TUNGSTEN MINING NL — Interim / Quarterly Report 2017

Jul 30, 2017

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Quarterly Report – June 2017

Highlights

• Acquisition of modular processing plant for Mt Mulgine - Tungsten Mining and Pilbara Minerals has agreed terms after quarter end for the acquisition of the modular Tabba Tabba processing plant. The acquisition represents a step change reduction in the capital requirements for project development and will deliver a competitive advantage to support initial market entry.

• Value Adding Study to further support project development is planned – A review of capital and operating costs, based on vendor supplied information, is planned for the second half of 2017 with the aim of determining where further value can be added to the project.

• R&D to recover tungsten minerals in the oxide layer to continue – Building on promising tungsten and molybdenum leaching results in the initial phase, a second phase of work to obtain a better understanding of tungsten deportment between the host minerals has been committed to with work to commence in the September quarter.

• Approvals pathway continues to advance – Pursuant to Section 75 of the Environmental Protection and Biodiversity Act 1999, the Mt Mulgine Project has been adjudicated as a “no controlled action”, meaning that the proposed action does not require further assessment and approval under the EPBC Act before it can proceed. A decision on whether or not the Mulgine Hill Project requires formal assessment by the State Environmental Protection Authority under Part IV of the Environmental Protection Act 1986 is imminent.

• Updated Mineral Resource –increase in tungsten metal content and grade – The updated Mineral Resource estimate based on recent drilling and sampling programs has resulted in a 6% increase in tungsten metal associated with a 21% increase in grade.

• Market development has extended to other markets – Discussions concerning technical cooperation and concentrate offtake have extended beyond China into other markets.

• Cash position - The Company’s cash position as at 30 June 2017 was $3.2m.

Commentary

The Mt Mulgine studies undertaken during the June quarter continue to highlight the project’s potential as a quality near term development opportunity. The Strategic Development Plan to produce concentrate within 2 years was further enhanced by the acquisition of the Tabba Tabba heavy mineral modular processing plant subsequent to the end of the quarter.

Focus for the September quarter will be to finalise the acquisition and integrate the newly acquired processing plant into the development pathway, whilst continuing to progress opportunities to reduce capital and operating costs by undertaking a Value Adding Study of the project. This will include options to utilise existing non-process infrastructure in the region that will provide both immediate and long term benefits to the project.

Tungsten Mining NL Quarterly Activities Report June 2017

Tungsten Mining

Tungsten Mining NL (“the Company”) is focussed on the discovery and development of tungsten deposits in Australia. The Company’s key projects are Mt Mulgine, Big Hill and Kilba Projects, all in Western Australia.

Through exploration and acquisition, the Company has established a portfolio of advanced tungsten projects with Mineral Resources at a 0.10% WO3 cut-off comprising Indicated Resources of 14.8Mt at 0.21% WO3 and 35ppm Mo and Inferred Resources of 72.5Mt at 0.17% WO3 and 220ppm Mo, totalling 87.4Mt at 0.18% WO3 and 188ppm Mo. This represents more than 15.6 million MTU (metric tonne units) of WO3 and 16,400 tonnes of contained Mo, providing the platform for the Company to become a globally significant player within the primary tungsten market through the development of low cost tungsten concentrate production.

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Figure 1 – Project location map

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Tungsten Mining NL Quarterly Activities Report June 2017

Mt Mulgine Project, Murchison WA

The Mt Mulgine Project is located within the Murchison Region of Western Australia, approximately 350km north northeast of Perth. The Company 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 at the Mulgine Trench and Mulgine Hill deposits. Currently, there is a combined Mineral Resource estimate of 70.9Mt at 0.18% WO3 and 230ppm Mo (0.10% WO3 cut-off) comprising Indicated Resources of 4.5Mt @ 0.24% WO3 and 120ppm Mo and Inferred Resources of 66.4Mt @ 0.18% WO3 and 240ppm Mo.

