The National Minerals Agency has received the application and is considering it, while public disclosure meetings have been held over the environmental licence application.
Karl Smithson, chief executive, said while it is waiting for licence approval it is considering appropriate funding structures for the future commercial development.
Stellar is looking at a phased development of an open pit and subsequent underground mine.
“This phased development model will not only create significant local employment opportunities but also support early cash flow generation and a long-term sustainable operation,” said Smithson.
A preliminary economic assessment indicated an initial 4 year open pit mining project would cost $24.8mln and produce around 118,000 carats of diamonds valued at $270/ct.
That would generate a pre-tax NPV of $53.2mln at a 10% discount rate and a pre-tax internal rate of return of 31%.
SP Angel said that Stellar Diamonds is at an important point in its development and efforts to engage with communities and other stakeholders should help build support for the project.
Shares rose 9% to 10.4p.