TUNGSTEN MINING NL — Interim / Quarterly Report 2014

Jan 29, 2015

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Quarterly Report – December 2014

Highlights

Kilba Project, Ashburton Region, Western Australia

Phase 2 Drilling

• Infill drilling continues to confirm continuity of tungsten mineralisation at the “flagship” Kilba Project with completion of the Phase 2 program. Better intersections from infill drilling at Zone 11 include:

• 10 metres at 0.59% WO3 from 7 metres in KRC0122

• 12 metres at 0.33% WO3 from 104 metres in KRC0141

• 10 metres at 0.48% WO3 from 11 metres in KRC0146

• Mineralisation identified at Zone 8 was particularly encouraging with broad widths intersected. Better intersections include:

• 7 metres at 0.90% WO3 from 41 metres including 4 metres at 1.49% WO3 in KRC0098

• 11 metres at 0.39% WO3 from 51 metres including 1 metres at 2.11% WO3 in KRC0104

• 7 metres at 0.78% WO3 from 47 metres including 2 metres at 1.77% WO3 in KRC0155

• 13 metres at 1.01% WO3 from 59 metres including 1 metres at 8.24% WO3 in KRC0157

Mineral Resource Update

• The updated Indicated and Inferred Mineral Resource estimate for the Kilba Project is an Indicated Resource of 4.1 million tonnes at 0.25% WO3 and an Inferred Resource of 0.83 million tonnes at 0.20% WO3 for a total of 5.0 million tonnes at 0.24% WO3 at Zones 8, 11 and 12. Infill drilling has improved the confidence level to 86% of contained metal falling within the Indicated category.

Category	Tonnes	WO3	WO3
	'000 t	%	t
Indicated	4,100	0.25	10,400
Inferred	830	0.20	1,700
Total	5,000	0.24	12,100

• There has been a 50% increase in contained metal at Zone 8. Future drilling to be directed at extending the resource to the west.

Other Projects

• The Company entered into a binding agreement with Cobre Montana NL (ASX:CXB) that provides for CXB to explore for lithium and other metals, on Tungsten Mining’s Koolyanobbing Project, located 60km north-east of Southern Cross, Western Australia.

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Tungsten Mining NL Quarterly Activities Report December 2014

Kilba Project

Tungsten Mining NL (ASX:TGN) (“the Company”) is pleased to report that drilling continues to intersect significant high-grade tungsten mineralisation at the Kilba Project in the Ashburton Region of Western Australia. During October and November 2014, the Company drilled 62 reverse circulation (RC) holes for 5,087 metres and 13 HQ and PQ diamond holes for 686 metres on the 100% owned and granted Mining Lease 08/314. To date TGN has drilled a total of 37 diamond holes and 158 RC holes for 17,172 metres at the Kilba Project (Figure 1).

Figure 1 – plan displaying location of recent drilling at the Kilba Project

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In May 2013, the Company announced a Maiden Indicated and Inferred Mineral Resource at Zone 8 and Zone 11 of the Kilba project (ASX announcement; 31 May 2013). In August 2014, the Company commenced a phased drilling program with the objective of increasing the confidence level of the Kilba Mineral Resource at Zones 8 and 11 to an Indicated status in support of future detailed feasibility studies. Phase 1 drilling confirmed continuity of high-grade zones at Zone 8 and Zone 11 and Phase 2 drilling completed during the quarter infilled sections to a 40 metre spacing over the May 2013 Mineral Resource.

Results from all drilling have been received and are discussed in sections below for individual prospects (refer to ASX announcement; 19 December 2014).

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Tungsten Mining NL Quarterly Activities Report December 2014

In January 2015, the Company announced an up-dated JORC Indicated and Inferred Mineral Resource estimate of 5.0 million tonnes at 0.24% WO3 at Zones 8, 11 and 12 of the Kilba Project detailed in Table 1 (refer to ASX announcement; 30 January 2015). The Mineral Resource is located on the Company’s 100%-owned Mining Lease 08/314 situated in the Ashburton Region of Western Australia.

Table 1: Kilba Mineral Resource estimate based on a 0.10% WO3 cut-off grade

Prospect	Class Tonnes WO3 WO3 '000 t % t
Zone 8	Indicated 540 0.27 1,500
	Inferred 150 0.31 500
	Total 700 0.28 1,900
Zone 11	Indicated 3,600 0.25 9,000
	Inferred 460 0.19 900
	Total 4,000 0.24 9,800
Zone 12	Inferred 230 0.15 400
	Total 230 0.15 400
Total	Indicated 4,100 0.25 10,400
	Inferred 830 0.20 1,700
	Total 5,000 0.24 12,100

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

Zone 11

During the quarter, 46 RC holes for 4,375 metres were completed at Zone 11 with the deposit now drilled out on a 40 metre line spacing over the entire length of the deposit (Figure 2). Diamond drilling was also undertaken with 5 HQ holes for 225 metres completed to twin RC drilling and 5 PQ holes for 285 metres drilled to collect metallurgical samples. Tungsten mineralisation at Zone 11 has been delineated over 1200 metres of strike and is associated with skarns and calc-silicate units that wrap around the Kilba granite and dip towards the south to southwest.

