Small-cap and penny stocks can attract significant market attention when exploration programs, resource upgrades or technical studies begin producing meaningful results.
Several ASX-listed companies have recently reported operational developments across tungsten, gold and iron ore projects. While these businesses remain at relatively early stages of development, their latest announcements provide investors with new information to assess.
Here are three ASX penny stocks attracting attention in October 2026.
Stelar Metals Limited (ASX: SLB)
Stelar Metals Limited is advancing its Hill of Leaders Tungsten Project, where exploration activity has accelerated during 2026.
On 15 September 2026, the company announced the completion of its maiden soil geochemical survey across the project. Approximately 1,350 soil samples were collected over an area covering roughly 50 square kilometres, with laboratory results expected to help Stelar identify priority areas for further exploration.
Fieldwork has also included nighttime ultraviolet lamping. According to the company's announcement, this work identified fluorescent scheelite mineralisation within veins and sections of the surrounding granite at the historic Hill of Leaders workings. Scheelite is an important tungsten-bearing mineral and is therefore central to understanding the project's mineralisation.
Stelar has already completed Phase 1 and Phase 2 field programs at Hill of Leaders, including sampling and assay work designed to improve its understanding of the tungsten system. The company's referenced market capitalisation was approximately $20.2 million.
Next phase of exploration
One of the more significant upcoming activities is a planned 3,500-metre reverse circulation (RC) drilling program. The company is preparing for drill-rig mobilisation ahead of the maiden bedrock drilling campaign.
This drilling will provide substantially more geological information than surface exploration alone and could help establish the depth, continuity and grade characteristics of tungsten mineralisation at Hill of Leaders.
What investors may monitor
- Results from the 1,350-sample geochemical program
- Commencement of RC drilling
- Initial drill intercepts
- Tungsten grades and mineralisation continuity
- Future exploration targets identified across the project
Pilbara Gold Limited (ASX: PGL)
Pilbara Gold Limited is advancing a portfolio of gold assets, with the Mt York Gold Project representing its flagship development opportunity.
The company described FY2026 as a transformational period in its annual report released on 30 September 2026. One of the major developments during the year was an increase in the Mineral Resource Estimate at Mt York.
The project now contains a reported resource of approximately:
61 million tonnes at 1.05 g/t gold for 2.08 million ounces of gold.
This represented an increase of approximately 50% in the project's reported mineral resource. The larger resource base gives the company additional information to incorporate into ongoing technical and development studies.
Exploration returns to Roe Hills
Pilbara Gold has also restarted exploration at the Roe Hills Project following an extended period without active drilling. Post-FY2026 exploration has included drilling at the Terra and Caliburn prospects.
The company reported high-grade results from Terra, including an intersection of:
- 4 metres at 9.91 g/t gold (including 1 metre at 33.62 g/t gold)
These results add another exploration component to the company's portfolio alongside the more advanced Mt York project. Pilbara Gold has also announced further drilling results from Main Hill and Breccia Hill at Mt York, providing additional data for evaluating potential extensions to the existing resource.
The company's referenced market capitalisation stood at approximately $119.3 million.
What's next for Pilbara Gold?
The company intends to continue drilling across both the Mt York and Roe Hills projects. Its stated development timetable includes an updated Mineral Resource Estimate targeted for Q1 2027, with completion of the Mt York Pre-Feasibility Study targeted for H1 2027.
What investors may monitor
- Continued drilling at Mt York
- Exploration results from Roe Hills
- Potential resource growth and 2027 resource update
- Progress toward the Pre-Feasibility Study
- Future project development and funding requirements
Accent Resources NL (ASX: ACS)
Accent Resources NL is progressing the Magnetite Range Project, an iron ore development located in Western Australia.
The company's recent work has focused increasingly on determining how the project's magnetite material could be processed efficiently. On 30 September 2026, Accent announced results from dry magnetic separation testwork completed by LONGi Magnet Co.
The bench-scale work examined four samples from Magnetite Range and produced final concentrates grading approximately:
- 66.3% to 68% iron
- Overall magnetic iron recovery of approximately 98.21%
These results are relevant to the project's ongoing processing studies because they provide additional information about the potential to produce higher-grade magnetite concentrate through a dry processing route.
Advancing the Magnetite Range Project
During FY2026, Accent continued technical, environmental and development-related work as part of the project's ongoing Pre-Feasibility Study. The company also completed a hydrogeological drilling program, followed by assessment and interpretation work. Its referenced market capitalisation was approximately $124.8 million.
The next stage of metallurgical investigation is expected to examine:
- Further confirmation and optimisation testwork
- Representative composite testing
- Coarse dry rejection and fine dry magnetic cleaning
- Comparison of wet and dry processing alternatives
- Engineering evaluation of the preferred processing flowsheet
What investors may monitor
Future areas to watch include progress on the Pre-Feasibility Study, additional metallurgical results, selection of a preferred processing method, project economics and future development requirements.
Comparing the Three ASX Companies
Although all three companies sit toward the smaller end of the ASX market, their underlying projects are very different.
| Company | ASX Code | Commodity | Key Project | Current Focus |
|---|---|---|---|---|
| Stelar Metals | SLB | Tungsten | Hill of Leaders | Maiden drilling and exploration |
| Pilbara Gold | PGL | Gold | Mt York / Roe Hills | Resource growth and PFS |
| Accent Resources | ACS | Iron Ore | Magnetite Range | Metallurgical testing and PFS |
Important Note: Their different development stages mean investors should not compare them solely on market capitalisation. Exploration-stage companies can be influenced heavily by drilling results, while companies progressing toward development increasingly depend on technical studies, project economics, approvals and access to capital.
What Could Influence These ASX Penny Stocks?
Smaller resources companies often experience greater share-price volatility than established producers.
Some of the factors investors may want to monitor include exploration results, resource upgrades, feasibility studies, commodity prices, project approvals, capital raisings and development costs.
- For Stelar Metals, upcoming drilling at Hill of Leaders will provide important geological information.
- For Pilbara Gold, attention is likely to remain on further resource growth and the Mt York Pre-Feasibility Study.
- For Accent Resources, the development of an efficient processing flowsheet and completion of technical studies will be important in determining the next stage of Magnetite Range.
Final Thoughts
Stelar Metals, Pilbara Gold and Accent Resources each have different projects and investment characteristics.
- Stelar Metals is still establishing the potential scale of the Hill of Leaders tungsten system.
- Pilbara Gold has established a larger gold resource at Mt York and is progressing toward an updated resource estimate.
- Accent Resources is working through the technical and processing requirements of the Magnetite Range development.
For investors researching these companies, project quality is only one part of the picture. Funding requirements, commodity prices, technical execution, permitting, development timelines and potential shareholder dilution should also form part of the assessment.
Source: Company announcements and financial reports.
General Information Disclaimer
The information in this article is provided for general information and research purposes only. It does not take into account any individual's objectives, financial circumstances or investment needs and should not be regarded as personal financial advice. Market capitalisations, share prices, commodity prices, exploration results and other financial information can change after publication.