TUNGSTEN MINING NL — Capital/Financing Update 2016

Aug 4, 2016

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ASX Announcement

Drilling Commences at Mt Mulgine Tungsten Project

Emerging Australian tungsten developer, Tungsten Mining NL (ASX: TGN) (“Tungsten Mining” or “the Company”) is pleased to announce the commencement of drilling at its Mt Mulgine Tungsten Project.

The Mt Mulgine Project is located within the Murchison Region of Western Australia, approximately 350km north northeast of Perth. Tungsten Mining 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.

Two near surface Mineral Resources have been delineated by previous explorers at the Mulgine Trench and Mulgine Hill deposits. Currently, there is a combined Mineral Resource estimate of 72.2Mt at 0.18% WO3 and 230ppm Mo (0.10% WO3 cut-off – refer to ASX announcement dated 23 June 2016).

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Figure 1: Plan showing historical and proposed drill hole location at Mulgine Hill.

Tungsten Mining is focussed on delivering on its strategic development plan to:

• Demonstrate a path to WO3 production and cash flow within 2 years;

• Increase the Mulgine Hill deposit resource by targeting previously drilled “open” areas, and

• Continue to gain a greater understanding of the metallurgy of the oxide layer of the Trench deposit.

Tungsten Mining NL 97 Outram Street PO Box 517 T +61 8 9486 8492 E info@tungstenmining.com ABN 67 152 084 403 West Perth WA 6005 West Perth WA 6872 F +61 8 9322 2370 W www.tungstenmining.com

A shallow 35 hole 1,500 metre reverse circulation (RC) drilling program targeting significant near surface tungsten mineralisation at the Mulgine Hill deposit and from the Bobby McGee pit within the Trench deposit commenced on 2 August 2016.

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Figure 2: Cross section showing planned RC drilling targeting extensions of existing mineralisation.

In addition, a large diameter, 200 metre PQ diamond drilling program has also now commenced to collect metallurgical samples from Mulgine Hill, Bobby McGee and Trench. This will provide material for test work to confirm previous metallurgical studies that indicated conventional metallurgical treatment produces a saleable WO3 concentrate.

The RC and diamond drill programs are expected to take 10 days to complete. Results from the program are expected from early September 2016.

Whilst in the field, Tungsten Mining personnel will also complete a program of core sampling of historical diamond core. Previous operators, Minefields Exploration NL (Minefields) and Australian and New Zealand Exploration Company (ANZECO) drilled 213 diamond drillholes at the Mulgine Hill prospect over several campaigns from 1970 to 1980. Diamond holes were logged and UV lamped to determine mineralised material and only these mineralised intervals were assayed.

Subsequent inspection of core under UV light by Tungsten Mining indicated Minefields/ANZECO selective sampling potentially excluded significant tungsten mineralisation. Encouraging results were reported ( see ASX announcement dated 23 June 2016 ) from the initial trial phase of a program designed to sample and assay the core, highlighting the potential to add to existing intersections plus to identify new zones of mineralisation from the historical drilling. It is expected that between 1,500 to 2,000 metres of core will be sampled in this program, with results expected over the coming months.

Based on the results of the drilling and historical core sampling program, it is expected that an updated Resource estimate will be undertaken in the December quarter.

Tungsten Mining’s Chief Executive Officer, Craig Ferrier, commented “ This is an exciting period for the Company, with RC and diamond drilling underway, completion of the core sampling program and a major metallurgical test work program to follow. This work will greatly enhance our understanding of the Mulgine Hill orebody, its metallurgical characteristics and development pathway. In addition, the

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collection of sample from the Trench deposit complements our strategy to invest further in this large scale resource ”.

-ENDS-

5 August 2016

For further information: For Broker and Media Enquiries: Craig Ferrier Andrew Rowell / Matt Birney Chief Executive Officer Cannings Purple Ph: +61 8 9486 8492 Ph: +61 400 466 226 / +61 419 217 090 E: craig.ferrier@tungstenmining.com E: arowell@canningspurple.com.au / mbirney@canningspurple.com.au

Competent Person’s Statements

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

The information in this report that relates to Mineral Resources is extracted from the report titled ‘June 2016 Mineral Resource Update and Core Sampling’ released to the Australian Securities Exchange (ASX) on 23 June 2016 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 announcement released on 23 June 2016 and that all material assumptions and technical parameters underpinning the estimates 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.

About Tungsten Mining

Emerging Australian tungsten developer, Tungsten Mining NL is an Australian based resources company listed on the Australian Securities Exchange. The Company’s prime focus is the exploration and development of tungsten projects in Australia.

Tungsten (chemical symbol W), occurs naturally on Earth, not in its pure form but as a constituent of other minerals, only two of which support commercial extraction and processing - wolframite ((Fe, Mn)WO4) and scheelite (CaWO4).

Tungsten has the highest melting point of all elements except carbon – around 3400°C giving it excellent high temperature mechanical properties and the lowest expansion coefficient of all metals. Tungsten is a metal of considerable strategic importance, essential to modern industrial development (across aerospace and defence, electronics, automotive, extractive and construction sectors) with uses in cemented carbides, high-speed steels and super alloys, tungsten mill products and chemicals.

Tungsten Mining has three advanced tungsten projects in Australia: the Mt Mulgine Project in the Murchison region, the Big Hill Project in the Pilbara region and the Kilba Project in the Ashburton region of Western Australia. The Mt Mulgine, Big Hill and Kilba Projects, together represent a tungsten resource inventory of 88.6 Million tonnes at 0.18% WO3, representing more than 15.5 million MTU (metric tonne units) of WO3 at a 0.10% cut-off grade.

Tungsten Mining is currently identifying opportunities for near term tungsten production, particularly from the Mulgine Hill and Mulgine Trench deposits within the Mt Mulgine Project.

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