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2023 Annual Re ort p

Review of Operations ............................................................................................................................................... 3 Schedule of Interests in Mining Tenements ........................................................................................................... 13 Annual Mineral Resource and Ore Reserve Statement ......................................................................................... 14 Directors’ Report .................................................................................................................................................... 16 Auditor’s Independence Declaration ...................................................................................................................... 27 Consolidated Statement of Profit or Loss and Other Comprehensive Income ....................................................... 28 Consolidated Statement of Financial Position ........................................................................................................ 29 Consolidated Statement of Changes in Equity ....................................................................................................... 30 Consolidated Statement of Cash Flows ................................................................................................................. 31 Notes to the Consolidated Financial Statements.................................................................................................... 32 Directors’ Declaration ............................................................................................................................................. 55 Independent Auditor’s Report ................................................................................................................................ 56 Additional ASX Information .................................................................................................................................... 60

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Page 1

Corporate Directory

Board of directors:

Gary Lyons (Non-executive Chairman) Tan Sri Dato' Tien Seng Law (Non-executive Deputy Chairman) Chew Wai Chuen (Non-executive Director) Kong Leng (Jimmy) Lee (Non-executive Director) Teck Siong Wong (Executive Director) Russell Clark (Non-executive Director) Wai Cheong Law (Alternate Director)

Chief executive officer:

Teck Siong Wong

Company Secretary:

Sonu Cheema

Principal and registered office:

Auditors:

Stantons Level 2, 40 Kings Park Road West Perth WA 6005 Telephone: +61 8 9481 3188 Facsimile: +61 8 9321 1204

Bankers:

National Australia Bank Limited Level 14, 100 St Georges Terrace Perth WA 6000

Share registry:

Automic Group Level 5, 191 St Georges Terrace Perth, WA 6000 Telephone: +61 2 8072 1400

Level 4, 46 Colin Street West Perth WA 6005

Solicitors:

Telephone: +61 8 9486 8492 Facsimile: +61 8 6117 4039 Email: [email protected] Website: www.tungstenmining.com

Postal address:

PO Box 452 West Perth WA 6872

DLA Piper Level 21, 240 St Georges Terrace Perth WA 6000 Telephone: +61 8 6467 6000 Facsimile: +61 8 6467 6001

ABN:

67 152 084 403

Issued capital as at 30 June 2023:

Fully paid ordinary shares: 786,414,272

Parent entity:

Tungsten Mining NL

Stock exchange:

Australian Securities Exchange Limited

ASX company code:

TGN

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Page 2

Review of Operations

Review of Operations – 30 June 2023

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Progress for the development of the Mt Mulgine Tungsten Project continued during the year, including:
Commencement of a 50 hole, 6,100m RC Drilling Program focused on high-grade targets, completed in July 2023.
Supporting metallurgical testwork to further inform flowsheet development.
Environmental scoping work to support future approvals.
Discussions with potential partners.

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Cash position of $12.4 million as of 30 June 2023.

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Tungsten is a commodity of critical importance , named in the “Australian Critical Mineral Prospectus 2022”.

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Tungsten Mining successful in its application to receive $1m from the Federal Government’s Critical Minerals Development Program.

Commentary

Tungsten Mining continued to implement its strategy to build a tungsten business of scale at its Mt Mulgine project, with a current resource inventory of 41 million MTU’s (metric tonne units) of WO3 (tungsten trioxide), 71,000 tonnes of Mo (molybdenum), 1 million ounces of Au (gold), 44 million ounces of Ag (silver) and 92,000 tonnes of Cu (copper) (refer accompanying Mineral Resource Statement).

This resource provides the platform for the Company to become a globally significant player within the primary tungsten market through the development of the project and production of low-cost tungsten concentrate.

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Figure 1: Drilling at the Mount Mulgine Tungsten Project

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Page 3

Review of Operations

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Figure 2: Project location map

Mt Mulgine Project, Murchison WA

The Mt Mulgine Project remains the highest priority development project for the Company and was responsible for the majority of activity during the year.

It is located within the Murchison Region of Western Australia, approximately 350km north northeast of Perth. The Company has 100% of the tungsten and molybdenum rights on a contiguous group of tenements that have been the subject of significant previous exploration for tungsten and molybdenum. The Company also has the rights to all byproducts from the mining of tungsten and molybdenum, which include gold, silver and copper.

Two near surface Mineral Resources have been delineated at the Mulgine Trench and Mulgine Hill deposits. Currently, there is a combined Mineral Resource Estimate of 259Mt at 0.11% WO3, 270ppm Mo, 0.12g/t Au, 5g/t Ag and 0.03% Cu (at 0.05% WO3 cut-off). This is comprised of Indicated Resources of 183Mt @ 0.11% WO3, 290ppm Mo, 0.13g/t Au, 5g/t Ag, 0.04% Cu and Inferred Resources of 76Mt @ 0.11% WO3, 240ppm Mo, 0.09g/t Au, 5g/t Ag and 0.03% Cu (refer accompanying Mineral Resource Statement).

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Figure 3: Location of Mulgine Hill & Mulgine Trench Mineral Resources.

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Page 4

Review of Operations

Mt Mulgine Development

Since reporting the successful maiden Ore Reserve[1] and positive Pre-Feasibility Study (PFS) for the Project[2] , announced to the market on 29 January 2021, the Company has continued to advance the feasibility studies for the Project and seek suitable partners capable of supporting the Project’s development.

During the September 2021 quarter the Company completed a PQ diamond drilling program undertaken to collect core for test work with the aim of de-risking the metallurgical flowsheet (Figure 3). Approximately 37 tonnes of core representative of the material throughout the deposit within the various stages of the proposed 23-year pit design was recovered.

1, 2 ASX announcements 29/01/2021: ‘Mt Mulgine Project Maiden Ore Reserve’ and ‘Mt Mulgine Project Pre-Feasibility Study’

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Figure 4: Location of PQ drilling (blue circles) on Mulgine Trench surface geology.

Commencing in May 2023, and completed in July, TGN undertook a 50-hole drilling program totalling 6,100m focused on what is potentially a significantly larger mineralised area surrounding the defined Mulgine Hill Deposit (Figure 5). This has been identified from historical drilling and surface geochemistry to produce numerous significant exploration targets indicating possible tungsten and molybdenum mineralisation. The potential exists to define mineralisation on strike extensions of Mulgine Hill to the west, northwest, north and east. Fieldwork assessing the potential for extensions continues alongside the drilling program and may introduce additional targets for future drilling campaigns.

Drilling in this area will provide Tungsten Mining with confidence for subsequent programs to define additional potentially high-grade mineralisation and support future testwork and engineering.

Initial interpretation of the RC samples suggests mineralisation is present to the northwest, west and eastern targets of Mulgine Hill, however assays have yet to be returned to confirm this.

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Page 5

Review of Operations

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Figure 5: RC Drilling Locations

Project Activities

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TGN commenced a 50-hole drilling program during the June 23 quarter totalling 6,100m that focused on priority “Exploration Targets”. Assays are expected in the upcoming quarter.
TGN engaged in a Heritage Survey with the Badimia People and Horizon Heritage Group for the area northeast of Mulgine Hill. A single Aboriginal heritage site was identified. This did not affect the proposed holes for the drilling program.
Advanced the Mt Mulgine project through various metallurgical testwork programs. Testwork aligns with the program outlined for the Critical Minerals Development Grant.
Testwork Included:
Bulk sample preparation and coarse gravity concentration, to be followed by fine gravity concentration testwork;
Initial proof-of-concept testwork focused on recovering valuable mineral through flotation; and
Composite preparation testwork, from drill core sourced from Mulgine Hill with a view to undertaking further gravity testwork next quarter.

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Exploring opportunities within the current PFS to determine potential development strategies for the project. This has included assessment and drilling of high-grade targets within the Mt Mulgine tenements in a bid to provide additional opportunities to unlock value and strengthen the project economics.
TGN has continued its engagement with Integrate Sustainability to help determine and navigate an approvals pathway including:
Defining upcoming seasonal flora and fauna surveys.
Continuing engagement with the DBCA and DMIRS.
Developing a strategy to maintain a sustainable acacia population.
Engagement with relevant stakeholders including knowledge holders and traditional owner groups.
Progression of the overarching approvals pathway including heritage, water (hydrology, hydrogeology), flora and fauna, material characterisation and supporting studies.

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Page 6

Review of Operations

Geology and Resources

Mulgine Trench

Tungsten-molybdenum mineralisation at Mt Mulgine is associated with the Mulgine Granite – a high-level leucogranite forming a 2km stock that intrudes the Mulgine anticline (Figure 2). The granite intrudes a greenstone sequence composed of micaceous schists, amphibolite and talc-chlorite schist which were formerly metasediments, mafic and ultramafic rocks respectively.

Tungsten-molybdenum mineralisation at Mulgine Trench is associated with altered and quartz veined mafic and ultramafic units that form a 160 metre to 260-metre-thick zone over 1.4 kilometres of strike and dips shallowly towards the northwest (Figure 4). Drilling has intersected stronger molybdenum-gold-silver-copper mineralisation associated with a 50m to 120m wide Lower Tungsten-Molybdenum Domain within the larger tungsten envelope.

Mulgine Trench Mineral Resource

From the period July 2019 to February 2020, the Company completed resource definition drilling at Mulgine Trench consisting of 280 holes for 47,983 metres. An update to the Mulgine Trench Mineral Resource Estimate was completed by Optiro in May 2020 (following an interim update in December 2019).

This resulted in 70% of the mineralisation classified as Indicated and a 244% increase in tonnes, a 131% increase in contained tungsten and a 283% increase in contained molybdenum compared to the November 2014 Mineral Resource Estimate. In addition, a maiden resource was defined for associated minerals with approximately 1 million ounces of gold, 44 million ounces of silver and 92,000 tonnes of copper associated with the tungsten mineralisation.

Refer to ASX announcements dated 19 December 2019 and 4 May 2020 for updated Mineral Resource Estimates for the Mulgine Trench deposit and to the accompanying Mineral Resource Statement.

Mulgine Hill

At Mulgine Hill, mineralisation is associated with the sub-horizontal upper contact of a mafic schist unit and overlying quartz-muscovite greisen. Tungsten occurs as scheelite in coarse disseminations within the greisen or within numerous quartz and greisen veins in both the mafic schists and the quartz-muscovite greisen. The Mineral Resource Estimate for Mulgine Hill as of 21 March 2019 is 12.3 Mt at 0.16% WO3 and 125 ppm Mo (Refer to ASX announcement dated 12 April 2019).

Detailed Geological Modelling

The Company had continued to advance its understanding of mineralisation at Mt Mulgine. Geological logging, multielement geochemistry, Hyperspectral logging by Hylogger-3, Halo spectrometry and quantitative XRD analysis have been used to define geological domains within the Mulgine Trench deposit.

This work has allowed for a detailed understanding of weathering profiles and determination of protolith rock types. The Mulgine Trench Deposit is hosted by a dominantly mafic-ultramafic complex that was subsequently intruded by a felsic / greisen unit. Several individual basalt and ultramafic sequences can be sub-divided into individual mappable units throughout the Trench Deposit. In addition, interpretation to the geological connectivity between the Mulgine Trench and Mulgine Hill Deposits has been completed (Figure 6).

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Page 7

Review of Operations

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Figure 6: Interpreted geological domains (and sub-domains) at Mt Mulgine. Possible relationship / connectivity between the Mulgine Trench and Mulgine Hill deposits has been clarified for the first time.

Tungsten-molybdenum mineralisation at Mt Mulgine is associated with intense hydrothermal alteration related to intrusion of the Mulgine Granite. Several generations of veining have been recognised related to the Mt Mulgine Granite with tungsten mineralisation typically associated with 5mm to 100mm thick white to grey quartz veins. Tungsten occurs as dominantly coarse grained scheelite in or adjacent to vein margins.

Heritage

During the year ended 30 June 2023, Tungsten Mining has completed a heritage survey northeast of the Mulgine Hill deposit in preparation for further exploration. This was completed with the traditional owners, the Badimia People through the Badimia Lands Aboriginal Corporation (BLAC) with Horizon Heritage. The Badimia Traditional Owners and Horizon Heritage Management identified one new Aboriginal heritage site, a Tungsten Scar Tree, during the heritage survey. This did not affect the proposed holes for the drilling program.

TGN has now completed requirements stipulated under the Aboriginal Heritage Act (1972) to assess the land for ethnographic and archaeological Aboriginal heritage sites, places or values that could be impacted upon by proposed exploration drilling and access tracks within the survey area.

Other Projects

Hatches Creek Polymetallic Project, Davenport Province, NT

The Hatches Creek Project consists of two granted exploration licences covering 31.4 km2 (EL22912 and EL23463), located 350 km north east of Alice Springs in the Northern Territory. . Hatches Creek is a large historical high-grade tungsten mining centre where mining was undertaken between 1915 and 1960’s. Previous recorded production is approximately 2,840 tonnes of 65% WO3. Bismuth and copper have also been produced.

There are a large number of historical mine workings with much of the recorded previous production coming from six groups of historical mine workings spread over an area of 20 km2. Historical production was at grades of 1% to 12% WO3, averaging 2.5% WO3, with the largest contributor being the Pioneer Group. The mines exploited quartz veins containing wolframite and to a lesser extent scheelite. Mineralisation is often accompanied by copper, molybdenum , bismuth and at pioneer gold.

Historical mine stockpiles contain an Inferred Mineral Resource estimate of 225,000 tonnes grading 0.58% WO3 (0.2% lower cut off and 1.5% upper cut) refer to Arunta Resources Limited ASX announcement 23rd September 2014. The stockpiled material consists of mineralised waste, tailings and eluvial/alluvial material from the 11 largest historical mines in the Hatches Creek Tungsten Project which was accumulated during the project’s 42-year mining history

Previous metallurgical test work on the mine stockpiles has yielded encouraging results using an ore sorter followed by a simple gravity and magnetic characterisation circuit. The Company is reviewing the previous testwork.

