Stelar Metals Reveals 15.69% WO₃ at Hill of Leaders Ahead of Drilling

Stelar Metals Unearths Spectacular High-Grade Tungsten at Hill of Leaders as Maiden Drilling Nears

Stelar Metals Limited (ASX: SLB) has reported high-grade tungsten assays of up to 15.69% WO₃ (12.45% W) from Phase 2 surface sampling at its Hill of Leaders Tungsten Project in the Northern Territory, with seven of 29 samples returning more than 1% WO₃. According to the ASX announcement, the results came from multiple sample sites across the mapped corridor, whilst the company prepares for a 3,000-metre maiden RC drilling program targeted to begin in late August or early September 2026.

For investors following Australian critical minerals exploration, the update matters for two reasons. First, the company has reported very high tungsten grades from surface across newly tested ground. Second, the project is moving toward its first bedrock drill programme, which is expected to test whether the surface mineralisation continues at depth.

"These are the results every explorer hopes for and very few see. Fifteen percent WO₃ at surface, backed up by a further six samples above one percent, tells us Hill of Leaders is a high-grade tungsten system of genuine substance."

"Importantly, the Phase 2 fieldwork sampled ground we had not covered before, and so to find more tungsten is compelling. Just two field programmes in and the system is bigger than when we started." — Executive Chairman Stephen Biggins

What Do the Phase 2 Results Show?

In the announcement, Stelar said the Phase 2 field programme was designed mainly to test ground that had not been sampled during Phase 1. The aim was to determine whether the tungsten mineralisation extended beyond the initial footprint already identified.

The reported results suggest that it does. The highest-grade samples from the 29-sample programme included:

Stelar reported that approximately 24% of all sampled rocks assayed above 1% WO₃. That ratio is relevant because it suggests the top assay was not a single isolated occurrence. According to the company, the elevated tungsten values were distributed across several discrete sample sites rather than concentrated at one point.

Furthermore, the fieldwork identified previously unmapped workings west of Hill of Leaders at sample sites HOLA009 and HOLA010. In exploration terms, historical workings can help point to areas where earlier operators had recognised mineralisation, even if modern testing remains limited.

It is also important to keep the sampling type in mind. According to the JORC table in the announcement, these were grab rock samples, often taken from insitu exposures, old workings, or nearby mine spoils. Such samples are useful for identifying mineralised areas and understanding geology, but they are not representative of a broader resource or average deposit grade.

Why Do These Tungsten Grades Stand Out?

The headline result of 15.69% WO₃ is a surface rock chip result, not a drill intercept. Even so, the grade is notably high in the context of global tungsten exploration.

Tungsten projects are commonly assessed using WO₃, or tungsten trioxide, which is the standard way tungsten content is reported in rock and ore samples. Metallic tungsten content can be estimated by converting WO₃ using a factor of approximately 0.793. In Stelar's reporting, the top sample of 15.69% WO₃ equates to 12.45% W.

A Simple Guide to Tungsten Grades

For newer investors, a few benchmark points help explain why these results have drawn attention:

• 0.1% to 0.3% WO₃ can be relevant in some open pit tungsten operations
• Around 1.0% WO₃ or higher is often associated with higher-grade underground mineralisation
• 15.69% WO₃ at surface is far above typical mined head grades, although it comes from a selective rock chip sample

That distinction matters. A rock chip sample highlights what exists at a specific point. It does not confirm thickness, continuity, mining geometry, or overall deposit economics. Those questions are typically addressed through drilling.

However, multiple high-grade results across a mapped corridor can indicate a mineral system worth further testing. In this case, the company has stated that mineralisation was identified in vein swarms containing scheelite and wolframite, and that tungsten also extended into the surrounding altered granite.

Key Tungsten Terms Explained

For investors less familiar with tungsten projects, several technical terms in the report are worth clarifying:

• WO₃: Tungsten trioxide, the standard unit used to express tungsten grade.
• Scheelite: One of the main tungsten minerals. It can glow blue under short-wave UV light, which can help geologists identify it in the field.
• Wolframite: Another major tungsten-bearing mineral and an important tungsten ore source.
• Greisen: An altered granite rock type often associated with tungsten and tin deposits.
• RC drilling: Reverse Circulation drilling, a common exploration method that uses compressed air to bring rock chips to surface for sampling.
• Vein swarm: A group of many mineralised veins occurring close together rather than one single large vein.
• APT: Ammonium Paratungstate, the main benchmark product used for tungsten pricing internationally.

