TUNGSTEN MINING NL — Interim / Quarterly Report 2016

Jul 25, 2016

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Quarterly Report – June 2016

Highlights

• Updated Resource estimates - In June 2016, Tungsten Mining reported updated Mineral Resource estimates for Mulgine Hill, part of the Mt Mulgine Project, located in the Murchison Region of Western Australia and the Big Hill deposit, located in the Pilbara Region.

The update of Mineral Resource estimates for Mulgine Hill and Big Hill concludes the data validation and consolidation activities following the acquisition of the Mt Mulgine and Big Hill Projects in December 2015. The work resulted in all Company reported Mineral Resource estimates being prepared in accordance with JORC-2012 guidelines.

Tungsten Mining now reports a resource inventory of 88.6 million tonnes at 0.18% WO3 and 186ppm Mo, representing more than 15.5 million MTU (metric tonne units) of WO3 and 16,480 tonnes of molybdenum at a 0.10% WO3 cut-off grade, making it one of the largest tungsten resource inventories held by an ASX-listed company.

• Core sampling program delivers encouraging results - Encouraging results achieved from the initial phase of a core sampling program at the Mulgine Hill deposit at the Mt Mulgine Project. The reported results, including 8.6m at 0.24% WO3 and 4.9m at 0.18% WO3, are considered to highlight the potential to add to existing intersections plus to identify new zones of mineralisation from the historical Minefields and ANZECO drilling.

• Mt Mulgine Strategic Development Plan - Tungsten Mining has developed a Strategic Development Plan for the Mt Mulgine Project directed towards the production of tungsten concentrate within 2 years. A staged development approach will be adopted, with the initial focus on the Mulgine Hill deposit while concurrently progressing metallurgical testwork and development activities on the significantly larger Mulgine Trench deposit. This strategy aims to produce early cash flow and ensure tungsten production is sustainable long term.

• Mt Mulgine drilling planned - During the quarter planning activities were completed and regulatory approvals obtained for a program of RC and diamond drilling at Mt Mulgine and metallurgical testwork program. Drilling is scheduled to commence in August 2016.

The results of the core sampling program and Q3 drilling program described above will be utilised in development planning and a further update of the geological model and Mineral Resource estimate for Mulgine Hill.

• Cash position - The Company’s cash position as at 30 June 2016 was $1.56m.

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Tungsten Mining NL Quarterly Activities Report March 2016

Tungsten Mining

Tungsten Mining NL (ASX: TGN) (“the Company”) is focussed on the discovery and development of tungsten deposits in Australia. Since listing on the ASX in December 2012, the Company has delineated a JORC compliant Mineral Resource on its Kilba Project and in December 2015 the company expanded the portfolio with the acquisition of the advanced Mount Mulgine and Big Hill projects.

Through exploration and acquisition, Tungsten Mining has established a portfolio of advanced tungsten projects with a Mineral Resource inventory of 88.6Mt at 0.18% WO3 and 186ppm Mo at a 0.10% WO3 cut-off representing more than 15.5 million MTU (metric tonne units) of WO3 and 16,480 tonnes of contained Molybdenum, providing the platform for Tungsten Mining to become a globally significant player within the primary tungsten market through the development of low cost tungsten concentrate production.

Figure 1 –Project location map

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Tungsten Mining NL Quarterly Activities Report June 2016

Mineral Resource Update

In December 2015, Tungsten Mining acquired the Mt Mulgine and Big Hill Projects from ATC Alloys Ltd (formerly named Hazelwood Resources Ltd and herein referred to as “Hazelwood”) at a cost of $1.2 million. Mt Mulgine, located in the Murchison Region of Western Australia, contains two known resources – Mulgine Trench and Mulgine Hill. Big Hill, located in the Pilbara Region contains a single defined resource.

Tungsten Mining has a third tungsten deposit referred to as Kilba located in the Ashburton region of Western Australia.

