Stelar Metals Limited (ASX:SLB) Annual Report 2026: Advances Hill Of Leaders Tungsten Exploration

(MENAFN- ABN Newswire)
Annual Report to shareholders Adelaide, Oct 26, 2026 AEST (ABN Newswire) - Stelar Metals Limited (ASX:SLB ) advanced exploration at the Hill of Leaders Tungsten Project in the Northern Territory during the year ended 30 June 2026, signing a binding earn-in agreement with an option to acquire 100% of the project and undertaking geological mapping and surface sampling.
Hill of Leaders exploration
Stelar signed the agreement with F&H Brothers Metals Pty Ltd on 12 May 2026. Initial consideration comprised $80,000 in cash and 3,000,000 SLB shares with a fair value of $225,000.
The agreement requires Stelar to complete a minimum of 1,000 metres of drilling or at least $500,000 in project expenditure within the first 12 months from execution. Stelar has the option to acquire the project within 12 months by paying $450,000 in cash or issuing 3,000,000 SLB shares, at its election.
If drilling intersects greater than 5 metres at 0.25% WO3 within 12 months, Stelar is to issue 3,000,000 SLB shares to the project owner. On announcement of a JORC Resource of greater than 10,000 tonnes of contained tungsten metal, Stelar is to pay $500,000 in cash or SLB shares at its election. These are contractual milestones.
The project owner is to retain a 1% NSR over the project. All SLB shares issued under the agreement will be subject to a 6 month voluntary escrow period.
Stelar's initial field program comprised two phases between late May and early June 2026, with geological mapping and surface sampling across more than 2km of strike. Work covered the Hill of Leaders, Curtis, Doria and North Curtis prospects.
The first reconnaissance sampling program focused on historical mine workings, trenches, processing sites and associated waste material. Geologists identified tungsten mineralisation, predominantly as wolframite and scheelite, within quartz vein and greisen alteration systems.
During the year, Stelar also reviewed its Baratta Copper Project in South Australia and commenced a review of its Trident Lithium Project in New South Wales. Baratta and the Linda Zinc Project were under Retention Status. Negotiations with South Australian Native Title Holders continued to secure drilling access at several existing projects.
Post-balance-date developments
After 30 June 2026, an Ultra-High-Definition airborne survey at Hill of Leaders identified structures and alteration zones supporting drill targeting.
The Annual Report records environmental licence approvals for the maiden reverse circulation drilling program, referencing the Company's announcement dated 29 July 2026.
The planned Phase 1 program comprised approximately 3,000m of RC drilling across three sections, designed to test the depth extent, continuity and grade of the tungsten-bearing quartz vein and greisen system. The Annual Report stated that rig mobilisation was expected to commence during September 2026.
Dr Qingtao Zeng joined the Board as a Non-Executive Director on 13 July 2026. Through his entity F&H Brothers Metals Pty Ltd, he holds exploration licence EL33232 containing Hill of Leaders.
The Company completed a placement on 12 August 2026 following the announcement of firm commitments on 3 August 2026.
*To view Stelar Metals Annual Report 2026, please visit:

Editorial Note:
This media release has been independently prepared by ABN Newswire editorial staff based on Stelar Metals' Annual Report for 2026. It is intended as an editorial summary of information disclosed in that report and should be read in conjunction with Stelar Metals' full ASX announcement. All financial, operational and post-reporting-period information in this editorial has been sourced from the Company's report.
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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