Key highlights

  • Stelar Metals shares closed at 26 cents on 12 November 2026, up 18.18%, while the S&P/ASX 200 eased 0.07%.
  • The initial 26-hole, 3,300-metre maiden RC program at Hill of Leaders identified tungsten-bearing veins across more than 1,300 metres of strike.
  • The company has extended the program, and assays for the first batches are expected in late November 2026.

Shares in Stelar Metals Limited (ASX:SLB) closed at 26 cents on 12 November 2026, up 18.18% on the session. S&P/ASX 200 closed at 9,146.80, down 0.07%. Stelar is exploring the Hill of Leaders Tungsten Project in the Northern Territory. Its latest update was an announcement dated 9 November 2026 on completion of its initial maiden drilling program.

Maiden drilling results

The initial phase comprised 26 holes for about 3,300 metres. The company said it has identified tungsten-bearing veins and elevated tungsten across broad granite intersections spanning more than 1,300 metres of strike. Drill chips showed visual indications of scheelite and wolframite, though these observations have not yet been confirmed by laboratory grades.

Program extended

Based on logging results, Stelar is adding further holes to test additional targets and extensions. Indications suggest the system could extend beyond 2 kilometres, and it remains open along strike and to the east and west of the drill sections.

Sector context

Tungsten is a critical mineral used in tooling, aerospace and energy applications, and Supply outside China is a focus for buyers. The broader index was little changed on 12 November.

Risks and limitations

The company's own cautionary statement says mineral observations, UV fluorescence and portable XRF screening do not establish grades, true widths, continuity or economic significance. Laboratory assays are still required, and the program is at a very early stage.

What to watch ahead

The key near-term event is the laboratory assay results from the first batches, expected in late November 2026.