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Figure 2 –Mt Mulgine project geology

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Tungsten Mining NL Quarterly Activities Report June 2017

Mt Mulgine Strategic Development Plan

The Company continues to deliver on the Strategic Development Plan for the Mt Mulgine Project, directed towards the production of tungsten concentrate within 2 years.

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Figure 3 – Mt Mulgine Strategic Development Plan - Project Schedule

For the June quarter, work was focussed on the following activities:

• Estimation of capital and operating costs of a conceptual process plant design based on vendor supplied information;

• Agreement of terms to acquire near new Tabba Tabba heavy mineral gravity processing plant from Pilbara Minerals Ltd;

• Proposal received to recommission historical underground mining shafts to recover bulk sample for pilot plant test work;

• Preliminary discussions with multiple parties on concentrate offtake;

• Dispatched “bulk sample” of historical dump material for overseas bench scale flotation test work.

• Updated Mineral Resource model based on drilling and sampling programs completed since June 2016;

• Progression of R&D activities with CSIRO on the recovery of tungsten from the oxide layer of the Mt Mulgine orebody;

• The level of assessment required for the development of the Mt Mulgine project pursuant to a referral to the EPA under Part IV of the Environmental Protection Act 1986 is imminent.

• Mt Mulgine Project referral to the Federal Department of Environment and Energy pursuant to the Environment Protection and Biodiversity Conservation Act 1999 (Cth) was assessed as being “no controlled action”.

Completion of a seasonal flora survey, continuation of shared infrastructure discussions, concentrate offtake discussions, commencement of value adding study and integration of the Tabba Tabba heavy mineral processing plant are key activities planned for the September quarter.

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Tungsten Mining NL Quarterly Activities Report June 2017

Mulgine Hill

At Mulgine Hill, mineralisation is associated with the sub-horizontal upper contact of a mafic schist unit and overlying quartz-muscovite greisen. Tungsten occurs as scheelite in coarse disseminations within the greisen or within numerous quartz and greisen veins in both the mafic schists and the quartz-muscovite greisen.

During August 2016, the Company drilled 26 reverse circulation (RC) holes for 1,007 metres and five large diameter (PQ) diamond holes for 202.4 metres at Mulgine Hill to test shallow tungsten mineralisation (refer ASX Announcement 23 September 2016).

Results from this drilling were encouraging, intersecting thick zones of tungsten mineralisation at all target areas. Drilling confirmed continuity of mineralisation within the existing Mineral Resource plus defined extensions in both fresh and weathered material along strike and down dip.

Since April 2016, the Company has sampled 1,956.4 metres of historical unsampled BQ and NQ core and submitted them for tungsten analysis. Results from this sampling were considered highly encouraging adding to existing intersections plus identifying new zones of mineralisation. A total of 260 samples returned assays greater than 0.05% WO3 that were either adjacent to existing intersections or in a new intersection of 2 metres at 0.05% WO3 or better. These 260 samples averaged 0.12% WO3 and included results of 10.9m at 0.14% WO3, 10.7m at 0.11% WO3 and 8.6m at 0.24% WO3.

Resource Update

Interpretation of all new data collected since the June 2016 Mulgine Hill Mineral Resource estimate was completed during the June quarter. Specialist Mineral Resource consultants, Optiro Pty Ltd were engaged to update the Mulgine Hill Mineral Resource estimate. Two new components have been added to the 2017 Mineral Resource estimate, comprising the introduction of a high-grade sub-domain for the Main Zone and a Mineral Resource reporting constraint addressing the prospects for eventual economic extraction.

The Mineral Resource estimate for Mulgine Hill as of 30 June 2017 is 7,100,000 tonnes at 0.23% WO3 and 98 ppm Mo (Refer to ASX announcement dated 28 July 2017). A breakdown of the Mineral Resource is presented in Table 1 below.

