Stellar Resources Limited reported assay results from the first two drillholes (ZS155 and ZS156) of the Phase 2B drilling program focused on growing the Indicated Mineral Resource in wide high-grade areas at Severn, the largest deposit in the Company's Heemskirk Tin Project. Assay Results from Severn Infill Hole ZS156: Outstanding assay results have been received from ZS156, the second infill hole completed as part of the Phase 2B drilling program currently underway targeting an expansion of the Severn Indicated Mineral Resource. The hole returned the fifth-best significant intercept recorded to date at Severn on a tin grade thickness basis (Sn% m).

Assay Results from Severn Infill Hole ZS155: Assay results from ZS155, the first infill hole completed of the Phases 2B drilling program, included a wide (39.4m) significant intercept. Northern Severn High Grade-Thickness Zone: These results extend the north-plunging, high tin grade thickness (Sn% m) zone at northern Severn defined in the Phase 2A drilling program last year by a further ~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 as shown on the Severn Long Section and on cross section 3,825N.

Phase 2B Drilling Program Update: On 29 September 2022, Stellar commenced its Phase 2B infill drilling program of eight inclined diamond holes for ~3,860m at Severn, the largest of the Heemskirk Tin Project deposits. The Phase 2B drilling program is focused on 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 drilling program is progressing well with four holes completed, and the fifth hole recently commenced (total 2,254m completed to 17 February 2023): The results from holes ZS155 and ZS156 are reported in this announcement; Hole ZS157 (563.2m total depth) has been completed intersecting sulphide veining (pyrrhotite and pyrite) + cassiterite near the expected positions with the presence of tin confirmed by handheld XRF readings.

Assay results are pending; Hole ZS158 was recently completed (399.5m total depth) with core processing, logging and sampling in Progress; Hole ZS159 commenced on 14 February `23 (140m depth to 17 February `23 versus planned depth of 350m). Advancement of Heemskirk Tin Project Development: The Phase 2B infill drilling program underway at Severn is focused on further increasing the Heemskirk Tin Project Indicated Mineral Resource, targeting wide high grade-thickness mineralisation areas of the deposit. A further Mineral Resource update will be undertaken at the completion of the Phase 2B drilling program in mid-2023.

The Phase 2B drilling program results are expected to support a Pre-Feasibility Study on the Heemskirk Tin Project planned for H2 2023.