizier Deposit completed by Polberro Consulting in July 2015 forms the basis of the mining assumptions used in the 2019 Scoping Study. The Polberro mining study included; pit optimisation, open pit mine design, consideration of geotechnical factors, bench geometry, mine production rate and mining operating and capital costs.

The Polberro St Dizier mining study focused purely on part of the Central Lode Indicated Resource and determined that an open pit mining method which is well suited to the Central Lode mineralisation as it crops out at the surface, has its highest grades within 50m of the surface, occurs as multiple lenses over widths of 3m to 40m and is surrounded by relatively competent wall rocks. It is also the lowest cost mining method available for the style of mineralisation.

Key results from the Polberro St Dizier mining study, used in the 2019 Scoping Study include:

• In-pit diluted indicated mineral resource of 409,179t @ 0.90% Sn with an average strip ratio of 4.7:1 after application of 10% mining dilution and 95% mining recovery factors
• 100% Indicated Mineral Resource
• Mining capital costs of A$3.3m for drainage diversion, pit development and construction of a waste which can be completed within 3 months
• Mine closure capital cost of A$0.5m
• Contractor operated mining costs estimated at A$26/t ore mined inclusive of waste removal,
• Trucking cost of A$5/t for trucking St Dizier ore a distance of 20km to the processing plant at Heemskirk
• The accuracy of the mining operating cost and capital cost estimates was ±35%

The Heemskirk Tin Project 2019 Scoping Study includes mining from the St Dizier satellite tin deposit which will be mined as an open pit mine and processed in the Heemskirk plant during the last year of the project.

Long Projection St Dizier Tin Deposit

Metallurgy

St Dizier ore is similar in complexity to that at Upper Queen Hill. Stage 1 test work on diamond drill core from St Dizier has been undertaken by ALS Metallurgical Laboratory in Burnie and supervised by Worley Parsons. The test work showed the following outcomes:

• Mineralisation in the sample was quite variable and provides a wide range of responses
• High tin losses to magnetite, slime and tin float tails resulted in overall recovery of 43%
• Gravity concentrate tin grade of 55% is possible through pre-gravity sulphur removal
• Tin float grade could be significantly upgraded by optimising deslime, talc management and acid leaching of concentrate
• Stage 2 optimisation has the potential to increase tin recovery up to 50% into a 50% tin in concentrate product

Geology

The style of mineralisation at the historic Razorback Mine is essentially the same as at Renison Mine, located 7km along strike to the north.

The geology of the Razorback Mine is dominated by the Razorback Fault where the Cambrian serpentinite is in faulted contact with the younger Dundas Group Red Lead Conglomerate and Hodge Slate. The Serpentinite has been strongly dolomitized and talc altered within 20-30m of the fault contact.  The sequence strikes north-northwest and is near vertically dipping with the fault dip steep east near surface to steep west dipping below 100m depth.

Tin mineralisation is hosted within the talc-carbonate altered serpentinite and the Red Lead Conglomerate where they are adjacent to the Razorback Fault.  The mineralised lodes are semi continuous and plunge steeply south within the plane of the fault.  Mineralisation consists of semi-massive pyrrhotite with cassiterite, pyrite, arsenopyrite, chalcopyrite, sphalerite and galena.

The lode is wedge shaped with a width of 10-15m at the top (base of pit floor), narrowing to widths of 2-3m at a depth of approximately 100m below the pit floor. The average length of the significant intersections listed in Appendix 1 is 6.4m. The Razorback lode strikes over [200m] and possibly plunges steeply south to over 400m in depth.

Razorback Mine Typical Cross Section 5,363,850mN

Exploration and Mining History

Initial exploration over the Razorback Tin Mine was undertaken from 1958 to 1969 by the Bureau of Mineral Resources and the Tasmanian Mines Department who completed 7 surface diamond drillholes for 528m.

Extensive underground exploration development, 22 underground diamond drillholes (1,009m) and underground bulk sampling was completed over the Razorback Mine by Placer Prospecting Ltd between 1964 and 1966. Placer also completed 16 surface diamond drillholes over the Razorback Mine during this period.

The Razorback Mine was operated as an open pit mine by Minops Pty Ltd from 1975 to 1978 during which time an estimated 180,000 tonnes of ore at ~0.6% Sn was mined and processed by an on-site processing plant and tailings facility.

In 1978 Minops completed a further 7 surface diamond drillholes aimed at locating extensions of the ore to the south of the open cut.

In 1979 a Joint Venture was signed between Minops and CRA Exploration who proceeded to drill 5 deeper surface diamond drillholes over the next few years. In 1982, CRA Exploration decided not to procced further with the project.

In total 35 historic surface diamond drillholes (6,054m) and 22 underground diamond drillholes (1,009m) have been completed over the Razorback Mine between 1958 and 1984.

In 2018, Stellar dug and sampled 3 costeans in the pit floor.