Skarns and calc-silicate units are within a 40 to 100 metre wide carbonate-rich unit of the Morrissey Metamorphic suite consisting of pelitic and psammitic schists, marble, calc-silicates and skarns. Typically high-grade mineralisation is associated with retrograde skarn units which are often surrounded by low to medium grade disseminated scheelite mineralisation in calc-silicate and sedimentary units.

In the central and western domains mineralisation is associated with multiple low to medium-grade units, as shown by Figure 3. These units dip shallowly (25° – 50°) towards the southwest to west as they fold around the Kilba granite. Toward the east of the prospect tungsten mineralisation merges into a single high-grade zone that dips steeply (55° – 70°) towards the south, as shown in Figure 4.

Better drill intersections are presented in Table 2 for RC drilling and Table 3 for HQ diamond drilling. Metallurgical holes will be assayed upon commencement of the planned metallurgical test work program for the feasibility study. A complete list of intersections greater than 2 metres at 0.10% WO3 are presented in Appendix 1.

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Tungsten Mining NL Quarterly Activities Report December 2014

Table 2 – Better intersection from Zone 11 RC drilling

	Kilba Project, RC Drilling (>0.10 % WO3)	Kilba Project, RC Drilling (>0.10 % WO3)	Kilba Project, RC Drilling (>0.10 % WO3)	Kilba Project, RC Drilling (>0.10 % WO3)	Kilba Project, RC Drilling (>0.10 % WO3)	Kilba Project, RC Drilling (>0.10 % WO3)	Kilba Project, RC Drilling (>0.10 % WO3)	Kilba Project, RC Drilling (>0.10 % WO3)
Hole No	MGA Coordinates				Intersections
	Easting (m)	Northing (m)	Depth (m)	Dip/ Azim	From (m)	To (m)	Interval (m)	**WO3% **
KRC0106	7,479,908	350,451	65	-60/020	21	25	4	0.68
KRC0106				Incl.	22	23	1	1.76
KRC0113	7,480,044	349,817	168	-60/035	141	152	11	0.17
KRC0122	7,480,345	349,810	65	-60/075	7	17	10	0.59
KRC0122				Incl.	12	13	1	1.16
KRC0122				Incl.	15	16	1	1.84
KRC0138	7,480,031	349,905	136	-60/035	109	121	12	0.19
KRC0141	7,479,824	350,436	140	-60/020	104	116	12	0.33
KRC0141				Incl.	108	109	1	1.69
KRC0143	7,479,889	350,274	100	-60/020	71	76	5	0.46
KRC0143				Incl.	71	72	1	1.07
KRC0144	7,479,851	350,259	130	-60/020	102	122	20	0.17
KRC0145	7,479,880	350,521	72	-60/020	46	53	7	0.28
KRC0146	7,479,935	350,373	48	-60/020	11	21	10	0.48
KRC0146				Incl.	11	12	1	1.09
KRC0146				Incl.	14	15	1	1.68
KRC0151	7,480,339	349,791	30	-60/075	18	26	8	0.36
KRC0151				Incl.	19	20	1	1.26
1m riffle Split RC samples. Analysis is XRF determination by Nagrom laboratories, Kelmscott WA. Lower cut-off grade 0.10% WO3, no top cut grade, up to 3.0m of internal waste. Grid coordinates are MGA Zone 50.

Table 3 – Better intersection from Zone 11 HQ Diamond drilling

	Kilba Project, HQ Diamond Drilling (>0.10 % WO3)	Kilba Project, HQ Diamond Drilling (>0.10 % WO3)	Kilba Project, HQ Diamond Drilling (>0.10 % WO3)	Kilba Project, HQ Diamond Drilling (>0.10 % WO3)	Kilba Project, HQ Diamond Drilling (>0.10 % WO3)	Kilba Project, HQ Diamond Drilling (>0.10 % WO3)	Kilba Project, HQ Diamond Drilling (>0.10 % WO3)	Kilba Project, HQ Diamond Drilling (>0.10 % WO3)
Hole No	MGA Coordinates				Intersections
	Easting (m)	Northing (m)	Depth (m)	Dip/ Azim	From (m)	To (m)	Interval (m)	**WO3% **
KDD0026	7,480,071	350,035	63.6	-60/035	46.8	48.7	2.0	0.90
KDD0026				Incl.	47.7	48.7	1.0	1.23
KDD0027	7,480,290	349,757	45.35	-60/075	30.7	33.8	3.1	0.79
KDD0027				Incl.	30.7	31.7	1.0	1.21
KDD0028	7,479,945	350,338	30	-60/020	16.9	21.1	4.1	0.39
HQ half-core samples consisted of geological intervals from 0.3 – 1.4m. Analysis is XRF determination by Nagrom laboratories, Kelmscott, WA. Lower cut-off grade 0.10% WO3, no top cut grade, up to 3.0m of internal waste. Grid coordinates are MGA Zone 50.