Mulgine Trench has previously been reported using JORC-2012 guidelines. However, at acquisition, both Mulgine Hill and Big Hill were classified and reported in accordance with earlier JORC-2004 guidelines. Tungsten Mining has now updated the Mineral Resource estimates for Mulgine Hill and Big Hill in accordance with JORC-2012 guidelines (see ASX announcements dated 22 June 2016).

The updated Mineral Resource estimates for Mulgine Hill and Big Hill as of 14 June 2016 are as follows:

Table 1: June 2016 Mineral Resource estimates for Big Hill and Mulgine Hill

Mulgine Hill Deposit – June 2016	Mulgine Hill Deposit – June 2016	Mulgine Hill Deposit – June 2016
Reported above a 0.10% WO3 cut-off
Classification	Tonnes	**WO3% **	Mo ppm
Indicated	4,700,000	0.21	50
Inferred	3,700,000	0.15	64
Total	8,500,000	0.19	56

	Big Hill Deposit – June 2016	Big Hill Deposit – June 2016
**Reported above a 0.10% WO3 **		cut-off
Classification	Tonnes		**WO3% **
Indicated	6,200,000		0.16
Inferred	5,300,000		0.13
Total	11,500,000		0.15

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.

The revised Mulgine Hill Mineral Resource estimate has resulted in an increase in total ore tonnes, but as a result of the lower average grade of the Mineral Resource estimate, the contained metal (WO3) has decreased. Compared to reporting from the 2010 Big Hill Mineral Resource estimate at a 0.10% WO3 cut-off grade, there is a slight decrease in grade and a material reduction in tonnes. This is due, in part, to a change in estimation methodology and a more conservative approach with regards to extrapolating within the resource.

The authors of these Mineral Resource estimates, Optiro Pty Limited (Optiro), have highlighted further work to increase the confidence in both Mineral Resources, including closer spaced drilling as well as improved QA/QC measures.

The current Mineral Resource estimates for the Mt Mulgine, Big Hill and Kilba Projects are provided in Table 2.

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Tungsten Mining NL Quarterly Activities Report June 2016

Table 2: Tungsten Mining Mineral Resource inventory - reported at a WO3 cut-off grade of 0.10%

	Class		Tonnes	WO3%	Mo (ppm)
Mulgine Trench (October 2014)1
Measured			0	-	-
Indicated			400,000	0.14	400
Inferred			63,400,000	0.17	250
Total			63,800,000	0.17	250
Mulgine Hill (June 2016)
Measured			0	-	-
Indicated			4,700,000	0.21	50
Inferred			3,700,000	0.15	64
Total			8,500,000	0.19	56
Mt Mulgine	(Total)
Measured			0	-	-
Indicated			5,100,000	0.20	80
Inferred			67,100,000	0.17	240
Total			72,200,000	0.18	230
Big Hill (June 2016)
Measured			0	-	-
Indicated			6,200,000	0.16
Inferred			5,300,000	0.13
Total			11,500,000	0.15
Kilba (January 2015)2
Measured			0
Indicated			4,100,000	0.25
Inferred			830,000	0.20
Total			5,000,000	0.24
Total Resource Inventory
Measured			0	-
Indicated			15,400,000	0.20
Inferred			73,200,000	0.17
Total			88,600,000	0.18

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 (HAZ) Announcement 5 November 2014, “Hazelwood continues to increase tungsten resource”

2. Refer ASX (TGN) Announcement 30 January 2015, “Kilba Mineral Resource Update”

The June 2016 Mineral Resource Updates for Mulgine Hill and Big Hill have collectively resulted in a modest reduction of tonnes (down 5%) and contained metal (down 6%) for the Company’s tungsten Mineral Resource inventory. (Refer ASX Announcement 30 October 2015, “Quarterly Report – September 2015” for previous Resource Inventory).

Tungsten Mining’s Chief Executive Officer, Craig Ferrier, commented “The purchase of the tungsten assets from Hazelwood Resources was a relatively low cost acquisition of tungsten resources with significant potential. Whilst the Mineral Resource update for Big Hill has resulted in lower tonnes and grade, the Company does not consider this to be material in the context of the overall value of the acquisition package”.