A total of 65 RC drill holes for 7041m have been completed to date targeting the historical mine workings in 7 locations. This drilling has confirmed significant polymetallic tungsten mineralisation in most of the areas targeted (refer GWR ASX announcements dated 14th March 2017, 17 July 2018 and 22 May 2019).

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Page 8

Review of Operations

On 3 June 2019 the Company announced[ 1] that it had executed an agreement with GWR Group Limited (ASX: GWR) (“GWR”) to farm-in to the Hatches Creek Project. The Farm-in Agreement provided for Tungsten Mining to direct and manage exploration and development activities at Hatches Creek where past drilling by GWR confirmed multiple highgrade polymetallic tungsten prospects and demonstrated potential for a large high-grade polymetallic tungsten deposit (refer GWR announcements dated 17 July 2018 and 22 May 2019).

The Project is located 375 km north east of Alice Springs in the Northern Territory of Australia (Figure 7).

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Figure 7: Hatches Creek Project location map

Pursuant to the terms of the Farm-in Agreement, the Company acquired an initial 20% interest in the Hatches Creek Project by reimbursing GWR for past exploration expenditure. Pursuant to the terms of this agreement, it has since converted to a contributing joint venture with the Company maintaining its 20% interest, with GWR now entitled to act at as the joint venture Manager.

Further details on the results of recent and past drilling programs, Mineral Resource Estimate for surface dumps and the Exploration Target Estimate for the Hatches Creek Project are set out in GWR’s ASX announcements dated 17 July 2018 and 22 May 2019.

1. ASX announcement 3 June 2019: ‘Hatches Creek Tungsten Project Farm-in Agreement’

Watershed Project, Far North, Queensland

Watershed is located 130km north of Cairns in a mining friendly jurisdiction, with granted Mining Leases and an Environmental Authority for an open-pit development. Former project owner, Vital Metals Limited (Vital Metals) completed a Definitive Feasibility Study (DFS) for the project in 2014.

The Watershed Project substantially adds to Tungsten Mining’s global resource inventory and boasts a JORC 2012 Mineral Resource Estimate of 49.3Mt grading 0.14% WO3 comprising Measured Resources of 9.5Mt at 0.16% WO3, Indicated Resources of 28.4Mt at 0.14% WO3 and Inferred Resources of 11.5Mt at 0.15% WO3 at a cut-off grade of 0.05% WO3 (refer Vital Metals (VML) ASX announcement dated 4 July 2018 – Watershed Mineral Resources Restatement JORC Code 2012).

TGN have completed a review of known historical geochemical stream sediment anomalies and is of the opinion that Anomaly 17 and Mt Elephant warrant further investigation. During the December quarter, a total of 128 soil samples were collected to evaluate Anomaly 17 and Mt Elephant anomalies. At Anomaly 17, soil sampling defined a subtle tungsten anomaly over 500 metres of strike to 168 ppm that warrants further investigation. Results from Mt Elephant anomaly were disappointing returning a maximum of 28.4 ppm tungsten.

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Page 9

Review of Operations

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Figure 8: Watershed Project location map

Big Hill Project, Eastern Pilbara, WA

The Big Hill Project area is located approximately 30km northeast of the Nullagine township in the Eastern Pilbara of Western Australia. The Project contains the Big Hill deposit where 22,871 metres of diamond and RC drilling have defined a JORC-2012 Mineral Resource Estimate totalling 38.5Mt at 0.09% WO3 (0.05% WO3 cut-off) comprising an Indicated Resource of 15.8Mt at 0.11% WO3 and an Inferred Resource of 22.7Mt at 0.09% WO3.

Metallurgical test work conducted on samples from Big Hill at bench and pilot scale has produced high quality tungsten concentrates at acceptable scheelite recoveries. This work has identified a simple and potentially low cost processing route.

In April 2020, DMIRS approved a 3 year extension to Retention License R46/3. There were no planned activities for the Big Hill Project for the year.

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Page 10

Review of Operations

Kilba Project, Ashburton Region, WA

The Kilba Project is located within the Ashburton Region of Western Australia, 250km southwest of Karratha. To date, Tungsten Mining has focused on the historic Zones 8, 11 and 12 that Union Carbide discovered in the 1970s. Drilling has targeted high-grade tungsten mineralisation associated with skarns and calc-silicate units situated close to the Kilba granite.

This work has defined a JORC-2012 compliant Mineral Resource Estimate totalling 7.2Mt at 0.19% WO3 (0.05% WO3 cut-off) comprising an Indicated Resource of 5.7Mt at 0.20% WO3 and an Inferred Resource of 1.5Mt at 0.15% WO3.

Metallurgical test work shows that the tungsten is present as coarse-grained scheelite that will respond well to conventional gravity separation. Test work completed in 2015 has demonstrated the ability to produce an extremely high grade tungsten concentrate.

In May 2017, DMIRS approved a 5 year exemption from expenditure for M08/314 pursuant to the Mining Act. There were no planned activities for the Kilba Project during the year.

OPERATING AND FINANCIAL RISK

The Group’s activities have inherent risk and the Board is unable to provide certainly of the expected results of activities, or that any or all of the likely activities will be achieved. The material business risks faced by the Group that could influence the Group’s future prospects, and the Group manages these risks, are detailed below:

Operational risks

TGN may be affected by various operational factors. In the event that any of these potential risks eventuate, the Company’s operational and financial performance may be adversely affected. No assurances can be given that the Company will achieve commercial viability through the successful exploration and/or mining of its tenement interests. Until the Company is able to realise value from its projects, it is likely to incur ongoing operating losses.

The operations of the Company may be affected by various factors, including failure to locate or identify mineral deposits, failure to achieve predicted grades in exploration and mining, operational and technical difficulties encountered in mining, insufficient or unreliable infrastructure such as power, water and transport, difficulties in commissioning and operating plant and equipment, unanticipated metallurgical problems which may affect extraction costs, adverse weather conditions, industrial and environmental accidents, industrial disputes and unexpected shortages or increases in the costs of consumables, spare parts, plant and equipment.

TGN’s Mineral Resource estimates are made in accordance with the 2012 edition of the JORC Code. Mineral resources are estimates only. An estimate is an expression of judgement based on knowledge, experience and industry practice. Estimates which were valid when originally calculated may alter significantly when new information or techniques become available. In addition, by their very nature, resource estimates are imprecise and depend to some extent on interpretations, which may prove to be inaccurate.

The tenements are at various stages of exploration, and potential investors should understand that mineral exploration and development are speculative and high-risk undertakings that may be impeded by circumstances and factors beyond the control of the Company.

There can be no assurance that exploration of the Tenements, or any other exploration properties that may be acquired in the future, will result in the discovery of an economic mineral resource. Even if an apparently viable deposit is identified, there is no guarantee that it can be economically exploited.

There is no assurance that exploration or project studies by the Company will result in the definition of an economically viable mineral deposit or that the exploration tonnage estimates, and conceptual project developments discussed in this Prospectus are able to be achieved. In the event the Company successfully delineates economic deposits on any Tenement, it will need to apply for a mining lease to undertake development and mining on the relevant Tenement. There is no guarantee that the Company will be granted a mining lease if one is applied for and if a mining lease is granted, it will also be subject to conditions which must be met.

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Page 11

Review of Operations

OPERATING AND FINANCIAL RISK

Further capital requirements

The Company’s projects may require additional funding in order to progress activities. There can be no assurance that additional capital or other types of financing will be available if needed to further exploration or possible development activities and operations or that, if available, the terms of such financing will be favourable to the Company.

Native title and Aboriginal Heritage

There are areas of the Company’s projects over which legitimate common law and/or statutory Native Title rights of Aboriginal Australians exist. Where Native Title rights do exist, the Company must obtain consent of the relevant landowner to progress the exploration, development and mining phases of operations. Where there is an Aboriginal Site for the purposes of the Aboriginal Heritage legislation, the Company must obtain consents in accordance with the legislation.

The Company’s activities are subject to Government regulations and approvals

The Company is subject to certain Government regulations and approvals. Any material adverse change in government policies or legislation in Western Australian, Queensland and Australia that affect mining, processing, development and mineral exploration activities, export activities, income tax laws, royalty regulations, government subsidiaries and environmental issues may affect the viability and profitability of any planned exploration or possible development of the Company’s portfolio of projects.

Global conditions

General economic conditions, movements in interest and inflation rates and currency exchange rates may have an adverse effect on the Company’s exploration, development and production activities, as well as on its ability to fund those activities. General economic conditions, laws relating to taxation, new legislation, trade barriers, movements in interest and inflation rates, currency exchange controls and rates, national and international political circumstances (including outbreaks in international hostilities, wars, terrorist acts, sabotage, subversive activities, security operations, labour unrest, civil disorder, and states of emergency), natural disasters (including fires, earthquakes and floods), and quarantine restrictions, epidemics and pandemics, may have an adverse effect on the Company’s operations and financial performance, including the Company’s exploration, development and production activities, as well as on its ability to fund those activities.

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Page 12

Schedule of Interests in Mining Tenements

Tenement Name	Tenement	Interest acquired/ disposed of during the year	Interest Held at 30 June 2023
Kilba Well	M08/314	N/A	100%
Kilba Well	E08/2780	N/A	100%
Mt Mulgine*	E59/1324-I	N/A	100% mineral rights for tungsten and molybdenum
Mt Mulgine*	M59/386-I	N/A	“
Mt Mulgine*	M59/387-I	N/A	“
Mt Mulgine*	M59/425-I	N/A	“
Mt Mulgine	P59/2244	NA	100%
Mt Mulgine	L59/161	N/A	100%
Mt Mulgine	L59/162	N/A	100%
Mt Mulgine	L59/190	N/A	100%
Big Hill	L46/70	N/A	100%
Big Hill	R46/3	N/A	100%
Watershed	ML20535	N/A	100%
Watershed	ML20536	N/A	100%
Watershed	ML20537	N/A	100%
Watershed	ML20538	N/A	100%
Watershed	ML20566	N/A	100%
Watershed	ML20567	N/A	100%
Watershed	ML20576	N/A	100%
Watershed	EPM25940	N/A	100%
Hatches Creek	EL22912	N/A	20%
Hatches Creek	EL23463	N/A	20%

*Certain Mt Mulgine tenements are registered in the name of Minjar Gold Pty Ltd with Mid-West Tungsten Pty Ltd (MWT), a subsidiary of Tungsten Mining NL being the holder of the Tungsten and Molybdenum Mineral Rights. MWT is the registered holder of Prospecting Licence P59/2244 and Miscellaneous Licenses L59/161, 162 and 190.

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Page 13

Annual Mineral Resource and Ore Reserve Statement

Tungsten Mining NL–Resource Inventory at 0.05% WO3Cut-Off	Tungsten Mining NL–Resource Inventory at 0.05% WO3Cut-Off	Tungsten Mining NL–Resource Inventory at 0.05% WO3Cut-Off	Tungsten Mining NL–Resource Inventory at 0.05% WO3Cut-Off	Tungsten Mining NL–Resource Inventory at 0.05% WO3Cut-Off	Tungsten Mining NL–Resource Inventory at 0.05% WO3Cut-Off	Tungsten Mining NL–Resource Inventory at 0.05% WO3Cut-Off	Tungsten Mining NL–Resource Inventory at 0.05% WO3Cut-Off
Class	Million		WO3	WO3	Mo	Mo	Au	Au	Ag	Ag	Cu	Cu
	Tonnes		%	(Kt)	(ppm)	(Kt)	(g/t)	(Koz)	(g/t)	(Moz)	%	(Kt)
					Mulgine Trench (May 2020)1
Measured	-	-		-	-	-	-	-	-	-	-	-
Indicated	175	0.11		190	290	51	0.14	770	6	32	0.04	69
Inferred	72	0.11		80	250	18	0.10	230	5	12	0.03	24
Total	247	0.11		270	280	69	0.13	1,000	6	44	0.03	92
					Mulgine Hill (April 2019)2
Measured	-	-		-	-	-	-	-	-	-
Indicated	8.3	0.18		15	128	1.1	-	-	-	-
Inferred	4.0	0.12		4.8	118	0.5	-	-	-	-
Total	12.3	0.16		20	125	1.5	-	-	-	-
					Mt Mulgine (Total)
Measured	-	-		-	-	-	-	-	-	-
Indicated	183	0.11		205	290	52	0.13	770	5	32	0.04	69
Inferred	76	0.11		85	240	18	0.09	230	5	12	0.03	24
Total	259	0.11		290	270	71	0.12	1,000	5	44	0.03	92
					Watershed (July 2018)3
Measured	9.5	0.16		15	-	-	-	-	-	-
Indicated	28.4	0.14		40	-	-	-	-	-	-
Inferred	11.5	0.15		17	-	-	-	-	-	-
Total	49.3	0.14		70	-	-	-	-	-	-
					Big Hill (June 2016)4
Measured	-	-		-	-	-	-	-	-	-
Indicated	15.8	0.11		17	-	-	-	-	-	-
Inferred	22.7	0.09		19	-	-	-	-	-	-
Total	38.5	0.09		36	-	-	-	-	-	-
					Kilba (January 2015)5
Measured	-	-		-	-	-	-	-	-	-
Indicated	5.7	0.20		11.5	-	-	-	-	-	-
Inferred	1.5	0.15		2.2	-	-	-	-	-	-
Total	7.2	0.19		13.7	-	-	-	-	-	-
					Total	Resource Inventory
Measured	9.5	0.16		15	-	-	-	-	-	-
Indicated	233	0.12		273	220	52	0.10	770	4	32	0.03	69
Inferred	111	0.11		124	160	18	0.06	230	3	12	0.02	24
Total	354	0.12		410	200	71	0.09	1,000	4	44	0.03	92

Note: Totals may differ from sum of individual numbers as numbers have been rounded in accordance with the Australian JORC code 2012 guidance on Mineral Resource reporting.