Table 1: JORC-2012 Mineral Resource estimates for Mulgine Hill

	Tungsten Mining NL Mulgine Hill Deposit – 30 June 2017	Tungsten Mining NL Mulgine Hill Deposit – 30 June 2017	Tungsten Mining NL Mulgine Hill Deposit – 30 June 2017	Tungsten Mining NL Mulgine Hill Deposit – 30 June 2017
Classification	Oxidation	Tonnes	**WO3% **	Mo ppm
Indicated	Oxide	200,000	0.26	101
	Fresh	3,900,000	0.25	89
Sub‐Total		4,100,000	0.25	90
Inferred	Oxide	600,000	0.22	130
	Fresh	2,300,000	0.18	104
Sub‐Total		3,000,000	0.19	110
Total	Oxide	800,000	0.23	123
	Fresh	6,200,000	0.22	95
		7,100,000	0.23	98

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

A comparison between the previous and current Mineral Resource estimates for the Mulgine Hill deposit is shown in Table 2. Further evaluation of the geological data in 2017 led to the introduction of a spatially

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Tungsten Mining NL Quarterly Activities Report June 2017

discrete high grade core within the Main zone of mineralisation in the later model. The combination of the new high-grade sub-domain, pit shell constraint and drilling completed by the Company has resulted in a 16% reduction of tonnes, 21% increase in grade and 6% increase in contained WO3.

Table 2: Mt Mulgine Resource comparison

Class	Cut-off Grade	Tonnes	**WO3% **	WO3 Tonnes
June 2017 Mulgine Hill Resource Estimate
Measured Indicated Inferred	0.10 0.10 0.10	- 4,100,000 3,000,000	- 0.25 0.19	- 10,250 5,700
Total	0.10	7,100,000	0.23	16,330
June 2016 Mulgine Hill Resource Estimate
Measured Indicated Inferred	0.10 0.10 0.10	- 4,700,000 3,700,000	- 0.21 0.15	- 9,870 5,550
Total	0.10	8,500,000	0.18	14,760
Difference
Measured Indicated Inferred		- -13% -19%	- +19% +27%	- +4% +3%
Total		-16%	+21%	+6%

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.

Mulgine Trench

Tungsten mineralisation at Mulgine Trench is hosted by quartz-scheelite veins in mafic and ultramafic volcanics in a 100 to 250 metre thick zone that extends over 1.5 kilometres of strike. Mineralisation is open along strike and down dip and is associated with foliation parallel quartz veins generally less than 10 centimetres in width. Mineralisation is strongest where quartz veining averages 15 – 20% of the total rock volume.

Tungsten Mining’s strategy at Mulgine Trench is to target potentially low strip ratio fresh tungsten and molybdenum mineralisation beneath and adjacent to the Bobby McGee pit and gain a greater understanding of the Mulgine Trench oxide layer.

During August 2016, the Company drilled 9 RC holes for 476 metres at Mulgine Trench to test tungsten mineralisation adjacent to and beneath the Bobby McGee pit (Figure 4). Results from this drilling have been extremely encouraging, intersecting substantial thicknesses of low to medium grade tungsten mineralisation including 72 metres at 0.16% WO3 and 0.02% Mo from surface in MMC030.

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Tungsten Mining NL Quarterly Activities Report June 2017

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Figure 4 – Plan displaying better results from Tungsten Mining’s drilling around the Bobby McGee pit and the location of BDD006.

Diamond Drilling

In August 2016, the large diameter (PQ) diamond hole MMD006 was drilled to provide material for metallurgical studies of the oxide layer at Mulgine Trench. This hole twinned MMC030 that assayed 32 metres at 0.13% WO3 over the corresponding interval.

Four samples from MMD006 containing tungsten mineralisation were examined to determine the mineralogy and distribution of tungsten in the Mulgine Trench oxide layer, the details of which are described further below.

Metallurgical Testwork

Oxide/Weathered Layer R&D

As previously reported, the quantity of oxidised tungsten minerals in the oxide layer is equivalent to the scheelite found in the fresh material and represents significant upside potential to the project if an economic extraction methodology can be proven.

Preliminary assessment of ore leachability undertaken at CSIRO for drill core samples taken from the oxide/weathered layer at Mt Mulgine indicates variability in the extraction of tungsten.

Discussions with CSIRO regarding the outcomes of the preliminary leaching tests has resulted in a commitment to progress to a second stage of testwork.