Razorback Mine Long Projection

Razorback Mine Exploration Target

An Exploration Target of 180,000 – 220,000 tonnes @ 0.8 – 1.0% Sn at a cut-off grade of 0.3% Sn has been defined to a depth of 100m below the previously mined Razorback pit floor in accordance with the JORC Code 2012 by technical consultant, Resource and Exploration Geology, in July 2019. There has been no material change to assumptions since the estimate was completed in 2019.

Razorback Mine Exploration Target

It should be noted that this Exploration Target estimate is conceptual in nature. There has been insufficient exploration to define a Mineral Resource in this volume and it is uncertain if further exploration will result in the determination of a Mineral Resource.

Most of the historic drilling, which forms the basis of the Razorback Mine Exploration Target, has only tested mineralisation to a depth of ~150m below the current pit floor. Possible extensions to the Razorback Mine orebody were further identified by CRA Exploration in 1979 after drilling 5 deeper holes. Further drilling of deeper extension targets, such as those identified by CRA Exploration in 1979, have the potential to substantially increase the Razorback Mine Exploration Target.

Razorback Fault and Grand Prize Exploration Potential

There is potential for discovery of further mineralisation along the Razorback Fault over the 7km of strike length between Razorback and Rension and including the Grand Prize Tin deposit, also within Stellar’s Exploration Licence (EL11/201).

The Grand Prize-Razorback Fault structure is a large mineralizing system. Its proximity to the Pine Hill Granite and the Renison Bell Tin Mine make it highly prospective for structural and replacement style tin-copper deposits.

Broad spaced historic exploration of the Grand Prize Fault suggests it is a large mineralizing system, although possibly sub ore grade at this stage. There are ore grade intercepts within the larger low-grade intercepts suggesting there may be some scope for targeting and modelling of higher-grade zones. There is also the possibility of recovering a copper concentrate adding value to the mineralisation. To put it into perspective, the known mineralizing system covers an area twice that of the Severn deposit at Zeehan and remains open down dip.

Razorback – Grand Prize Fault Structure Geological Plan

The Montana Flats Exploration License EL13/2018 was granted to Stellar in August 2018 after a competitive tender process run by Mineral Resources Tasmania for the license.

Montana Flats EL13/2018 includes:

• The Oonah Mine – a large historic silver-lead mine with a recorded silver production of 2.0 MOz and underlying Oonah Inferred Resource, the fourth of the known Heemskirk Tin Project deposits.
• The Zeehan Western Mine – one of the largest historic silver-lead mines in the Zeehan field with a recorded silver production of 7.1 MOz.
• A number of other smaller historic silver-lead mines.
• The extension of the northwest trending structural corridor along which all tin deposits and major historic silver-lead-zinc mines in the Zeehan field lie, greatly enhancing the exploration potential of the Heemskirk Tin Project.

Montana Flats EL13/2018 – Interpretative Geology

Montana No. 1 Mine -Drillhole ZM141

In November 2021, assay results from Phase 1 hole ZM141A, the first ever hole drilled beneath Zeehan’s largest historic silver-lead mine, Montana No. 1, confirmed very high-grade silver-lead-zinc fissure vein intercepts approximately 90m below the deepest historic mine workings and 320m below surface. Significant intercepts included:

• 2 m @ 31.8 Oz/t Ag, 23.9% Pb, 0.4% Zn and 0.1% Cu from 423.0 m
• 4 m @ 15.4 Oz/t Ag, 12.2% Pb and 4.6% Zn from 411.0 m
• 6 m @ 3.8 Oz/t Ag, 3.6% Pb and 0.4% Zn from 239.0 m

As most of the mineralisation intersected in this hole is present as silver-lead-zinc fissure veins, it is interpreted that the transition into zones of tin mineralisation may still occur at greater depths below those intersected in hole ZM141A.

Oonah Mine -Drillholes ZO142 and ZO144

Two Phase 1 drillholes (ZO142 and ZO144) were completed during 2021 targeting depth extensions of the silver-lead-zinc fissure lodes mined in the historically significant Oonah mine to a depth of ~120m from surface, and depth extensions of the Oonah Inferred Resource (0.59 Mt at 0.9% Sn, 0.8% Cu, 0.1% Pb, 0.1% Zn. Ag not included) defined by previous drilling below the historic mine workings.

In November 2021, assay results from Oonah drillhole (ZO142) included multiple zones of lower grade tin mineralisation and confirmed the continuation of tin mineralisation ~70m below the Oonah Inferred Resource.

In March 2022, assay results from Oonah drillhole ZO144 confirmed multiple zones of lower grade tin mineralisation ~40m below the Oonah Inferred Resource.

Zeehan Western Mine -Drillhole ZW145

In March 2022, assay results from Western Zeehan Phase 1 drillhole ZW145 confirmed narrow high-grade silver-lead-zinc fissure veins below the historic Western Zeehan mine.