1. Refer ASX (Tungsten Mining) Announcement 4 May 2020, “Mineral Resource Estimate Update for Mulgine Trench Deposit”.

2. Refer ASX (Tungsten Mining) Announcement 12 April 2019, “Update on Activities at Mt Mulgine”.

3. Refer ASX (Vital Metals) Announcement 4 July 2018, “Watershed Mineral Resources Restatement JORC Code 2012”.

4. Refer ASX (Tungsten Mining) Announcement 23 June 2016, “Big Hill June 2016 Mineral Resource Update”.

5. Refer ASX (Tungsten Mining) Announcement 30 January 2015, “Kilba Mineral Resource Update”.

6. The Resource table only includes projects where Tungsten Mining holds a 100% interest.

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Page 14

Annual Mineral Resource and Ore Reserve Statement

Competent Person’s Statement

The information in this report that relates to Exploration Targets and Exploration Results is based on, and fairly represents, information and supporting documentation prepared by Peter Bleakley, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Bleakley is a full-time employee of the company. 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.

The information in this report that relates to Mineral Resources at Mulgine Hill, Big Hill and Kilba are extracted from the reports titled ‘Update on Activities at Mount Mulgine’ released to the Australian Securities Exchange (ASX) on 12 April 2019, ‘Big Hill June 2016 Mineral Resource Update’ released to the ASX on 23 June 2016, and ‘Kilba Mineral Resource Update’ released to the ASX on 30 January 2015, all are available to view at www.tungstenmining.com. The information in this report that relates to Mineral Resource at Watershed is extracted from the report titled ‘Watershed Mineral Resources Restatement JORC Code (2012)’ released to the ASX on 4 July 2018 by Vital Metals Limited. The information in this report that relates to Mineral Resources at Mulgine Trench is extracted from the report titled ‘Update of Mineral Resource Estimate for Mulgine Trench Deposit’ released to the ASX on 4 May 2020 and available to view at www.tungstenmining.com. The information is this report that relates to Mt Mulgine Project Ore Reserves is extracted from ASX release on 29 January 2021: ‘Maiden Ore Reserve Estimate – Mt Mulgine Project’ and available to view at www.tungstenmining.com.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX announcements and that all material assumptions and technical parameters underpinning the estimates, of Mineral Resources and Ore Reserves, in original ASX announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original ASX announcements.

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Page 15

Directors’ Report

The directors of Tungsten Mining NL (“Tungsten Mining” or “the Company”) present their report for Tungsten Mining NL, comprising the Company and the entities it controls (“the Group”), for the year ended 30 June 2023.

DIRECTORS

The names and details of the Company’s directors in office during the financial year and until the date of this report are as follows. Directors were in office for the entire period unless otherwise stated.

Names, qualifications, experience and special responsibilities

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Gary Lyons Non-executive Chairman

Mr Lyons is a successful and well respected Perth based businessman; being a shareholder and the Managing Director of the Heiniger Group’s Australasian operations for over 30 years.

Mr Lyons was appointed as a director on 16 July 2014 and elected non-executive chairman on 5 January 2015. Mr Lyons is a member of the Audit Risk Management Committee.

Other present ASX company directorships: GWR Group Limited, eMetals Limited, Western Gold Resources Limited

Other previous ASX company directorships (last 3 years): Nil

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Tan Sri Dato' Tien Seng Law Non-executive Director and Deputy Chairman

Mr Law was appointed to the Board on 15 January 2018.

Mr Law is a highly experienced investor in iron ore companies and was previously the Deputy Chairman and major shareholder of Midwest Corporation Limited. Mr Law also has extensive business interests and investments in China. Mr Law is currently the executive Chairman of T.S. Law Holding Sdn Bhd, an investment holding company in Malaysia, covering a diverse range of industries. These companies include those with activities in steel making and distribution, property investment and development and food and beverage.

Mr Law is the appointed Malaysian Business Advisor of Jinan Group of Companies of the Shandong Province, the People’s Republic of China. He has a substantial interest in Ji Kang Dimensi Sdn Bhd, a company within the Jinan Group of Companies operating a steel plates manufacturing plant in Malaysia.

Mr Law is a substantial stakeholder and Deputy Chairman of Hiap Teck Venture Berhad, a Malaysian listed company engaged in distribution and trading of steel related products and as well as manufacturing of steel pipes.

Mr Law through Hiap Teck Venture Bhd, entered into a joint venture with Beijing’s Jianlong Heavy Industry Group Co. Ltd to set up Eastern Steel Sdn Bhd (ESSB), an integrated steel mill with a production capacity of 1.5 million MT, located on the east coast of Peninsula Malaysia. The Jianlong Group ranks eighth in the world and fifth in China for steel making.

Other present ASX company directorships: Nil

Other previous ASX company directorships (last 3 years): GWR Group Limited (resigned on 3 February 2023)

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Page 16

Directors’ Report

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Teck Siong Wong

Executive Director and interim Chief Executive Officer

Mr Wong was appointed as an executive Director and interim Chief Executive Officer on 9 August 2022. Prior to this appointment, he was Non-executive Director.

Mr Wong has considerable international business experience having worked in Hong Kong, the United Kingdom and now in Malaysia and Indonesia after graduating with a Bachelor of Business degree from Swinburne University (Melbourne).

Mr Wong is involved with the iron ore mining industry in Indonesia. He was previously involved in the sales and export of steel related products and was a director of a retail chain business in the United Kingdom, previously known as JW Carpenter Ltd. Mr Wong was working in the OEM plastic manufacturing industry in Hong Kong prior to taking up a position in the steel industry in Malaysia. Mr Wong is a member of the Audit Risk Management Committee.

Other present ASX company directorships: eMetals Limited, Western Gold Resources Limited and GWR Group Limited Other previous ASX company directorships (last 3 years): Nil

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Kong Leng (Jimmy) Lee Non-executive Director

Mr Lee is a mining engineer with more than 30 years of industry experience and is a member of AusIMM. He has successfully worked with a number of major Australian mining companies and has held senior positions with Hamersley Iron Ltd, Dominion Mining Ltd, Christmas Island Phosphates, North Ltd and Carey Mining Ltd.

Mr Lee provides mining and corporate advisory services to the mining industry and was formerly a founding director of Terrain Minerals Limited. In addition, he has a successful track record with contract negotiations and company investment strategies. Mr Lee is a member of the Audit Risk Management Committee.

Other present ASX company directorships: Nil Other previous ASX company directorships (last 3 years): GWR Group Limited

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Chew Wai Chuen

Non-executive Director

Mr Chew Wai Chuen was appointed to the Board as a non-executive Director on 17 April 2014. He is also a member of Audit Risk Management Committee.

Mr Chew is presently the Chairman and Independent Director of Fortress Minerals Limited, a resources company listed on the Singapore Securities Exchange (SGX), whose primarily focused is on the exploration and development of iron ore projects in Malaysia, and is also the Managing Partner of Precious Capital Pte Ltd, a company engaged in the business of providing management and advisory services to mining companies in Australia and South East Asia.

Mr. Chew has more than 15 years of financial advisory experience and specializes in the provision of corporate and wealth management for ultra-high net worth individuals. He has accumulated experience in the private banking sector with Credit Suisse, United Overseas Bank, Standard Chartered Bank and OCBC Bank.

In 2000, Mr Chew has obtained his bachelor’s degree in business administration from Thames Valley University.

Other present ASX company directorships: Nil Other previous ASX company directorships (last 3 years): Nil

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Page 17

Directors’ Report

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Russell Clark Non-executive Director

Mr Clark was appointed as a non-executive Director on 11 February 2020.

Mr Clark is a highly experienced and successful senior resource sector executive, and has more than 40 years’ experience in corporate, operational and project development roles in Australia and elsewhere. He is currently also the Chairman of ASX listed iron ore development companies Pearl Gull Iron and CZR Resources.

Mr Clark’s experience includes being the Managing Director of Wolf Minerals, CEO of Azimuth Resources, CEO of Kasbah Resources and Managing Director of Grange Resources. Prior to these roles he worked for Renison Goldfields for 18 years at numerous mining operations and spent eight years with Newmont where his final role was Group Executive of Operations, responsible for seven mining operations in Australia and New Zealand.

As Managing Director of Wolf Minerals, Mr Clark successfully oversaw the financing and construction of the Hemerdon tungsten project in Devon, UK, an open pit mining operation and processing plant producing tungsten concentrate.

Mr Clark holds a Mining Engineering degree (BSc Hons) from the Royal School of Mines, London, UK and Graduate Diploma from the Securities Institute of Australia. He is a fellow of the Australian Institute of Company Directors. Mr Clark is a member of the Audit Risk Management Committee.

Other present ASX company directorships: CZR Resources Limited, Pearl Gull Iron Limited, Red 5 Limited Other previous ASX company directorships (last 3 years): Nil

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Wai Cheong Law

Alternate Director for Tan Sri Dato’ Tien Seng Law

Mr Law was appointed as an alternate director to Tan Sri Dato’ Tien Seng Law on 20 July 2018.

Mr Law holds an LLB (Hons) from Cardiff University in Wales, UK, and an MSc in Management from Cass Business School, University of London, UK. He is also a Barrister-at-Law at Lincoln’s Inn.

Mr Law has experience in various facets of business and industry. He currently oversees and spearheads the business development for the Malaysian familyowned TS Law Group, a burgeoning and diversified group of companies engaged in steel production, mining and property development and investments in Malaysia, China, Australia, United Kingdom and the USA. Mr Law is also an executive member of the board of directors of Hiap Teck Venture Berhad, a Malaysian PLC.

Other present ASX company directorships: Nil Other previous ASX company directorships (last 3 years): Nil

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Page 18

Directors’ Report

COMPANY SECRETARIES

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Sonu Cheema (appointed on 3 February 2023)

As a Director at Nexia Perth, Mr Cheema has over 12 years’ experience working with public and private companies in Australia and abroad. Roles and responsibilities he conducts include completion and preparation of statutory financial reports, investor relations, initial public offers (IPO), reverse takeovers (RTO), management of capital raising activities and auditor liaison.

He currently serves as a Non-executive Director and Company Secretary for several ASX listed companies within the mineral exploration and technology sectors.

Mr Cheema has completed a Bachelor of Commerce majoring in Accounting at Curtin University and is a CPA member. Having completed the CPA Program, his core competencies and key areas of focus include Financial Reporting, Management Accounting and Ethics & Governance.

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Mark Pitts (resigned on 3 February 2023)

Mr Pitts is a Fellow of the Institute of Chartered Accountants with more than 30 years’ experience in statutory reporting and business administration. He has been directly involved with and consulted to a number of public companies holding senior financial management positions.

He is a Director of the corporate advisory firm Endeavour Corporate providing company secretarial support, corporate and compliance advice to a number of ASX listed public companies.

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Simon Borck (resigned on 13 April 2023)

Mr Borck was appointed as joint Company Secretary on 8 November 2016. He is a Chartered Accountant with 20 years’ experience in statutory, financial and management reporting for companies operating within the resources sector and has held senior financial management positions.

He has a range of experience with mining service providers and has operated with resources companies in all stages of exploration, development and production. Past positions include Financial Controller of iron ore producer Territory Resources Limited, which was listed on the ASX prior to its acquisition by the Noble Group.

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Page 19

Directors’ Report

INTERESTS IN THE SHARES AND OPTIONS OF THE COMPANY AND RELATED BODIES CORPORATE

As at the date of this report, the interests of directors in shares or options of the Company were:

	Ordinary shares	Unlisted options
	Number	Number
Non-executive Directors
GaryLyons	8,000,000	-
Tan Sri Dato’ Tien SengLaw	77,415,000	-
KongLeng (Jimmy)Lee	6,000,000	-
Russell Clark	-	-
Teck SiongWong	6,000,000	-
Chew Wai Chuen	6,729,168	-
Wai CheongLaw	5,831,148	-

SHARES UNDER OPTION

At the date of this report and balance date, there were no options on issue (2022: Nil). Since balance date to the date of this report the Company had issued no options (2022: Nil).

No options expired or were cancelled during the year ended 30 June 2023 (2022: Nil). During the year ended 30 June 2023, no options were exercised (2022: Nil).

At the date of this report and balance date, no employee options were on issue (2022: Nil). During the year ended 30 June 2023, no employee options were issued or exercised (2022: Nil).

The holders of unlisted options were not entitled to any voting rights until the options were exercised into ordinary shares. These unlisted options do not entitle the holder to participate in any share issue of the Company or any other body corporate. Refer to the Remuneration Report for further details of options for Key Management Personnel (KMP).

MEETINGS OF DIRECTORS

The number of meetings of the company’s Board of Directors and of each Board committee held during the year ended 30 June 2023, and the number of meetings attended by each director were:

	Full Board	Full Board
	Attended	Held
Gary Lyons	4	4
Tan Sri Dato’ Tien Seng Law1	4	4
Kong Leng (Jimmy) Lee	4	4
Russell Clark	4	4
Chew Wai Chuen	3	4
Teck Siong Wong	4	4

1Tan Sri Dato’ Tien Seng Law’s attendance represents the number of meetings that he or his alternate director, Wai Cheong Law attended.

The Company did not have audit committee meetings in the year. One circular resolution was approved during the year.

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Page 20

Directors’ Report

INDEMNITY AND INSURANCE OF OFFICERS

The Company has indemnified the directors and executives of the Group for costs incurred, in their capacity as a director or executive, for which they may be held personally liable, except where there is a lack of good faith.

