# SLB: 2025/26 Full Year Statutory Accounts Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/slb-2025-26-full-year-statutory-accounts--6982728e-c868-46b0-971a-20b444da3893 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145576 Publisher: asx Original announcement: 2026-09-29T08:20:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T14:33:52.000Z Atlas analysis updated: 2026-09-29T14:33:52.000Z - Company: Stelar Metals Limited - Ticker: SLB - Exchange: ASX - Region: Northern Territory - Primary commodity: Tungsten - Secondary commodities: Lithium, Copper, Zinc, Molybdenum, Silver - Document categories: Agreement transaction, Capital raise, Other, Drill results - Extracted: 2026-09-29 14:33:52 UTC Narrative sentiment: 0.30 · Bullish ## Minestarters Atlas summary Stelar Metals Limited reported a reduced net loss for the year ended June 30, 2026, and strengthened its financial position with a successful $2.628 million capital raise. The company entered into a binding earn-in agreement for the Hill of Leaders Tungsten Project in the Northern Territory, where initial surface sampling returned exceptional high-grade tungsten assays up to 15.69% WO₃, significantly enhancing the project's exploration potential. An upcoming maiden RC drilling program is planned to test the depth and continuity of this promising tungsten system. Reasoning: The company reported a reduced net loss and strengthened its financial position with a successful capital raise. A new earn-in agreement for the Hill of Leaders Tungsten Project, supported by exceptional high-grade surface sample results, significantly enhances future exploration potential, despite an impairment charge on another project. - Positive factor: new\_project\_acquisition - Positive factor: high\_grade\_surface\_samples - Positive factor: successful\_capital\_raise - Positive factor: reduced\_net\_loss - Negative factor: project\_impairment - Negative factor: cash\_balance\_decreased Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 17 ## Classification and evidence **Agreement Signed** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company signed a binding earn-in agreement for the Hill of Leaders Tungsten Project. Evidence · text > On 12 May 2026, Stelar Metals signed a binding earn-in agreement with F&H Brothers Metals Pty Ltd over the Hill of Leaders Tungsten Project **Bonanza Intercept** Polarity: positive Story-specific tag Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: The rock chip sample HOLA039 returned an exceptionally high-grade of 15.69% WO3, which is well above typical economic cut-off grades for tungsten deposits. Evidence · text > 15.69% WO₃ \(12.45% W\) - HOLA039 **High Grade** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Several rock chip samples returned high grades of tungsten, with approximately one in four samples collected exceeding 1% WO3. Evidence · text > 7.76% WO₃ \(6.16% W\) - HOLA036 **High Grade** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Several rock chip samples returned high grades of tungsten, with approximately one in four samples collected exceeding 1% WO3. Evidence · text > 4.96% WO₃ \(3.94% W\) - HOLA006 **High Grade** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Several rock chip samples returned high grades of tungsten, with approximately one in four samples collected exceeding 1% WO3. Evidence · text > 4.45% WO₃ \(3.53% W\) - HOLA031 **Capital Raise Completed** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company successfully completed a placement to raise approximately $2.628 million. Evidence · text > The Placement was undertaken under a single tranche using the Company’s existing available capacity under ASX Listing Rules 7.1 and 7.1A and was completed on 12 August 2026. **Deleterious Elements Present** Polarity: negative Story-specific tag Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: Molybdenum is consistently associated with tungsten mineralisation, which can be a penalty element in some concentrates. Evidence · text > Assay results also indicated that molybdenum is consistently associated with tungsten mineralisation, returning an average assay of 0.026% Mo across the 18 samples, with a maximum value of 0.058% Mo **Stale Data Re-release** Polarity: negative Story-specific tag Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: The document mentions historical aircore drilling results without indicating new assays or reinterpretation. Evidence · text > Historical workings at Hill of Leaders identified high-grade intersections from shallow aircore drilling **Project Impairment** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Evelyn Dam Project was fully impaired due to the target being considered too deep for the company to drill. Evidence · text > Stelar has fully impaired the carrying value of the Evelyn Dam Project ## Extracted facts Stored fact records: 3. Some facts used in scoring do not have a stored record. ## Drill Results (3) ### KWAC026 [Link to this fact](https://atlas-staging.minestarters.com/news/slb-2025-26-full-year-statutory-accounts--6982728e-c868-46b0-971a-20b444da3893#fact-drill-facts-8) Hill of Leaders · tungsten Historical result Needs review: historical\_restatement #### Identity - Hole ID: KWAC026 - Project: Hill of Leaders - Commodity: tungsten - Region: australia\_nt - Reported Region: australia\_nt - Ticker: SLB #### Geometry - Grade: 0.6 - Grade Unit: % - Intercept: 1 m - From: 0 m - To: 1 m - Intercept Depth: 0 m #### Classification - Sample Type: drill - Group ID: KWAC026:0-1 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Historical aircore intercept shows tungsten mineralization, but it's narrow and from old data, limiting its novelty. - Positive factor: historical\_mineralization - Negative factor: stale\_data - Negative factor: narrow\_intercept Evidence · text > 1m @ 0.60% WO3 \(KWAC026 from surface\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### KWAC058 [Link to this fact](https://atlas-staging.minestarters.com/news/slb-2025-26-full-year-statutory-accounts--6982728e-c868-46b0-971a-20b444da3893#fact-drill-facts-9) Hill of Leaders · tungsten Historical result Needs review: historical\_restatement #### Identity - Hole ID: KWAC058 - Project: Hill of Leaders - Commodity: tungsten - Region: australia\_nt - Reported Region: australia\_nt - Ticker: SLB #### Geometry - Grade: 0.167 - Grade Unit: % - Intercept: 5 m - From: 10 m - To: 15 m - Intercept Depth: 10 m #### Classification - Sample Type: drill - Group ID: KWAC058:10-15 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Historical aircore intercept shows low-grade tungsten mineralization from old data, limiting its novelty and materiality. - Positive factor: historical\_mineralization - Negative factor: stale\_data - Negative factor: low\_grade Evidence · text > 5m @ 0.167% WO3 \(KWAC058 from 10m to EOH\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### KWAC119 [Link to this fact](https://atlas-staging.minestarters.com/news/slb-2025-26-full-year-statutory-accounts--6982728e-c868-46b0-971a-20b444da3893#fact-drill-facts-10) Hill of Leaders · tungsten Historical result Needs review: historical\_restatement #### Identity - Hole ID: KWAC119 - Project: Hill of Leaders - Commodity: tungsten - Region: australia\_nt - Reported Region: australia\_nt - Ticker: SLB #### Geometry - Grade: 0.173 - Grade Unit: % - Intercept: 5 m - From: 0 m - To: 5 m - Intercept Depth: 0 m #### Classification - Sample Type: drill - Group ID: KWAC119:0-5 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Historical aircore intercept shows low-grade tungsten mineralization from old data, limiting its novelty and materiality. - Positive factor: historical\_mineralization - Negative factor: stale\_data - Negative factor: low\_grade Evidence · text > 5m @ 0.173% WO3 \(KWAC119 from surface to EOH\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.