Stelar Metals flew higher on tungsten acquisition in the NT. Pic: Getty Images
Stelar Metals soars 100% on tungsten acquisition in the NT
Anson rallies on POSCO agreement for lithium demonstration plant
Black Bear lifts Nevada gold resource beyond 2.2Moz
Your standout small cap resources stocks for Wednesday, May 13, 2026.
Tungsten has emerged as one of the hottest commodities on the ASX, with ammonium paratungstate (APT) prices recently climbing to US$3,185/mtu after surging more than 300% since the start of the year.
The metal is classified as a critical mineral across the US, EU, UK, Japan and Australia due to its strategic applications in defence, aerospace, electronics and advanced manufacturing.
Supply concerns have also intensified considering China’s production dominance.
Stelar Metals became the latest ASX explorer to gain exposure to tungsten after announcing the acquisition of the Hill of Leaders project in the NT.
Investors appeared to welcome the move with the group’s share price doubling in today’s session.
Historically, Hill of Leaders churned out high-grade tungsten from a series of surface vein swarms surrounded by alteration zones hosting tungsten and copper mineralisation along 2km of strike.
Previous AC drilling to an average depth of 10m also returned a string of notable hits, including 1m at 0.60% WO3 and 5m at 0.19% WO3. These results were supported by rock chip samples grading as high as 6.1% WO3.
Management believes the project is geologically akin to Tungsten Mining’s (ASX:TGN) nearby Hatches Creek project, which hosts a 12Mt resource grading 0.17% WO3 and 0.12% Cu.
Stelar is now planning an RC drilling program to test bedrock beneath the surface vein swarms and define the grade, thickness and extent of known mineralisation.
Anson Resources also charged higher today, climbing by 51% after reaching terms with Korean industrial giant POSCO to develop a lithium extraction demonstration plant at its Green River project in Utah.
The plant will look to validate the commercial extraction of lithium brines from Green River through POSCO’s proprietary DLE technology.
A definitive agreement is expected to be executed before the end of the current quarter.
Under the proposed terms, POSCO will fund and lead engineering, construction, operation and maintenance of the facility.
Anson will supply the brine and provide access to the project site and supporting infrastructure. It will also pocket about A$7.2 million in facilitation fees.
The duo will also explore broader collaboration opportunities during operation of the plant, as outlined in an initial MoU from June last year.
“Securing a definitive agreement with POSCO represents a transformational step forward for the Green River lithium project,” noted Anson Resources executive chairman and CEO Bruce Richardson.
“Moving from a non-binding MoU to a fully executed agreement underscores the strong technical confidence POSCO has in our asset and highlights the increasing strategic importance of domestic US lithium supply.”
POSCO is targeting first operations at the demonstration plant in 2027, with the work expected to conclude the following year.
Black Bear Minerals burst higher in today’s trading after growing the MRE at its Independence gold project in Nevada beyond 2.2Moz of gold equivalent.
The deposit comprises shallow chert-hosted epithermal mineralisation spanning 1.5km of strike, located above a deeper high-grade skarn system.
The updated MRE now contains 1Moz of gold at 6.29g/t Au in the inferred category for the skarn component.
The epithermal portion adds more than 1.2Moz gold equivalent in the inferred and indicated categories.
Management noted that all mineralised domains remain open along strike and at depth and show significant potential for further growth.
The chert-hosted mineralisation is considered amenable to heap-leach extraction, a method widely employed across Nevada’s epithermal deposits.
These include the adjacent 240,000 ounce per annum Phoenix complex operated by Nevada Gold Mines – a JV between Newmont (ASX:NEM) and fellow gold mining heavyweight Barrick.
Black Bear is now assessing additional drilling programs aimed at growing the resource base even further.
It believes exploration drilling is warranted along the remaining 1km of untested strike on the Rebel Trend, with drill testing of the northern skarn extensions also under consideration.
Here, a historical hole 580m north of the MRE intercepted 21.7m at 1.0g/t Au.
Additional targets have also been identified within the Lower Pumpernickel Formation, located between the epithermal and skarn resource zones.
Tungsten Mining also enjoyed a strong session after kicking off on-site works at its flagship Mt Mulgine tungsten project in WA, ahead of diamond and RC drilling at the Mulgine Trench deposit.
The upcoming program will comprise 130 holes for 40,000m of drilling, with assay results expected to flow progressively from six weeks after drilling begins.
The campaign is designed to upgrade portions of the existing Mt Mulgine MRE into the indicated category.
RC drilling will also test the upper sections of an exploration target estimated at between 165Mt and 200Mt grading 0.10% to 0.12% WO3 and 180ppm to 220ppm molybdenum.
Management believes the drilling could significantly expand the current resource base, which already contains about 270,000 tonnes of WO3.
More broadly, the company believes Mt Mulgine has potential to emerge as the world’s largest tungsten resource.
“The commencement of on-site preparations at Mt Mulgine represents an important operational milestone for Tungsten Mining as we progress towards the planned drilling campaign at Mulgine Trench,” chairman Gary Lyons said.
“The potential exists, upon completion of the drilling and assessment of the relevant results, to add to TGN’s already significant resource base, potentially positioning Mt Mulgine as the largest tungsten project in the world.”
Current activities include drill pad preparation, surveying and drill hole mark-outs, infrastructure groundworks, site access works and safety preparations ahead of the start of drilling.
The drilling campaign is expected to commence once site preparation activities are completed.
(Up on no news)
EQ Resources delivered another vote of confidence for tungsten despite not releasing price-sensitive news.
The +$1.3 billion market capped outfit has seen its share price soar by more than 600% over the past year, including another 11% today.
The company’s tungsten portfolio includes its flagship Mt Carbine mine in north Queensland as well as the Barruecopardo mine in Spain.
For now, Mt Carbine hosts a resource totalling 41.36Mt at 0.23% WO3.
In FY25, it produced 487 tonnes WO3 and gained initial access to a higher-grade in-situ orebody in March.
An eight-year reserve mine life has been defined for the project, but only 23% of the current resource has been converted into reserves.
The company recently launched a 28-hole drilling program targeting reserve definition and resource extensions ahead of a planned update tabled for late 2026.
Meanwhile, Barruecopardo hosts a resource totalling 22.9Mt at 0.20% WO3, including reserves estimated to support a nine-year mine life.
EQ Resources is targeting annual production of more than 160,000mtu WO3 from the Spanish operation, after dishing out nearly 120,000mtu in FY25.
It has also identified exploration upside across eight surrounding licences.
This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions. While Stelar Metals, Black Bear Minerals and Anson Resources are Stockhead advertisers, they did not sponsor this article.