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Star Minerals

ASX:SMS

Progressing towards gold production in Western Australia

Company Highlights

  • Star Minerals is a gold and copper-focused exploration and development company with three assets in Western Australia.
  • Stage 3 resource-definition drilling has commenced at the company’s flagship project, Tumblegum South.
    • The maiden mineral (inferred) resource estimate for the project totals 600,000 tonnes, at a grade of 2.2 grams per ton (g/t) gold.
  • Star Minerals owns two additional gold assets at varying stages of exploration moving towards development: West Bryah and Star of the East.
    • The West Bryah project is a collaboration between Star Minerals and Bryah Resources, with both companies contributing to current exploration campaigns.
    • The Star of the East project is a recent acquisition, and the company aims to generate JORC-compliant resource estimates using the data from the company’s 2022 reconnaissance gold drilling campaign.
  • The company is led by an experienced management team with expertise throughout the mining industry, creating confidence in the team’s ability to reach its goals.
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Overview

Star Minerals (ASX:SMS) is a gold and copper exploration and development company focused on Western Australia, a region the Fraser Institute index has identified as a top mining jurisdiction for investment attractiveness, hosting some of the world’s most significant gold operations. Star Minerals owns three gold projects in Western Australia: its flagship project Tumblegum South, the West Bryah project and the Star of the East project.

More than 66 gold mines operate throughout Australia, including 14 of the world’s most significant gold operations. Western Australia accounts for nearly 70 percent of Australia’s total gold production.

Market analysts have indicated the global mined supply and physical demand for gold appear robust through year-end 2026. Mining projects in Western Australia are poised to capitalize on the state’s potential and benefit from the projected increase in demand.

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Overview

Star Minerals (ASX:SMS) is a gold and copper exploration and development company focused on Western Australia, a region the Fraser Institute index has identified as a top mining jurisdiction for investment attractiveness, hosting some of the world’s most significant gold operations. Star Minerals owns three gold projects in Western Australia: its flagship project Tumblegum South, the West Bryah project and the Star of the East project.

More than 66 gold mines operate throughout Australia, including 14 of the world’s most significant gold operations. Western Australia accounts for nearly 70 percent of Australia’s total gold production.

Market analysts have indicated the global mined supply and physical demand for gold appear robust through year-end 2026. Mining projects in Western Australia are poised to capitalize on the state’s potential and benefit from the projected increase in demand.

Star Minerals Project Locations

Star Minerals’ Tumblegum South project is advancing toward production. The maiden mineral (inferred) resource estimate for the project announced in 2020 totals 600,000 tonnes, at a grade of 2.2 g/t gold. Phase 2 drilling provided excellent assay results, including 4 meters at 16.9 g/t gold and 3 meters at 14.74 g/t gold. These results confirmed Star Minerals’ previous interpretation of both geology and grade. In September 2022, Star Minerals commenced stage 3 resource-definition drilling to further define and expand on the current gold resource. Results of the completed diamond drilling activity prove gold mineralization with assays of 2.1 meters @ 20.49 g/t gold in hole BGDD002 from 26.7 meters downhole, 0.94 meters @ 42.59 g/t gold from 26.7 meters downhole and 0.4 meters @ 41.5 g/t gold in hole TDH004 from 62.7 meters downhole.

CEO Greg Almond confirmed progress at the flagship project in an interview. “Currently, we’re working on further exploration work at Tumblegum South. We’ve had drilling ongoing that’s just been completed. We’ve got environmental and engineering studies underway, and our intention is to bring that deposit into production.”

Star Minerals has two additional gold assets in Western Australia — the West Bryah project and the Star of the East project. The company is collaborating with Bryah Resources Limited (ASX:BYH) as it moves forward with exploration at the West Bryah project, initially focusing on soil sampling and rotary air blast (RAB) drilling set to commence in 2024.

The Star of the East project has promising non-JORC historical gold resources, with past production of 27,700 ounces. Star Minerals confirmed gold mineralization at the project through assay results from Phase-1 drilling which include 14 meters @ 8.3 g/t gold in hole SRC003 from 15 meters downhole, 8 meters @ 14.2 g/t gold from 18 meters downhole, 6 meters @ 4.95 g/t gold in hole SRC007 from 9 meters downhole and 4 meters @ 2.44 g/t gold in hole SRC006 from 16 meters downhole.

An experienced management team leads the company toward its goal of becoming a significant gold producer in Western Australia. Its management team and board members include experts in corporate and international finance, geology and project development. This range of experience throughout the mining industry builds confidence in the team’s ability to develop its promising assets fully.

Company Highlights

  • Star Minerals is a gold and copper-focused exploration and development company with three assets in Western Australia.
  • Stage 3 resource-definition drilling has commenced at the company’s flagship project, Tumblegum South.
    • The maiden mineral (inferred) resource estimate for the project totals 600,000 tonnes, at a grade of 2.2 grams per ton (g/t) gold.
  • Star Minerals owns two additional gold assets at varying stages of exploration moving towards development: West Bryah and Star of the East.
    • The West Bryah project is a collaboration between Star Minerals and Bryah Resources, with both companies contributing to current exploration campaigns.
    • The Star of the East project is a recent acquisition, and the company aims to generate JORC-compliant resource estimates using the data from the company’s 2022 reconnaissance gold drilling campaign.
  • The company is led by an experienced management team with expertise throughout the mining industry, creating confidence in the team’s ability to reach its goals.

