TUNGSTEN MINING NL — AGM Information 2016

Nov 28, 2016

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AGM Presentation

November 2016

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Disclaimer

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.

2016 Highlights

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 Low cost acquisition of a high quality tungsten portfolio
 Drilling and sampling has identified resource upside
 Strategic Development Plan formulated and commenced
 Mineralogical and metallurgical testwork underway
 Infrastructure sharing discussions underway
 Targeting first production in a rising market
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Corporate Overview

Ca ital Structure ASX: TGN p Shares on issue 263,652,708 ordinary shares Unlisted Options Nil Market Capitalisation $10.5 million (at 4 cps) Cash as at 30 Sept 2016 $0.92 million Top 20 shareholders 78%

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Board and Management

Gary Lyons Chew Wai Chuen Jimmy Lee Teck Siong Wong

Non-Exec Chairman Non-Exec Director Non-Exec Director Non-Exec Director

Experienced company director and businessman Singapore based financial advisor Experienced mining engineer Malaysian based international business experience

Craig Ferrier Mark Pitts

Chief Executive Officer Company Secretary

20 yrs senior management experience 25 yrs corporate and compliance management

Expanded Project Portfolio

• Tungsten Mining acquired a large portfolio of advanced tungsten (scheelite) development projects.

• Mineral Resources* of 88.6 Million tonnes at 0.18% WO3, containing more than 15.5 million MTU (metric tonne units) of WO3 at a 0.10% cut-off grade.

• Mt Mulgine Strategic Development Plan  focused on concentrate production in 2018

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• Comprising Indicated Resources of 15.4Mt @ 0.20% W03 and Inferred Resources of 73.2Mt @ 0.17% W03 (refer Annexure 1)

Market low created opportunity

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Hazelwood Acquisition
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• Ammonium paratungstate (APT) is a key intermediate tungsten product and pricing benchmark quoted in $US/MTU.

• • Concentrates typically traded at ~20% discount to APT price.

• Tungsten Mining has taken the opportunity to acquire quality assets at the bottom of cycle.

Source: Argus, TGN reports

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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• Resource depletion and lower grade ore to constrain existing producers.

• Low prices disincentive to new supply.

• Improving outlook through 2017 to provide opportunity for small scale (low cost) production

Targeted acquisition & development plan

Dec 2015 – Mt Mulgine and Big Hill acquisition

1 83.7Mt $1.2m ~$40m 50,000m low acquisition historical spend historical @ 0.17% WO3 (in 2016 dollar terms) cost drilling and 197ppm Mo (incl 40km DDH)

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Advanced project at Mt Mulgine Near term production potential from Mulgine Hill Globally significant project size Potential to utilise existing infrastructure

1. Refer to Annexure 1 for resource details – Mt Mulgine and Big Hill

Critical success factors

• Large scale deposits supporting robust project economics

• Existing infrastructure driving low capital expenditure

• Low mining costs from near surface mineralisation and low strip ratios

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• 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 Tungsten Project

• Globally significant JORC 2012 Mineral Resource (updated in June 2016).

• Substantial past exploration and Feasibility Study work.

• Tungsten and molybdenum rights held by Tungsten Mining.

• Minjar Gold Pty Ltd, subsidiary of Shandong Tianye Group of China, holds gold and other mineral rights on Project tenements.

• Proximity to available supporting infrastructure such as power, water, roads and accommodation at adjacent Minjar Gold operations.

• Minjar Gold and Tungsten Mining working collaboratively.

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Minjar core farm – trays of diamond drilling core

Mt Mulgine - Bobby McGee pit, mined for gold, with tungsten mineralisation exposed and open

Located in a mining province

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MMG
Golden Grove Zinc-Copper Mine
1.7Mtpa
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Gindalbie/Ansteel Karara Iron Ore Mine 8Mtpa

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37km
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Minjar Gold Minjar Gold Mine 0.6mtpa, 172 man camp, workshops & office, grid power and airport via Golden Grove,

Existing haul road In place

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

Mt Mulgine – Summary Plan

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Mulgine Hill – Summary Plan

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Mulgine Hill Cross Section – Target 1

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Cross section showing August 2016 drilling (MMC prefix) and interpretation with 2016 block model.

Mulgine Hill Cross Section – Target 3

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Cross section showing August 2016 drilling (MMC prefix) and interpretation with 2016 block model.

Mt Mulgine Strategic Development Plan

• Staged development approach targeting production of tungsten concentrate and early cash flow within 2 years

• Focus on shallow mineralisation at Mulgine Hill, previously mined and stockpiled material and exposed ore in Bobby McGee pit at Trench

• Historical metallurgical studies indicated conventional metallurgical treatment produces a saleable WO3 concentrate from Mulgine Hill deposit

• Drilling and metallurgical test work commenced in Q3 2016.

• Initial production planned from small scale production leveraging off existing infrastructure operated by Minjar Gold

• CSIRO engaged to help understanding the distribution and mineralogy of tungsten mineralisation in Trench oxide zone and potential methods of extraction and by-product recovery

Mt Mulgine Strategic Development Plan

Targeting small scale production facility capable of producing saleable concentrate and by-products by end 2018.



Phase 1 RC and PQ diamond drilling completed – targeted shallow mineralisation at DRILLING Mulgine Hill METALLURGICAL Program designed and commenced – building on previous work. Mineralogical studies TESTWORK completed, ore sorting and gravity separation test work in progress. now Production to leverage off existing infrastructure. INFRASTRUCTURE now Discussions advancing with regional operators for infrastructure access Assessing suitability of existing bulk material from shafts and open pit and identifying PILOT PLANT now specialist laboratories capable of performing pilot work Specialist equipment vendors including ore sorting technologies being assessed for ENGINEERING early contractor involvement (ECI). Engineering work undertaken by previous owners on 330ktpa concentrator. Modular plant where feasible.

Mt Mulgine Development Timeline

Task	Sep 16	Dec 16	Mar 17	Jun 17	Sep 17	Dec 17	Mar 18	Jun 18
Geology and resource development
Metallurgy
Engineering
Pilot Scale Testwork
Project management, permitting and approvals
Marketing and Commercial
Mining

2017 Work Program

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 Focussed on Mt Mulgine Development Plan
 Mineralogical & metallurgical testwork
 Drilling and resource updates
 Shared infrastructure agreements
 Pilot Plant development
 Engineering studies
 Mining studies
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Thank you

Primary contact:

Craig Ferrier Chief Executive Officer t: +618 9486 8492

e: craig.ferrier@tungstenmining.com

Media & Broker Enquiries: Andrew Rowell Cannings Purple t: +61 400 466 226 e: arowell@canningspurple.com.au

Annexure 1 JORC 2012 Mineral Resources

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