The testwork program will seek to examine the mineralogical associations of the tungsten and obtain a better understanding of tungsten deportment between the host minerals. This information will then be used to determine the most effective method for concentrating minerals that host tungsten prior to leaching and recovery. It is expected that this next phase of work will focus upon ore samples from the Hill deposit.

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Tungsten Mining NL Quarterly Activities Report June 2017

Capital and Operating Cost Estimation

At the completion of the metallurgical test work program on drill core recovered from the August 2016 drilling campaign, a high level flowsheet design, process design criteria and mass balance was presented to various industry vendors to provide a budget level capital and operating cost estimate of the equipment required. A techno economic model of the project was then developed.

The model highlighted a number of value adding opportunities that would further enhance the economics of the overall project, for example, the potential of solar generated power to deliver significantly lower operating costs compared to diesel generation.

Acquisition of Tabba Tabba Processing Plant

Following the end of the quarter, Tungsten Mining and Pilbara Minerals have agreed terms for the acquisition of the modular Tabba Tabba processing plant.

The processing plant was specifically designed and built in modules to recover a variety of heavy mineral concentrates, including tungsten, and to allow for simple installation of additional modular units if required. The plant was constructed in 2015 but decommissioned in early 2016 following suspension of the tantalum project by Pilbara Minerals. The plant and associated infrastructure were subsequently dismantled, relocated and stored at Pilbara Minerals’ Pilgangoora site, south of Port Hedland.

The plant consists of a ball milling circuit, coarse and fine gravity recovery circuit, dewatering circuit, pipework, all associated hoppers and pumps, electrical and control equipment, modular concrete footings and tailings dam liners. It has a nameplate capacity of 30 tonnes per hour with upside to increase throughput via optimisation of the existing plant or addition of modules. The plant was designed and fabricated in Australia, with limited components sourced from overseas.

Due to its modular design, the plant offers great versatility to be able to respond quickly by producing a variety of concentrate specifications as determined by prevailing market conditions.

Given its recent construction and limited use, the plant is in excellent condition and has been stored on concrete pads and/or modular footings at Pilgangoora, ready for transport.

The Company believes the processing plant acquisition represents a step change in the capital requirements for project development and will deliver a competitive advantage to support initial market entry. Metallurgical test work has confirmed that the plant has the required configuration for the proposed Mulgine Hill operation.

The Company views the acquisition of the processing plant as a major step forward to fast-tracking the development of the Mt Mulgine Project, with a target of first tungsten concentrate production within two years.

Further details concerning the offer and consideration payable are described in the Corporate section of this report.

Big Hill Project, Eastern Pilbara, WA

The Big Hill Project area is located approximately 30km 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 totalling 11.5Mt at 0.15% WO3 (0.10% WO3 cut-off) comprising an Indicated Resource of 6.2Mt at 0.16% WO3 and an Inferred Resource of 5.3Mt at 0.13% WO3.

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Tungsten Mining NL Quarterly Activities Report June 2017

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

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Figure 5 –Big Hill project geology

The Retention License R46/003 was granted during the Quarter and Exploration licence E46/940 was allowed to expire.

There are no planned activities for the Big Hill Project in the next quarter.

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 has 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 totalling 5.0Mt at 0.24% WO3 (0.10% WO3 cut-off) comprising an Indicated Resource of 4.1Mt at 0.25% WO3 and an Inferred Resource of 0.8Mt at 0.20% WO3.

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

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Tungsten Mining NL Quarterly Activities Report June 2017

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Figure 6 – plan displaying location of recent soil geochemistry and Mineral Resource at the Kilba Project

During the June quarter, a soil survey was conducted over a number of regional targets on Exploration Licence E08/2139. Results defined anomalous tungsten that warrants further investigation. At Target 4, anomalous tungsten up to 355 ppm has been defined over a strike length of 1.2 kilometres associated with calc-silicates and skarn units. Rockchip samples from these units assayed up to 0.89% WO3.

Soil sampling over the Eastern Skarns defined elevated tungsten that justifies infill and extension soil sampling.