“The Mulgine Hill deposit remains the focus of our exploration and evaluation activities for the foreseeable future. We see excellent opportunities to upgrade this resource and progress it to a development project.”

For further information on the June 2016 Mineral Resource update for both Mulgine Hill and Big Hill refer to ASX announcements released on 22 June 2016.

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Tungsten Mining NL Quarterly Activities Report June 2016

Mt Mulgine Project, Murchison WA

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). A breakdown of this resource is presented in Table 1 on page 4 of this report.

Historical metallurgical testwork conducted in the 1970s/1980s indicates tungsten is present as coarse-grained scheelite that will respond well to conventional gravity separation and is capable of producing saleable concentrate.

Geology

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

The intrusion is associated with intense hydrothermal alteration with late stage fluids containing tungsten, molybdenum, gold, silver, bismuth and fluorite. Mineralisation is zoned as follows:

• Porphyry-style molybdenum-only mineralization in the core of the granite.

• Principally tungsten mineralisation with accessory molybdenum, bismuth and fluorite at the Mulgine Hill Prospect on the granite contact.

• Tungsten and molybdenum mineralisation with accessory precious metals at the Mulgine Trench Prospect.

Exploration potential is excellent with numerous open positions at Mulgine Trench and Mulgine Hill.

Figure 2 –Mt Mulgine project geology

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Development Strategy

Tungsten Mining is implementing a staged approach to the development of the Mt Mulgine Project that will support low capital start-up costs, directed at demonstrating a short pathway to positive cash flow for the project and, in turn, Tungsten Mining’s shareholders. Initial work is proposed to build on existing metallurgical testwork results to produce an economic extraction method for WO3 and other valuable metals within the deposits.

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Tungsten Mining NL Quarterly Activities Report June 2016

Mulgine Hill – Core Sampling April 2016

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. Tungsten Mining sampled 249.75 metres of previously unsampled BQ and NQ core and submitted 251 samples to Nagrom Laboratories for tungsten analysis by XRF. Results from this sampling is shown below in Table 3.

Table 3: Tungsten Mining sampling of diamond drilling at Mulgine Hill – April 2016

Hole_ID	North	East	DEPTH	Samples	**Recent Assays **	**Recent Assays **	**Recent Assays **	**Recent Assays **	Comments
	(MGA Z50)				From	To	Interval	WO3
DDM080	6,771,984	497,366	47.4	20	NSI
DDM120	6,772,207	497,724	42.7	16	35.1	36.0	1.0	0.11	Extended adjacent intersection
DDM140	6,772,110	497,149	45.7	9	11.0	12.2	1.2	0.11	Extended adjacent intersection
DDM141	6,772,167	497,110	78.9	38	40.0	43.0	3.0	0.13	New Zone
DDM167	6,772,174	497,879	54.9	21	NSI
DDM172	6,772,089	497,753	80.8	11	NSI
DDM175	6,772,049	497,689	87.9	34	60.0	62.0	2.0	0.14	New Zone
DDM176	6,772,071	497,581	38.4	8	NSI
DDM179	6,772,028	497,657	76.2	15	NSI
DDM182	6,772,113	497,647	69.5	15	NSI
DDM186	6,772,045	497,819	59.4	4	NSI
DDM189	6,771,971	497,852	61.0	21	38.1	43.0	4.9	0.18	Extended adjacent intersection
DDM195	6,771,949	497,820	48.5	17	31.0	39.6	8.6	0.24	Extended adjacent intersection
DDM231	6,772,126	497,860	65.0	22	No significant intersection
All holes are vertical. Samples consisted of 1m BQ or NQ half core. Analysis is XRF determination by Nagrom laboratories, Kelmscott WA. Lower cut‐off grade 0.10% WO3, no top cut grade, up to 2.0m of internal waste. Grid coordinates are MGA Zone 50. NSI – no significant intersection.