During the financial year, the Company paid a premium in respect of a contract to ensure the directors and executives of the Group against a liability to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits disclosure of the nature of liability and the amount of the premium.

INDEMNITY AND INSURANCE OF AUDITORS

The Company has not, during or since the financial year, indemnified or agreed to indemnify the auditor of the Group or any related entity against a liability incurred by auditor.

During the financial year, the Company has not paid a premium in respect of a contract to insure the auditor of the Group or any related entity.

DIVIDENDS

No dividends have been paid or declared since the start of the financial year and the directors do not recommend the payment of dividend in respect of the financial year.

PRINCIPAL ACTIVITIES

The principal activity of the Group during the financial year were studies on the Mt Mulgine project and exploration activities in relation to tungsten projects in Australia.

FINANCIAL REVIEW

Operating results for the year

The loss after income tax benefit for the year ended 30 June 2023 was $2,934,612 (2022: $5,085,149), which included an expense of $1,776,408 (2022: $2,177,575) for exploration expenditure and $1,538,363 (2022: $2,183,520) of remuneration expenses.

Tungsten Mining was successfully awarded $1 million grant funding through the Australian Government Critical Minerals Development Program (CMDP). The first tranche of the grant funding of $360,000 was received in June 23. Funds will be applied to support the Mount Mulgine Tungsten Project (MMP) development.

R&D tax offset of $802,764 (2022: $462,448) was received during the year ended 30 June 2023 from activities conducted on the Mt Mulgine Project.

Environmental Issues

The Group is aware of its environmental obligations with regards to its exploration activities and ensures that it complies with all applicable regulations when carrying out exploration work.

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Page 21

Directors’ Report

Position and Principal Risks

The Group’s business strategy is subject to numerous risks, some outside the Board’s and management’s control. These risks can be specific to the Group, generic to the industry and generic to the stock market as a whole. The key risks, expressed in summary form, affecting the Group and its future performance include but are not limited to:

capital requirement and ability to attract future funding to finance the acquisition and exploitation of mining;
change in commodity prices and market conditions;
the impact of rising interest rates and inflationary impact;
geological and technical risk posed to exploration and commercial exploitation success;
environmental and occupational health and safety risks;
government policy changes; and
retention of key staff.

This is not an exhaustive list of risks faced by the Group. There are other risks generic to the stock market and the world economy as a whole and other risks generic to the extraction industry, all of which can impact on the Group. The management of risks is integrated into the development of the Group’s strategic and business plans and is reviewed and monitored regularly by the Board. Further details on how the Company monitors, manages and mitigates these risks are included as part of the Audit and Risk Committee Report contained within the Corporate Governance Report.

Events since the end of the financial year

There have been no events occurring subsequent to balance date which have a significant impact on the results or position of the Group.

REMUNERATION REPORT (AUDITED)

This report outlines the remuneration arrangements in place for Key Management Personnel (KMP) of the Group.

KMP’s Remuneration Policy

The policy of the Group is to pay remuneration of KMP in line with employment market conditions relevant in the minerals exploration industry.
The Group’s performance, and hence that of its KMP, is measured in terms of a combination of Group share price growth, its liquidity and the success of its exploration and development activities.

Relationship between Remuneration Policy and Company Performance

Objective

The Company aims to reward executives with a level and mix of remuneration commensurate with their position and responsibilities within the Group and so as to:

reward executives for Group, business team and individual performance;
align the interests of executives with those of shareholders; and
ensure total remuneration is competitive by market standards.

Structure

At this time, the cash component of remuneration paid to the Directors, the Company Secretary and other senior managers is not dependent upon the satisfaction of performance conditions.

It is current policy that some executives be engaged by way of consultancy agreements with the Group, under which they receive a contract rate based upon the number of hours of service supplied to the Group. There is provision for yearly review and adjustment based on consumer price indices. Such remuneration is hence not dependent upon the achievement of specific performance conditions. This policy is considered to be appropriate for the Group, having regard to the current state of its development.
The Company recognises the benefit of directors, officers and other employees of the Group holding securities in the Company and are encouraged to hold shares, provided that any trading is consistent with its Policy for Trading in Company Securities. The Directors, officers and employees of the Group may also participate in the share and option plans as described in this report.

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Page 22

Directors’ Report

Details of Remuneration

Details of Remuneration	Details of Remuneration	Details of Remuneration	Details of Remuneration	Details of Remuneration	Details of Remuneration	Details of Remuneration
Key Management Personnel’s remuneration for the financial year:
	Short-Term			Post employment	Long-term benefits	Total
	Salary & Fees	Other services	Leave Provisions	Super- annuation	Long Service Leave
$ $ $ $ $ $
Non-executive directors
Gary Lyons
2023 108,597 - - 11,403 - 120,000 2022 109,091 - - 10,909 - 120,000
Tan Sri Dato’ Tien Seng Law
2023 100,000 - - - - 100,000
2022 100,000 - - - - 100,000
Chew Wai Chuen
2023 80,000 - - - - 80,000
2022 80,000 - - - - 80,000
Kong Leng (Jimmy) Lee
2023 72,398 7,500 - 7,602 - 87,500
2022 72,727 15,000 - 7,273 - 95,000
Russell Clark
2023 72,398 10,000 - 8,652 - 91,050
2022 72,727 6,818 - 7,955 - 87,500
Teck Siong Wong
2023 183,334 44,919 11,133 16,450 1,287 257,123
2022 80,000 - - - - 80,000
Wai Cheong Law1
2023 - - - - - -
2022 - - - - - -
Other executives
Craig Ferrier2
2023 116,981 - - 11,735 - 128,716
2022 340,560 - (93,303) 27,500 5,577 280,334
Mark Pitts3
2023 26,775 - - - - 26,775
2022 42,000 - - - - 42,000
Simon Borck4
2023 189,699 - - 19,918 - 209,617
2022 161,484 - 11,926 16,148 5,472 195,030
Total Remuneration5
2023 950,182 62,419 11,133 75,760 1,287 1,100,781
2022 1,058,589 21,818 (81,377) 69,785 11,049 1,079,864

Wai Cheong Law is the alternate director for Tan Sri Dato’ Tien Seng Law.
Mr Ferrier resigned on 9 August 2022. Included in $116,981 is $88,602 related to his leave entitlements.
Mark Pitts was paid for his services as Company Secretary through Endeavour Corporate Pty Ltd, an entity related to Mr Pitts. Mr Pitts resigned on 3 February 2023.
Simon Borck resigned on 13 April 2023 and was paid all his leave entitlement of $48,663.
There were no share-based payments during these financial years.

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Page 23

Directors’ Report

Transactions with related parties

There are no other related party transactions during the year ended 30 June 2023, other than those relating to key management personnel.

Share and option based payments

During the year end 30 June 2023, no share-based payments were made to key management personnel (2022: Nil).

No options were granted to key management personnel and no loan-funded shares were issued to Directors of the Company (2022: Nil).

Under the Management Fee and Remuneration Sacrifice Share

Under the Management Fee and Remuneration Sacrifice Share Plan (“Plan”), the eligible directors and senior management of the Company may elect to sacrifice part of their directors’ fees or consulting fees to acquire shares in the Company. Under the Plan, the relevant directors and senior management will receive the remainder of their directors’ fees or consulting fees in cash. As such, the shares will be issued for nil cash consideration and will be valued at fair market value. The Plan rules were approved by shareholders at the Annual General Meeting held in November 2013 for the purposes of ASX Listing Rules. During the 2023 and 2022 financial years, no share-based payments occurred under this Plan.

Analysis of shares, options and rights over equity instruments granted as compensation

During the year ended 30 June 2023, there were no options granted, exercised, or vested to key management personnel (2022: Nil).

There were no shares granted to key management personnel during the financial year (2022: Nil).

Details of Loan-funded shares granted as compensation held at reporting date by key management personnel of the Company are detailed below.

		Number		Fair value of
		granted as		share-based	Total loan
	Grant date	compensation	Maturity Date	payment	value
		Number		$	$
Non-executive directors
Gary Lyons	26 Jul 2018	4,000,000	26 Jul 2028	1,749,080	1,912,000
Tan Sri Dato’ Tien
Seng Law	26 Jul 2018	6,000,000	26 Jul 2028	2,623,620	2,868,000
Chew Wai Chuen	26 Jul 2018	2,000,000	26 Jul 2028	874,540	956,000
Kong Leng (Jimmy)
Lee	26 Jul 2018	2,000,000	26 Jul 2028	874,540	956,000
Teck Siong Wong	26 Jul 2018	2,000,000	26 Jul 2028	874,540	956,000
		16,000,000		6,996,320	7,648,000

The funds to acquire these shares were provided to the Directors under interest free, limited recourse loan agreements and are repayable at the earlier of: the 10 year anniversary of the grant of the shares, the sale of the underlying shares, or the breach of the agreement. Any dividends received on the loan funded shares are first applied to any outstanding loan balance on a post tax basis.

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Page 24

Directors’ Report

Service agreements

There are no contracts in place with regard to the services provided by key management personnel unless otherwise stated.

Agreements with Non-executive Directors

Mr Gary Lyons was appointed as a Non-executive Director on 16 July 2014 and elected Chairman on 5 January 2015. Pursuant to an agreement dated 16 July 2014, his director’s fee was initially set at $40,000 per annum, inclusive of superannuation requirement. Pursuant to the circular resolution signed on the 23 May 2018, the level of director’s fees payable to Mr Lyons were revised to $120,000 per annum, inclusive of superannuation. In the event of termination, there is no notice period required.

Tan Sri Dato’ Tien Seng Law was appointed as a Non-executive Director on 15 January 2018. Pursuant to an agreement dated 15 January 2018, his director’s fee was set at $100,000 per annum, inclusive of superannuation requirement. In the event of termination, there is no notice period required.

Mr Kong Leng (Jimmy) Lee was appointed as a Non-executive Director on 2 April 2014. Pursuant to an agreement dated 2 April 2014, his director’s fee was set at $40,000 per annum, inclusive of superannuation requirement. In the event of termination, there is no notice period required. Pursuant to the circular resolution signed on the 23 May 2018, his director’s fees were revised to $80,000 per annum inclusive of superannuation.

Mr Russell Clark was appointed as a Non-executive Director on 11 February 2020. His director’s fee was set at $80,000 per annum, inclusive of superannuation requirement. In the event of termination, there is no notice period required.

Mr Chew Wai Chuen was appointed as a Non-executive Director on 17 April 2014. Pursuant to an agreement dated 17 April 2014, his director’s fee was set at $40,000 per annum, inclusive of superannuation requirement. In the event of termination, there is no notice period required. Pursuant to the circular resolution signed on the 23 May 2018, his director’s fees were revised to $80,000 per annum.

Mr Teck Siong Wong was appointed as a Non-executive Director on 8 February 2016. Pursuant to an agreement dated 8 February 2016, his director’s fee was set at $40,000 per annum, inclusive of superannuation requirement. In the event of termination, there is no notice period required. Pursuant to the circular resolution signed on the 23 May 2018, his director’s fees were revised to $80,000 per annum. On 9 August 2022, Mr Wong was appointed as an Executive Director and interim Chief Executive Officer with his salary revised to $235,000 per annum plus statutory superannuation upon the grant of his Australian visa. The visa was granted in November 2023. The arrangement may be terminated with 4 weeks’ notice by either party.

Mr Craig Ferrier on 30 June 2022 was the Chief Executive Officer and his remuneration was $334,600 (2021: $334,600) (plus superannuation contributions). During the financial year, $11,735 of his superannuation entitlement was paid as salary. The Company may terminate the agreement by giving three months’ notice in writing. The Company may pay Mr Ferrier for any or all of the three months’ notice period in lieu of notice. In July 2022, Mr Ferrier elected to step down as Chief Executive Officer and resigned from this position.

Mr Simon Borck is the Group Financial Controller and was appointed as the Joint Company Secretary on 8 November 2016. For services he provides to the Company, his remuneration was $178,150 per annum (2022: $153,150) (plus statutory superannuation contributions). Mr Borck resigned on 13 April 2023.

Mr Mark Pitts was appointed as the Company Secretary on 12 December 2014. For services he provides to the Company, his remuneration was $3,500 per month (2022: $3,500). Mr Pitts is paid for his services as Company Secretary through Endeavour Corporate Pty Ltd, an entity related to Mr Pitts. Mr Pitts resigned on 3 February 2023.

Use of remuneration consultants

The Group did not employ the services of any remuneration consultants during the year ended 30 June 2023.

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Page 25

Directors’ Report

Shareholdings for Key Management Personnel

The number of ordinary shares in the Company held by key management personnel during the financial year is as follows:

	Balance at beginning of year	Granted as remuneration	Issued on exercise of options during theyear		Other changes during the year	Balance at end of year
	Number	Number	Number		Number	Number
Non-executive directors
GaryLyons	8,000,000	-		-	-	8,000,000
Tan Sri Dato’Tien Seng Law	77,415,000	-		-	-	77,415,000
Chew WaiChuen	6,729,168	-		-	-	6,729,168
Kong Leng (Jimmy) Lee	6,000,000	-		-	-	6,000,000
Russell Clark	-	-		-	-	-
Teck Siong Wong1	6,000,000	-		-	-	6,000,000
Wai Cheong Law	5,831,148	-		-	-	5,831,148
Other executives
Craig Ferrier1	-	-		-	-	-
Simon Borck	-	-		-	-	-
Mark Pitts	-	-		-	-	-
	109,975,316	-		-	-	109,975,316

1. On 9 August 2022, Mr Teck Wong was appointed as an Executive Director and interim Chief Executive Officer following the resignation of Mr Craig Ferrier.