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Tungsten Mining NL Quarterly Activities Report December 2014

Figure 2 – plan displaying Tungsten Mining drilling (TGN) and locations of Sections A–B and C–D shown below

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Figure 3 – cross section through Central domain of Zone 11 showing multiple low – medium grade zone of tungsten mineralisation within the 100m thick target horizon

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Tungsten Mining NL Quarterly Activities Report December 2014

Figure 4 – cross section through Eastern domain of Zone 11 showing moderate to high-grade tungsten mineralisation merging into one moderate to steep dipping zone

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Infill drilling at Zone 11 has confirmed continuity of mineralised envelops over 1.2 kilometres of strike. The grade within these zones can be variable; however westerly plunging high-grade shoots within these envelops can be traced over numerous drill holes and drill sections resulting in 90% of the Zone 11 Mineral Resource being classified as Indicated.

Zone 8

During the quarter 16 RC holes and 3 diamond holes for 1397 metres were drilled at Zone 8 to complete 40 metre spaced sections over 360 metres of strike (Figure 5). Drilling targeted the historical Zone 8b where Union Carbide drilling intersected high-grade scheelite. Results from recent drilling were extremely encouraging intersecting substantial thicknesses of moderate to strong tungsten mineralisation (Figure 6). Mineralisation is associated with a similar carbonate pack to that at Zone 11, but is truncated by granites at 60 to 80 metres vertical depth.

Results received in the December quarter have increased contained metal in the updated Mineral Resource at Zone 8 by 50%. Geological mapping and UV lamping has identified strike extensions to Zone 8b and indicates excellent potential for further increases. Mineralisation is open to the west and future drilling will focus on joining Zone 8a to Zone 8b.

Two PQ diamond holes were drilled to collect metallurgical samples and one HQ diamond hole twinned an RC hole. Better drill intersections are presented in Table 4 and a complete list of intersections greater than 2 metres at 0.10% WO3 are presented in Appendix 1. As noted earlier, metallurgical holes will be assayed at a later date.

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Tungsten Mining NL Quarterly Activities Report December 2014

Figure 5 – plan showing location of TGN drilling and updated Mineral Resource outline at Zone 11

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Figure 6 –cross section through Zone 8 showing broad zones of medium to high-grade tungsten mineralisation

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Tungsten Mining NL Quarterly Activities Report December 2014

Table 4 – Better results from Zone 8 RC drilling

	**Kilba Project, RC Drilling– (>(0.10 % WO3) **	**Kilba Project, RC Drilling– (>(0.10 % WO3) **	**Kilba Project, RC Drilling– (>(0.10 % WO3) **	**Kilba Project, RC Drilling– (>(0.10 % WO3) **	**Kilba Project, RC Drilling– (>(0.10 % WO3) **	**Kilba Project, RC Drilling– (>(0.10 % WO3) **	**Kilba Project, RC Drilling– (>(0.10 % WO3) **	**Kilba Project, RC Drilling– (>(0.10 % WO3) **
Hole No	MGA Coordinates				Intersections
	Easting (m)	Northing (m)	Depth (m)	Dip/ Azim	From (m)	To (m)	Interval (m)	**WO3% **
KRC0098	7,480,303	351,666	80	-60/140	34	37	3	0.31
KRC0098					41	48	7	0.90
KRC0098				Incl.	41	45	4	1.49
KRC0099	7,480,320	351,652	110	-70/140	54	62	8	0.28
KRC0100	7,480,342	351,738	65	-60/140	19	25	6	0.40
KRC0100				Incl.	19	20	1	1.02
KRC0100					32	41	9	0.34
KRC0100				Incl.	33	34	1	1.62
KRC0101	7,480,368	351,715	100	-60/140	75	78	3	0.82
KRC0101				Incl.	76	77	1	1.41
KRC0102	7,480,204	351,566	45	-60/140	21	27	6	0.45
KRC0104	7,480,215	351,531	72	-60/140	51	62	11	0.39
KRC0104				Incl.	52	53	1	2.11
KRC0154	7,480,318	351,703	70	-75/140	21	25	4	0.39
KRC0154					60	65	5	0.37
KRC0154				Incl.	61	62	1	1.20
KRC0155	7,480,345	351,735	66	-75/140	47	54	7	0.78
KRC0155				Incl.	50	52	2	1.77
KRC0155					58	61	3	1.24
KRC0155				Incl.	58	60	2	1.76
KRC0156	7,480,170	351,511	48	-60/140	10	21	11	0.33
KRC0157	7,480,203	351,487	84	-60/140	59	72	13	1.01
KRC0157				Incl.	68	69	1	8.24
1m riffle Split RC samples. Analysis is XRF determination by Nagrom laboratories, Kelmscott. Lower cut-off grade 0.10% WO3, no top cut grade, up to 3.0m of internal waste. Grid coordinates are MGA Zone 50.

