TUNGSTEN MINING NL — AGM Information 2015

Nov 22, 2015

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AGM Presentation

Perth, 23 November 2015 Craig Ferrier, Chief Executive Officer

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ABN 67 152 084 403

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Disclaimer
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ABN 67 152 084 403

This presentation includes certain statements that may be deemed ‘forward-looking statements’. All statements, other than statements of historical fact, that refer to any future production, resources or reserves, exploration results and events that Tungsten Mining NL (‘TGN’ or ‘the Company’) expects to occur are forward-looking statements. Although the Company believes that the expectations in those forward looking statements are based upon reasonable assumptions, such statements are not a guarantee of future performance and actual results or developments may differ materially from the outcomes. This may be due to several factors, including market prices, exploration and exploitation success, and the continued availability of capital and financing, plus general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance, and actual results or performance may differ materially from those projected in the forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

The information contained in the report that relates to Mineral Resources, Exploration Targets and Exploration Results is based on information compiled or reviewed by Peter Bleakley, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Bleakley is not a full-time employee of the company. Mr Bleakley is a consultant to the mining industry. Mr Bleakley has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Bleakley consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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Tungsten - a unique metal

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ABN 67 152 084 403
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Tungsten a metal of unique characteristics

§ Highest melting point

• § Highest tensile strength

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§ Lowest co-efficient of expansion

§ High density

Non-corrosive §

Making it a commodity of critical importance in today’s global industry

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Period 6 / Group 6
74 183.85
5700°C
3422°C W 19.3g/cm [3]
[Xe]4f [14] 5d [4] 6s [2]
Wolfram Tungsten
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Tungsten uses

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• Tungsten plays a critical role in industrial engineering and extractive industries reliant on high speed, wear resistant cutting tools and wear plates.

• The main constituent of cemented carbides is tungsten monocarbide (WC), which has hardness close to diamond.

• Cemented carbides account for approximately 60% of global tungsten consumption with a further 24% consumed in the production of steel alloys (high speed steels and tools) and super alloys (aerospace).

• The balance of demand is driven by demand from the electronics and chemical industries.

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Tungsten – a strategic element

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• Global tungsten (W) production is estimated to be circa 90,000 tpa from both primary (mine production) and secondary (recycled) sources.

• Roskill estimates that China accounts for approximately 80% of global primary production with minimal exports of tungsten concentrates by China. China represents approximately 48% of global tungsten consumption.

Tungsten was rated as the second highest supply risk of an assessment of 41 chemical elements undertaken by the British Geological Survey in 2012 with a risk rating of 9.5 out of 10.

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Market low presents opportunity

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Ref: Edison, Argus, NAB
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• APT price is used as a reference price for concentrate and quoted in $US/ MTU

• Recent APT price decline was anticipated on supply imbalance – exacerbated by concerns of Fanya Metal Exchange overhang and impact of substantial pullback in oil and gas drilling following fall in energy prices

• Chinese production slowly responding with closures now reported

The basics: A metric tonne unit (MTU) is 10 kilograms. 100 MTU’s in a tonne WO3 = tungsten trioxide W = tungsten

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• Market price forecast to improve through 2016 as supply is rebalanced

• Distressed asset sales and other opportunities exist to acquire good assets at the bottom of the market.

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Advancing the Kilba project

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• Kilba hosts a Resource estimate[1] (JORC Code 2012) of 5.0 million tonnes at 0.24% WO3 based on a cut-off grade of 0.10% WO3 (or 7.2 million tonnes at 0.19% based on a 0.05% COG)

• Infill drilling included in January 2015 Mineral Resource Update has improved the confidence level in the Kilba Mineral Resource to 86% of contained metal falling within the Indicated category.

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1. Refer Annexure A and ASX announcement dated 30 January 2015.

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A transformational deal

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• TGN has a binding agreement to purchase the Australian tungsten assets of Hazelwood Resources Ltd (HAZ) – namely the Mt Mulgine and Big Hill Projects.

• The consideration for the purchase is A$1m in cash and 5m fully paid ordinary shares (A $200,000 ). HAZ report spending in excess of A$11m on the Big Hill Project alone.

• Funding for completion of the acquisition will be provided by associated entity, GWR Group Ltd by way of convertible note.

• Extensive database including 50,000m of historical drilling, of which 40,000m was diamond core.

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*Project location map prepared on a post completion basis

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Delivering scale and leverage

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TGN will control an aggregate tungsten resource inventory[1] (at a cut-off grade of 0.05%) WO3 of 141 Million tonnes at 0.14% WO3, representing 20 million MTU (metric tonne units) of WO3, providing the platform for TGN to become a globally significant player within the primary tungsten market.

Peer Comparison

The graph depicts TGN’s relative Resource size both prior to the deal and on a post completion basis. Wolf Minerals[2] utilises a 0.063% WO3 cut-off grade (COG) for its Mineral Resources. For comparative purposes a 0.05% COG has been used for TGN.

