Stellar Resources Limited provided an update on the Phase 2B infill drilling program currently underway targeting wide, high-grade areas in the Severn tin deposit, the largest within the Company's flagship Heemskirk Tin Project. Results from the final Phase 2A drillhole (ZS152) located approximately 100m to the south of the Severn Mineral Resource are also included. On 29 September 2022, Stellar commenced its Phase 2B infill drilling program of eight inclined diamond holes for approx.

3,860m at Severn, the largest of the Heemskirk Tin Project deposits. The Phase 2B drilling program is focused on the following wide, high-grade areas of the Severn deposit to further increase the Indicated Mineral Resource including: A Northern Severn high grade-thickness zone (6 holes), A potential Southern Severn high grade-thickness zone (2 holes). The Phase 2B program is progressing to plan with two holes completed to date and the third hole nearing completion (total 1,693m completed to 22 December 2022): Holes ZS155 (595m total depth) and ZS156 (556m total depth) completed with visual mineralisation comprising sulphide veining (pyrrhotite and pyrite) + cassiterite intersected near the expected position and the presence of tin confirmed by anomalous handheld XRF results.

Assay results are pending. Hole ZS157 nearing completion (542m drilled to 22 December 2022) vs planned 600m total depth. Core processing and sampling to commence in January.

The intercept (interpreted as the main Queen Hill ore lens - zone 306) of 3.0m @ 0.33% Sn and 0.21% Cu from 760.0m lies within a broader 24.7m intersection of sulphide mineralisation +/- minor Sn, Cu, Pb, Zn mineralisation from 738.3m. Further drilling down-plunge of the Queen Hill deposit is recommended to explore for potential high-grade extensions at depth. Over 125m cumulative length of finely disseminated pyrrhotite +/- minor chalcopyrite (Cu) with moderate magnetic susceptibility (typically 5 to 15 SI units) was also intersected between 944m and 1,177m in Hole ZS152 and largely explains the source of the magnetic anomaly defined to the south of the Severn deposit.

Drill core from 944m to the end of the hole is yet to be assayed, however handheld XRF readings recorded anomalous Cu and low Sn values though this zone warranting further investigation for the potential to host new zones of higher grade mineralisation within structures /fluid pathways. Over 350m cumulative length of black shale intersected between 736m and 1,119m may explain the conductor target source identified off historic hole ZS92 south of the Severn deposit.