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Tungsten Mining NL Quarterly Activities Report December 2014

Zone 12

Drilling in September 2014 intersected multiple zones of weak to moderate scheelite mineralisation. In January the Company reported an Inferred Mineral Resource of 230,000 tonnes at 0.15% WO3 at a 0.10% WO3 cut-off at Zone 12.

Geological mapping and UV lamping has identified extensions to Zone 12 and it is considered encouraging that drilling intersected multiple zones of tungsten mineralisation. The strongest mineralisation was intersected in the western-most sections and mineralisation is open to the west (Figure 7).

Figure 7 –cross section through Zone 12 showing multiple zones of low to medium-grade tungsten mineralisation

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Mineral Resource Update

During January 2015, the Company announced an updated JORC 2012 Indicated and Inferred Mineral Resource of 5.0 million tonnes at 0.24% WO3 at Zones 8, 11 and 12 of the Kilba Project (Refer to Table 1). The Mineral Resource estimate has been completed by CSA Global Pty Ltd in accordance with the guidelines of the Joint Ore Reserve Committee (JORC) Code – 2012 Edition (refer to ASX announcement; 30 January 2015).

Mineralisation was interpreted in 3D and 0.025% WO3 grade envelopes defined. Hard boundaries between the grade envelopes were used to select sample populations for grade estimation by Multiple Indicator Kriging (MIK). The block model was constructed using a 20mE x 10mN x 10mRL parent block size, with subcelling to 2mE x 1mN x 1mRL for domain volume resolution. The search radii were determined by means of the evaluation of the semivariogram parameters, which determined the kriging weights to be applied to samples at specified distances.

No grade cutting was applied as MIK was used for the grade interpolation. The median grade was used for the last bin defined for MIK, as this bin is likely to contain occasional very high values giving a more conservative value for positively skewed data than the mean.

A range of lower cut-offs have been used to report grades and tonnages, as shown in Table 5 and Figure 8. This demonstrates that within the overall resource there are significant high-grade zones of tungsten mineralisation.

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Tungsten Mining NL Quarterly Activities Report December 2014

Table 5: Breakdown of Kilba Mineral Resource estimate at different cut-off grades

Cut Off W03 (%)	Zone	Class Volume Tonnes '000 t WO3 % WO3 t
0.050	8	Indicated 220 630 0.24 1,500
		Inferred 60 170 0.28 490
		Total 280 800 0.25 2,000
	11	Indicated 1,800 5,100 0.20 10,100
		Inferred 250 730 0.15 1,100
		Total 2,000 5,800 0.19 11,200
	12	Inferred 190 560 0.11 600
		Total 190 560 0.11 600
	Total	Indicated 2,000 5,700 0.20 11,600
		Inferred 500 1,460 0.15 2,200
		Total 2,500 7,200 0.19 14,000
0.100	8	Indicated 190 540 0.27 1,460
		Inferred 52 150 0.31 470
		Total 240 700 0.28 1,900
	11	Indicated 1,200 3,600 0.25 9,000
		Inferred 160 460 0.19 890
		Total 1,400 4,000 0.24 9,800
	12	Inferred 78 230 0.15 350
		Total 78 230 0.15 350
	Total	Indicated 1,400 4,100 0.25 10,000
		Inferred 290 830 0.20 1,700
		Total 1,700 5,000 0.24 12,000
0.200	8	Indicated 100 300 0.37 1,100
		Inferred 35 100 0.40 400
		Total 140 400 0.38 1,500
	11	Indicated 540 1,600 0.39 6,100
		Inferred 55 160 0.30 470
		Total 590 1,700 0.38 6,500
	12	Inferred 14 42 0.26 110
		Total 14 42 0.26 110
	Total	Indicated 640 1,900 0.39 7,200
		Inferred 100 300 0.32 980
		Total 740 2,200 0.38 8,100
0.300	8	Indicated 58 170 0.47 780
		Inferred 22 65 0.48 310
		Total 80 230 0.47 1,100
	11	Indicated 270 790 0.54 4,200
		Inferred 20 59 0.38 220
		Total 290 850 0.53 4,500
	12	Inferred 4 13 0.34 43
		Total 4 13 0.34 43
	Total	Indicated 330 960 0.52 5,000
		Inferred 47 140 0.42 580
		Total 380 1,090 0.51 5,600
0.500	8	Indicated 15 45 0.74 330
		Inferred 8 23 0.67 150
		Total 23 67 0.71 480
	11	Indicated 100 300 0.80 2,400
		Inferred 2 5 0.62 30
		Total 100 310 0.80 2,400
	Total	Indicated 120 340 0.79 2,700
		Inferred 10 27 0.66 180
		Total 130 370 0.78 2,900

Note: Totals may differ from sum of individual numbers as numbers have been rounded to two significant figures in accordance with the Australian JORC code 2012 guidance on Mineral Resource. No grade cutting was applied, because MIK was used for the grade interpolation. The last bin defined for MIK is calculated using the median, which gives a more conservative value for positively skewed data than the mean.