Key Projects

The Tumblegum South project

The Tumblegum South project

The Tumblegum South project is located approximately 40 kilometers south of the town of Meekatharra in Western Australia. It incorporates both the Tumblegum South and the

recently optioned Star of the East project. Star Minerals’ completed Phase 2 resource-definition drilling produced high-grade assay results. While the company focuses on gold deposits in the asset, it also has significant copper deposits, creating additional future potential.

Project Highlights:

  • Excellent Phase 2 Drilling Results: Phase 2 assay results indicate high-grade gold deposits, confirming the continuation and extension of geology and grade. Latest drill results will be used for further resource work at the project, and an independent update to the resource model is planned.
  • Stage 3 Drill Program Commenced: The 300-meter resource definition drilling program aims to further define and expand on the current gold resource.
  • Existing Inferred Resource Estimate: The maiden mineral (inferred) resource estimate for the project totals 600,000 tonnes at a grade of 2.2 g/t gold.
  • Additional Copper Potential: While Star Minerals is currently focusing on gold, the project also contains significant copper deposits. These deposits create additional revenue opportunities as the asset matures.

After confirming gold mineralization through the results of completed diamond drilling, Star Minerals intends to come up with resource modeling and complete the required engineering and environmental works.

Star of the East Project

The Star of the East project is located only 2.2 kilometers from the company’s Tumblegum South Gold project. Acquired by Star Minerals in July 2022, this gold asset is an exciting historical deposit that has not received any modern exploration — creating blue-sky potential as exploration continues. Initial drilling is currently underway.

Project Highlights:

  • Encouraging Historic Production: Historical production data indicates more than 27,700 ounces of gold were mined from the asset, beginning in 1897.
  • Initial Reconnaissance Drilling Underway: The company has begun an initial exploratory drilling campaign. The 300-meter campaign will explore and expand the historical data and help move towards a JORC-compliant resource estimate.

West Bryah Project

West Bryah Project

The West Bryah project comprises seven granted exploration tenements and covers 349.3 square kilometers. The project is located approximately 140 kilometers north of Meekatharra in Western Australia and is accessible through existing roads, including the Great Northern Highway. The asset is an early-stage exploration project with geology that indicates excellent potential, but there has been little historical work done in the area.

Project Highlights:

  • Collaborative Project: Star Minerals and Bryah Resources will collaborate to explore the asset. Stated exploration campaigns include soil sampling and RAB drilling; results will determine future exploration targets.
  • Promising Regional Geology: The project is located on sediments within the Padbury and Bryah groups, which form the Bryah Basin. These sediments have made the Bryah Basin a hotspot for exploration and development, as they have the potential to contain gold and copper-gold deposits.

Management Team

Ian Stuart - Non-executive Chairman

Ian Stuart is a geologist with experience in the finance and mining industries. He holds an honors degree in geology, is a fellow of the Financial Services Institute of Australasia, and is a member of the Australian Institute of Company Directors. Stuart has extensive experience in capital markets and is conversant with public company governance and management across international jurisdictions. Stuart is non-executive chairman of Bryah Resources Limited (ASX:BYH).

Ashley Jones - Non-executive Director

Ashley Jones is a geologist with more than 20 years of experience ranging from exploration, mine geology and management in Australia and Africa. He has project development expertise in feasibility-level projects with a particular focus on resources and mine development. Jones was based in Africa for over 11 years exploring a range of commodities for ASX, AIM and TSX-listed public companies. He currently provides technical direction for ASX companies Bryah Resources Limited and Australian Vanadium Limited. He graduated in 1997 with a B.Sc. Hons in Geology from the University of Canterbury, New Zealand. He has a Master of Applied Finance in 2014 from Kaplan University, Australia, and an MBA with Distinction from Imperial College London, UK, in 2017. He is a member of the Australian Institute of Mining and Metallurgy (AusIMM) and member of the Financial Services Institute of Australasia.

Gemma Lee - Non-executive Director

Gemma Lee is a geologist by profession with 20 years of experience in the mining industry in Western Australia. She has extensive experience in resource development exploration at advanced exploration sites and working open pit and underground mines. Lee graduated from Curtin University of Technology with a BSc. Applied Geology (hons) and is a member of the Australian Institute of Geoscientists (AIG).

Greg Almond - Chief Executive Officer

Greg Almond is a geologist by profession with experience in the mining industry in Australia and around the world. He holds a degree in geology and geography and is a member of the AusIMM. Almond has extensive experience in mining operations and exploration roles in open pit and underground operations in Australia and overseas and is experienced with business development and technical analysis of mining assets. Almond is presently not a director of any other ASX-listed company.

Chris Achurch - Company Secretary

Chris Achurch has considerable experience across the exploration, mining, agricultural, accounting and finance sectors. He holds a Bachelor of Commerce in accounting from the University of Western Australia and is a member of the Institute of Chartered Accountants Australia and New Zealand. Achurch provides company secretarial, corporate advisory and general consulting services to a number of ASX-listed companies.

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Star Minerals

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