Stelar Metals Limited (SLB.AX) September Quarterly Report: Advances Hill of Leaders Towards Maiden Drilling

Adelaide, Oct 29, 2026 AEST (ABN Newswire) - Stelar Metals Limited (ASX:SLB) provides an update for the three month period ending 30 September 2026. The Company's primary focus during the quarter was advancing the Hill of Leaders Tungsten Project in the NT towards maiden drilling.

Highlights

Hill of Leaders, NT

- Approvals received and field crew mobilised for maiden 3,500m Reverse Circulation (RC) drilling program at Hill of Leaders (HOL) Tungsten Project

o The program follows the Company's outstanding surface sampling results, marking the firstever bedrock drilling at HOL, and the first test of the tungsten system at depth since its discovery in 1951

- Phase 1 and 2 surface sampling completed with assays returning multiple outstanding highgrade tungsten assays above 1% WO3, significantly exceeding typical economic cut-off grades for tungsten deposits, including:

o 15.69% WO3 (12.45% W) - HOLA039
o 7.76% WO3 (6.16% W) - HOLA036
o 4.96% WO3 (3.94% W) - HOLA006
o 4.45% WO3 (3.53% W) - HOLA031
o 2.95% WO3 (2.34% W) - HOLA012

- Scheelite and wolframite tungsten mineralisation found across a broad footprint, indicating a widespread system of scale, with multiple subparallel and stacked quartz veins in mineralised corridors extending over widths of 200m and over 2km in length and remaining open in multiple directions.

- Ultra-High-Definition (UHD) airborne survey completed, revealing subtle structures and alteration patterns not visible in historical data.

- Regional-scale soil geochemical survey comprising 1,350 samples targeting granite terrain were collected across ~50km2, with results expected in the December quarter.

Corporate

- $2.6 million Placement to fund field activities and drilling at Hill of Leaders.

- Former Core Lithium Exploration Manager Andrew Bennett was appointed Exploration Manager.

Mr Bennett will play a lead role in the planning and execution of the maiden drill program at HOL.

- Highly experienced international critical minerals dealmaker Dr Qingtao Zeng joined the Stelar Board as a Non-Executive Director.

Executive Chairman, Stephen Biggins, commented:

"The September quarter saw Stelar strengthen our understanding of the Hill of Leaders Tungsten Project, with Phase 2 surface sampling returning high-grade assays of up to 15.69% WO3 and extending the mineralised footprint into previously unsampled ground. Geological mapping and ultradetailed geophysics have refined our drill targets, while the completed regional soil survey will help assess the broader exploration potential.

"These results provide a strong foundation for our maiden 3,500m RC drilling program to test the continuity and grade of mineralisation at depth. With approvals secured, the $2.6 million placement completed and the RC rig arriving on site following quarter-end, we are well positioned to take this important next step in evaluating Hill of Leaders."

Hill of Leaders Project

The HOL Tungsten Project is located on exploration licence EL33232 covering a large 450km2 prospective area in the world-class Tennant Creek mining region of the NT. The project is well serviced by infrastructure, located approximately 50km from the Stuart Highway and rail connecting the project to Darwin and Darwin Port.

The project sits within the Tennant Creek Inlier, a highly mineralised terrane that hosts several significant copper-gold deposits, with the area also hosting nearby comparable tungsten deposits including Hatches Creek held by Tungsten Mining (ASX:TGN).

Tungsten is classified as a critical mineral by the US, EU, South Korea and Japan, and pricing has increased significantly in the past 12 months as Chinese export licensing has tightened supply to Western buyers. Its exceptional hardness, dense and non-toxic formation, in addition to its high melting point and good electric and thermal conductivity, make it a highly valuable and critical material for applications including defence, mining, construction and semiconductors.

Historical workings at HOL identified high-grade intersections from shallow aircore drilling, including widespread tungsten mineralisation extending over at least 2km strike length. Notable intersections from the aircore drilling included:

- 1m @ 0.60% WO3 (KWAC026 from surface)
- 5m @ 0.167% WO3 (KWAC058 from 10m to EOH)
- 5m @ 0.173% WO3 (KWAC119 from surface to EOH)

The Project's mineralisation shows striking similarities to Hatches Creek, which hosts an Inferred Mineral Resource Estimate (MRE) of 12Mt @ 0.17% WO3 and 0.12% Cu.

*To view Quarterly Report, please visit:
https://abnnewswire.net/lnk/3Z7UL4ED

About Stelar Metals Limited

Stelar Metals Limited (ASX:SLB) experienced and successful exploration and development team is targeting the discovery and production of critical minerals, with increasing global demand to enable the world to achieve net zero emissions. 

The Company will focus on its Hill of Leaders Tungsten Project in Northern Territory, Australia, a strategic critical minerals opportunity with scale potential, in a region where SLB key management has significant discovery and development experience. 

   

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