Stelar Metals advances Northern Territory tungsten project
Stelar Metals Limited (ASX:SLB) reported on 31 July 2026 that initial field programs at its optioned Hill of Leaders Tungsten Project in Australia's Northern Territory returned high-grade tungsten assays exceeding 1% WO3 from a maiden surface rock-chip sampling program. Scheelite and wolframite mineralisation was identified across corridors extending over 100 metres in width and more than two kilometres in length, a footprint the company says indicates a tungsten system of significant scale. The project sits on exploration licence EL33232, a 445 square kilometre area in the Tennant Creek mining region, about 50 kilometres from the Stuart Highway and rail connections to Darwin and Darwin Port.
The company has fast-tracked a maiden reverse circulation drilling program to test continuity and grade at depth, scheduled to commence in the coming weeks. An ultra-high-definition airborne survey completed after the quarter revealed new tungsten-rich targets for that campaign. Corporate changes during the period included the 16 April 2026 appointment of Stephen Biggins as Executive Chair and, after the quarter, the addition of Dr Qingtao Zeng, described as an experienced international critical minerals dealmaker, as a Non-Executive Director.
Trump-linked Kazakhstan tungsten venture remains under review
Reporting on 31 July 2026 highlighted continuing questions about a Kazakhstan tungsten mining deal connected to the sons of President Donald Trump. Donald Trump Jr. and Eric Trump invested in Skyline Builders, then a NASDAQ-listed construction firm, through Dominari Securities in August 2025. Skyline Builders subsequently announced a reverse merger with Cove Kaz Capital — a vehicle that had been selected under the Biden administration to compete for Kazakh state-owned tungsten deposits — forming Kaz Resources, trading on NASDAQ as KAZR. Skyline Builders holds a 20% stake in the combined entity through a $20 million investment; the brothers' specific share is not publicly disclosed.
On 6 November 2025, Kazakh President Kassym-Jomart Tokayev met President Trump and the U.S. Export-Import Bank and U.S. International Development Finance Corporation issued letters of interest for up to $1.6 billion in financing. The deal is still under standard review by the Securities and Exchange Commission and has not been finalised. Chicago-based securities and investment fraud attorney Andrew Stoltmann told Fox News Digital that the optics "certainly raise eyebrows" but proving actual wrongdoing is difficult, framing the unresolved question as what President Trump knew and when he knew it. The same report noted Russian and Chinese bidders also competed for the original Kazakh contract.
Guardian Metal Resources discloses voting capital
Guardian Metal Resources PLC (LON:GMET, OTCQX:GMTLF, NYSE American: GMTL) announced on 31 July 2026 that it had 194,807,981 ordinary shares of £0.01 in issue, with none held in treasury, putting total voting rights at the same figure for shareholders to use under the UK Financial Conduct Authority's Disclosure and Transparency Rules. The London-headquartered company is an exploration-stage tungsten developer whose principal assets are the Pilot Mountain and Tempiute projects in Nevada, both situated in historic tungsten districts that have seen prior third-party mining activity. Other items referenced in the filing included a 21 July 2026 director share purchase, an 8 July 2026 announcement of a U.S.-based tungsten mining and recovery pilot program launched with a partner, and the implementation of previously approved director and CEO share-option arrangements.
Market backdrop and signals to watch
Coverage repeated that tungsten is classified as a critical mineral by the U.S., EU, South Korea and Japan, and that tightening Chinese export licensing has constrained supply to Western buyers and lifted pricing over the past 12 months. The applications cited range from defence and mining to construction and semiconductors, with China and Russia together controlling the majority of global supply. Stelar Metals' maiden RC drilling at Hill of Leaders, the SEC's continued review of the Kaz Resources transaction, and any further pilot or drilling results from Guardian Metal Resources' Nevada assets are the next verifiable milestones to watch.
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