Stellar Resources Limited provided details of its recently commenced Phase 2B drilling program at Heemskirk Tin Project in Western Tasmania. An update is also provided on preliminary results from the Company's Nabowla stream sediment sampling in Northeast Tasmania. Heemskirk Phase 2B Drilling Program: On 29 September 2022, Stellar commenced its Phase 2B drilling program of eight inclined diamond holes for 3,860m at Severn, the largest of the Heemskirk Tin Project deposits.

The Phase 2B program will focus on infill drilling to further increase the Heemskirk Tin Project Indicated Mineral Resource, targeting high grade-thickness tin mineralisation in two areas of the Severn deposit: Down plunge extension of the Northern Severn high grade-thickness zone identified in the recent Phase 2A program (six holes). Possible Southern Severn high grade-thickness zone up and down plunge of historic high grade-thickness holes ZS110 & ZS110W, possibly extending at depth to historic holes G81 and ZS120 (two holes). The areas within the current Severn Inferred Mineral Resource, which the Phase 2A (grey dotted outlines) and Phase 2B (black dashed outlines) target to convert into Indicated Mineral Resource are highlighted in Figure 1. The Phase 2B Program is fully funded and is expected to be completed by June 2023.

Heemskirk Phase 2A Drilling Program Completion: The last Phase 2A, ZS152, was completed on 21 September 2022 to a depth of 1,194m with drilling continuing well beyond the target depth of 900m. The hole tested a large magnetic and approximately coincident conductive target to the south of the Severn deposit. Results are expected in late-November.

This hole also passes through the projected position of the Severn deposit 100m south of the Severn Mineral Resource. Advancement of Heemskirk Tin Project Development, Mineral Resource Update: An updated Heemskirk Tin Project Mineral Resource Estimate incorporating the recently completed Phase 2A drilling results is expected to be completed in early-November 2022. Heemskirk Tin Project Pre-Feasibility Study The Phase 2B drilling program results are expected to support a Pre-Feasibility Study on the Heemskirk Tin Project planned for 2023 H2, following the completion of the Phase 2B drilling program.

The Heemskirk Tin Project capital and operating cost estimates, mining study, and Scoping Study Update initially planned to be completed in 2022 Fourth Quarter have been deferred due to the current low tin prices. Timing of commencing these studies will be based on market conditions or alternatively may be incorporated into the project Pre-Feasibility Study planned for 2023 H2. Nabowla Gold Exploration Target – Preliminary Stream Sediment Sampling Results During 2022 second quarter, 187 stream sediment samples were taken over the Nabowla gold exploration target on EL11/2020, one of twenty-two medium to high priority targets identified on the Company's EL's in Northeast Tasmania.

Results from these preliminary stream sediment samples have returned low level anomalous gold and pathfinder elements over a broad area coinciding with a Northwest trending magnetic lineament. An infill sampling program of 20 samples is planned to further refine the target area.