Stelar Metals has fast-tracked exploration at its newly acquired Hill of Leaders Tungsten Project in the Northern Territory, reporting multiple high-grade tungsten assays exceeding 1% WO₃ and preparing for its maiden Reverse Circulation drilling campaign.
- Earn-in agreement secured for 100% of Hill of Leaders tungsten project
- Surface sampling returns multiple assays above 1% WO₃
- Maiden RC drilling program imminent following Ultra High Definition airborne survey
- New board appointments strengthen critical minerals expertise
- Cash balance of $1.6 million supports ongoing exploration
High-Grade Tungsten Discovery at Hill of Leaders
Stelar Metals (ASX:SLB) has rapidly advanced its foothold in the Northern Territory’s critical minerals sector by entering an earn-in agreement to acquire 100% of the Hill of Leaders Tungsten Project. Initial fieldwork has delivered compelling early results, with surface rock chip assays returning multiple high-grade tungsten readings exceeding 1% WO₃. These grades notably surpass typical economic cut-off thresholds, marking Hill of Leaders as a significant early-stage discovery.
The tungsten mineralisation, identified as scheelite and wolframite, extends across a broad 2-kilometre corridor with vein corridors up to 100 metres wide. The system remains open in multiple directions, indicating potential for further expansion. Alongside tungsten, assays revealed consistent molybdenum presence, hinting at polymetallic prospects that could add value to the project.
Targeted Drilling to Test Mineral Continuity
Building on these encouraging surface results, Stelar has fast-tracked preparations for its maiden Reverse Circulation (RC) drilling program, expected to commence imminently. The drilling aims to test the continuity, width, and grade of mineralisation at depth; a critical step in assessing the project's economic viability.
Complementing the drilling plans, an Ultra High Definition (UHD) airborne magnetic survey was conducted post-quarter. This survey, flown at tight line spacing and low altitude, revealed subtle geological structures and alteration zones previously undetectable in historical data. These insights have refined drill targeting, enhancing the efficiency and precision of upcoming exploration efforts.
Strategic Board Appointments Strengthen Leadership
Corporate developments include the appointment of Stephen Biggins as Executive Chair, effective April 2026. Biggins brings over 30 years of global mining experience, including leading Core Lithium through discovery to production. His expertise in the Northern Territory's critical minerals landscape is expected to accelerate Stelar’s growth trajectory.
Following the quarter, Dr Qingtao Zeng joined the board as a Non-Executive Director. Zeng is a seasoned critical minerals dealmaker with a track record of negotiating high-value offtake agreements. His appointment reunites him with Biggins, with whom he previously collaborated at Core Lithium and Winsome Resources, potentially bolstering Stelar’s strategic positioning.
Financial Position and Capital Structure
As of 30 June 2026, Stelar held $1.599 million in cash, supporting ongoing exploration and corporate activities. The company spent approximately $180,000 on exploration and evaluation during the quarter, primarily related to the Hill of Leaders project.
Capital structure changes included issuing 3 million shares to the project vendor as part settlement for the earn-in agreement. Additionally, executive remuneration involved issuing 1 million unlisted options and 2 million performance rights to Executive Chair Biggins, aligning incentives with project and share price milestones. The company now has approximately 67.6 million shares on issue, alongside unlisted options and performance rights.
Positioning Amid Global Tungsten Supply Dynamics
The Hill of Leaders project sits within the Tennant Creek Inlier, a mineral-rich region hosting significant copper-gold and tungsten deposits. Tungsten’s classification as a critical mineral by major economies and tightening Chinese export controls have driven recent price increases, underscoring the strategic importance of new supply sources. Stelar’s early-stage discovery and rapid advancement place it well to capitalise on these market dynamics.
Bottom Line?
Stelar Metals’ swift progress at Hill of Leaders, underpinned by high-grade surface assays and advanced targeting from a UHD survey, sets the stage for critical drilling results that will shape the project’s future.
Questions in the middle?
- Will the upcoming RC drilling confirm the scale and grade continuity suggested by surface sampling?
- How might the consistent molybdenum association influence the project’s economic potential and development strategy?
- What impact will the strengthened board composition have on securing offtake agreements and project financing?