Highlights

  • Approvals are in place for a 3,500m maiden RC drilling program at the Hill of Leaders Tungsten Project.
  • Phase 2 rock chip sampling returned up to 15.69% WO₃, with about 24% of samples above 1% WO₃.
  • An airborne survey identified structures and alteration not visible in historical data.
  • Stelar completed a $2.6 million placement during the quarter.

Stelar Metals Limited (ASX:SLB) has released its quarterly activities report for the period ended 30 September 2026. The company prepared for maiden drilling at its Hill of Leaders Tungsten Project in the Northern Territory, reported high-grade surface sampling results and strengthened its finances and team.

Hill of Leaders Surface Results

The Hill of Leaders project covers about 450km² in the Tennant Creek region. Phase 2 fieldwork confirmed scheelite and wolframite mineralisation in multiple stacked quartz veins, with corridors up to about 200m wide and more than 2km long. Of 29 Phase 2 samples, about 24% exceeded 1% WO₃, with the best result of 15.69% WO₃ from sample HOLA039.

Tungsten is listed as a critical mineral by the US, EU, South Korea and Japan, and prices have risen sharply over the past year as Chinese export licensing tightened supply. The company noted that mineralisation remains open in all directions.

Geophysics, Soil Sampling and Drilling

An ultra-high-definition airborne survey identified subtle structures and alteration zones that control tungsten mineralisation, and AI-assisted interpretation is being used to refine drill targets. A total of 1,350 regional soil samples covering about 50km² were collected, with results expected in the December 2026 quarter. UV lamping suggested tungsten may extend into the surrounding granite.

Environmental approvals and an Authority Certificate from the Aboriginal Areas Protection Authority have been received, and the RC rig arrived in early October. The 3,500m program will be the first bedrock drilling at Hill of Leaders and the first test of the tungsten system at depth since its discovery in 1951. Executive Chair Stephen Biggins said, "These results provide a strong foundation for our maiden 3,500m RC drilling program."

Corporate and Financial Position

Stelar completed a placement of about 13.1 million shares at $0.20 each, raising about $2.6 million before costs. Dr Qingtao Zeng joined the Board as a Non-Executive Director, and Andrew Bennett, previously with Core Lithium, was appointed Exploration Manager to lead the drilling program.

Cash rose to $3.36 million at 30 September 2026, and the company estimates about five quarters of funding. Next steps include reporting drilling results, releasing final airborne survey data, reporting soil results and planning a follow-up diamond drilling program.

Key Takeaways

  • High-grade tungsten surface results support Stelar's maiden drilling at Hill of Leaders.
  • The 3,500m RC program will be the first test of the system at depth.
  • Rising tungsten prices and critical mineral status add context to the project.
  • A $2.6 million placement funds the initial drilling program.