Stellar Resources Limited (ASX:SRZ) Reports Quarterly Update
Heemskirk Tin Project Developments
Stellar Resources Limited (ASX:SRZ) reported significant advancements in its Heemskirk Tin Project for the quarter ending 31 December 2024. Prefeasibility Study (PFS) activities are now underway, following a robust updated Scoping Study completed in September. The drilling program consists of 24 planned holes, with 11 completed by quarter’s end, totalling 5,131 metres. Notably, a record high-grade tin intersection of 20.9m at 1.97% Sn was achieved at the Severn Deposit.
The company has also signed a Memorandum of Understanding (MOU) regarding the existing infrastructure at the adjacent Comstock mine, which may enhance the project’s operational efficiency. A geophysical crew has been mobilised to conduct electromagnetic surveys at both the Severn and Queen Hill deposits.
Corporate Financial Overview
As of 31 December 2024, Stellar maintains a strong cash position of $9.9 million. The company reported exploration and evaluation expenditure of $1.57 million during the quarter. CEO Simon Taylor commented on the study’s findings, highlighting “…the robust base case economics of Stellar’s world-class Heemskirk Tin project…” and the exploration potential established through ongoing drilling.
Stellar’s financial insights reveal a decrease in spot tin prices from US$33,325 in September to US$28,900 by year end. The company remains dedicated to updating shareholders on progress as key PFS activities are pursued into 2025.
Leadership Changes
Louisa Martino has been appointed as the new Company Secretary, effective 1 December 2024, succeeding Mathew Watkins, who stepped down.
Taiwan has displayed its commitment to enhancing the Heemskirk Tin Project’s development, which boasts Australia’s highest-grade undeveloped tin resource at 7.48Mt containing 77.87kt of contained tin.
Motley Fool contributor Aaron Shaw has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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