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Tungsten Mining NL Quarterly Activities Report December 2014

Figure 8 – Grade tonnage curve for January 2015 Mineral Resource for Kilba Project

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Metallurgical Testwork

A program of “sighter” metallurgical test work has been commissioned with Nagrom metallurgical laboratories in Kelmscott WA. The test work objectives are as follows:

• Obtain a better understanding of the behaviour of Kilba ore through a preliminary flow sheet;

• Evaluate the limitations and build on the knowledge gained from the previous bench scale testing; and

• Investigate the potential to stream-line future metallurgical test work including pilot testing.

The program commenced in late November using the reserve sample from earlier test work and diamond core sample retained from previous drilling. The composite was prepared to be representative of the ore body average for the Kilba resource, both in terms of the style of mineralisation and chemistry. The Nagrom test work, which is still in progress, is testing the Kilba ore for amenability to a range of mineral processes including gravity separation (dense media, jigging, wet tabling, reflux classification) hydrocycloning, magnetic separation, grinding and flotation. This work will substantially assist in defining the scope of any future feasibility study metallurgical test work and process design elements.

Figure 9 – Wet table (Kilba) Concentrate highlighting Scheelite under UV

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Tungsten Mining NL Quarterly Activities Report December 2014

Feasibility Study

Work was advanced during the quarter on obtaining third party estimates of the cost to deliver a traditional “prefeasibility” study (PFS). This was done via a request for proposal (RFP) process on the major elements of the proposed study. Whilst the emphasis of such work is likely to be focused on the metallurgical test work and process design, there will also be a requirement to complete work across the major disciplines of mining, geotechnical, site infrastructure, hydrogeology, environmental and marketing.

Koolyanobbing Project – Seabrook Rare Metals Venture

In November Tungsten Mining announced that it had entered into a binding agreement with Cobre Montana NL (ASX:CXB) that provides for CXB to explore for lithium and other metals, on the shores of Lake Seabrook, approximately 60km north-east of Southern Cross, Western Australia. The agreement concerns tenements comprising Tungsten Mining’s Koolyanobbing Project, notably E77/1853, E77/1854, E77/1855, E77/2021, E77/2022 and E77/2035 and extends to an area of influence of 20km outside of the Tungsten Mining Tenements.

On 20 October 2014, CXB announced lodging an exploration licence application for prospective ground at Lake Seabrook, covering pegmatites which contain lithium mica, beryl and tourmaline. The initial target area was about 5km long and 2km wide. The mineralized zone trends north westerly from the CXB application area, beneath the lake bed and into ground held by Tungsten Mining with surface expression over a further 7km.

The Seabrook Rare Metals Venture provides CXB with a right to earn an 80% interest to all metals other than tungsten, the right of which remain or are vested in Tungsten Mining. The fundamental terms of the agreement are:

• CXB to manage the joint land package and be responsible for maintaining the tenements in good standing.

• An area of influence around the Tungsten Mining Tenements of 20km.

• CXB to sole fund to the commencement of definitive feasibility study.

• On committing to a definitive feasibility study conversion to an 80/20 (CXB/Tungsten Mining) contributing JV for development of non-tungsten minerals.

• Tungsten Mining retains 100% interest in tungsten and retains right to continue operations for the discovery and development of Tungsten within the area of interest.

• CXB to provide all exploration data to Tungsten Mining.

Corporate

Mr Paul Berndt resigned as a non-executive director on 21 November 2014. Further changes to the board composition were announced in early January 2015 with the retirement of founding director and non-executive chairman, Mr Patrick McManus – existing board member, Mr Gary Lyons was elected Chairman in place of Mr McManus. There is no intention to appoint additional directors to the board at this time.

In December 2014, the Company announced the appointment of Mr Mark Pitts as company secretary in place of Ms Elizabeth Hunt.

As at 31 December 2014 the Company’s cash balance was $1.19 million.

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Tungsten Mining NL Quarterly Activities Report December 2014

Tenement Summary

		Interest held at	Interest acquired/	Interest Held at
Tenement Name	Tenement	30 Sept 2014	disposed of during	31 Dec 2014
			quarter
Whiskey Pool	E08/1812	100%	N/A	100%
Moodong Well	E08/2139	100%	N/A	100%
Loves Find	E08/2207	100%	N/A	100%
Loves Find	M08/286	100%	N/A	100%
Loves Find	M08/287	100%	N/A	100%
Kilba Well	M08/314	100%	N/A	100%
Green Gate Granite	M08/493	100%	N/A	100%
Green Gate Granite	L08/82	100%	N/A	100%
Green Gate Granite	L08/83	100%	N/A	100%
Green Gate Granite	L08/84	100%	N/A	100%
Mt Murray 2	E08/2448	100%	N/A	100%
Mt Murray 2	E08/2641	PENDING	N/A	PENDING
Koolyanobbing	E77/1823	100%	N/A	100%
Koolyanobbing	E77/1824	100%	N/A	100%
Koolyanobbing	E77/1853	100%	N/A	100%
Koolyanobbing	E77/1854	100%	N/A	100%
Koolyanobbing	E77/1855	100%	N/A	100%
Koolyanobbing	E77/2021	100%	N/A	100%
Koolyanobbing	E77/2022	100%	N/A	100%
Koolyanobbing	E77/2035	100%	N/A	100%
Callie Soak	E20/854	PENDING	N/A	PENDING

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 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.