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1. Refer Annexure A for details of TGN and Hazelwood Mineral Resource estimates

2. Refer Wolf Minerals Ltd 2015 Annual Report, p 6. There is some variation in cut-off grades adopted for Annual Mineral Resource and Reserve Statements

3. Contained Metal is based on the data disclosed in the published 2015 Annual Mineral Resource and Reserve Statements of peer entities

4. TGN data has been adjusted to reflect completion of the Mt Mulgine and Big Hill acquisition

5. TGN contained metal is based on Mineral Resource data adopting a 0.05% WO3 cut-off grade for comparative purposes

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…and at a low cost

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Mineral Resource Multiple based on Market Capitalisation and Contained WO3

Company	ASX Code	Cont. WO3 (t)	Market Cap per Cont. WO3 (MTU)
Wolf Minerals	WLF	217,800	$11.15
Tungsten Mining	TGN	200,700	$0.40
King Island Scheelite	KIS	77,760	$2.34
Carbine Tungsten	CNQ	68,760	$2.12
Vital Metals	VML	51,500	$0.92
Thor Mining	THR	34,237	$0.94
Venture Minerals	VMS	32,000	$1.98
TopTung	TTW	4,922	$4.58

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Notes:

1. Market Capitalisation is based on number of shares issued on 30 June 2015 multiplied by share price on 31 October 2015 2. Contained Metal is based on the data disclosed in the published 2015 Annual Mineral Resource and Reserve Statements of peer entities

2. TGN data has been adjusted to reflect completion of the Mt Mulgine and Big Hill acquisition

3. TGN contained metal is based on Mineral Resource data adopting a 0.05% WO3 cut-off grade for comparative purposes

For comparison, the cost of acquisition of the Mt Mulgine and Big Hill projects, on a Mineral Resource Multiple basis, is A$0.064 per contained MTU of WO3 based on a cut-off grade of 0.05% WO3 or $0.078 based on a cut-off grade of 0.10% WO3

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Factors for success

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• Large scale deposits supporting robust project economics

• Existing infrastructure driving low capital expenditure

• Low mining costs from near surface mineralisation and low strip ratio’s

• Simple metallurgical recovery and processing route

• Stable political climate and regulatory environment supportive of mining

• Competent and experienced management

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Mt Mulgine – Summary Plan

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Located in a mining province

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Open pit mining (Bobby McGee pit) within Trench resource area by Minjar Gold, the owners of the gold rights and tenement holder

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Stockpiled tungsten bearing ore from Bobby McGee pit

Image from Google Earth showing proximity to existing mines and existing infrastructure – 37km from Mt Mulgine project to Minjar Mill

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Mt Mulgine - Trench Deposit Cross Section

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Southeast Northwest
65m at 0.11%
88m at
0.11%
149m at
116m at 0.16% 0.12%
116m at 0.12%
158m at 0.12%
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Big Hill Deposit - Cross Section

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51m at 0.21%
67m at 0.17%
41m at 0.19%
27m at 0.37%
50m at 0.09%
154m at 0.12% 33m at 0.09%
86m at 0.25%
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Moving forward

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Strategy

• § Consolidate all geological, metallurgical and engineering study data. Interrogate and optimise.

• § Leverage off the substantial past investment to minimise future outlays

• § Metallurgy and engineering studies at Mulgine Trench a priority

• § Unlock value through cooperation and sharing of infrastructure

• § Value engineering study on Big Hill PFS

• Due diligence condition satisfied and formal transaction documents being finalised

• Completion and settlement of project acquisition late November/ early December

• Intention to raise the required funds to implement business strategy – building a mining business of scale

• § Remain attune to other opportunities § Build capability

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Summary

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Management þ Scale þ Value þ Acquisition cost þ Low capex þ Jurisdiction þ Risk þ Significance þ Opportunity þ

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Thank you

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ABN 67 152 084 403

Primary contacts:

Craig Ferrier Chief Executive Officer t: +618 9486 8492 e: craig.ferrier@tungstenmining.com

Gary Lyons Chairman t: +618 9486 8492 e: garylyons@heiniger.com.au

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Annexure A

TGN and Hazelwood Resources Mineral Resources at 0.05% WO3 cut-off grade

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Where JORC resources are shown above the Company has sourced the information from ASX announcements made by Hazelwood Resources Limited (as below) and the Annual Mineral Resources Statement of that Company.

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Annexure A continued

TGN and Hazelwood Resources Mineral Resources at 0.05% WO3 cut-off grade

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Where the Company references the Kilba JORC 2012 Resource and ASX Announcements made on 30 January 2015 and 26 October 2015, it confirms that it is not aware of any new information or data that materially affects the information included in those announcements and all material assumptions and technical parameters underpinning the resource estimate continue to apply and have not materially changed.

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