Stelar Metals (SLB) Shares Rally on Positive Tungsten Exploration Updates at Hill of Leaders Project

Stelar Metals Addresses ASX Price Query on Share Price Spike

On 23 July 2026, Stelar Metals Limited formally responded to the Australian Securities Exchange following a sharp rise in its share price and trading volume. The stock increased from $0.155 on 22 July 2026 to an intraday high of $0.23 on 23 July 2026, prompting the ASX to seek clarification under Listing Rule 18.7 on whether any undisclosed material information was influencing trading. Stelar Metals stated it was unaware of any such information not already disclosed to the market.

Submitted by Company Secretary Nick Harding and approved by the board, the company’s response confirmed full compliance with ASX Listing Rules, including continuous disclosure requirements under Listing Rule 3.1. Stelar Metals addressed all five ASX questions, aligning with its published continuous disclosure policy. The ASX inquiry followed trading activity on 22 and 23 July 2026, with the company attributing market interest to recently announced exploration results and airborne survey data at its flagship tungsten asset.

Hill of Leaders Tungsten Project Earn-In and Initial Field Exploration

Stelar Metals entered into an earn-in agreement for the Hill of Leaders Tungsten Project in the Northern Territory, announced on 13 May 2026. Subsequent initial field activities included geological mapping and rock chip sampling to characterize tungsten mineralisation across the project area. These early-stage exploration efforts established a geological baseline and generated drilling targets ahead of a planned drilling campaign.

The company also commissioned an ultra-high definition airborne geophysical survey over the project, employing advanced techniques to detect subsurface structures potentially hosting tungsten mineralisation. This comprehensive survey complemented field mapping and sampling, providing regional-scale geophysical data to prioritize drilling targets systematically.

High-Grade Tungsten Assays Confirm Significant New Mineralised System

On 13 July 2026, Stelar Metals announced rock chip assay results revealing widespread high-grade tungsten mineralisation at Hill of Leaders. Some samples exceeded 1% WO3 (tungsten trioxide), confirming a significant new tungsten system. These positive early exploration results demonstrated the property’s potential to host economically meaningful tungsten mineralisation across multiple zones.

The company attributed the late July 2026 investor interest to these assay results combined with the forthcoming drilling program. The high-grade nature of the samples indicated promising tungsten mineralisation, with the 13 July announcement preceding the share price surge by approximately ten days, signaling strong market response to the exploration success.

Airborne Survey Identifies New Drill Targets Ahead of RC Drilling

Stelar Metals released ultra-high definition airborne survey results on 22 July 2026, coinciding with a spike in trading volume that triggered the ASX price query. The survey identified new tungsten drill targets, which will be incorporated into an upcoming reverse circulation (RC) drilling program scheduled to commence in the coming weeks. This geophysical data provided a strategic framework for targeting subsurface tungsten mineralisation beyond surface expressions.

The timing of the airborne survey results, just before the share price increase on 23 July 2026, suggests investors found the new drill targets compelling. The survey offered an independent geophysical assessment, highlighting features indicative of buried tungsten mineralisation. Together with the July 13 assay results, these findings form a coherent exploration narrative advancing toward drilling validation.

RC Drilling Program Set to Begin Soon

Stelar Metals confirmed that the RC drilling program is planned to start within weeks, focusing on the newly identified targets from the airborne survey. RC drilling is a widely used, cost-effective exploration method that provides samples for assay analysis while enabling rapid progress. The decision to advance to drilling after completing mapping, sampling, and airborne surveys reflects a structured exploration approach.

This upcoming drilling campaign marks a key milestone, offering the first opportunity to test the depth and continuity of tungsten mineralisation at Hill of Leaders. At the time of the ASX price query response on 23 July 2026, drilling was expected to commence in approximately 3-4 weeks, providing a near-term catalyst for investors awaiting assay results and further project insights.

Systematic Exploration Model for Tungsten at Hill of Leaders

Stelar Metals employs a phased exploration strategy at Hill of Leaders, progressing from geological mapping and rock chip sampling to airborne geophysics and drilling. Initial surface sampling identified widespread high-grade tungsten, justifying further investment in advanced survey and drilling activities. The airborne survey provided three-dimensional geophysical data to refine understanding of subsurface geology and target prioritization.

This sequential approach minimizes exploration risk by ensuring drilling targets are grounded in robust preliminary data. The company’s commitment to systematic exploration is evidenced by the steady release of results from May through July 2026, each advancing project knowledge and moving closer to drilling-based confirmation of tungsten mineralisation.

Strategic Importance of Tungsten and Hill of Leaders Project

The Hill of Leaders Tungsten Project is Stelar Metals’ primary exploration focus in the Northern Territory. Tungsten is a critical industrial metal used in hard metals, specialty alloys, chemicals, and technology sectors, with global supply concentrated in limited regions. The discovery of a new tungsten system at Hill of Leaders offers Stelar Metals potential to contribute to tungsten production or exploration in a region with relatively few tungsten assets.

Located within Australia’s Northern Territory, the project benefits from established mining infrastructure and supportive regulatory frameworks. The identification of high-grade tungsten in an early-stage exploration setting has attracted investor attention due to tungsten’s strategic value and scarcity of new Australian discoveries. Hill of Leaders serves as the company’s key vehicle for creating shareholder value through tungsten exploration success.

Compliance with ASX Continuous Disclosure and Governance Standards

Stelar Metals confirmed compliance with ASX Listing Rules, including Listing Rule 3.1, requiring immediate disclosure of price-sensitive information. The company stated it was unaware of any undisclosed information explaining the recent trading activity and confirmed it was not relying on Listing Rule 3.1A exceptions related to confidential information. The board authorized and approved the formal ASX price query response, consistent with the company’s continuous disclosure policy.

The company’s governance framework includes a board-approved continuous disclosure policy that ensures timely identification and communication of material information. Board approval of the ASX response highlights senior management’s direct involvement in disclosure obligations. This transparency aligns with standard market practices, providing assurance that all relevant information regarding Hill of Leaders developments has been disclosed.

Upcoming Catalysts and Exploration Timeline

The imminent RC drilling program at Hill of Leaders represents the next major catalyst for Stelar Metals shareholders. Drilling results will offer the first subsurface insights into tungsten mineralisation depth, grade, and continuity. While the company has not disclosed the drilling program’s size or duration, the planned start within weeks of 23 July 2026 suggests assay results could be available within weeks to months.

Future catalysts may include drilling results announcements, mineralisation assessments, and decisions on follow-up exploration such as additional drilling, metallurgical testing, or resource estimation. Investors will monitor updates on drilling progress and assay outcomes as key milestones influencing near-term share price performance and sentiment toward Stelar Metals.