End of Remuneration Report

Auditor’s Independence Declaration

A copy of the auditor’s independence declaration as required under Section 307C of the Corporations Act 2001 is set out on page 27 and forms part of this report.

The report is made in accordance with a resolution of directors.

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Gary Lyons Chairman Perth Dated 22 September 2023

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Page 26

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PO Box 1908 West Perth WA 6872 Australia Level 2, 40 Kings Park Road West Perth WA 6005 Australia

Tel: +61 8 9481 3188 Fax: +61 8 9321 1204 ABN: 84 144 581 519 www.stantons.com.au

22 September 2023

Board of Directors Tungsten Mining NL Level 4, 46 Colin Street, West Perth WA 6005

Dear Directors

RE: TUNGSTEN MINING NL

In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following declaration of independence to the directors of Tungsten Mining NL.

As Audit Director for the audit of the financial statements of Tungsten Mining NL for the year ended 30 June 2023, I declare that to the best of my knowledge and belief, there have been no contraventions of:

(i) the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and

(ii) any applicable code of professional conduct in relation to the audit.

Yours sincerely

STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD (An Authorised Audit Company)

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Samir Tirodkar Director

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Liability limited by a scheme approved under Professional Standards Legislation

Stantons Is a member of the Russell Bedford International network of firms

Page 27

2023 Consolidated Financial Statements

Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended 30 June 2023

	2023 2022
Note	$ $
Revenue from continuing activities R&D tax offset Interest Grant funding 3 Other Total revenue Expenses Administration expenses Exploration expenses Remuneration expenses Depreciation and amortisation expenses 11,12 Loss on sale of plant & equipment 11 Impairment of plant & equipment 11 Loss from continuing operations before income tax Income tax benefit 4 Net loss for the year Other comprehensive income Items that will not be reclassified subsequently to profit or loss Items that may be reclassified subsequently to profit or loss Total comprehensive loss for the year Net loss attributable to members of the Parent Total comprehensive loss attributable to members of the Parent Basic loss per share (cents per share) 7	802,764 462,448 399,385 56,751 360,000 - - 20,786
	1,562,149 539,985
	(748,570) (571,911) (1,776,408) (2,177,575) (1,538,363) (2,183,520) (433,420) (288,531) - (175,638) - (227,959)
	(2,934,612) (5,085,149)
	- -
	(2,934,612) (5,085,149)
	- - - -
	(2,934,612) (5,085,149)
	(2,934,612) (5,085,149)
	(2,934,612) (5,085,149)
	(0.37) (0.65)

Diluted loss per share is not disclosed as it would not reflect an inferior position.

The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes.

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Page 28

2023 Consolidated Financial Statements

Consolidated Statement of Financial Position As at 30 June 2023

	2023 2022
Note	$ $
Current assets Cash and cash equivalents 8 Trade and other receivables 9 Other financial assets 10 Total current assets Non-current assets Plant and equipment 11 Right-of-use assets 12 Exploration and evaluation 13 Total non-current assets Total assets Current liabilities Trade and other payables 14 Lease liabilities 15 Provisions 16 Total current liabilities Non-current liabilities Lease liabilities 15 Provisions 16 Total non-current liabilities Total liabilities Net assets Equity Issued capital 17 Reserves 18 Accumulated losses 19 Total equity
	12,398,737 14,630,799
	93,361 36,266
	332,293 353,706
	12,824,391 15,020,771
	1,742,261 1,943,143 789,952 316,511 19,707,196 19,707,196
	22,239,409 21,966,850
	35,063,800 36,987,621
	1,143,360 393,179 201,848 281,990 88,786 234,398
	1,433,994 909,567
	620,414 130,161 520,919 524,808
	1,141,333 654,969
	2,575,327 1,564,536

	32,488,473 35,423,085
	82,460,127 82,460,127 7,851,718 7,851,718 (57,823,372) (54,888,760)
	32,488,473 35,423,085

The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.

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Page 29

2023 Consolidated Financial Statements

Consolidated Statement of Changes in Equity For the year ended 30 June 2023

	Issued capital Reserves Accumulated losses Total
	$ $ $ $
At 1 July 2021 Loss for the year Other comprehensive loss Total comprehensive loss for the year Transactions with owners in their capacity as owners: Options exercised Share issue transaction costs At 30 June 2022 At 1 July 2022 Loss for the year Other comprehensive loss Total comprehensive loss for the year Transactions with owners in their capacity as owners: Options exercised Share issue transaction costs At 30 June 2023	82,460,127 7,851,718 (49,803,611) 40,508,234 - - (5,085,149) (5,085,149) - - - -
	- - (5,085,149) (5,085,149) - - - -
	- - - -
	82,460,127 7,851,718 (54,888,760) 35,423,085

	82,460,127 7,851,718 (54,888,760) 35,423,085
	- - (2,934,612) (2,934,612)
	- - - -
	- - (2,934,612) (2,934,612)

	- - - -
	- - - -
	82,460,127 7,851,718 (57,823,372) 32,488,473

The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.

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Page 30

2023 Consolidated Financial Statements

Consolidated Statement of Cash Flows As at 30 June 2023

	2023 2022
Note	$ $
Cash flows from operating activities Payments to suppliers and employees Receipts from customers Payments for exploration and evaluation R&D tax offset received Government grants Interest received Net cash flows (used in) operating activities 23 Cash flows from investing activities Payments for property, plant and equipment Proceeds from sale of property, plant and equipment 11 Net cash flows (used in) / provided by investing activities Cash flows from financing activities Lease payments Net cash flows (used in) financing activities Net (decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 8
	(2,319,524) (5,407,812)
	- 38,552
	(1,154,005) -
	802,764 462,448
	396,000 448
	362,019 39,599
	(1,912,746) (4,866,765)

	(15,468) (135,217)
	- 580,000
	(15,468) 444,783
	(303,848) (292,428)
	(303,848) (292,428)
	(2,232,062) (4,714,410) 14,630,799 19,345,209
	12,398,737 14,630,799

The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.

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Page 31

Notes to the Consolidated Financial Statements for the year ended 30 June 2023

Note 1: Corporate Information

Tungsten Mining NL (“the Company”) is a public no liability company and was incorporated on 13 July 2011 in Australia. The consolidated financial report of the Company for the year ended 30 June 2023 comprises the Company and its subsidiaries (together referred to as the “Group”). The Group’s principal activities are mineral exploration, evaluation and development.

The nature of operations and principal activities of the Group are described in the Directors’ Report.

Note 2: Statement of significant accounting policies

(a) Basis of preparation

The consolidated financial report is a general-purpose financial report, which has been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards and Interpretations, and other authoritative pronouncements of the Australian Accounting Standards Board. Compliance with Australian Accounting Standards ensures that the financial statements and notes also comply with International Financial Reporting Standards as issued by the IASB.

The consolidated financial report has also been prepared on an accruals and historical cost basis. Cost is based on the fair values of the consideration given in exchange of assets. The consolidated financial report is presented in Australian dollars. The accounting policies detailed below have been consistently followed throughout the period presented unless otherwise stated.

(b) New accounting standards and interpretations

The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (‘AASB’) that are mandatory for the current reporting period. The adoption of the new or amended Accounting Standards and Interpretations did not result in any significant changes to the Group’s accounting policies in the current or future period.

Those new or amended Accounting Standards and Interpretations which may be relevant to the Group are set out below:

AASB 2020-3: Amendments to Australian Accounting Standards – Annual Improvements 2018–2020 and Other Amendments

The Group adopted AASB 2020-3 which makes some small amendments to a number of standards including the following: AASB 1, AASB 3, AASB 9, AASB 116, AASB 137 and AASB 141.

The adoption of the amendment did not have a material impact on the financial statements.

AASB 2021-7a: Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections

AASB 2020-7a makes various editorial corrections to a number of standards effective for reporting periods beginning on or after 1 January 2022. The adoption of the amendment did not have a material impact on the financial statements.

A number of new standards, amendments to standards and interpretations issued by the AASB which are not yet mandatorily applicable to the Group have not been applied in preparing these consolidated financial statements. Those which may be relevant to the Group are set out below. The Group does not plan to adopt these standards early.

AASB 2020-1: Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Noncurrent

The amendment amends AASB 101 to clarify whether a liability should be presented as current or non-current.

The Group plans on adopting the amendment for the reporting period ending 30 June 2024 along with the adoption of AASB 2022-6. The amendment is not expected to have a material impact on the financial statements once adopted.

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Page 32

Notes to the Consolidated Financial Statements for the year ended 30 June 2023

Note 2: Statement of significant accounting policies (continued)

(b) New accounting standards and interpretations (continued)

AASB 2022-6: Amendments to Australian Accounting Standards – Non-current Liabilities with Covenants

AASB 2022-6 amends AASB 101 to improve the information an entity provides in its financial statements about liabilities arising from loan arrangements for which the entity’s right to defer settlement of those liabilities for at least 12 months after the reporting period is subject to the entity complying with conditions specified in the loan arrangement. It also amends an example in Practice Statement 2 regarding assessing whether information about covenants is material for disclosure.

The Group plans on adopting the amendment for the reporting period ending 30 June 2024. The amendment is not expected to have a material impact on the financial statements once adopted.

AASB 2021-2: Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition of Accounting Estimates

The amendment amends AASB 7, AASB 101, AASB 108, AASB 134 and AASB Practice Statement 2. These amendments arise from the issuance by the IASB of the following International Financial Reporting Standards: Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) and Definition of Accounting Estimates (Amendments to IAS 8).

The Group plans on adopting the amendment for the reporting period ending 30 June 2024. The impact of the initial application is not yet known.

AASB 2021-5: Amendments to Australian Accounting Standards – Deferred Tax related to Assets and Liabilities arising from a Single Transaction

The amendment amends the initial recognition exemption in AASB 112: Income Taxes such that it is not applicable to leases and decommissioning obligations – transactions for which companies recognise both an asset and liability and that give rise to equal taxable and deductible temporary differences.

The Group plans on adopting the amendment for the reporting period ending 30 June 2024. The impact of the initial application is not yet known.

AASB 2021-7b & c: Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections

AASB 2021-7b makes various editorial corrections to AASB 17 Insurance Contracts which applies to annual reporting periods beginning on or after 1 January 2023, with earlier application permitted.

AASB 2021-7c defers the mandatory effective date (application date) of amendments to AASB 10 and AASB 128 that were originally made in AASB 2014-10: Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture so that the amendments are required to be applied for annual reporting periods beginning on or after 1 January 2025 instead of 1 January 2018.

The Group plans on adopting the amendments for the reporting periods ending 30 June 2024 and 30 June 2026. The impact of initial application is not yet known.

AASB 2022-7: Editorial Corrections to Australian Accounting Standards and Repeal of Superseded and Redundant Standards

AASB 2022-7 makes editorial corrections to the following standards: AASB 7, AASB 116, AASB 124, AASB 128, AASB 134 and AASB as well as to AASB Practice Statement 2. It also formally repeals superseded and redundant Australian Account Standards as set out in Schedules 1 and 2 to the Standard.

The Group plans on adopting the amendments for the reporting period ending 30 June 2024. The amendment is not expected to have a material impact on the financial statements once adopted.

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Page 33

Notes to the Consolidated Financial Statements for the year ended 30 June 2023

Note 2: Statement of significant accounting policies (continued)

(c) Critical accounting estimates and judgements

Estimation of Useful Lives of Assets

Useful lives and residual value of property, plant and equipment are reviewed annually. Judgement is applied in determining the useful lives of property, plant and equipment. Any reassessment of useful lives and residual value in a particular year will affect depreciation and amortisation expense (either increasing or decreasing) from the date of reassessment through to the end of the reassessed useful life for both the current and future years.

Long Service Leave

Management judgement is applied in determining the following key assumptions used in the calculation of long service leave at reporting date:

future increase in salaries and wages;
future on-cost rates; and
experience of employee departures and period of service.

Estimation of the Company's borrowing rate

The lease payments used to determine the lease liability and right-of-use of asset at 30 June 2023 under AASB 16 Leases are discounted using the Company’s incremental borrowing rates of 5.68% and 7.16%.

Recovery of deferred tax assets

Deferred tax assets are recognised for deductible temporary differences only when management considers that it is probable that sufficient future tax profits will be available to utilise those temporary differences. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits over the next two years together with future tax planning strategies.

Mineral acquisition costs

The Group capitalises and carries forward mineral acquisition costs that are expected to be recouped through sale or successful development and exploitation of the area of interest or where exploration and evaluation activities in the area of interest have not reached a stage that permits reasonable assessment of the existence of economically recoverable reserves.

(d) Exploration and evaluation expenditure

Exploration and evaluation costs are expensed in the period they are incurred apart from mineral acquisition costs, which are capitalised and carried forward where right to tenure of the area of interest is current and they are expected to be recouped through sale or successful development and exploitation of the area of interest, or where exploration and evaluation activities in the area of interest have not reached a stage that permits reasonable assessment of the existence of economically recoverable reserves.

Where an area of interest is abandoned or the directors decide that it is not commercial, any accumulated mineral acquisition costs in respect of that area are written off in the financial period the decision is made. Each area of interest is also reviewed at the end of each accounting period and capitalised costs written off to the extent it is deemed that they will not be recoverable in the future.

Amortisation is not charged on costs carried forward in respect of areas of interest in the development phase until production commences.

(e) Plant & Equipment

Plant and equipment is stated at historical cost less accumulated depreciation and any accumulated impaired in value. Depreciation is calculated on a straight-line basis over the estimated useful life of the asset as follows:

Plant and equipment – over 3 to 15 years

Impairment

The carrying values of plant and equipment are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs.

If any indication exists of impairment and where the carrying values exceed the estimated recoverable amount, the assets or cash-generating units are written down to their recoverable amount.