For further information contact:

Craig Ferrier Chief Executive Officer Tel: +61 8 9486 8492 Colin Hay PPR Public Relations Tel: +61 8 9388 0944

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Tungsten Mining NL Quarterly Activities Report December 2014

Appendix 1 –Drill Collar Data and Intersections > 2m at 0.10% WO3

		**Kilba Project, RC Drilling– (>(0.10 % WO3) **	**Kilba Project, RC Drilling– (>(0.10 % WO3) **	**Kilba Project, RC Drilling– (>(0.10 % WO3) **	**Kilba Project, RC Drilling– (>(0.10 % WO3) **	**Kilba Project, RC Drilling– (>(0.10 % WO3) **	**Kilba Project, RC Drilling– (>(0.10 % WO3) **
Hole No		MGA Coordinates			Intersections
	Easting (m)	Northing (m)	Depth (m)	Dip/ Azim	From (m)	To (m)	Interval (m)	**WO3% **
			Zone	8 Prospect
KRC0097	7,480,273	351,588	100	-60/140	43	45	2	0.26
					55	58	3	0.40
KRC0098	7,480,303	351,666	80	-60/140	34	37	3	0.31
					41	48	7	0.90
				Incl.	41	45	4	1.49
					55	57	2	0.14
KRC0099	7,480,320	351,652	110	-70/140	54	62	8	0.28
KRC0100	7,480,342	351,738	65	-60/140	19	25	6	0.40
				Incl.	19	20	1	1.02
					32	41	9	0.34
				Incl.	33	34	1	1.62
KRC0101	7,480,368	351,715	100	-60/140	75	78	3	0.82
				Incl.	76	77	1	1.41
KRC0102	7,480,204	351,566	45	-60/140	21	27	6	0.45
KRC0103	7,480,199	351,545	45	-60/140	21	25	4	0.39
					35	37	2	0.12
KRC0104	7,480,215	351,531	72	-60/140	51	62	11	0.39
				Incl.	52	53	1	2.11
KRC0105	7,480,241	351,502	105	-60/140	91	93	2	0.36
KRC0152	7,480,366	351,771	65	-60/140	No SignificantAssays
KRC0153	7,480,398	351,745	102	-60/140	No SignificantAssays
KRC0154	7,480,318	351,703	70	-75/140	21	25	4	0.39
					38	40	2	0.32
					51	53	2	0.12
					60	65	5	0.37
				Incl.	61	62	1	1.20
KRC0155	7,480,345	351,735	66	-75/140	47	54	7	0.78
				Incl.	50	52	2	1.77
					58	61	3	1.24
				Incl.	58	60	2	1.76
KRC0156	7,480,170	351,511	48	-60/140	10	21	11	0.33
KRC0157	7,480,203	351,487	84	-60/140	59	72	13	1.01
				Incl.	68	69	1	8.24

14

Tungsten Mining NL Quarterly Activities Report December 2014

		**Kilba Project, RC Drilling– (>(0.10 % WO3) **	**Kilba Project, RC Drilling– (>(0.10 % WO3) **	**Kilba Project, RC Drilling– (>(0.10 % WO3) **	**Kilba Project, RC Drilling– (>(0.10 % WO3) **	**Kilba Project, RC Drilling– (>(0.10 % WO3) **	**Kilba Project, RC Drilling– (>(0.10 % WO3) **
Hole No		MGA Coordinates			Intersections
	Easting (m)	Northing (m)	Depth (m)	Dip/ Azim	From (m)	To (m)	Interval (m)	**WO3% **
			Zone 11 Prospect
KRC0106	7,479,908	350,451	65	-60/020	21	25	4	0.68
				Incl.	22	23	1	1.76
KRC0107	7,480,206	349,933	48	-60/035	No Significant Assays
KRC0108	7,480,001	349,881	168	-60/035	No Significant Assays
KRC0109	7,480,173	349,910	80	-60/035	No Significant Assays
KRC0110	7,480,142	349,883	100	-60/035	24	26	2	0.16
					41	47	6	0.11
KRC0111	7,480,110	349,861	120	-60/035	38	40	2	0.45
					103	113	10	0.17
KRC0112	7,480,078	349,840	144	-60/035	83	86	3	0.22
					127	129	2	0.15
					133	135	2	0.16
KRC0113	7,480,044	349,817	168	-60/035	103	105	2	0.26
					117	120	3	0.18
					141	152	11	0.17
KRC0114	7,480,220	349,845	70	-60/035	22	26	4	0.34
KRC0115	7,480,186	349,820	90	-60/035	36	38	2	0.22
KRC0116	7,480,430	349,820	35	-60/075	No Significant Assays
KRC0117	7,480,419	349,780	75	-60/075	13	15	2	0.12
					29	33	4	0.19
KRC0118	7,480,409	349,745	78	-60/075	No Significant Assays
KRC0119	7,480,386	349,813	60	-60/075	No Significant Assays
KRC0120	7,480,367	349,740	90	-60/075	No Significant Assays
KRC0121	7,480,355	349,848	48	-60/075	No Significant Assays
KRC0122	7,480,345	349,810	65	-60/075	7	17	10	0.59
				Incl.	12	13	1	1.16

