Stelar Metals Limited (SLB.ASX) Successful Placement to Fund Hill of Leaders Project
Stelar Metals Limited (ASX:SLB) announced that it has received firm commitments from new and existing sophisticated and professional investors for a Placement of 13,141,421 shares at an issue price of $0.20 per share to raise approximately A$2.6 million (before costs).
Highlights
- Stelar has received firm commitments from new and existing sophisticated and professional investors for a Placement of 13,141,421 ordinary shares at an issue price of $0.20 per share to raise approximately A$2.6 million (before costs).
- The Placement will take place under a single tranche within the Company's existing available capacity under ASX Listing Rules 7.1 and 7.1A.
- Placement proceeds will be used to undertake field activities and drilling at the Hill of Leaders Tungsten Project, NT, expenditure on other exploration projects, working capital and the costs of the Offer.
- Rig mobilisation is scheduled for August 2026 for the Phase 1 RC drill program at Hill of Leaders, comprising ~3,000m across three sections, designed to test grade and continuity at depth beneath mineralised surface vein swarms.
- A genuine first-mover discovery opportunity with maiden bedrock drilling beneath the Hill of Leaders vein field to be first tested by Stelar within 3 months of the Project acquisition.
- Maiden drillprogram to commence against a backdrop of tight structural global tungsten supply, driven by Chinese export restrictions and accelerating Western efforts to secure critical minerals supply chains.
Executive Chair, Stephen Biggins, commented:
"The successful completion of this $2.6 million Placement reflects the market's enthusiasm for the genuine first-mover discovery opportunity we have on our hands at the Hill of Leaders Tungsten Project. We are pleasedto welcome new institutional investors to the register and thank our existing shareholders for their continued support.
"Our aim is to be mobilising a rig for a maiden drill program within just three months of acquiring the project, which is a testament to the team's focus and early-stage exploration success to date. We are looking forward to uncovering what lies beneath the extensive mineralised surface veins at a time when global demand for secure, Western-sourced tungsten is at an all-time high."
Placement Details
The Company is targeting to raise approximately A$2.6million by way of a placement of 13,141,421 fully paid ordinary shares ("Securities") to sophisticated and professional investors (the "Offer" or the "Placement").
The Placement will take place under a single tranche structure issued in accordance with the Company's available placement capacity pursuant to ASX Listing Rule 7.1 and 7.1A.
The Securities subject to the Offer are fully paid ordinary Securities and will rank pari passu with existing ordinary fully paid Securities from Allotment.
The offer price is $0.20 per Security, representing a 16.7% discount to the last traded price ofA$0.240 on Wednesday, 29 July 2026, an 11.0% discount to the 5-day VWAP price of A$0.225, and a 2.3% discount to the 15-day VWAP price A$0.205.
Taylor Collison Limited is Sole Lead Manager to the Offer.
Use of Funds
Proceeds of the Placement will be used to undertake field activities and drilling at the Hill of Leaders Tungsten Project, NT, expenditure on other exploration projects, working capital and the costs of the Offer.
Rig mobilisation is scheduled for August 2026 for the Phase 1 RC drill program at Hill of Leaders, comprising approximately 3,000m of RC drilling across three sections. The program is designed to test the depth extent, continuity and grade of the tungsten-bearing quartz vein and greisen system that has been mapped over more than 2km of exposed strike and up to 200m of corridor width.
Stelar's upcoming RC drill program will be the first ever bedrock drilling beneath the mineralised surface veins at Hill of Leaders, despite tungsten first being discovered at the field in 1951 and smallscale historical production, and the first genuine test of the system at depth in the field's 75-year history.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/3X1CDA11
Stephen Biggins Executive Chair Stelar Metals Limited info@stelarmetals.com.au +61 8 8372 7881 Jason Mack Senior Communications Advisor White Noise Communication jason@whitenoisecomms.com +61 400 643 799
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