These results are considered to provide encouraging indications of the potential to add to existing intersections plus to identify new zones of mineralisation in the Minefields and ANZECO drilling. Sampling of hole DDM195 identified strong mineralisation of 8.6 metres at 0.24% WO3 adjacent to an existing intersection of 4.6 metres at 0.63% WO3. This makes a combined intersection of 13.2 metres at 0.37% WO3 (Figure 1). Three other holes returned assays that added to existing intersections (DDM120, DDM140 and DDM189) and two holes located new zones of mineralisation.

There exists a further 1,500 to 2,000 metres of core that requires sampling and Tungsten Mining plan to complete this work in the September Quarter.

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Tungsten Mining NL Quarterly Activities Report June 2016

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Figure 3: Cross section showing Tungsten Mining sampling of Minefields and ANZECO drilling.

These sample results were received after the close-off date for data supplied to Optiro to support the June 2016 Mineral Resource update for Mulgine Hill. These results indicates further sampling of core at Mulgine Hill may add additional tonnes to the resource during future resource updates.

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Tungsten Mining NL Quarterly Activities Report June 2016

Big Hill Project, Eastern Pilbara, WA

The Big Hill Project area is located approximately 30 km 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 of 11.5Mt at 0.15% WO3. A breakdown of this resource is presented in Table 2 on page 4 of this report.

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

Geology

Tungsten mineralisation at Big Hill is associated with vein-hosted scheelite within a tremolite-rich unit on the western margins of the Cookes Creek granite. The geometry of the Big Hill deposit is controlled by the overall shape of the tremolite-rich unit and the density of veins that host scheelite mineralisation.

Historical exploration identified additional targets that have not been adequately tested and warrant further investigation.

Figure 3 –Big Hill project geology

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Tungsten Mining NL Quarterly Activities Report June 2016

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 have 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 of 5.0Mt at 0.24% WO3 (0.10% WO3 cut-off). A breakdown of this resource is presented below in the JORC Resource Statements section.

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

Geology

Tungsten mineralisation at Kilba is associated with skarns and calc-silicate units that wrap around the Kilba granite forming a dome structure. These skarns and calc-silicate units occur in a 40 to 100 metre wide carbonate-rich unit of the Morrissey Metamorphic suite and recent mapping has defined significant strike lengths of this unit around the Kilba granite.

Drilling has only targeted a small portion of mapped skarns and there is excellent potential to discover additional tungsten mineralisation.

Figure 4 – plan displaying location of recent drilling and Mineral Resource 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). During the second half of 2014, the Company completed a phased drilling program to 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. Drilling was completed to infill sections to a 40 metre spacing over the entire May 2013 Mineral Resource.

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Tungsten Mining NL Quarterly Activities Report June 2016

Mineral Resource

In January 2015, the Company announce 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 2). 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). The Mineral Resource is located on the Company’s 100%-owned Mining Lease 08/314 situated in the Ashburton Region of Western Australia.

Table 2: 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.

Grade Tonnage Curve

Figure 5– Grade tonnage curve for January 2015 Mineral Resource for Kilba Project.

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No additional study work was undertaken on the Kilba project during the March quarter.

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Tungsten Mining NL Quarterly Activities Report June 2016

Exploration and Development Activity – June 2016 Quarter

As outlined elsewhere in this report, during the June quarter Tungsten Mining and independent consulting geologists, Optiro Pty Ltd completed and published updated JORC-2012 Mineral Resource estimates for the Mulgine Hill and Big Hill deposits. The work concludes the data validation and consolidation activities following the acquisition of the Mt Mulgine and Big Hill Projects in December 2015. The work results in all Company reported Mineral Resource estimates being prepared in accordance with JORC-2012 guidelines.

Encouraging results have been achieved from the initial phase of a core sampling program at the Mulgine Hill deposit at the Mt Mulgine Project (described more fully on page 6 and 7). The reported results are considered to highlight the potential to add to existing intersections plus to identify new zones of mineralisation from the historical Minefields and ANZECO drilling.