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Page 34

Notes to the Consolidated Financial Statements for the year ended 30 June 2023

Note 2: Statement of significant accounting policies (continued)

(e) Plant & Equipment (continued)

The recoverable amount of plant and equipment is the greater of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

Derecognition

An item of plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in profit or loss in the period the item is derecognised.

(f) Income tax

Current tax assets and liabilities for the period is measured at amounts expected to be recovered from or paid to the taxation authorities based on the current year’s taxable income. The tax rates and tax laws used for computations are enacted or substantively enacted by the balance date. Deferred income tax is provided on all temporary differences at balance date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

Deferred income tax liabilities are recognised for all taxable temporary differences except where the deferred income tax liability arises from the initial recognition of goodwill of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.

Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry-forward of unused tax assets and unused tax losses can be utilised except where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.

The carrying amount of deferred income tax assets is reviewed at each balance date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised. Unrecognised deferred income tax assets are reassessed at each balance date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.

Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance date.

Income taxes relating to items recognised directly in equity are recognised in equity and not in the Statement of Comprehensive Income.

Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and liabilities relate to the same taxable entity and the same taxation authority.

(g) Goods and services tax

Revenues, expenses and assets are recognised net of the amount of Goods and services tax (GST) except:

where the GST incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the GST is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and
receivables and payables are stated with the amount of GST included.

The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position. Cash flows are included in the Consolidated Statement of Cash Flows on a gross basis and the GST component of cash flows arising from investing and financing activities, which is recoverable from, or payable to, the taxation authority, are classified as operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the taxation authority.

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Page 35

Notes to the Consolidated Financial Statements for the year ended 30 June 2023

Note 2: Statement of significant accounting policies (continued)

(h) Provisions and employee benefits

Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the statement of comprehensive income net of any reimbursement.

Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the balance date. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects the time value of money and the risks specific to the liability. The increase in the provision resulting from the passage of time is recognised in finance costs.

Employee leave benefits

(i) Wages and salaries, annual leave and sick leave

Liabilities for wages and salaries including non-monetary benefits, annual leave and accumulating sick leave due to be settled within 12 months of the reporting date are recognised in provisions in respect of employees’ services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled. Liabilities for non-accumulating sick leave are recognised when the leave is taken and measured at the rates paid or payable.

(ii) Long service leave

The liability for long service leave is recognised and measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to the expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the reporting date on national government bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows.

(i) Cash and cash equivalents

Cash and cash equivalents in the Consolidated Statement of Financial Position comprise cash at bank and in hand and short-term deposits with an original maturity of three months or less. For the purposes of the Consolidated Statement of Cash Flows, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts.

(j) Receivables

Receivables, which generally have 30-90 day terms, are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method, less an allowance for any uncollectible amounts.

Collectability or receivables are reviewed on an ongoing basis. Debts that are known to be uncollectible are written off when identified. An allowance for doubtful debts is raised when there is objective evidence that the Group will not be able to collect the debt.

(k) Revenue recognition

Under AASB15 revenue is recognised when a performance obligation is satisfied, being when control of the goods or services underlying the performance obligations is transferred to the customer.

R&D tax rebates are recognised when the receipts are deemed probable and the amounts can be measured reliably. Government grants are recognised when received.

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Page 36

Notes to the Consolidated Financial Statements for the year ended 30 June 2023

Note 2: Statement of significant accounting policies (continued)

(l) Contributed equity

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.

(m) Trade and other payables

Trade payables and other payables are carried at amortised costs and represent liabilities for goods and services provided to the Group prior to the end of the financial year that are unpaid and arise when the Group becomes obliged to make future payments in respect of the purchase of these goods and services.

(n) Earnings/(Loss) per share

Basic earnings/(loss) per share is calculated as net profit/(loss) attributable to members of the Group adjusted to exclude any costs of servicing equity (other than dividends) divided by the weighted average number of ordinary shares, adjusted for any bonus element. Options that are considered to be dilutive are taken into consideration when calculating the diluted earnings per share.

(o) Financial Instruments

Financial assets at amortised cost

Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVPL):

they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows; and
the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding.

After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. The Group’s cash and cash equivalents, trade and most other receivables fall into this category of financial instruments.

Financial assets at fair value through other comprehensive income (Equity instruments)

The Group measures debt instruments at fair value through OCI if both of the following conditions are met:

The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding; and
The financial asset is held within a business model with the objective of both holding to collect contractual cash flows and selling the financial asset.

Financial liabilities

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Group designated a financial liability at fair value through profit or loss.

Subsequently, financial liabilities are measured at amortised cost using the effective interest method except for derivatives and financial liabilities designated at FVPL, which are carried subsequently at fair value with gains or losses recognised in profit or loss.

All interest-related charges and, if applicable, gains and losses arising on changes in fair value are recognised in profit or loss.

Impairment

The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Group applies the simplified approach permitted by AASB, which requires expected lifetime losses to be recognised from initial recognition of the receivables.

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Page 37

Notes to the Consolidated Financial Statements for the year ended 30 June 2023

Note 2: Statement of significant accounting policies (continued)

(p) Leases

The Group has various property leases. Lease contracts are typically made for fixed periods of 1 to 5 years but may have extension options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions.

Leases have been recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment was allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis.

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:

fixed payments (including in-substance fixed payments), less any lease incentives receivable;
variable lease payment that are based on an index or a rate;
amounts expected to be payable by the lessee under residual value guarantees;
the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and
payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.

The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the Company’s incremental borrowing rate is used, being the rate that the Company would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right-of-use assets are measured at cost comprising the following:

the amount of the initial measurement of lease liability;
any lease payments made at or before the commencement date less any lease incentives received;
any initial direct costs, and
restoration costs.

Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less.

(q) Share-based Payments

Under AASB 2 Share-based Payments, the Group must recognise the fair value of options granted to directors, employees and consultants/contractors as remuneration as an expense on a pro-rata basis over the vesting period in the Consolidated Statement of Profit or Loss and Other Comprehensive income with a corresponding adjustment to equity.

The Group provides benefits to employees (including directors) and consultants/contractors of the Group in the form of share-based payment transactions, whereby employees render services in exchange for shares or rights over shares (“equity-settled transactions”). The cost of these equity-settled transactions with employees (including directors) and consultants/contractors is measured by reference to fair value at the date they are granted. The fair value is determined using the Black-Scholes option pricing model.

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Page 38

Notes to the Consolidated Financial Statements for the year ended 30 June 2023

Note 2: Statement of significant accounting policies (continued)

(r) Segment information

The Group has based its operating segment on the internal reports that are reviewed and used by the chief operators decision makers (the Board) in assessing performance and in determining the allocation of resources.

The Group currently does not have production and is only involved in exploration and evaluation. As a consequence, activities in the operating segment are identified by the Board based on the manner in which resources are allocated, the nature of the resources provided and the identity of the manager and country of expenditure. Information is reviewed on a whole of entity basis.

Based on these criteria, the Group has only one operating segment, being exploration, and evaluation and the segment operations and results are reported internally based on the accounting policies as described in Note 2 for the computation of the controlled entity’s results presented in this set of consolidated financial statements.

(s) Principles of Consolidation

The consolidated financial statements incorporate all of the assets, liabilities and results of the parent Tungsten Mining NL and all of the subsidiaries. Subsidiaries are entities the parent controls. The parent controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. A list of the subsidiaries is provided in Note 27.

The assets, liabilities and results of all subsidiaries are fully consolidated into the financial statements of the Group from the date on which control is obtained by the Group. The consolidation of a subsidiary is discontinued from the date that control ceases. Intercompany transactions, balances and unrealised gains or losses on transactions between Group entities are fully eliminated on consolidation. Accounting policies of subsidiaries have been changed and adjustments made where necessary to ensure uniformity of the accounting policies adopted by the Group.

Equity interests in a subsidiary not attributable, directly or indirectly, to the Group are presented as “non-controlling interests". The Group initially recognises non-controlling interests that are present ownership interests in subsidiaries and are entitled to a proportionate share of the subsidiary's net assets on liquidation at either fair value or at the noncontrolling interests' proportionate share of the subsidiary's net assets. Subsequent to initial recognition, noncontrolling interests are attributed their share of profit or loss and each component of other comprehensive income. Non-controlling interests are shown separately within the equity section of the statement of financial position and statement of comprehensive income.

Note 3: Grant Funding

Tungsten Mining was awarded $1 million grant funding through the Australian Government Critical Minerals Development Program (CMDP). The first tranche of the grant funding of $360,000 excluding GST was received in June 23. Funds will be applied to support the Mount Mulgine Tungsten Project (MMP) development.

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Page 39

Notes to the Consolidated Financial Statements for the year ended 30 June 2023

Note 4: Income Tax

		Consolidated	Consolidated
	2023		2022
	$		$
(a)Prima facie income tax benefit at 30% on loss from ordinary	activities is	reconciled to the income tax
provided in the financial statements
Loss from continuing operations before income tax	(2,934,612)		(5,085,149)
Prima facie tax benefit at the Australian tax rate of 30% (2022: 30%)	(880,384)		(1,525,545)
Tax effect of:
Non-deductible expenses		7,811	(6,787)
Non-assessable income	(240,829)		(138,734)
Adjustments in the current year in relation to the current tax of previous
years		497,057	304,817
Tax losses & temporary differences not brought to account		616,345	1,366,249
Income tax expense/(benefit)		-	-
(b)
Deferred tax assets that have not be recognised:
Prepayments		-	22,200
Trade & other payables		17,340	9,000
Employee benefits		27,095	76,534
Other future deductions		11,361	82,968
Unused tax losses	15,547,200		14,767,709
	15,602,996		14,958,411
Deferred tax asset not recognised	(15,602,996)		(14,958,411)
Income tax receivable		-	-
(c) Deferred tax liabilities
Trade & other receivables		17,861	6,441
Prepayments		26,395	32,819
Mining tenements and rights		106,954	83,711
		151,210	122,971
Deferred tax liability not brought to account	(151,210)		(122,971)
Income tax payable		-	-

Potential deferred net tax assets of $15,451,786 as at 30 June 2023 (2022: $14,835,440), arising from tax losses and temporary differences have not been recognised as an asset because recovery of these tax losses and temporary differences is not yet probable.

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Page 40

Notes to the Consolidated Financial Statements for the year ended 30 June 2023

Note 5: Key Management Personnel remuneration

	Consolidated
	2023 2022
	$ $
Short-term benefits Long-term benefits Post-employment benefits
	1,023,734 999,030
	1,287 11,049
	75,760 69,785
	1,110,781 1,079,864

Refer to the remuneration report contained in the directors’ report for further details of the remuneration paid or payable and equity holdings of the Group’s key management personnel.

Note 6: Auditor’s remuneration

	Consolidated
	2023 2022
	$ $ 49,500 50,725 4,337 2,429
Remuneration of the auditor of the Group for: - auditing or reviewing the financial report (accruals) - under accrual in prior year
	53,837 53,154

Note 7: Loss per share

	Consolidated	Consolidated
	2023	2022
	$	$
Basic loss per share (cents)	(0.37)	(0.65)
Loss used in calculating basic loss per share	(2,934,612)	(5,085,149)
	Number	Number
Weighted average number of ordinary shares used in the calculation of
basic loss per share	786,414,272	786,414,272

The diluted loss per share is not disclosed as it would not reflect an inferior position.

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Page 41

Notes to the Consolidated Financial Statements for the year ended 30 June 2023

Note 8: Cash and cash equivalents

	Consolidated
	2023 2022
	$ $
Cash at bank Term deposits
	1,301,790 1,427,979
	11,096,947 13,202,820
	12,398,737 14,630,799

Cash and cash equivalents earn interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods of between one day and three months, depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates.

Note 9: Trade and other receivables

	Consolidated
	2023 2022
	$ $
Current GST receivable Interest receivable Other receivables
	26,279 5,382
	59,535 21,470
	7,547 9,414
	93,361 36,266

These non-trade receivables are non-interest bearing and are generally on 30-90 days terms. The carrying amounts of these receivables represent fair value and are not considered to be impaired.

Note 10: Other financial assets

	Consolidated
	2023 2022
	$ $
Current Prepayments Secured cash – Term deposits	87,983 109,396 244,310 244,310
	332,293 353,706

Secured cash support certain bank guarantees that reduce credit risk to the Group for the terms of arrangements in place.

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Page 42

Notes to the Consolidated Financial Statements for the year ended 30 June 2023

Note 11: Plant and equipment

	Processing Plant Office Equipment Exploration Equipment Computer Software Total
	$ $ $ $ $
2023 Cost Accumulated depreciation Opening net carrying value Additions Depreciation charge for the year Closing net carrying value 2022 Cost Accumulated depreciation Opening net carrying value Additions Disposals Impairment Depreciation charge for the year Closing net carrying value
	1,638,225 171,137 374,669 67,270 2,251,301
	(155,885) (147,965) (137,920) (67,270) (509,040)
	1,482,340 23,172 236,749 - 1,742,261

	1,638,225 31,672 267,780 5,466 1,943,143
	- 14,039 1,295 - 15,334
	(155,885) (22,539) (32,326) (5,466) (216,216)
	1,482,340 23,172 236,749 - 1,742,261


	1,638,225 158,847 373,375 67,270 2,237,717
	- (127,175) (105,595) (61,804) (294,574)
	1,638,225 31,672 267,780 5,466 1,943,143

	2,667,347 61,167 163,746 16,115 2,908,375
	- - 135,775 - 135,775
	(801,163) (558) - - (801,721)
	(227,959) - - - (227,959)
	- (28,937) (31,741) (10,649) (71,327)
	1,638,225 31,672 267,780 5,466 1,943,143

Processing Plant

The processing plant above includes a dismantled mineral processing facility and an x-ray ore sorter, including spare parts, that were acquired in prior financial years. The mineral processing facility is depreciated over its remaining useful life of 10 years. The x-ray ore sorter is depreciated over its remaining useful life of 11 years.

