Quarterly Activities Report for Period Ending 30 September 2022

Star Minerals Limited (ASX: SMS, “the Company” or “Star Minerals”) is pleased to provide its Quarterly Activities Report for the period ending 30 September 2022.

HIGHLIGHTS

Tumblegum South Gold Project

• Acquisition of option over “Star of the East” historical gold project¹
• Results received for the 2,699m Reverse Circulation (RC) drilling program completed at Tumblegum South gold project.
• Tumblegum Phase 3 diamond drilling completed, assays pending
• Star of the East first reconnaissance RC drilling completed

West Bryah Copper-Gold Project

• Public data analysis underway
• Soil sampling, ground magnetic survey and drilling program completed

During the quarter, Star Minerals progressed a number of its stated goals, completing work programs that aim to advance its goal of bringing the Tumblegum South gold project into production.

In addition, the Company has completed an option agreement to acquire the “Star of the East” project, a nearby historical gold mine that complements the Company’s Tumblegum Project, only 2km to the east.

Work has also been completed on tenements in the West Bryah project area.

CEO Greg Almond comments: “Following the successful completion of two phases of RC drilling and our latest round of diamond core at Tumblegum South, we are encouraged by the results so far, and look forward to working through the rest of our work program to update the resource model and progress through to a scoping study. Our second phase of drilling leveraged off our initial success, and we are very happy the assay results confirmed our model of the geology and grade.

As was previously stated, we are looking at potential acquisitions to help expand our resource base and give us further options and flexibility. We are pleased to have completed the option agreement on the ‘Star of the East’ project. We consider Star of the East a very promising prospect, and logical fit from the point of view of location, size, and potential.”

Tumblegum South Project

Tumblegum South has an existing Inferred Resource estimate which totals 600kt, at a grade of 2.2 g/t Au². This work was undertaken by Bryah Resources Limited in January 2020.

Tumblegum South is located approximately 40km south of the town of Meekatharra in Western Australia (see Figure 1). The existing mining lease ML51/888 is directly along strike from the Tumblegum Pit which was mined by Dominion during the 1987–1992 Gabanintha Gold Mine Joint Venture. The Company’s current focus is on gold, but there is also significant copper potential on the lease.

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