Quarterly Activities Report for the Period Ending 31 December 2023

Star Minerals Limited (ASX: SMS, “the Company” or “Star Minerals”) is pleased to provide its Quarterly Activities Report for the period ended 31 December 2023.

HIGHLIGHTS

Tumblegum South Gold Project Scoping Study Completed

• The Scoping Study presented a range of outcomes for open-pit mining and third-party toll treatment of the Tumblegum South gold deposit (“Tumblegum South” or “the Project”) which is located approximately 40km south of Meekatharra in the Murchison district of Western Australia.
• The positive results of this Scoping Study provide a basis to refine material inputs and enhance project economics for the Tumblegum South gold resource.

West Bryah Copper Gold Project

• Comprehensive data review underway incorporating additional tenements.

Corporate

• Placement; $600,000 private placement completed.
• $583k cash at bank as at 31 December 2023.

Corporate

A placement of ordinary shares to new and existing sophisticated investors was completed, raising $600,000 at 4 cents per share.¹ Shares were issued following shareholder approval obtained at the general meeting of shareholders, held on 18 October 2023.

Participants in the placement received one free attaching option for every one ordinary share subscribed for. The unlisted options are exercisable at 6 cents and expire on 31 October 2026.

Funds raised from the placement allow the Company to advance scoping and environmental studies at the Company’s Tumblegum South gold Project, exploration activities at the West Bryah copper gold Project and provide additional working capital.

At the end of the quarter, the Company had $583k cash at bank. Included in the Appendix 5B – Section 6 are amounts paid to the Directors of the Company during the December quarter totalling $19,050 comprising director remuneration, including superannuation.

The Company has two projects, a gold Mineral Resource at Tumblegum South, 40km south of Meekatharra and the West Bryah copper-gold exploration project, 120km northwest of Meekatharra.

Figure 1: Star Minerals Limited Project Locations

Tumblegum South Gold Project – Scoping Study²

Various options utilising third-party processing plants operating under a toll treatment agreement were considered. There are currently two active processing plants within a radius of 50km to 150km from Tumblegum South. A range of outcomes were defined based on gold price, and processing cost including trucking costs.

• At gold prices from AUD$2,250 to AUD$3,000/oz, the Production Target for the Project ranges from approximately:
  • 116kt at 2.25g/t producing 7.6koz gold, to
  • 286kt at 2.00g/t producing 16.6koz gold.
• The Production Target generates an undiscounted accumulated cash surplus after payment of all working capital costs, but excluding pre-mining capital requirements, of approximately $7.2M to $16.3M.
• Mining is contemplated as a single campaign over approximately 18-months.
• Pre-mining capital and start-up costs are estimated to be approximately $0.7M to $1.5M.
• Sensitivity of the Base Case scenario to gold price was assessed. Results suggest that project economics are robust for a broad range of gold prices.

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