Understanding these terms helps explain why Stelar is focusing on both the veins and the altered granite around them. In systems of this type, the economic potential may depend not just on isolated veins, but on how consistently tungsten occurs across a broader mineralised zone.

A Growing Geological Footprint Ahead of Drilling

The progression from Phase 1 to Phase 2 appears central to the company's exploration thesis. According to the update, Phase 1 confirmed tungsten mineralisation within a defined area. Phase 2 then stepped into fresh ground and returned both wider distribution and the highest grades reported so far.

The company has additionally completed an ultra-high-definition magnetics survey, which it says has helped define structural targets for drilling. Those data, combined with geochemistry and new field mapping, have been used to finalise the maiden drill plan under newly appointed Exploration Manager Andrew Bennett, who is also the Competent Person for the release.

The broader project area also remains large. The Hill of Leaders project sits within EL33232, covering 454.54 km², and the company stated that mineralisation remains open in all directions. For early-stage explorers, that combination of a high-grade surface result and extensive untested ground is often what drives market interest before drilling commences.

Why Does Tungsten Matter in the Current Market?

The announcement also placed the exploration results in a broader tungsten market context. According to Stelar, several supply-side developments have tightened focus on non-Chinese tungsten sources.

The company highlighted the following key factors:

• China's export controls on tungsten remain in place
• A US Department of War prohibition on Chinese-sourced tungsten is due to take effect on 1 January 2027
• APT prices are at historic highs, reflecting tighter supply conditions

These are sector-level conditions rather than project-specific support measures. Even so, they help explain why a high-grade tungsten result in Australia may attract considerably more investor attention today than it might have several years ago.

Tungsten is widely used in hard metals, cutting tools, defence applications, industrial machinery, and some advanced manufacturing processes because of its hardness and high melting point. In practical terms, it is valued where materials need to perform under heat, friction, and physical stress.

For investors, that means the commodity has both industrial and supply chain relevance. A credible new tungsten discovery in a stable mining jurisdiction may therefore be viewed through both geological and market lenses.

What Happens Next at Hill of Leaders?

According to the ASX announcement, the immediate next step is mobilisation for the company's maiden 3,000-metre RC drilling programme. This drilling is targeted to begin in late August or early September 2026.

Stelar outlined the following planned activities:

1. Final drill targeting using Phase 2 mapping, geochemistry, and magnetics
2. Drilling contractor mobilisation
3. Maiden 3,000m RC drill programme at Hill of Leaders
4. Regional geochemical sampling across the broader licence area
5. Assessment of corporate opportunities related to the company's tungsten position

The drilling phase is likely to be the most material near-term catalyst. Surface sampling can identify where mineralisation occurs, but drilling is generally required to test:

• Whether the tungsten continues below surface
• The orientation of mineralised veins
• The thickness and continuity of mineralised zones
• Whether grades persist over mineable widths

Those are the factors that begin to shape whether an exploration target could eventually support a Mineral Resource Estimate.

Why Are Investors Watching Stelar Metals?

At this stage, Hill of Leaders remains an early-stage exploration project. There is no resource estimate, and the reported sampling results should not be interpreted as average deposit grades. That said, the update contains several features that investors commonly watch for in emerging discovery stories.

1. High-Grade Results From Multiple Locations

One standout sample can attract attention, but a broader spread of elevated assays is often more relevant. In this case, the company reported seven samples above 1% WO₃ from 29 samples, across multiple mapped sites.

2. Results From Newly Tested Ground

According to Stelar, much of the Phase 2 sampling was completed outside the Phase 1 footprint. High-grade assays from new areas can support the view that the mineralised system is larger than initially mapped.

3. Historic Workings and Open-Ended Mineralisation

The discovery of previously unmapped workings and the statement that mineralisation remains open in all directions suggest the area is still at an early stage of definition. In addition, this openness implies considerable upside potential as further fieldwork is completed.

4. A Near-Term Drilling Catalyst

The company is only weeks away from its first RC drilling campaign. For exploration stocks, maiden drilling often marks the shift from surface prospectivity to subsurface confirmation.

Project Snapshot

The latest update positions Hill of Leaders as a tungsten exploration story moving quickly toward its first drill test. According to the announcement, the combination of high-grade surface assays, an expanding footprint, and imminent RC drilling has strengthened the geological case for follow-up. The next set of drill results is likely to be the key indicator of whether the strong surface grades translate into a more continuous mineralised system at depth.

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