TUNGSTEN MINING NL — Capital/Financing Update 2012

Dec 12, 2012

==> picture [141 x 96] intentionally omitted <==

Commitments Schedule based on Actual	IPO raising
	A$5.11m
Pre-Offer cash and receivables	1,317,916
Total to be raised under the Offer	5,110,876
Total funds available	6,428,792
Year 1 Expenditure
Exploration expenditure (refer below)	2,110,000
Expenses of the issue	583,644
Administration costs	520,000
Total expenditure – Year 1	3,213,644
Year 2 Expenditure
Exploration expenditure (refer below)	935,000
Administration costs	520,000
Total expenditure – Year 2	1,455,000
Total Expenditure - Year 1 & 2	4,668,644
Total funds available – end of Year 2	1,760,148

Exploration Expenditure by Project	Actual Subscription ($5.11M)	Actual Subscription ($5.11M)	Actual Subscription ($5.11M)
Project	Year 1 $000s	Year 2 $000s	Total $000s
Gascoyne	1,866	702	2,568
Mosquito Creek	150	151	301
Koolyanobbing	94	82	176
Totals	2,110	935	3,045

	Exploration Expenditure by Activity		Actual Subscription ($5.11M)	Actual Subscription ($5.11M)	Actual Subscription ($5.11M)
	ACTIVITY		YEAR ONE $000s	YEAR TWO $000s	TOTAL $000s
	DataReview		70	0	70
	Geochemistry		10	10	20
	Engineering		485	50	535
	Drilling		1000	520	1520
	Geophysics		120	100	220
	Geoscientists		122	92	214
	Travel/Accommodation		65	56	121
	Field Costs		46	22	68
	Administration		192	85	277
	Totals		2110	935	3045