Chart Analysis
SLB Daily Timeframe Chart as of 13 May 2026
Stelar Metals (ASX: SLB) Doubles on Tungsten Earn-In — Hill of Leaders Rock Chips Hit 6.1% WO₃ But No Bedrock Drilling Has Ever Been Done
Rock chips grading up to 6.1% WO₃ and 11.85% Cu from surface vein swarms spanning 2 km of strike — and not a single bedrock drill hole beneath them. Stelar Metals has entered a binding earn-in agreement with an option to acquire 100% of the Hill of Leaders Tungsten Project in the Northern Territory's Tennant Creek region, where historically mined tungsten veins form a swarm more than 100 metres wide across a 445 km² tenement. The 171 shallow aircore holes ever drilled averaged just 10 metres depth, testing only alluvium and weathered bedrock. Stelar plans a phased RC program to test what lies beneath — the first bedrock drilling in the project's 75-year history. The stock doubled to $0.150 on 13 May 2026, touching a 52-week high of $0.165 before a 9% intraday pullback.
What Historic Exploration Found — And What It Didn't Test
| Data Type | Best Results | Context |
|---|---|---|
| Rock chips (2024–2025, vendor) | 6.1%, 2.1%, 1.3% WO₃; 11.85% Cu | Grab samples from outcropping veins — selective point data, not representative |
| Aircore drilling (2004–2008, Washington Resources) | 1m @ 0.60% WO₃; 5m @ 0.19% WO₃ | 171 holes, avg ~10m depth — blade refusal in alluvium/weathered bedrock only |
| Bedrock drilling | None — ever | The grade, geometry, and continuity at depth are entirely unknown |
The tungsten mineralisation (wolframite and scheelite) is hosted in quartz veins, alteration zones, and greisen intruding the Hill of Leaders Granite (~1,846 Ma). Individual veins are typically less than 30 cm wide and 200 metres long, but collectively form a swarm over 100m wide and 2+ km along strike, with copper and bismuth association. Small-scale mining from 1951 produced approximately 2.4 tonnes of WO₃ concentrate from ~150 tonnes of ore. No internal QAQC samples were inserted during any historic sampling program.
The company references a "Five Floor" vertical zoning model from southern Chinese vein-type tungsten deposits suggesting vein morphology may improve with depth — but this is conceptual, based on analogues, with zero data from Hill of Leaders at depth.
The Earn-In Structure — What Stelar Is Paying
| Stage | Consideration |
|---|---|
| On signing | $80,000 cash + 3,000,000 SLB shares |
| Within 12 months | Min 1,000m drilling or $500,000 expenditure |
| Drilling milestone | 3,000,000 shares if >5m @ 0.25% WO₃ within 12 months |
| Option exercise (within 12 months) | 3,000,000 shares or $450,000 cash (Stelar's election) |
| JORC Resource milestone | $500,000 in shares or cash on >10,000t contained W metal |
| Ongoing | 1.0% NSR royalty |
The comparable deposit is Hatches Creek (Tungsten Mining, ASX: TGN) — Inferred MRE of 12Mt at 0.17% WO₃ and 0.12% Cu. Stelar's executive chair Stephen Biggins was previously involved in Core Lithium's Finniss Lithium Project discovery and development. Native title is determined within EL33232; a new AAPA certificate application is in progress.
Why Tungsten Now — 900% Price Increase and Critical Mineral Status
Tungsten is classified as a critical mineral by the US, EU, South Korea, and Japan. The company cites an approximately 900% price increase over 12 months driven by Chinese export licensing controls, US tariffs, and Western strategic stockpiling. Applications span defence (armour-piercing ammunition, kinetic energy penetrators), mining (drill bits, cutting tools), electrification, and semiconductors.
Risks & Considerations
The +100% move prices in a narrative — tungsten thematic + high-grade rock chips + untested depth potential — but the fundamental reality is a project with no bedrock drilling, no QAQC, no Mineral Resource, narrow individual veins (<30 cm), and a earn-in structure (Stelar doesn't own it yet). Rock chips of 6.1% WO₃ are selective grab samples from specific veins — they are not representative of the broader system.
Tungsten prices can reverse. The ~900% rally reflects Chinese policy decisions that could change. Tungsten markets are relatively illiquid. Drilling requires approvals (expected early H2 2026), and native title processes are underway. The "Five Floor" depth model is conceptual with no supporting data from this project.
Key Dates & Timeline
| Date | Event |
|---|---|
| 1951 | Hill of Leaders tungsten field discovered |
| 2004–2008 | Washington Resources: 171 aircore holes, rock chips, geophysics |
| 13 May 2026 | Earn-in announced; stock doubled to $0.150 |
| Early H2 2026 | RC drilling expected (subject to approvals) |
| Within 12 months | Earn-in commitment: 1,000m drilling or $500K expenditure |
Price Data
- Previous Close: $0.075
- Close Price (13 May 2026): $0.150
- Change (13 May 2026): +100.0%
- 52-Week Range: $0.050 – $0.165
Notable Price Levels
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$0.165 — 52-week high and intraday high, set then rejected 9% on announcement day. The stock closed at $0.150 — still a 100% gain but below the session peak. No overhead supply exists above this level within the past 12 months.
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$0.150 — announcement-day close. The stock doubled from $0.075 on an earn-in for a project with no bedrock drilling and no resource. At this level, the market is pricing the tungsten thematic and the untested depth potential — a narrative valuation rather than a data-driven one.
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$0.075 — undisturbed close. A retracement here would fully reverse the doubling — returning to the pre-tungsten-thematic equilibrium.
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$0.050 — 52-week low. A return here would reverse both the Hill of Leaders earn-in and the preceding recovery from the trough.
Summary
Stelar Metals entered a binding earn-in with an option to acquire 100% of the Hill of Leaders Tungsten Project in the Northern Territory — a 445 km² tenement where surface vein swarms spanning 2 km of strike have returned rock chips up to 6.1% WO₃, but no bedrock drilling has ever been conducted in the project's 75-year history. The stock doubled to $0.150 on 13 May 2026. Stelar plans a phased RC program to test beneath the surface mineralisation for the first time, with drilling expected early H2 2026. Upfront consideration is $80,000 cash and 3 million shares, with milestone payments and a 1.0% NSR royalty. The 171 historic aircore holes averaged just 10 metres depth, all sampling was conducted without QAQC, and no Mineral Resource exists. The tungsten market has rallied approximately 900% over 12 months on Chinese export controls and Western strategic stockpiling — providing the thematic backdrop for the +100% move on an early-stage earn-in announcement.
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