Stelar Metals Limited (SLB.ASX) FY2026 Report: Advances Hill of Leaders Tungsten Project
Stelar Metals Limited (ASX:SLB) has reported on its activities and financial results for the year ended 30 June 2026, during which it entered into a binding earn-in agreement over the Hill of Leaders Tungsten Project in the Northern Territory and commenced initial fieldwork at the project.
On 12 May 2026, Stelar signed a binding earn-in agreement with F&H Brothers Metals Pty Ltd over the Hill of Leaders Tungsten Project, including an option to acquire 100% of the project.
Under the agreement, Stelar paid $80,000 in cash and issued 3,000,000 SLB shares with a fair value of $225,000 to F&H Brothers Metals Pty Ltd. Stelar is required 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 of the agreement.
Stelar has the option to acquire the project within 12 months by paying $450,000 in cash or issuing 3,000,000 SLB shares to the project owner, at Stelar's election. The project owner retains a 1% NSR over the project.
The Hill of Leaders Tungsten Project is located on exploration licence EL33232, which covers 445km2 in the Northern Territory.
During late May and early June 2026, Stelar conducted two phases of initial fieldwork comprising geological mapping and surface sampling across more than 2km of strike. The program included reconnaissance sampling of historical mine workings, trenches, processing sites and associated waste material, with 18 samples collected during Phase 1 and a further 29 samples collected during Phase 2.
Stelar reported that its geologists identified tungsten mineralisation, predominantly as wolframite and scheelite, hosted within quartz vein and greisen alteration systems developed in the Hill of Leaders Granite. The Company reported that the system comprises multiple subparallel and stacked quartz veins, with some vein corridors extending approximately 100m in width and an exposed mineralised footprint extending for around 2km.
Historical shallow aircore drilling intersections reported in the Annual Report include:
- 1m @ 0.60% WO3 from surface in KWAC026
- 5m @ 0.167% WO3 from 10m to EOH in KWAC058
- 5m @ 0.173% WO3 from surface to EOH in KWAC119.
After the reporting period, Stelar reported Phase 2 surface-sampling assay results including:
- 15.69% WO3 (12.45% W) in HOLA039
- 7.76% WO3 (6.16% W) in HOLA036
- 4.96% WO3 (3.94% W) in HOLA006
- 4.45% WO3 (3.53% W) in HOLA031
- 2.95% WO3 (2.34% W) in HOLA012
The Company reported that approximately one in four samples collected exceeded 1% WO3.
Subsequent to 30 June 2026, Stelar completed an Ultra-High-Definition airborne survey at Hill of Leaders, flown at 25m line spacing and 30m height. The Company reported that the survey identified structures and alteration zones not clearly visible in historical data. Stelar also reported that it had received environmental licence approvals from the Northern Territory Department of Mining and Energy for its maiden RC drilling program at EL33232.
The Phase 1 drilling program comprises approximately 3,000m of RC drilling across three sections and was expected to commence during September 2026.
During the financial year, Stelar also reviewed its 100%-owned Baratta Copper Project in South Australia, continued negotiations with South Australian Native Title Holders to secure access for drilling at several existing South Australian projects, and commenced a review of its Trident Lithium Project in New South Wales.
FINANCIAL POSITION AND FUNDING
For the year ended 30 June 2026, Stelar recorded a loss after income tax of $1,676,392, compared with a loss after income tax of $1,856,842 for the year ended 30 June 2025. Basic and diluted loss per share was (2.60) cents, compared with (2.92) cents in the prior year.
At 30 June 2026, the Group held cash and cash equivalents of $1,599,214, compared with $2,533,357 at 30 June 2025. Total assets were $6,536,524, total liabilities were $205,013 and net assets were $6,331,511 at 30 June 2026.
Net cash used in operating activities was $745,621 during the year, compared with $944,862 in the prior year. Net cash used in investing activities was $188,522, including $133,522 in payments for exploration expenditure and $80,000 in payment for project acquisition.
The Group recognised an impairment of exploration and evaluation assets of $590,118 during the year. The impairment comprised capitalised acquisition costs and remaining residual direct exploration costs relating to the Evelyn Dam Project and residual exploration costs associated with the Gunson West tenement.
No dividends were paid or recommended during the year.
Following the reporting period, Stelar announced on 3 August 2026 that it had received firm commitments from new and existing sophisticated and professional investors for a placement of 13,121,421 ordinary shares at an issue price of $0.20 per share to raise approximately $2.628 million before costs. The placement was completed on 12 August 2026.
On 13 July 2026, Dr Qingtao Zeng was appointed as a Non-Executive Director of Stelar Metals.
*To view the Annual Report, please visit:
https://abnnewswire.net/lnk/88F94CQ1
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.
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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