Stelar Metals (ASX: SLB) has successfully completed a placement, securing firm commitments to raise approximately A$2.6 million before costs. The capital was raised through the issue of 13,141,421 ordinary shares at an issue price of $0.20 per share to new and existing sophisticated and professional investors. Stelar Metals is an exploration company with an experienced team targeting the discovery and production of critical minerals, particularly focused on its Hill of Leaders Tungsten Project in Australia’s Northern Territory, aiming to enable the world to achieve net zero emissions. This placement was conducted as a single tranche, utilising the company’s existing placement capacity under ASX Listing Rules 7.1 and 7.1A.
Proceeds from the placement are primarily allocated to advance field activities and drilling at the Hill of Leaders Tungsten Project in the Northern Territory, along with funding other exploration projects, working capital, and the costs associated with the offer. A Phase 1 Reverse Circulation (RC) drill program is scheduled for rig mobilisation in August 2026. This program will comprise approximately 3,000 metres of drilling across three sections, designed to test the depth extent, continuity, and grade of the tungsten-bearing quartz vein and greisen system, which extends over more than 2 kilometres of exposed strike and up to 200 metres of corridor width.
This upcoming RC drill program represents the first-ever bedrock drilling beneath the mineralised surface veins at Hill of Leaders, marking a significant milestone for the project which saw tungsten first discovered in 1951. Stelar Metals notes this is a genuine first-mover discovery opportunity, commencing against a backdrop of tight global tungsten supply, influenced by Chinese export restrictions and increasing Western efforts to secure critical minerals. Stelar Metals Executive Chair, Stephen Biggins, commented that the successful placement reflects market enthusiasm for the Hill of Leaders project, expressing gratitude to both new institutional and existing shareholders. He highlighted the team’s focus on rapidly mobilising a rig for the maiden drill program within three months of acquiring the project.