Disposal of Processing Plant

During the year ended 30 June 2022, the Group executed an agreement for the disposal of an unused x-ray ore sorter, with a carrying value of $801,163 for total consideration of $625,525. This consideration consisted of $580,000 cash and the wavier of an amount owing of $45,525 pursuant to the terms of the original acquisition agreement. This disposal resulted in a loss on sale of $175,638.

Impairment of Processing Plant

During the year ended 30 June 2022 and in view of the sale transaction described above, the carrying values of plant and equipment were reviewed for impairment and written down to its estimated recoverable amount of $1,638,225. The write down resulted in an impairment expense of $227,959.

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Page 43

Notes to the Consolidated Financial Statements for the year ended 30 June 2023

Note 12: Right-of-use assets

	Consolidated
	2023 2022
	$ $

	Cost 1,776,664 1,086,019
	Accumulated depreciation (986,712) (769,508)
	789,952 316,511

	Opening net carrying value 316,511 533,715
	Extension of lease 690,645 -
	Depreciation charge for the year (217,204) (217,204)
	Closing net carrying value 789,952 316,511

Building leases

The above right-of-use assets relate to certain building leases that were entered into in prior years by the Group (refer Note 15). The right-of-use asset is measured at the amount equal to the lease liability at the inception of the lease and then this cost is amortised over the life of the lease.

Right-of-use assets are measured at cost comprising the following:

the amount of the initial measurement of lease liability;
any lease payments made at or before the commencement date less any lease incentives received;
any initial direct costs; and
restoration costs.

These right-of-use assets are being amortised over the lease term on a straight-line basis of five years.

The Directors expect to extend its office lease for another five years.

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Page 44

Notes to the Consolidated Financial Statements for the year ended 30 June 2023

Note 13: Exploration and evaluation

	Consolidated
	2023 2022
	$ $
Mineral acquisition costs	19,707,196 19,707,196
	19,707,196 19,707,196

Capitalised acquisition costs

The Group capitalises the acquisition costs in accordance with its accounting policy for exploration and evaluation expenditure. The ultimate recoupment of acquisition costs carried forward in the exploration and evaluation phases are dependent on the successful development and commercial exploitation or sale of the respective areas. The exploration and evaluation costs incurred during the year were expensed in the Consolidated Statement of Profit or Loss and Other Comprehensive Income.

The following table illustrates the movement in the carrying value of Exploration and evaluation:

	Mt Mulgine Big Hill Kilba Watershed Hatches Creek Total
	$ $ $ $ $ $
At 1 July 2021 At 30 June 2022 At 1 July 2022 At 30 June 2023	1,193,546 158,625 1,000,000 15,548,896 1,806,129 19,707,196
	1,193,546 158,625 1,000,000 15,548,896 1,806,129 19,707,196

	1,193,546 158,625 1,000,000 15,548,896 1,806,129 19,707,196
	1,193,546 158,625 1,000,000 15,548,896 1,806,129 19,707,196

Note 14: Trade and other payables

	Consolidated
	2023 2022
	$ $
Current Trade payables Accrued expenses Other payables
	275,165 161,138
	735,031 172,771
	133,164 59,270
	1,143,360 393,179

These are unsecured payables, non-interest bearing and are generally on 30-90 days terms. Due to the short-term nature of these payables, the carrying value is assumed to approximate their fair value.

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Page 45

Notes to the Consolidated Financial Statements for the year ended 30 June 2023

Note 15: Lease liabilities

	Consolidated
	2023 2022
	$ $
Current Property lease liabilities Non-current Property lease liabilities Total lease liabilities	201,848 281,990
	201,848 281,990
	620,414 130,161
	620,414 130,161
	822,262 412,151

Property leases

The above lease liabilities (refer Note 12) relate to certain property leases that were entered into in prior financial years by the Group.

The total lease liabilities at initial recognition was $1,086,019. The lease liability valuation was calculated at lease inception from the total lease payment obligations being discounted using the Group’s incremental borrowing rate. An incremental borrowing rate of 5.68% was based on a secured interest rate that would be apply if finance was sought for an amount and time period equivalent to the lease requirements of the Group. The office lease is renewed for another five years and the lease liability of $690,645 is discounted at a rate of 7.16%. Each lease payment is allocated between the liability and finance cost. The finance cost of $23,314 (2022: $36,777) was included in administration expense in the consolidated statement of profit or loss and other comprehensive income. Lease payments during the year was $303,848 (2022: $292,428).

Note 16: Provisions

	Consolidated
	2023 2022
	$ $
Current Provision for rehabilitation Provision for employee annual leave Provision for employee long service leave Non-current Provision for rehabilitation Provision for employee long service leave Total provisions
	32,000 9,000
	38,646 118,902
	18,140 106,496
	88,786 234,398

	510,000 510,000
	10,919 14,808
	520,919 524,808
	609,705 759,206

Rehabilitation

The non-current provision for rehabilitation includes an amount of $400,000 which was assumed in prior financial years as part of the Watershed acquisition.

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Page 46

Notes to the Consolidated Financial Statements for the year ended 30 June 2023

Note 17: Share capital

	Consolidated
	2023 2022
	$ $
Issued and Unissued Share Capital Ordinary shares fully paid	82,460,127 82,460,127 82,460,127 82,460,127

Capital Management

When managing capital, the Board’s objective is to ensure the entity continues as a going concern as well as to maintain optimal returns to shareholders and benefits for other stakeholders. The Board also aims to maintain a capital structure that ensures the lowest cost of capital available to the entity. As the equity market is constantly changing the Board may issue new shares to provide for future exploration and development activity. The Company is not subject to any externally imposed capital requirements.

Movements in the issued capital of the Company are:

	Consolidated
	2023 2022 2023 2022
	$ $ Number Number
Balance at the beginning of year Balance at end of year	82,460,127 82,460,127 786,414,272 786,414,272
	82,460,127 82,460,127 786,414,272 786,414,272

Note 18: Reserves

	Consolidated
	2023 2022
	$ $
Share option reserve Loan-funded share scheme reserve	855,398 855,398 6,996,320 6,996,320 7,851,718 7,851,718

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Page 47

Notes to the Consolidated Financial Statements for the year ended 30 June 2023

Note 18: Reserves (continued)

Movement in share options reserve

The following table illustrates the share-based payments expense, number and weighted average exercise prices (WAEP) of, and movements in, share options during the year.

	Number WAEP $
At 1 July 2021 Options issued/(exercised) during the year At 30 June 2022 At 1 July 2022 Options issued/(exercised) during the year At 30 June 2023	- - 855,398 - - -
	- - 855,398
	- - 855,398 - - -
	- - 855,398

Vested and exercisable options

There were no outstanding options at year end.

Note 19: Accumulated losses

	Consolidated
	2023 2022
	$ $
Opening balance Net loss for the year Accumulated losses at the end of the financial year
	(54,888,760) (49,803,611)
	(2,934,612) (5,085,149)
	(57,823,372) (54,888,760)

Note 20: Commitments

Exploration

Based on the minimum annual commitments pursuant to the terms and conditions of environmental authorities, exploration licences and mineral rights the Group will have minimum annual commitment obligations of $574,830 (2022: $613,012) in the forthcoming year. These obligations are capable of being varied from time to time in order to maintain current rights of tenure to mining tenements.

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Page 48

Notes to the Consolidated Financial Statements for the year ended 30 June 2023

Note 21: Contingencies

Hatches Creek Farm-in Agreement

In the prior financial years, on 3 June 2019, the Company announced the execution of a Farm-in agreement with related party GWR Group Limited (“GWR”) to acquire a 20% interest in the Hatches Creek Tungsten Project (“Hatches Creek”). The farm-in agreement stages are as follows:

The Company has initially acquired a 20% interest in Hatches Creek through the reimbursement of $1,720,942 in past exploration expenditure incurred by GWR;
The Company can increase its interest to 51% by the expenditure of $3,000,000 on exploration, development and mining activities within 5 years of the acquisition date.

Once a decision to mine has been made, the Company can acquire GWR’s remaining interest for $6,959,058 (indexed for CPI).

The Group is not aware of any other significant contingencies that existed at balance date.

Note 22: Related party transactions

(a) Associates

GWR Group Limited (GWR)

GWR is a significant shareholder in the Group’s parent Tungsten Mining NL and holds significant influence over decision making of the Group. During the year, the Group received and provided certain services to GWR as detailed in the table below.

	Consolidated
	2023 2022
	$ $
Income Staff and admin costs recoveries Project related costs / reimbursements Total Income Expenses Staff cost recoveries Project related costs / reimbursements Total Expenses Net Income / (Expense)
	70,532 33,915
	29,062 -
	99,594 33,915

	(5,600) -
	(15,598) (21,564)
	(21,198) (21,564)
	78,396 12,351

GWR’s net balance outstanding as at 30 June 2023 was a receivable of nil (2022: $5,912).

(b) Transactions with related parties

There are no other related party transactions during the year, other than those relating to key management personnel (refer Note 5) .

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Page 49

Notes to the Consolidated Financial Statements for the year ended 30 June 2023

Note 23: Cash flow information

	Consolidated
	2023 2022
	$ $
(a) Reconciliation of cash flows from operations with loss from ordinary activities after income tax Loss from ordinaryactivities after incometax Add back /(deduct): Depreciation Right-of-asset depreciation Impairment of plant & equipment Loss on sale of plant & equipment Interest on leases Changes in assets and liabilities (Increase)/decrease in trade and other receivables Decrease/(increase) in other current assets Increase/(decrease) in trade and other payables (Decrease) in provisions Cash flows used in operations	(2,934,612) (5,085,149) 216,216 71,327 217,204 217,204 - 227,959 - 175,638 23,314 36,777 (57,095) 21,940 21,413 (27,754) 750,315 (487,460) (149,501) (17,247) (1,912,746) (4,866,765)

(b) Non-cash financing and investing activities

There were no non-cash financing and investing activities in the current or previous year.

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Page 50

Notes to the Consolidated Financial Statements for the year ended 30 June 2023

Note 24: Financial risk management objectives and policies

The Group’s principal financial instruments are cash and cash equivalents. The main purpose of the financial instruments is to finance the Group’s operations. The Group’s also has other financial instruments such as restricted cash, trade debtors and creditors which arise directly from its operations.

The main risks arising from the Group’s financial instruments are interest rate risk and credit risk. The Board reviews and agrees policies for managing each of these risks and they are summarised below:

( a) Interest Rate Risk

Interest rate risk is the risk that a financial instrument’s value will fluctuate as a result of changes in market interest rates. The Group’s exposure to interest rate risk is detailed in the table below.

The Group’s has not entered into any hedging activities to manage interest rate risk. In regard to its interest rate risk, the Group’s continuously analyses its exposure. Within this analysis consideration is given to potential renewals of existing positions, alternative investments and the mix of fixed and variable interest rates.

	Weighted Average Interest Rate Floating Interest Rate Fixed Interest Rate Total Interest Bearing Non Interest Bearing Total
	% $ $ $ $ $
2023 Financial Assets Cash Term deposit Receivables Other financial assets Financial Liabilities Trade creditors Lease liability Lease liability 2022 Financial Assets Cash Term deposit Receivables Other financial assets Financial Liabilities Trade creditors Lease liability	1.40 1,238,768 - 1,238,768 63,022 1,301,790 4.62 - 11,096,947 11,096,947 - 11,096,947 - - - - 93,361 93,361 4.29 - 244,310 244,310 - 244,310
	1,238,768 11,341,257 12,580,025 156,383 12,736,408
	- - - - 1,143,360 1,143,360 5.68 - 131,617 131,617 - 131,617 7.16 - 690,645 690,645 - 690,645
	- 822,262 822,262 1,143,360 1,965,622
	0.24 1,382,253 - 1,382,253 45,726 1,427,979 0.92 - 13,202,820 13,202,820 - 13,202,820 - - - - 36,266 36,266 1.26 - 244,310 244,310 - 244,310
	1,382,253 13,447,130 14,829,383 81,992 14,911,375
	- - - - 393,179 393,179 5.68 - 412,151 412,151 - 412,151
	- 412,151 412,151 393,179 805,330

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Page 51

Notes to the Consolidated Financial Statements for the year ended 30 June 2023

Note 24: Financial risk management objectives and policies (continued)

Interest Rate Risk Sensitivity

	-10%			10%
	Profit	Equity		Profit	Equity
	$	$		$	$
2023
Cash	(1,734)		(1,734)	1,734		1,734
Term deposit	(51,110)		(51,110)	51,110		51,110
Other financial assets	(1,049)		(1,049)	1,049		1,049
2022
Cash	(334)		(334)	334		334
Term deposit	(12,142)		(12,142)	12,142		12,142
Other financial assets	(308)		(308)	308		308

Sensitivity of 10% has been selected as this is considered reasonable given the current level of both short term and long term Australian dollar interest rates.

-10% sensitivity would move term deposit interest rates at 30 June 2023 from around 4.62% to 4.16% (2022: 0.92% to 0.83%) representing a 46 (2022: 9.2) basis points downwards shift, which is 32 (2022: 6.4) basis points net of tax.
-10% sensitivity would have a negligible impact on cash interest rates at 30 June 2023 from around 1.4% to 1.26% (2022: 0.24% to 0.22%) representing a 14 (2022: 2.4) basis points downwards shift, which is 9.8 (2022: 1.7) basis points net of tax.
-10% sensitivity would move other financial asset interest rates at 30 June 2023 from around 4.29% to 3.86% (2022: 1.26% to 1.13%) representing a 43 (2022: 12.6) basis points downwards shift, which is 30 (2022: 8.8) basis points net of tax.