15

Tungsten Mining NL Quarterly Activities Report December 2014

		**Kilba Project, RC Drilling– (>(0.10 % WO3) **	**Kilba Project, RC Drilling– (>(0.10 % WO3) **	**Kilba Project, RC Drilling– (>(0.10 % WO3) **	**Kilba Project, RC Drilling– (>(0.10 % WO3) **	**Kilba Project, RC Drilling– (>(0.10 % WO3) **	**Kilba Project, RC Drilling– (>(0.10 % WO3) **
Hole No		MGA Coordinates			Intersections
	Easting (m)	Northing (m)	Depth (m)	Dip/ Azim	From (m)	To (m)	Interval (m)	**WO3% **
KRC0122				Incl.	15	16	1	1.84
KRC0123	7,480,334	349,771	84	-60/075	27	30	3	0.19
KRC0124	7,480,324	349,734	95	-60/075	No Significant Assays
KRC0125	7,480,499	349,780	30	-60/075	No Significant Assays
KRC0126	7,480,491	349,741	60	-60/075	No Significant Assays
KRC0127	7,480,480	349,702	70	-60/075	No Significant Assays
KRC0128	7,480,463	349,800	42	-60/075	7	9	2	0.51
KRC0129	7,480,311	349,839	25	-60/075	2	3	1	0.43
KRC0130	7,480,259	349,823	78	-60/035	17	20	3	0.24
					41	43	2	1.21
				Incl.	41	42	1	2.04
KRC0131	7,480,228	349,800	90	-60/035	No Significant Assays
KRC0132	7,480,194	349,776	112	-60/035	57	62	5	0.11
KRC0133	7,480,164	349,754	120	-60/035	70	76	6	0.23
KRC0134	7,480,128	349,731	148	-60/035	No Significant Assays
KRC0135	7,480,124	349,776	132	-60/035	No Significant Assays
KRC0136	7,480,235	349,754	108	-60/035	58	60	2	0.13
KRC0137	7,480,248	349,912	35	-60/035	No Significant Assays
KRC0138	7,480,031	349,905	136	-60/035	93	95	2	0.22
					109	121	12	0.19
KRC0139	7,479,986	349,970	130	-60/035	98	101	3	0.27
					118	120	2	0.25
KRC0140	7,479,871	350,438	76	-60/020	65	68	3	0.35
KRC0141	7,479,824	350,436	140	-60/020	104	116	12	0.33
				Incl.	108	109	1	1.69
KRC0142	7,479,927	350,290	65	-60/020	31	38	7	0.18
KRC0143	7,479,889	350,274	100	-60/020	71	76	5	0.46

16

Tungsten Mining NL Quarterly Activities Report December 2014

	**Kilba Project, RC Drilling– (>(0.10 % WO3) **	**Kilba Project, RC Drilling– (>(0.10 % WO3) **	**Kilba Project, RC Drilling– (>(0.10 % WO3) **	**Kilba Project, RC Drilling– (>(0.10 % WO3) **	**Kilba Project, RC Drilling– (>(0.10 % WO3) **	**Kilba Project, RC Drilling– (>(0.10 % WO3) **	**Kilba Project, RC Drilling– (>(0.10 % WO3) **	**Kilba Project, RC Drilling– (>(0.10 % WO3) **
Hole No	MGA Coordinates				Intersections
	Easting (m)	Northing (m)	Depth (m)	Dip/ Azim	From (m)	To (m)	Interval (m)	**WO3% **
KRC0143				Incl.	71	72	1	1.07
					88	90	2	0.19
KRC0144	7,479,851	350,259	130	-60/020	102	122	20	0.17
KRC0145	7,479,880	350,521	72	-60/000	46	53	7	0.28
KRC0146	7,479,935	350,373	48	-60/020	11	21	10	0.48
				Incl.	11	12	1	1.09
				Incl.	14	15	1	1.68
KRC0147	7,479,899	350,364	65	-60/020	43	45	2	0.31
KRC0148	7,480,157	350,044	20	-60/035	4	6	2	0.31
KRC0149	7,480,250	349,867	54	-60/035	42	45	3	0.28
KRC0150	7,480,275	349,835	65	-60/035	9	13	4	0.23
KRC0151	7,480,339	349,791	30	-60/075	18	26	8	0.36
				Incl.	19	20	1	1.26
1m riffle Split RC samples. Analysis is XRF determination by Nagrom laboratories, Kelmscott. Lower cut-off grade 0.10% WO3, no top cut grade, up to 3.0m of internal waste. Grid coordinates are MGA Zone 50.