Tungsten Mining has developed a Strategic Development Plan for the Mt Mulgine Project directed towards the production of tungsten concentrate within 2 years. Leveraging off the project’s proximity to existing infrastructure and facilities, a staged development approach will be adopted with the initial focus on the Mulgine Hill deposit while concurrently progressing metallurgical test work and development activities on the significantly larger Mulgine Trench deposit. This strategy aims to produce early cash flow and ensure tungsten production is sustainable long term.

Work to date has defined significant shallow tungsten mineralisation at Mulgine Hill that is open toward the surface. Tungsten Mining are planning a shallow reverse circulation drilling program targeting these zones to increase the nearsurface resource. Large diameter diamond drilling is also planned at Mulgine Hill to provide material for testwork to confirm previous metallurgical studies that indicated simple metallurgical treatment produces a saleable WO3 concentrate. This drilling program is scheduled to commence in August with the metallurgical test-work program commencing in September.

Tungsten Mining are also progressing the much larger Mulgine Trench Deposit with diamond drilling planned to provide material for metallurgical tests. Work will focus on understanding the distribution and mineralogy of tungsten mineralisation in the overlying Trench deposit oxide layer and potential methods of extraction. Tungsten Mining have engaged Australia’s pre-eminent minerals research facility at CSIRO to support components of this activity and an initial review of past work has been completed and a forward work plan presented.

Other Projects

Tungsten Mining have a portfolio of other projects in Western Australia prospective for tungsten. These include Loves Find in the Ashburton region (which also hosts the Kilba Project) and the Koolyanobbing Project.

Work on these projects is in the initial stages of reconnaissance and target generation and it is hoped that these tenements will yield additional mineralisation of a similar nature to Kilba, which Tungsten Mining can exploit.

The Whiskey Pool tenement was relinquished during the quarter after geological mapping and soil geochemistry indicated tungsten mineralisation to have limited tonnage potential.

Ashburton Region

The Ashburton region includes the Loves Find project that is in close proximity to the Kilba Project. Exploration is at an early stage and work is planned to progress these projects.

At Loves Find, geological mapping, UV lamping and rockchip sampling has identified significant tungsten mineralisation associated with garnet-epidote-clinozoisite-diopsite skarns. Two selective rockchip samples from these skarns returned assays of 4.2% WO3 and 5.6 WO3.

Koolyanobbing Project – Seabrook Rare Metals Venture

Tungsten Mining entered into a binding agreement with Lithium Australia NL (ASX: LIT) that provides for LIT 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’s Tenements.

The Seabrook Rare Metals Venture provides LIT 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.

Corporate

Cash at bank and on deposit at the end of June 2016 was $1.56m.

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Tungsten Mining NL Quarterly Activities Report June 2016

September Quarter Activities

During the September quarter, the Company will continue to deliver 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.

A shallow reverse circulation drilling program targeting significant near surface tungsten mineralisation at the Mulgine Hill deposit is planned for the September quarter. At the same time, it is proposed to complete a large diameter diamond drilling program. This will provide material for test work to confirm previous metallurgical studies that indicated simple metallurgical treatment produces a saleable WO3 concentrate.

The Company will also progress discussions with equipment vendors and suppliers in relation to processing plant options that would suit the planned activities at Mt Mulgine and research facilities able to contribute to the development of the Mulgine Trench deposit.

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 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.

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 24 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 24 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, and 186ppm Mo representing more than 15.5 million MTU (metric tonne units) of WO3 and 16,480 tonnes of molybdenum 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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Tungsten Mining NL Quarterly Activities Report June 2016

