Chart Analysis
SLB Daily Timeframe Chart as of 13 May 2026
Stelar Metals (ASX: SLB) — Acquires Earn-In Over Hill of Leaders Tungsten Project in Northern Territory With Rock Chips Up to 6.1% WO₃
On 13 May 2026, Stelar Metals Limited (ASX: SLB) announced it has entered into a binding earn-in agreement with an option to acquire 100% of the Hill of Leaders Tungsten Project on exploration licence EL33232, a 445 km² tenement in the Tennant Creek mining region of the Northern Territory. The project hosts historically mined high-grade tungsten from a series of surface vein swarms extending over 2 km of strike and over 100 metres in width. Rock chip samples have returned grades up to 6.1% WO₃ (along with 11.85% Cu), and 171 shallow aircore drill holes (average depth ~10 metres) returned best intercepts of 1m at 0.60% WO₃, 5m at 0.19% WO₃, and 5m at 0.17% WO₃. No bedrock drilling has ever been completed beneath the surface mineralisation. Stelar plans a phased RC drilling program to test bedrock beneath the surface vein swarms, with the company's executive chair Stephen Biggins previously involved in the discovery, development, and mining of Core Lithium's Finniss Lithium Project in the Northern Territory.
Key Details at a Glance
| Detail | Value |
|---|---|
| Project | Hill of Leaders Tungsten Project, Northern Territory |
| Tenement | EL33232 — 445 km², granted to vendor, expiry February 2029 |
| Vendor | F&H Brothers Metals Pty Ltd |
| Upfront Payment | $80,000 cash + 3,000,000 SLB shares (within 5 days of signing) |
| Earn-In Commitment | Minimum 1,000m drilling or $500,000 expenditure within 12 months |
| Option to Acquire 100% | 3,000,000 SLB shares or $450,000 cash (Stelar's election, within 12 months) |
| Milestone Payment | $500,000 in SLB shares or cash on JORC Resource >10,000t contained W metal |
| Drilling Milestone | 3,000,000 SLB shares if drilling returns >5m at 0.25% WO₃ within 12 months |
| Vendor Royalty | 1.0% NSR |
| Escrow | 6 months on issued SLB shares |
| Rock Chip Results (Best) | 6.1%, 2.1%, 1.3% WO₃; 11.85% Cu |
| Aircore Results (Best) | 1m @ 0.60% WO₃; 5m @ 0.19% WO₃; 5m @ 0.17% WO₃ |
| Historical Production | ~2.4t WO₃ concentrate from ~150t ore (small-scale, 1951 onwards) |
| Comparable Deposit | Hatches Creek (TGN) — Inferred MRE 12Mt @ 0.17% WO₃ and 0.12% Cu |
Hill of Leaders — History, Geology and Exploration Results
The Hill of Leaders tungsten field (also known as the Mosquito Creek tungsten field) was first discovered in 1951. Small-scale mining from shallow trenches and shafts produced approximately 2.4 tonnes of WO₃ concentrate from approximately 150 tonnes of ore, extending discontinuously over 1,500 metres of strike and widths of 50 to 200 metres. Intervening areas with thin alluvial cover were not systematically explored.
Tungsten mineralisation is hosted within 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 more than 100 metres wide and at least 2 km in length. Mineralisation is associated with copper and bismuth. Tungsten occurs as both wolframite and scheelite — minerals with high specific gravity suited to gravity separation processing.
The most significant modern exploration was conducted by Washington Resources between 2004 and 2008, comprising airborne magnetics/radiometrics, rock chip sampling, termite mound sampling, and 171 shallow aircore drill holes (1,736 metres total). Of 119 holes drilled in the Hill of Leaders area, 23 returned values above a 0.05% WO₃ cut-off. Best aircore intersections include 1m at 0.60% WO₃, 5m at 0.167% WO₃, and 5m at 0.173% WO₃. Average hole depth was approximately 10 metres, with drilling to blade refusal in shallow alluvium and weathered bedrock only.
Rock chip sampling in 2024–2025 by the vendor (F&H Brothers Metals) returned grades up to 6.1% WO₃ and 11.85% Cu. Rock chip samples are point data and are not representative of the broader deposit.
The company highlights geological similarities with the nearby Hatches Creek deposit held by Tungsten Mining NL (ASX: TGN), which has an Inferred MRE of 12Mt at 0.17% WO₃ and 0.12% Cu.
"Five Floor" Model — Depth Potential
The company references the "Five Floor" vertical zoning model from southern Chinese vein-type tungsten deposits, suggesting that the current surface at Hill of Leaders may represent the upper "mixing zone," with potential for vein morphology and thickness to improve with depth. This interpretation is conceptual — no bedrock drilling has been conducted and the true extent, vein density, and grade of the system at depth are unknown.
Tungsten Market Context
Tungsten is classified as a critical mineral by the U.S., EU, South Korea, and Japan. The company notes that tungsten pricing has increased approximately 900% over the past 12 months, driven by Chinese export licensing controls, U.S. tariffs, and strategic stockpiling by Western governments. Tungsten applications include defence (armour-piercing ammunition, kinetic energy penetrators), mining (drill bits, cutting tools), electrification, and semiconductors.
