Highlights

• Stelar Metals secured firm commitments to raise approximately AU$2.6 million through a single-tranche placement to accelerate exploration at the Hill of Leaders Tungsten Project in the Northern Territory.
• The funding will support the maiden Phase 1 reverse circulation drilling program, scheduled to commence in August 2026, marking the first-ever bedrock drilling beneath the project's extensive mineralized vein system.
• The placement attracted support from new and existing sophisticated and professional investors as global demand for secure Western tungsten supply continues to strengthen.

Stelar Metals Limited (ASX: SLB) is an Australian critical minerals explorer advancing a portfolio of tungsten and base metals projects. The Company's flagship Hill of Leaders Tungsten Project in the Northern Territory is developing into a key strategic asset, providing exposure to increasing global demand for secure and diversified Western critical minerals supply.AU$2.6 million Placement Strengthens Exploration FundingStelar Metals has secured firm commitments to raise approximately AU$2.6 million before costs through the placement of 13,141,421 new fully paid ordinary shares at an issue price of AU$0.20 per share. The capital raising was well supported by both new and existing sophisticated and professional investors and will be completed in a single tranche using the company's available placement capacity. Management believes the funding provides the financial resources required to rapidly advance exploration activities at Hill of Leaders only months after acquiring the project, while also supporting broader exploration initiatives and corporate requirements.Funding Prioritizes Maiden Drilling ProgramThe majority of the placement proceeds will be directed towards field activities and the maiden reverse circulation drilling campaign at the Hill of Leaders Tungsten Project. Drilling is scheduled to commence following rig mobilization in August 2026, with an approximately 3,000-metre programme planned across three sections to assess the depth continuity, lateral extent and grade distribution of the tungsten-bearing quartz vein and greisen system. Additional funds will also be allocated to other exploration projects, working capital and offer-related costs, allowing the company to maintain exploration momentum across its portfolio.Historic Exploration Target Set for First Bedrock TestThe upcoming drilling campaign represents the first bedrock drilling ever undertaken beneath the extensive mineralized surface veins at Hill of Leaders, despite tungsten being discovered at the project in 1951 and limited historical mining activity. The planned program will test a mineralized system mapped over more than two kilometers of strike and up to 200 metres in corridor width, providing the first meaningful assessment of the project's potential at depth in its 75-year exploration history.Market Conditions Support Strategic FocusManagement believes the timing of the drilling campaign aligns with increasingly favourable market conditions for tungsten. Tight global supply, driven by Chinese export restrictions and growing efforts by Western economies to secure critical mineral supply chains, has strengthened interest in new tungsten development opportunities. The company considers Hill of Leaders to be a genuine first-mover exploration opportunity capable of benefiting from these evolving market dynamics should exploration prove successful.Capital Raising Supports the Next Growth PhaseExecutive Chair Stephen Biggins said the strong response to the placement reflects investor confidence in the exploration potential of Hill of Leaders and the company's ability to rapidly progress the project following its acquisition. With funding now secured and drilling scheduled to commence during August, Stelar is focused on testing the project's large-scale mineralized system while continuing to build its broader portfolio of critical minerals assets. The upcoming drilling results are expected to represent a key milestone in evaluating the project's long-term development potential.Note- All data presented is based on information available at the time of writing.Disclaimer for Kapitales ResearchThe materials provided by Kapitales Research, including articles, news, data, reports, opinions, images, charts, and videos ("Content"), are intended for personal, non-commercial use only. The primary goal of this Content is to educate and inform readers. This Content is not meant to offer financial advice, nor does it include any recommendation or opinion that should be relied upon for making financial decisions. Certain Content on this platform may be sponsored or unsponsored, but it does not serve as a solicitation or endorsement to buy, sell, or hold any securities, nor does it encourage any specific investment activities. 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