During the quarter the WA Department of Mines, Industry Regulation and Safety approved a 5 year exemption from expenditure for M08/314 pursuant to the Mining Act.

Other Projects

Tungsten Mining has a portfolio of other projects in Western Australia prospective for tungsten. These include the Koolyanobbing and Callie Soak projects. 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, which Tungsten Mining can exploit.

Corporate

During the quarter, the Company received a refundable R&D tax offset of $48,122 from the Australian Taxation Office relating to activities for the prior financial year. The Company’s cash position as at 30 June 2017 was $3.2m.

The Company continued to build relationships with certain tungsten producers in China and other Asian markets concerning technical co-operation and other opportunities, including concentrate offtake potential.

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Tungsten Mining NL Quarterly Activities Report June 2017

After quarter end, the Company announced to the ASX on 21 July 2017, that it had agreed to terms with Pilbara Minerals to acquire a modular processing plant for the acquisition price of $600,000, comprising $300,000 cash payable at settlement and $300,000 in Tungsten Mining shares (“Consideration Shares”). Whilst the letter agreement is binding upon the parties, settlement is conditional upon the execution of a more formal sale agreement.

The Consideration Shares are to be issued in two tranches, with the first tranche equating to $150,000 (3,750,000 shares) to be issued at a deemed price of $0.04 per share. The second tranche, representing deferred consideration equating to $150,000, is to be issued six months after settlement at an issue price being the lesser of $0.04 per share and the five-day volume weighted average price immediately preceding the date of issue.

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 by progressing the following activities:

• Progressing the potential recommissioning of two existing underground mine shafts in the Mulgine Hill deposit to recover bulk size representative sample as per the updated pit design for pilot scale test work;

• Integration of the newly acquired heavy mineral processing plant into the Strategic Plan to fast track development;

• Continue to build on the strong fundamentals of the project by progressing a project wide value adding exercise to further reduce capital and operating costs;

• Complete seasonal flora survey at Mulgine Hill;

• Continued R&D activities with the CSIRO in developing an extraction methodology for nonscheelite/wolframite mineralisation present in the oxide layer;

• Progressing infrastructure access and sharing arrangements for the planned Mt Mulgine operations; and

• Progressing discussions in relation to technical cooperation and concentrate off-take.

For further information: For Broker and Media Enquiries: Craig Ferrier Andrew Rowell / Warrick Hazeldine Chief Executive Officer Cannings Purple Ph: +61 8 9486 8492 Ph: +61 400 466 226 / +61 417 944 616 E: craig.ferrier@tungstenmining.com E: arowell@canningspurple.com.au / whazeldine@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 the report titled ‘Mulgine Hill Resource Update’ released to the ASX on 28 July 2017, both are 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 either of the ASX announcements 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.

Tungsten Mining NL Quarterly Activities Report June 2017

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 contain Mineral Resources reported at a 0.10%WO3 cut-off grade comprising Indicated Resources of 14.8Mt at 0.21% WO3 and 35ppm Mo and Inferred Resources of 72.5Mt at 0.17% WO3 and 220ppm Mo, totalling 87.4Mt at 0.18% WO3 and 188ppm Mo. This represents more than 15.5 million MTU (metric tonne units) of WO3 and 16,400 tonnes of contained Molybdenum.

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 2017

Tenement Summary

		Interest held at	Interest acquired/	Interest Held at
Tenement Name	Tenement	31 March 2017	disposed of during	30 June 2017
			quarter
Kilba Well	E08/2139	100%	N/A	100%
Kilba Well	M08/314	100%	N/A	100%
Koolyanobbing	E77/2021	100% mineral rights for tungsten, 20% for other commodities	Relinquished	0%
Koolyanobbing	E77/2022	“	Relinquished	0%
Koolyanobbing	E77/2035	“	N/A	100% mineral rights for tungsten, 20% for other commodities
Koolyanobbing*	E77/2279	“	N/A	“
Callie Soak	E20/854	100%	N/A	100%
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	“
Big Hill	E46/521-I	100%	N/A	100%
Big Hill	E46/940	100%	Relinquished	0%
Big Hill	L46/70	100%	N/A	100%
Big Hill	M46/514	Pending	Withdrawn upon grant of R46/3	0%
Big Hill	R46/3	Pending	Granted on 05/04/2017	100%

• 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 NL being the holder of the Tungsten and Molybdenum Mineral Rights.