Acquisition Terms — Staged Earn-In
| Stage | Payment |
|---|---|
| On signing | $80,000 cash + 3,000,000 SLB shares |
| Within 12 months | Minimum 1,000m drilling or $500,000 expenditure |
| Drilling milestone | 3,000,000 SLB shares if >5m at 0.25% WO₃ intersected within 12 months |
| Option exercise (within 12 months) | 3,000,000 SLB shares or $450,000 cash (Stelar's election) |
| JORC Resource milestone | $500,000 in SLB shares or cash on >10,000t contained W metal |
| Ongoing | 1.0% NSR royalty to vendor |
All issued SLB shares are subject to a 6-month escrow. Native title has been determined within EL33232, administered by the Mitata Aboriginal Corporation RNTBC. A previous AAPA certificate was granted to prior operators, and a new certificate has been reapplied for.
Market Context
SLB closed at $0.150 on the announcement day, up +100.0% from a previous close of $0.075, with an intraday high of $0.165 — a new 52-week high. The 52-week range spans $0.050 to $0.165. The move occurred amid strong investor interest in tungsten following reported price increases and Western government critical mineral supply chain initiatives.
Risks & Considerations
No bedrock drilling: No bedrock drilling has ever been conducted at Hill of Leaders. All existing drill data is from shallow aircore holes averaging approximately 10 metres depth that tested alluvium and weathered bedrock only. The grade, geometry, and continuity of mineralisation at depth are unknown.
Narrow vein mineralisation: Individual tungsten veins are typically less than 30 cm wide. While collectively the vein swarm extends over 100 metres in width and 2 km of strike, the economic viability of mining narrow, discontinuous veins has not been assessed.
Rock chip samples are not representative: The headline grades of 6.1%, 2.1%, and 1.3% WO₃ are from grab rock chip samples targeting specific outcropping veins. These are point data and are explicitly not representative of the broader deposit.
No QAQC: No internal QAQC samples (standards, blanks, duplicates) were inserted during any aircore or rock chip sampling programs. The lack of internal QAQC data increases uncertainty in the accuracy and precision of reported results.
No Mineral Resource: No Mineral Resource or economic study exists for the project. The "Five Floor" depth model is conceptual and based on analogues from southern Chinese deposits.
Early-stage earn-in: Stelar has entered an earn-in agreement with an option to acquire — it does not currently own the project. Acquisition is conditional on meeting expenditure and drilling commitments. A 1.0% NSR royalty will apply.
Permitting and native title: Drilling requires necessary approvals, expected early H2 2026. Native title is determined within EL33232 and a new AAPA certificate application is in progress.
Tungsten price volatility: While the company cites a ~900% tungsten price increase over 12 months, commodity prices can reverse. Tungsten markets are relatively illiquid and subject to Chinese export policy changes.
Key Dates & Timeline
| Date | Event |
|---|---|
| 1951 | Hill of Leaders tungsten field first discovered |
| 2004–2008 | Washington Resources exploration: 171 aircore holes, rock chips, geophysics |
| 2023 | EL33232 granted to F&H Brothers Metals |
| 2024–2025 | Vendor rock chip sampling (grades up to 6.1% WO₃) |
| 13 May 2026 | Stelar announces earn-in agreement; share price moved +100.0% |
| Within 12 months | Minimum 1,000m drilling or $500,000 expenditure commitment |
| Early H2 2026 | RC drilling expected to commence (subject to approvals) |
| TBC | Option exercise decision (within 12 months of signing) |
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
- $0.165 — 52-week high and intraday high on announcement day
- $0.150 — announcement-day close
- $0.077 — near the pre-announcement trading range
- $0.075 — pre-announcement close
- $0.072 — prior trading range
- $0.067 — lower range of recent activity
Key Takeaways
- SLB moved +100.0% on 13 May 2026 following a price-sensitive ASX disclosure, with an intraday high of $0.165.
- The announcement — Hill of Leaders Tungsten Project Acquisition — was the primary catalyst for the price movement.
- Stelar has entered a binding earn-in agreement with an option to acquire 100% of the Hill of Leaders Tungsten Project — a 445 km² tenement in the Tennant Creek region of the Northern Territory, with tungsten mineralisation extending over 2 km of strike.
- Rock chip samples have returned up to 6.1% WO₃ and 11.85% Cu, while 171 shallow aircore holes (~10m average depth) returned best results of 1m at 0.60% WO₃. All results are from surface/near-surface sampling — no bedrock drilling has been conducted.
- Stelar plans a phased RC drilling program to test bedrock beneath the surface vein swarms, with drilling expected to commence early H2 2026 subject to approvals.
- No Mineral Resource exists. The project is at an early exploration stage with narrow vein mineralisation (individual veins typically <30 cm wide) forming a broader swarm system. No QAQC samples were inserted during historic sampling programs.
Summary
Stelar Metals announced 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 — a 445 km² tenement hosting historically mined tungsten across a vein swarm system extending over 2 km of strike. Rock chip samples have returned grades up to 6.1% WO₃, and 171 shallow aircore holes (average ~10m depth) returned best intercepts of 1m at 0.60% WO₃. The announcement coincided with a +100.0% move to $0.150. No bedrock drilling has ever been conducted, and Stelar plans a phased RC program to test the system at depth, with drilling expected early H2 2026. Acquisition terms include $80,000 cash and 3,000,000 SLB shares upfront, with further milestone payments and a 1.0% NSR royalty. No Mineral Resource or economic study exists, and all historic sampling was conducted without internal QAQC. The company references the nearby Hatches Creek deposit (TGN, Inferred 12Mt at 0.17% WO₃) as a geological comparable.
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