TUNGSTEN MINING NL — Capital/Financing Update 2014

Mar 26, 2014

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27 March 2014

TUNGSTEN MINING NL TO RAISE UP TO $4.24 MILLION FROM INSTITUTIONAL PLACEMENT AND ENTITLEMENT OFFER

Tungsten Mining NL ( Company ) (ASX Code: TGN) has entered into agreements to raise up to $4.24 million (before costs) by way of an institutional placement and a renounceable entitlement offer. The funds raised will be principally applied towards advancing the Company’s Kilba Project including in-fill drilling, engineering studies and permits and for general working capital purposes.

Institutional Placement

The Company has agreed to issue 10 million new fully paid ordinary shares in the capital of the Company at an issue price of $0.04 per new share ( Placement Shares ) to two clients (each a Subscriber ) of Eight Carat Securities Pty Ltd ( Eight Carat ), to raise $400,000 (before costs) ( Placement ). The Placement Shares will be issued pursuant to the Company’s available 15% capacity under the ASX Listing Rules without shareholder approval.

Upon completion of the Placement, each Subscriber will have the right to appoint a nominee to the Company’s board of directors, subject to the Company receiving a signed consent to act from that nominee.

Entitlement Offer

The Company also proposes to undertake a pro-rata renounceable entitlement issue of 1 new share for every 1 share held by shareholders (being eligible shareholders of the Company on the proposed record date of 5.00pm (Perth time) on 9 April 2014 ( Record Date )) at an issue price of $0.04 per new share to raise (if fully subscribed) approximately $4.24 million (before costs) ( Entitlement Offer ).

Each Subscriber will be eligible to participate in the Entitlement Offer.

The Entitlement Offer will be partially underwritten by Eight Carat up to $3 million. The Company has entered into an underwriting agreement with Eight Carat, which is conditional upon the Company completing and issuing an offer document relating to the Entitlement Offer in a form satisfactory to Eight Carat. The underwriting agreement is also subject to termination events that are common for a transaction of this nature. If no shareholders participate in the Entitlement Offer, the Company will raise $3.4 million from the Placement and Entitlement Offer (assuming the underwriting agreement is not terminated).

The Entitlement Offer issue price of $0.04 per share represents a 42.8% discount to the closing price of the Company’s shares on ASX on 25 March 2014.

Tungsten Mining NL ASX:TGN ASX Announcement 1

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The Entitlement Offer is expected to open on or around 10 April 2014, following the successful completion of the Placement. An offer document and application form ( Offer Document ) for the Entitlement Offer is expected to be dispatched on or around 10 April 2014 to shareholders who are registered shareholders of the Company on the Record Date. Shareholders should consider the Offer Document in deciding whether to participate in the Entitlement Offer. Anyone who wants to participate in the Entitlement Offer will need to complete the application form that will accompany the Offer Document.

Further details relating to the Entitlement Offer, including a detailed timetable, will be provided in due course.

The Company’s Managing Director, Mr Paul Berndt, said:

This raising will be applied towards further drill-out of the Company's Kilba tungsten deposit, additional metallurgical testing and engineering studies to define the process route for beneficiation of the ore, and towards resolving all infrastructural requirements, permitting and marketing aspects on the Company's 100%-owned mining tenement ML08/0314 located in the Gascoyne region of Western Australia, as well as working capital to see the Company through to the completion of this work. The securing of this funding will mark an important milestone in the development of Tungsten Mining NL into becoming a tungsten miner in the shortest possible time frame.

The Company requests the immediate lifting of its trading halt as a result of the release of this announcement.

About Tungsten Mining

Tungsten Mining NL was admitted to ASX on 13 December, 2012. The Company is focused on development and exploitation of tungsten deposits. The management of the company has previous experience in tungsten mine development and operations.

Due to the Chinese position on export restrictions, and to the strong global demand for tungsten, particularly in the developing countries, the fundamentals of the tungsten market remain strong, and Tungsten Mining, with its experienced management and high quality assets in good mining jurisdictions, believes it is very well positioned to become a significant supplier of tungsten in a short time frame.

Visit our website at www.tungstenmining.com.

For further information contact:

Paul Berndt Managing Director Tel: +61 8 9477 3031 info@tungstenmining.com Colin Hay PPR Public Relations Tel: +61 8 9388 0944 colin.hay@ppr.com.au

Tungsten Mining NL ASX:TGN ASX Announcement 2