Highlights

  • Stelar Metals (ASX:SLB) continues to advance its Hill of Leaders tungsten project in the Northern Territory following high-grade surface sampling results.
  • Phase 2 sampling identified multiple high-grade tungsten results, including assays above 15% WO3.
  • The company has completed key approvals and secured a drilling contractor ahead of its maiden RC drilling campaign.
  • Upcoming drilling results are expected to provide further insight into the scale and continuity of tungsten mineralisation.

Stelar Metals (ASX:SLB) remains focused on advancing its tungsten exploration strategy in the Northern Territory, with investor attention centred on the upcoming maiden drilling program at the Hill of Leaders project. The company’s recent exploration results have highlighted the potential of the project, particularly after identifying high-grade tungsten mineralisation through surface sampling.

As on 4 September 2026, Stelar Metals (ASX:SLB) was trading at AUD 0.26, down 1.85% on the day. The short-term movement comes amid ongoing exploration activity, with market focus remaining on upcoming drilling results rather than daily share fluctuations.

Recent Share Movement

The recent decline in Stelar Metals’ share price reflects the Volatility often seen across early-stage exploration companies. With limited trading Liquidity and investor sentiment frequently influenced by exploration milestones, short-term movements can occur even when the broader project outlook remains unchanged.

The company’s Investment narrative continues to be driven by exploration progress at Hill of Leaders, where upcoming drilling represents the next major test of the project’s potential.

Tungsten Project Progress

Stelar Metals reported encouraging Phase 2 surface sampling results from the Hill of Leaders tungsten project on 12 August 2026. The program identified significant tungsten grades, with seven of 29 rock-chip samples returning results above 1% WO3.

Key assay results included grades of 15.69% WO3, 7.76% WO3 and 4.96% WO3. The company stated that the mineralisation appeared across a mapped corridor rather than being limited to isolated occurrences, supporting further exploration activity.

Following these results, Stelar progressed preparations for its maiden drilling campaign. The company secured an Aboriginal Areas Protection Authority authority certificate and appointed a reverse-circulation drilling contractor for the planned 3,000-metre RC program.

The drilling campaign is expected to provide a clearer understanding of the continuity, depth and geological characteristics of the tungsten mineralisation identified through surface exploration.

Investor Considerations

Stelar Metals remains an early-stage exploration company, meaning the project’s future value depends heavily on successful exploration outcomes. While high-grade surface samples provide an encouraging indication, drilling results will be required to determine whether the mineralisation extends consistently below surface.

The company’s tungsten strategy is supported by broader interest in critical minerals Supply chains. Tungsten has gained strategic importance due to its industrial applications and supply concentration risks, with global policy developments increasing focus on alternative sources.

Stelar has highlighted factors including Chinese tungsten export controls, potential future restrictions affecting Chinese supply and favourable ammonium paratungstate (APT) market conditions as supportive industry trends.

However, exploration companies at this stage remain exposed to risks including funding requirements, permitting timelines, drilling outcomes and the possibility that exploration success may not translate into a commercially viable resource.

Upcoming Catalysts

The maiden 3,000-metre RC drilling program at Hill of Leaders represents the next major milestone for Stelar Metals (ASX:SLB). Results from the campaign will be closely monitored for evidence that the high-grade surface mineralisation continues into fresh rock and extends across a larger area.

Positive drilling outcomes could strengthen the geological understanding of the project and support further exploration and resource-definition activities. Conversely, weaker-than-expected results could influence market expectations around the project’s development pathway.

Beyond drilling, investors will also monitor additional exploration updates, potential resource-definition work, progress on the company’s Northern Territory tungsten earn-in strategy and broader developments within the global tungsten market.

Conclusion

Stelar Metals (ASX:SLB) continues to develop its tungsten exploration story through systematic advancement of the Hill of Leaders project. The company’s high-grade surface sampling results have established exploration interest, while the upcoming maiden drilling campaign represents an important step in assessing the project’s longer-term potential.

Although the company remains a speculative exploration investment, future drilling results and ongoing project developments will be key factors determining whether the early tungsten discoveries can progress towards a larger-scale opportunity.