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Tungsten Mining NL Quarterly Activities Report June 2017

Tungsten Mining Mineral Resource Estimates - reported at a WO3 cut-off grade of 0.10%

Class		Tonnes	Grade	Metric Tonne	Mo (ppm)	Contained Mo
			WO3%	Units		Tonnes
Mulgine Trench (October 2014)1
Measured		0	-		-
Indicated		400,000	0.14	50,000	400	150
Inferred		63,400,000	0.17	11,050,000	250	15,600
Total		63,800,000	0.17	11,100,000	250	15,700
Mulgine Hill (June 2017)2
Measured		0	-		-
Indicated		4,100,000	0.25	1,030,000	90	400
Inferred		3,000,000	0.19	570,000	110	300
Total		7,100,000	0.23	1,630,000	98	700
Mt Mulgine (Total)
Measured		0	-		-
Indicated		5,100,000	0.20		80	500
Inferred		67,100,000	0.17		240	15,900
Total		70,900,000	0.18		230	16,400
Big Hill (June 2016)3
Measured		0	-		-
Indicated		6,200,000	0.16	992,000
Inferred		5,300,000	0.13	689,000
Total		11,500,000	0.15	1,681,000
Kilba (January 2015)		4
Measured		0
Indicated		4,100,000	0.25	1,030,000
Inferred		830,000	0.20	170,000
Total		5,000,000	0.24	1,200,000
Total Resource	Inventory
Measured		0	-
Indicated		14,800,000	0.21	3,080,000	35	500
Inferred		72,500,000	0.17	12,490,000	220	15,900
Total		87,400,000	0.18	15,610,000	188	16,400

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 (Tungsten Mining) Announcement 28 July 2017, “Mulgine Hill June 2017 Mineral Resource Update”

3. Refer ASX (Tungsten Mining) Announcement 23 June 2016, “Big Hill June 2016 Mineral Resource Update”

4. Refer ASX (Tungsten Mining) Announcement 30 January 2015, “Kilba Mineral Resource Update”

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Tungsten Mining NL Quarterly Activities Report June 2017

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, 01/05/13, 01/09/16

Name of entity

Tungsten Mining NL

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ABN

67 152 084 403

Quarter ended (“current quarter”)

30 June 2017

Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter	Year to date
		$A’000	(12 months)
			$A’000
1.	Cash flows from operating activities
1.1	Receipts from customers	-	-
1.2	Payments for
	(a) exploration & evaluation	(289)	(1,420)
	(b) development	-	-
	(c) production	-	-
	(d) staff costs	-	-
	(e) administration and corporate costs	(194)	(952)
1.3	Dividends received (see note 3)	-	-
1.4	Interest received	19	42
1.5	Interest and other costs of finance paid	-	(64)
1.6	Income taxes paid	-	-
1.7	Research and development refunds	48	48
1.8	Other (provide details if material)	-	-
1.9	Net cash from / (used in) operating	(416)	(2,346)
	activities
2.	Cash flows from investing activities
2.1	Payments to acquire:
	(a) property, plant and equipment	-	(1)
	(b) tenements (see item 10)	-	-
	(c) investments	-	-
	(d) other non-current assets	-	-

