Ann: High Grade Tin Intersected in Second Severn Hole, page-10

Yes, Stellar are developers not producers and as such are more early stage and have not converted their resources into reserve status, but there is no problem with grade at Heemskirt (70,930t Sn resource currently).

It is the highest grade tin resource in Australia and the second highest globally.

The scoping study also bases the first four years of production on 100% indicated resources, which for an early stage scoping study is not bad. The 2019 scoping study resource was 0.94% Sn and is 58% in the indicated category.

The scoping study was also completed when the tin price was assumed to be US$20,000/t. At circa US$40,000/t the current tin price is far more likely to enable a higher resource proportion to be converted to reserve status, and as demonstrated by today's announcement, the resource envelope is growing.

MLX owns 50% of Renison (406,000t Sn resource at 100%) and have a market capitalisation of circa $427m at $0.47/share. Renison is now well over 1km deep and likely to go deeper via the Hastings area exploration. Please see attached cross section image from MLX announcement dated 15/07/21: