Stelar Metals Ltd. has raised AU$2.6 million through a share placement to fund maiden drilling at its Hill of Leaders tungsten project in the Northern Territory.
The company will issue approximately 13.1 million new ordinary shares at an issue price of 20 cents per share.
Proceeds from the capital raise will primarily fund a Phase 1 reverse circulation (RC) drilling program at the Hill of Leaders project, alongside broader exploration activities, working capital, and transaction costs.
Rig mobilisation is scheduled for August to execute an initial 3,000-metre RC drill program across three sections. The campaign is designed to evaluate the depth extent, continuity, and grade of a tungsten-bearing quartz vein and greisen system mapped across more than two kilometres of exposed strike and up to 200 metres in width.
Although tungsten was first discovered at the field in 1951 and was subject to historical small-scale production, the upcoming program will mark the first-ever bedrock drilling beneath the surface vein system in the field’s 75-year history.
Stelar Metals Executive Chair Stephen Biggins said the successful placement highlights strong market support for the company’s critical minerals exploration strategy.
“The successful completion of this $2.6 million placement reflects the market’s enthusiasm for the genuine first-mover discovery opportunity we have on our hands at the Hill of Leaders Tungsten Project,” Biggins said.
“Our aim is to be mobilising a rig for a maiden drill program within just three months of acquiring the project.
“We are looking forward to uncovering what lies beneath the extensive mineralised surface veins at a time when global demand for secure, Western-sourced tungsten is at an all-time high.”
The maiden drilling program comes amid structural supply constraints in global tungsten markets, driven by Chinese export controls and accelerating efforts by Western nations to secure critical mineral supply chains.