	Kilba Project, HQ Diamond Drilling (>0.10 % WO3)	Kilba Project, HQ Diamond Drilling (>0.10 % WO3)	Kilba Project, HQ Diamond Drilling (>0.10 % WO3)	Kilba Project, HQ Diamond Drilling (>0.10 % WO3)	Kilba Project, HQ Diamond Drilling (>0.10 % WO3)	Kilba Project, HQ Diamond Drilling (>0.10 % WO3)	Kilba Project, HQ Diamond Drilling (>0.10 % WO3)	Kilba Project, HQ Diamond Drilling (>0.10 % WO3)
Hole No	MGA Coordinates				Intersections
	Easting (m)	Northing (m)	Depth (m)	Dip/ Azim	From (m)	To (m)	Interval (m)	**WO3% **
KDD0024	7,479,999	350,146	48.6	-60/020	6.6	8.77	2.17	0.15
KDD0024					30.8	34.0	3.2	0.18
KDD0026	7,480,071	350,035	63.6	-60/035	46.8	48.7	2.0	0.90
KDD0026				Incl.	47.7	48.7	1.0	1.23
KDD0027	7,480,290	349,757	45.35	-60/075	30.7	33.8	3.1	0.79
KDD0027				Incl.	30.7	31.7	1.0	1.21
KDD0028	7,479,945	350,338	30	-60/020	16.9	21.1	4.1	0.39
KDD0029	7,479,903	350,639	38	-60/000	23.7	24.8	1.1	0.38
HQ half-core samples consisted of geological intervals from 0.3 – 1.4m. Analysis is XRF determination by Nagrom laboratories, Kelmscott, WA. Lower cut-off grade 0.10% WO3, no top cut grade, up to 3.0m of internal waste. Grid coordinates are MGA Zone 50.

17

Tungsten Mining NL Quarterly Activities Report December 2014

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10

Name of entity

Tungsten Mining NL

ABN 67 152 084 403	Quarter ended (“current quarter”)
67 152 084 403	31 December 2014

Consolidated statement of cash flows

Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes received (GST paid) 1.7 Other (provide details if material) Net Operating Cash Flows	Current quarter (3 months) $A’000	Year to date (6 months) $A’000
	- (1,801) - - (298) - 18 - - -	- (2,458) - - (480) - 38 - - -
	(2,081)	(2,900)
Cash flows related to investing activities 1.8 Payment for: (a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from: (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (refund/charges of environmental bonds & security deposits) Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)	- - (56) - - - - - -	- - (61) - - - - - -
	(56)	(61)
	(2,137)	(2,961)

Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(2,137)	(2,961)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other (capital raising costs) Net financing cash flows	- - - - - (13)	- - - - - (46)
	(13)	(46)
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end ofquarter	(2,150) 3,338 -	(3,007) 4,195 -
	1,188	1,188

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to theparties included in item 1.10	Current quarter $A'000
		101
		-
1.25	Explanation necessaryfor an understandingof the transactions
	Payment of fees, salaries and superannuation to the directors of the Company during the quarter.

Non-cash financing and investing activities

2.1 2.2	Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows
	Details of outlays made by other entities to establish or increase their share in projects in which the reportingentityhas an interest

Appendix 5B Mining exploration entity quarterly report

Financing facilities available

Add notes necessary for an understanding of the position.

3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A’000	Amount used $A’000
	-	-
	-	-
Estimated cash outflows for next quarter
4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration		$A’000
		442
		-
		-
		180
Total		622
Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Curent quarter $A’000	Previous quarter $A’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other(provide details)	177	614
	1,011	2,724
	-	-
	-	-
Total: cash at end of quarter(item 1.22)	1,188	3,338

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note (2))	Interest at beginning ofquarter	Interest at end of quarter
	Nil	N/A	N/A	N/A
	Nil	N/A	N/A	N/A

Appendix 5B Mining exploration entity quarterly report

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1 Preference+securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs,redemptions
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues: (b) Decreases through returns of capital, buy- backs	212,652,708	212,652,708
7.5 +Convertible debt securities(description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter 7.11 Debentures (totals only) 7.12 Unsecured notes(totals only)	15,000,000 1,800,000	- -	Exercise price $0.400 $0.250	Expiry date 30 Jun 2016 4 Dec 2015

Appendix 5B Mining exploration entity quarterly report

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).

• 2 This statement does give a true and fair view of the matters disclosed.

Sign here:

==> picture [118 x 65] intentionally omitted <==

Date: 30 January 2015

Print name: Mr Craig Ferrier CEO

Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities. The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.

• 5 Accounting Standards. ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

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