• See chapter 19 for defined terms 1 September 2016

Page 1

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

Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter	Year to date
		$A’000	(12 months)
			$A’000
2.2	Proceeds from the disposal of:
	(a) property, plant and equipment	-	-
	(b) tenements (see item 10)	-	1
	(c) investments	-	-
	(d) other non-current assets	-	-
2.3	Cash flows from loans to other entities	-	-
2.4	Dividends received (see note 3)	-	-
2.5	Other (provide details if material)	-	-
2.6	Net cash from / (used in) investing	-	-
	activities
3.	Cash flows from financing activities
3.1	Proceeds from issues of shares	-	5,273
3.2	Proceeds from issue of convertible notes	-	-
3.3	Proceeds from exercise of share options	-	-
3.4	Transaction costs related to issues of	-	(298)
	shares, convertible notes or options
3.5	Proceeds from borrowings	-	-
3.6	Repayment of borrowings	-	(1,000)
3.7	Transaction costs related to loans and	-	-
	borrowings
3.8	Dividends paid	-	-
3.9	Other (provide details if material)	-	-
3.10	Net cash from / (used in) financing	-	3,975
	activities
4.	Net increase / (decrease) in cash and
	cash equivalents for the period
4.1	Cash and cash equivalents at beginning of
	period	3,604	1,559
4.2	Net cash from / (used in) operating	(416)	(2,346)
	activities (item 1.9 above)
4.3	Net cash from / (used in) investing activities	-	-
	(item 2.6 above)
4.4	Net cash from / (used in) financing activities	-	3,975
	(item 3.10 above)
4.5	Effect of movement in exchange rates on	-	-
	cash held
4.6	Cash and cash equivalents at end of	3,188	3,188
	period

• See chapter 19 for defined terms

1 September 2016

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

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5. Reconciliation of cash and cash Current quarter Previous quarter
equivalents $A’000 $A’000
at the end of the quarter (as shown in the
consolidated statement of cash flows) to the
related items in the accounts
5.1 Bank balances 188 604
5.2 Call deposits 3,000 3,000
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
5.5 Cash and cash equivalents at end of 3,188 3,604
quarter (should equal item 4.6 above)
6. Payments to directors of the entity and their associates Current quarter
$A'000
6.1 Aggregate amount of payments to these parties included in item 1.2 48
6.2 Aggregate amount of cash flow from loans to these parties included -
in item 2.3
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• 6.3 Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2

Payments to Directors for fees and consulting.

7. Payments to related entities of the entity and their Current quarter associates $A'000

7.1 Aggregate amount of payments to these parties included in item 1.2 125 7.2 Aggregate amount of cash flow from loans to these parties included in item 2.3

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• 7.3 Include below any explanation necessary to understand the transactions included in items 7.1 and 7.2

Payments to associate entity GWR Group Limited for management and technical services and the reimbursement of expenses incurred by GWR Group on behalf of the Company.

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8. Financing facilities available Total facility amount Amount drawn at
Add notes as necessary for an at quarter end quarter end
understanding of the position $A’000 $A’000
8.1 Loan facilities - -
8.2 Credit standby arrangements - -
8.3 Other (please specify) - -
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• 8.4 Include below a description of each facility above, including the lender, interest rate and whether it is secured or unsecured. If any additional facilities have been entered into or are proposed to be entered into after quarter end, include details of those facilities as well.

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• See chapter 19 for defined terms 1 September 2016

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

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9. Estimated cash outflows for next quarter $A’000
9.1 Exploration and evaluation 400
9.2 Development
9.3 Production
9.4 Staff costs
9.5 Administration and corporate costs 250
9.6 Other (provide details if material)
9.7 Total estimated cash outflows 650
10. Changes in Tenement Nature of Interest at Interest
tenements reference and interest beginning at end of
(items 2.1(b) and location of quarter quarter
2.2(b) above)
10.1 Interests in mining E46/940 Relinquished 100% 0%
tenements and E77/2021 Surrendered 100% 0%
petroleum
E77/2022 Surrendered 100% 0%
tenements lapsed,
relinquished or
reduced
10.2 Interests in mining R46/3 Granted 0% 100%
tenements and
petroleum
tenements acquired
or increased
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Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

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

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Sign here: ............................................................ Date: 31 July 2017 (Chief Executive Officer)

Print name: Craig Ferrier

• See chapter 19 for defined terms 1 September 2016

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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 that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.

2. If this quarterly report has been prepared in accordance with Australian Accounting Standards, 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. If this quarterly report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. See chapter 19 for defined terms 1 September 2016

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