Based on the sensitivity analysis only interest revenue from variable rate deposits and cash balances is impacted resulting in a decrease or increase in overall income.

(b) Liquidity Risk

The Group manages liquidity risk by maintaining sufficient cash reserves required to meet the current exploration and administration commitments, through the continuous monitoring of actual cash flows. All payables are due within 30 days. The lease liabilities have remaining lease terms between one to five years.

(c) Fair Values

For financial assets and liabilities, the net fair value approximates their carrying value. No financial assets and financial liabilities are readily traded on organised markets in standardised form.

(d) Credit Risk

Credit risk arises in the event that counterparty will not meet its obligations under a financial instrument leading to financial losses. The Group is exposed to credit risk from its operating activities, financing activities including deposits with banks. The credit risk control procedures adopted by the Group is to assess the credit quality of the institution with whom funds are deposited or invested, taking into account its financial position and past experiences. The maximum exposure to credit risk on financial assets of the Group which have been recognised on the Consolidated Statement of Financial Position is generally limited to the carrying amount. Cash and term deposits are maintained with major Australian banks.

(e) Foreign Currency Risk

The Group is not exposed to any significant foreign currency risk.

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Page 52

Notes to the Consolidated Financial Statements for the year ended 30 June 2023

Note 25: Subsequent events

No significant events have arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the directors, to affect significantly the operations of the Group, the results of those operations, or the state of affairs of the Group in the future financial year.

Note 26: Parent entity

	Parent
	2023 2022
	$ $
Assets Current assets Non-current assets Total Assets Liabilities Current liabilities Non-current liabilities Total Liabilities Net Assets Equity Issued capital Reserves Accumulated losses Total Equity
	12,820,391 15,016,768
	21,480,779 21,231,221
	34,301,170 36,247,989

	1,401,994 878,942
	631,333 166,592
	2,033,327 1,045,534

	32,267,843 35,202,455

	82,460,127 82,460,127
	7,851,718 7,851,718
	(58,044,002) (55,109,390)
	32,267,843 35,202,455

	Parent
	2023 2022
	$ $
Loss for the year Other comprehensive income Total comprehensive loss for the financial year
	(2,934,612) (5,085,149)
	- -
	(2,934,612) (5,085,149)

Other than mentioned elsewhere in the financial report (refer Note 21), the Company is not aware of any significant contingencies as at the end of the financial year. The Company has not entered into any guarantees in relation to the debts of its subsidiaries.

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Page 53

Notes to the Consolidated Financial Statements for the year ended 30 June 2023

Note 27: Controlled entities

Tungsten Mining NL is the ultimate parent entity of the Group.

The following were controlled entities at balance date and have been included in the consolidated financial statements. All shares held are ordinary shares.

Company Name	Country of Incorporation	Percentage Interest Held	Percentage Interest Held	Acquired/ Incorporated
		2023	2022	Date
Parent Entity
Tungsten Mining NL	Australia	-	-	13/07/2011
Subsidiaries of Tungsten Mining NL:
SM3-W Pty Ltd	Australia	100%	100%	13/12/2012
Pilbara Tungsten Pty Ltd	Australia	100%	100%	30/11/2015
Mid-West Tungsten Pty Ltd	Australia	100%	100%	30/11/2015
North Queensland Tungsten Pty Ltd	Australia	100%	100%	09/08/2018
Territory Tungsten Pty Ltd	Australia	100%	100%	01/03/2019

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Page 54

Directors’ Declaration

In the opinion of the Directors of Tungsten Mining NL:

(a) the consolidated financial statements and the notes set out on pages from 28 to 54 are in accordance with the Corporations Act 2001, including:
(i) giving a true and fair view of the financial position of the Group as at 30 June 2023 and of its performance for the year ended on that date; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001;
(b) the consolidated financial statements and notes also comply with International Financial Reporting Standards as disclosed in Note 2(a); and
(c) there are reasonable grounds to believe that the Group will be able to pay its debts as and when they become due and payable.

This declaration has been made after receiving the declarations required to be made to the directors in accordance with Section 295A of the Corporations Act 2001 for the year ended 30 June 2023.

This declaration is made in accordance with a resolution of the directors.

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Gary Lyons Chairman Perth Dated 22 September 2023

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Page 55

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PO Box 1908 West Perth WA 6872 Australia

Level 2, 40 Kings Park Road West Perth WA 6005 Australia Tel: +61 8 9481 3188 Fax: +61 8 9321 1204 ABN: 84 144 581 519 www.stantons.com.au

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF TUNGSTEN MINING NL

Report on the Audit of the Financial Report

Opinion

We have audited the financial report of Tungsten Mining NL (“the Company”), and its subsidiaries (“the Group”), which comprises the consolidated statement of financial position as at 30 June 2023, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies, and the directors' declaration.

In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001 , including:

(i) giving a true and fair view of the Group’s financial position as at 30 June 2023 and of its financial performance for the year then ended; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001 .

Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's APES 110: Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this report.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report of the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

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Liability limited by a scheme approved under Professional Standards Legislation

Stantons Is a member of the Russell Bedford International network of firms

Page 56

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Key Audit Matters Carrying Value of Exploration and Evaluation Assets

As at 30 June 2023, Exploration and Evaluation Assets totalled $19,707,196 (refer to Note 13 of the financial report).

The carrying value of exploration and evaluation assets is a key audit matter due to:

The significance of the expenditure capitalised representing 56% of total assets;
The necessity to assess management’s application of the requirements of the accounting standard Exploration for and Evaluation of Mineral Resources (“AASB 6”), in light of any indicators of impairment that may be present; and
The assessment of significant judgements made by management in relation to the capitalised exploration and evaluation expenditure.

How the matter was addressed in the audit

Inter alia, our audit procedures included the following:
i. Assessed the Group’s right to tenure over exploration assets by corroborating the ownership of the relevant licences for mineral resources to government registries and relevant third-party documentation;
ii. Reviewed the directors’ assessment of the carrying value of the capitalised exploration and evaluation costs, ensuring the veracity of the data presented and assessing management’s consideration of potential impairment indicators, commodity prices and the stage of the Group’s projects also against AASB 6;
iii. Evaluation of Group documents for consistency with the intentions for continuing exploration and evaluation activities in areas of interest and corroborated in discussions with management. The documents we evaluated included:
Minutes of the board and management;
▪ Announcements made by the Group to the Australian Securities Exchange;
▪ Cash flow forecast; and
iv. Consideration of the requirements of accounting standard AASB 6 and reviewed the financial statements to ensure appropriate disclosures are made.

Other Information

The directors are responsible for the other information. The other information comprises the information included in the Group’s annual report for the year ended 30 June 2023, but does not include the financial report and our auditor’s report thereon.

Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance opinion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Directors for the Financial Report

The directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

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In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.

As part of an audit in accordance with Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report.

The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation of the financial report that gives a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control.

The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial report.

We conclude on the appropriateness of the Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.

We evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.

We obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the financial report. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in Internal control that we identify during our audit.

The Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements. We also provide the Directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with the Directors, we determine those matters that were of most significance in the audit of the financial report of the current period and are therefore key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because

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the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on the Remuneration Report

Opinion on the Remuneration Report

We have audited the Remuneration Report included in pages 22 to 26 of the directors’ report for the year ended 30 June 2023.

In our opinion, the Remuneration Report of Tungsten Mining NL for the year ended 30 June 2023 complies with section 300A of the Corporations Act 2001.

Responsibilities

The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.

STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD (An Authorised Audit Company)

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Samir Tirodkar Director West Perth, Western Australia 22 September 2023

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Additional ASX Information

Security holder information as at 19 September 2023.

Distribution schedule and number of holders of equity securities

Holding Ranges	Holders	No. Shares	Percentage
Listed ordinary shares
1-1,000	49	7,696	0.00%
1,001- 5,000	93	311,939	0.04%
5,001-10,000	158	1,389,869	0.18%
10,001-100,000	220	8,608,140	1.09%
100,001-and over	119	776,096,628	98.69%
Total	639	786,414,272	100.00%

Number of shareholders with an unmarketable holdings were 178, with total 542,972 shares, amounting to 0.07% of listed ordinary shares at share price of $0.07.

Top twenty holders of quoted equity securities

	Shareholder	No. Shares	Percentage
Listed ordinary shares
1	CITICORP NOMINEES PTY LIMITED	268,797,594	34.18%
2	HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED	149,632,563	19.03%
3	GWR GROUP LTD	70,000,000	8.90%
4	BNP PARIBAS NOMS PTY LTD	49,351,480	6.28%
5	BNP PARIBAS NOMS PTY LTD UOB KH PL AC	41,903,609	5.33%
6	MONEX BOOM SECURITIES (HK) LTD	28,592,534	3.64%
7	HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED	20,744,138	2.64%
8	TA SECURITIES HOLDINGS BERHAD	15,592,927	1.98%
9	REYNAUD INTERNATIONAL LTD	11,006,100	1.40%
10	MISS SZE MIN LEE	9,844,000	1.25%
11	REYNAUD INTERNATIONAL LTD	8,334,700	1.06%
12	MR HARRY VUI KHIUN LEE	7,600,446	0.97%
13	MR TAN SRI DATO TIEN SENG LAW	6,000,000	0.76%
14	BNP PARIBAS NOMS PTY LTD UOBKH A/C R'MIERS	5,063,993	0.64%
15	HONWAI PTY LTD	5,000,000	0.64%
16	MR CHEW WAI CHUEN	4,104,167	0.52%
17	MR TECK SIONG WONG	4,000,000	0.51%
17	MR JIMMY KONG LENG LEE	4,000,000	0.51%
17	MR GARY LYONS	4,000,000	0.51%
17	MR GARY LYONS & MS TATJANA CUSMANO	4,000,000	0.51%
18	BNP PARIBAS NOMINEES PTY LTD	3,646,795	0.46%
19	MR ANTHONY VUI HAN LEE	3,000,000	0.38%
20	MR MOK SAN WONG	2,500,000	0.32%
	Total	726,715,046	92.42%

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Additional ASX Information

Substantial shareholders

Shareholder	No. of shares	Percentage
CITICORP NOMINEES PTY LIMITED	268,797,594	34.18%
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED	149,632,563	19.03%
GWR GROUP LTD	70,000,000	8.90%
BNP PARIBAS NOMS PTY LTD	49,351,480	6.28%
BNP PARIBAS NOMS PTY LTD UOB KH PL AC	41,903,609	5.33%

Unquoted securities on issue

There were no unquoted securities on issue.

Voting Rights

The voting rights attached to each class of equity securities are set out below.

Ordinary shares

On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.

Restricted Securities

There were 16,000,000 listed ordinary shares held in escrow.

These shares were provided to the Directors under interest free, limited recourse loan agreements and are repayable at the earlier of: the 10 year anniversary of the grant of the shares, the sale of the underlying shares, or the breach of the agreement. Any dividends received on the loan funded shares are first applied to any outstanding loan balance on a post tax basis.

These shares are to remain in escrow until the loan agreements are satisfied, with the latest escrow period ending date being 26 July 2028.

On-market buy back

There is no current on-market buy back.

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AI assistant

TUNGSTEN MINING NL — Annual Report 2023

65918_rns_2023-09-21_6941069a-2a8c-4e6e-abf0-8322b77d8565.pdf

2023 Annual Re ort p

Contents

Corporate Directory

Board of directors:

Chief executive officer:

Company Secretary:

Principal and registered office:

Auditors:

Bankers:

Share registry:

Solicitors:

Postal address:

ABN:

Issued capital as at 30 June 2023:

Parent entity:

Stock exchange:

ASX company code:

Review of Operations

Review of Operations – 30 June 2023

Commentary

Review of Operations

Mt Mulgine Project, Murchison WA

Review of Operations

Mt Mulgine Development

Review of Operations

Project Activities

Review of Operations

Geology and Resources

Mulgine Trench

Mulgine Trench Mineral Resource

Mulgine Hill

Detailed Geological Modelling

Review of Operations

Heritage

Other Projects

Hatches Creek Polymetallic Project, Davenport Province, NT

Review of Operations

1. ASX announcement 3 June 2019: ‘Hatches Creek Tungsten Project Farm-in Agreement’

Watershed Project, Far North, Queensland

Review of Operations

Big Hill Project, Eastern Pilbara, WA

Review of Operations

Kilba Project, Ashburton Region, WA

OPERATING AND FINANCIAL RISK

Operational risks

Review of Operations

OPERATING AND FINANCIAL RISK

Further capital requirements

Native title and Aboriginal Heritage

The Company’s activities are subject to Government regulations and approvals

Global conditions

Schedule of Interests in Mining Tenements

Annual Mineral Resource and Ore Reserve Statement

Annual Mineral Resource and Ore Reserve Statement

Competent Person’s Statement

Directors’ Report

DIRECTORS

Names, qualifications, experience and special responsibilities

Gary Lyons Non-executive Chairman

Tan Sri Dato' Tien Seng Law Non-executive Director and Deputy Chairman

Directors’ Report

Teck Siong Wong

Executive Director and interim Chief Executive Officer

Kong Leng (Jimmy) Lee Non-executive Director

Chew Wai Chuen

Non-executive Director

Directors’ Report

Russell Clark Non-executive Director

Wai Cheong Law

Directors’ Report

COMPANY SECRETARIES

Sonu Cheema (appointed on 3 February 2023)

Mark Pitts (resigned on 3 February 2023)

Simon Borck (resigned on 13 April 2023)

Directors’ Report

INTERESTS IN THE SHARES AND OPTIONS OF THE COMPANY AND RELATED BODIES CORPORATE

SHARES UNDER OPTION

TUNGSTEN MINING NL Annual Report 2023