Star Minerals Limited Financial Report For The Half-Year Ended 31 December 2022

Star Minerals Limited (ASX: SMS, “the Company” or “Star Minerals”) is pleased to present its Half Year Report.

Directors’ Report

The directors submit the financial report of Star Minerals Limited and its subsidiaries (the Group) for the half-year ended 31 December 2022. This report should be read in conjunction with announcements to the Australian Securities Exchange (ASX). In order to comply with the provisions of the Corporations Act 2001, the directors report as follows:

Directors

The names of the directors who held office during or since the end of the half-year and until the date of this report are noted below. Directors were in office for this entire period unless otherwise stated:

• Ian Stuart - Non-Executive Chairman
  
• Ashely Jones - Non-Executive Director
• Gemma Lee – Non-Executive Director (appointed 21 October 2022)
• Stephen Strubel - Non-Executive Director (resigned 21 October 2022)

REVIEW OF OPERATIONS

Corporate

The net loss for the half-year attributed to members of Star Minerals Limited was $508,617 (2021: loss of $433,952).

Projects

The Company is a gold and copper focused explorer with two projects.

The Tumblegum South Project is a gold resource approximately 40km south of Meekatharra, Western Australia.

The West Bryah Project is a gold and copper focused exploration project approximately 140km north of Meekatharra. (Figure 1).

Figure 1 - Location of Projects

Tumblegum South Project

The Company’s Tumblegum South Project consists of 2 areas of interest: the Tumblegum South mining lease and the Star of the East project.

The Tumblegum South mining lease consists of tenement M51/888 located approximately 40km south of Meekathara. This tenement is accessed along a short (1-2km) track from the Meekathara-Sandstone Road and hosts a gold resource of 600,000 tonnes @ 2.2g/t Au for a total of 42,500 ounces of contained gold. Tenement M51/888 has been a focus of activities, with work continuing to complete drilling programs to allow for a Mineral Resource Estimate update.

Star of the East is a recently optioned¹ project approximately 2.5 km to the west of the Tumblegum South mining lease, consisting of the tenement E51/1561. This tenement was the site of the historic “Star of the East” mine that produced about 27,700 ounces of gold.

For further details of the location, see Figure 2 below.

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