Tenement Summary

		Interest held at	Interest acquired/	Interest Held at
Tenement Name	Tenement	31 Mar 2016	disposed of during	30 Jun 2016
			quarter
Whiskey Pool	E08/1812	100%	relinquished	Nil
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%
Kilba Well	E08/2780	PENDING	N/A	PENDING
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%
Koolyanobbing	E77/1853	100% mineral rights for tungsten, 20% for other commodities	N/A	100% mineral rights for tungsten, 20% for other commodities
Koolyanobbing	E77/1854	“	N/A	“
Koolyanobbing	E77/1855	“	N/A	“
Koolyanobbing	E77/2021	“	N/A	“
Koolyanobbing	E77/2022	“	N/A	“
Koolyanobbing	E77/2035	“	N/A	“
Koolyanobbing*	E77/2279	“	N/A	“
Callie Soak	E20/854	PENDING	N/A	PENDING
Mt Mulgine**	E59/1324-I	100% mineral rights for tungsten and molybdenum	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**	P59/1785-I	“	N/A	“
Mt Mulgine**	P59/1786-I	“	N/A	“
Mt Mulgine**	P59/1788-I	“	N/A	“
Mt Mulgine**	P59/1789-I	“	N/A	“
Big Hill	E46/521-I	100%	N/A	100%
Big Hill	E46/940	100%	N/A	100%
Big Hill	L46/70	100%	N/A	100%
Big Hill	M46/514	PENDING	N/A	PENDING

• This tenement is held by Lithium Australia NL and subject to the terms of the Seabrook Rare Metals Venture

• **Mt Mulgine tenements are registered in the name of Minjar Gold Pty Ltd with Mid-West Tungsten Pty Ltd, a subsidiary of Tungsten Mining being the holder of the Tungsten and Molybdenum Mineral Rights.

• ^ Tungsten Mining holds 100% of mineral rights excluding non-metal substances.

13

Tungsten Mining NL Quarterly Activities Report June 2016

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Rule 5.5

Appendix 5B

Mining exploration entity and oil and gas 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, 01/05/2013

Name of entity

Name of entity
Tungsten Mining NL
ABN 67 152 084 403	Quarter ended (“current quarter”)
67 152 084 403	30 June 2016

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 paid 1.7 Other (Refundable R&D tax offset) Net Operating Cash Flows	Current quarter $A’000	Year to date (12 months) $A’000
	- (207) - - (220) - 13 (30) - -	- (708) - - (643) - 24 (61) - 496
	(444)	(892)
Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (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 (provide details if material) Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)	- - (5) - - - - -	(1,162) - (5) - - 18 - - -
	(5)	(1,149)
	(449)	(2,041)

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(449)	(2,041)
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 (Share issue costs paid) Net financing cash flows	- - - - - -	1,920 - 1,000 - - (96)
	-	2,824
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Adjustment for restricted cash that was held to item 1.20 in previous quarter 1.22 Cash at end of quarter	(449) 2,008 -	783 776 -
	1,559	1,559

Payments to directors of the entity, associates of the directors, 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 the parties included in item 1.10	Current quarter $A'000
		52
		-
1.25	Explanation necessaryforanunderstanding of thetransactions

Non-cash financing and investing activities

• 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

• See chapter 19 for defined terms.

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Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

• 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A’000	Amount used $A’000
	1,000	1,000
	-	-

Estimated cash outflows for next quarter

4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration	$A’000
	600
	-
	-
	280
Total	880

Reconciliation of cash

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.	Current 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)	309	258
	1,250	1,750
	-	-
	-	-
Total: cash at end of quarter(item 1.22)	1,559	2,008

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Changes in interests in mining tenements and petroleum tenements

6.1 Interests in mining tenements and petroleum tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements and petroleum tenements acquired or increased	Tenement reference and location	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter
	E08/1812	Registered holder Tenement surrendered	100%	0%

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.

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	263,652,708	263,652,708

• See chapter 19 for defined terms.

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Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

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			Exercise price	Expiry date
	15,000,000		$0.400	30 Jun 2016
7.11 Debentures (totals only)
7.12 Unsecured notes(totals only)

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.

==> picture [148 x 81] intentionally omitted <==

Sign here: Date: 26 July 2016 Print name: Mr Craig Ferrier CEO

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

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 and petroleum 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 or petroleum 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 Financial Reporting 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.

== == == == ==

• See chapter 19 for defined terms.

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