Stelar Metals Limited (ASX:SLB) has featured among the ASX's fallers in September 2026, a reminder of how quickly sentiment can shift for junior explorers even after a period of strong gains. Stelar is a multi-commodity exploration company that has increasingly focused attention on tungsten, a critical mineral that has drawn heightened investor interest amid global supply-chain concerns. With drilling programs underway and results still to come, the ASX stock sits firmly in the high-risk, high-reward end of the resources market.

Latest Developments

Stelar has been advancing its Hill of Leaders tungsten project in the Tennant Creek region of the Northern Territory, a licence area of around 445 square kilometres. The company completed an ultra-high-definition airborne magnetic and radiometric survey that it said revealed subtle structures and alteration patterns not evident in earlier work, and it is applying AI-assisted processing to generate exploration targets. Surface rock-chip sampling returned encouraging grades, with some samples reported above 1 per cent tungsten trioxide. Stelar has flagged a maiden reverse-circulation drilling program of roughly 3,000 to 3,500 metres from around late July 2026, followed by diamond drilling in the third quarter.

What Could Come Next

The key near-term catalyst is results from the maiden reverse-circulation and diamond drilling programs at Hill of Leaders, which are designed to test whether the surface tungsten mineralisation continues at depth. Assay results that confirm the surface sampling could support progress toward a maiden mineral resource estimate, while disappointing results would weigh on sentiment. Updates on the company's zinc and copper projects in South Australia, and on its funding position, will also matter for a capital-hungry explorer running several programs at once.

Risks to Watch

Exploration is inherently speculative, and encouraging surface samples do not guarantee an economic deposit. Stelar has no Revenue and will likely need further capital, raising the prospect of dilution. Commodity-price swings, permitting timelines and the technical challenge of proving continuity of mineralisation all add risk. As a micro-cap, SLB can be highly volatile.

Conclusion

Stelar Metals offers ASX investors leveraged exposure to the tungsten theme through its Hill of Leaders project, with drilling set to test encouraging early signs. The recent share-price weakness underscores the Volatility that comes with junior exploration. Assay results over the coming months will be the decisive Factor in whether the story gains momentum into late 2026.