TUNGSTEN MINING NL — Interim / Quarterly Report 2018

Jul 30, 2018

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Quarterly Report – June 2018

Highlights

• $47m Placement to accelerate development at Mt Mulgine – Placement to sophisticated and institutional investors raises $47 million - initial tranche of $21.56m completed during the quarter and balance of $25.44m in July following shareholder approval to accept oversubscriptions. Funds to be used to advance development activities at the Company’s Mt Mulgine Tungsten Project, in particular to advance (fast track) studies related to large scale mining and processing operations at Mt Mulgine, and to take advantage of other acquisition opportunities as they arise.

• Acquisition of Watershed Tungsten Project – announced in May with the Company entering into a binding term sheet to with Vital Metals Limited TGN to acquire a 100% interest in the Watershed Tungsten Project located in north Queensland for a cash consideration of $15m. Completion of the transaction is expected to occur in early August.

• Completion of infill drilling - to a 40 metre spacing of the Mulgine Hill Mineral Resource, sterilisation drilling of major mine infrastructure and exploration drilling of newly defined tungsten-molybdenum mineralisation south of Mulgine Hill.

• EPC lump sum received – Tungsten Mining has continued to advance process design and engineering activities by engaging with WA based engineering firms culminating in the receipt of a proposal for the engineering, procurement and construction of the Mt Mulgine tungsten processing plant as an EPC lump sum.

• Submission of Key Approval Documents - The Mining Proposal, Works Approval and Native Vegetation Clearing Permit documents were submitted to the relevant Government departments immediately following the end of the June quarter.

• Cash position – The Company’s cash position as at 30 June 2018 was $34.13m.

Commentary

During the June quarter Tungsten Mining (TGN) has continued to deliver on its development plan for the Mt Mulgine Tungsten Project, finalising and submitting key approvals with State Government. TGN has continued to advance process design and engineering activities by engaging with WA based engineering firms culminating in the receipt of a proposal for the engineering, procurement and construction of the Mt Mulgine tungsten processing plant as an EPC lump sum.

Tungsten Mining’s position as a key player in the global tungsten industry was further enhanced by contracting to acquire the Watershed Tungsten Project in Far North Queensland and completing a $47 million capital raising to sophisticated and institutional investors.

The Placement will further strengthen Tungsten Mining’s existing significant cash reserves to support accelerated development at Mulgine Hill, fast tracking an expansion case incorporating the Mulgine Trench deposit and to maximise opportunities presented in the market.

Tungsten Mining NL Quarterly Activities Report June 2018

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. This position will be further enhanced upon completion of the Watershed acquisition described elsewhere in this report.

(The Mineral Resources described above do not include the Resources for the Watershed Tungsten Project)

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Figure 1 – Project location map

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Tungsten Mining NL Quarterly Activities Report June 2018

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 and Tungsten Mining drilling

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Tungsten Mining NL Quarterly Activities Report June 2018

Mt Mulgine Strategic Development Plan

TGN continues to deliver on the Strategic Development Plan for the Mt Mulgine Project, the submission of key regulatory approval documents including the Mining Proposal, Works Approval and Native Vegetation Clearing Permit during the quarter are major milestones in its commitment towards the production of tungsten concentrate.

Task	Jun 17 Sep 17 Dec 17 Mar 18 Jun 18 Sep 18 Dec 18 Mar 19
Geology and resource development
Metallurgy (including R&D)
Engineering
Project management, permitting and approvals
Marketing and Commercial
Construction
Mining
Production

Figure 3 – Mt Mulgine Strategic Development Plan – Indicative Project Schedule

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

• Advancing process design and engineering activities by engaging with WA based engineering firms culminating in the receipt of a proposal for the engineering, procurement and construction of the Mt Mulgine tungsten processing plant as an EPC lump sum;

• Completion of sterilisation drilling at Mulgine Hill to assist in designing the mine site layout and location of infrastructure including waste dumps and tailings storage facility;

• Completion of infill drilling to a 40 metre spacing of the Mulgine Hill Mineral Resource .

• Completion of the work on the various work packages to support the mining proposal including the project management plan, groundwater evaluation and waste rock and tailings characterisation;

• “Locking in” of the project site footprint for inclusion in the Mining Proposal submission;

• Submission of key regulatory approval documents including the Mining Proposal, Works Approval and Native Vegetation Clearing Permit;

• Commencement of the next phase of R&D metallurgical test work program to recover tungsten from the oxide layer of the Mt Mulgine deposit; and

• Commencement of mine scheduling activities.

Major planned activities for the September quarter will be to:

•  Award engineering, procurement and construction (EPC) contract or similar for the processing plant to a third party service provider;

•  Continue to advance the level of design and engineering of the processing plant with the nominated contractor;

•  Commit to all long lead capital items to preserve the project schedule;

•  Complete further resource definition drilling program;

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Tungsten Mining NL Quarterly Activities Report June 2018

•  Finalise life of mine schedule for Mulgine Hill;

•  Commencement of mining contractor tendering process;

•  Continue to advance activities to address all non-process infrastructure requirements;

•  Continuation of R&D test work on the recovery of tungsten from the oxide layer of the Mt Mulgine deposit;

•  Complete bulk concentrate generation program and provide marketing samples to potential customers;

•  Commence study phase of the Mt Mulgine Trench Deposit.

•  Develop site procedures and logistics in preparation for site works;

•  Build the organisational structure to align and support project implementation and operational activities.

Geology and Resource

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.

Resource Update

Interpretation of all new data collected since the June 2016 Mulgine Hill Mineral Resource estimate was completed in the June 2017 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).

November 2017 to April 2018 Drilling Program

Between 29 November 2017 and 11 April 2018, Tungsten Mining drilled a total of 126 RC holes for 8,938 metres and four HQ diamond holes for 321.4 metres on the Mt Mulgine Project. Of these, 19 RC holes for 1216 metres were drilled in the June 2018 quarter. The objectives of this drilling program were as follows:

• Complete sterilisation drilling across proposed waste landforms locations.

• Complete the 40 metre drill spacing over optimised pits at Mulgine Hill.

• Limited follow-up of significant tungsten-molybdenum mineralisation identified by sterilisation drilling.

• Diamond drilling to collect data and material for geotechnical studies associated with Mulgine Hill pit designs.

The results of the drilling program were reported to ASX releases on 16 February, 4 May and 30 July 2018. Sterilisation drilling identified strong tungsten-molybdenum mineralisation over significant strike lengths at

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Tungsten Mining NL Quarterly Activities Report June 2018

Mulgine Hill South and Mulgine Hill East associated with the Mulgine Granite contact. Two RC holes drilled at the Mulgine Hill Moly Prospect intersected significant molybdenum-tungsten mineralisation consistent with historic exploration. Soil sampling of the proposed tailing storage facility defined a large soil anomaly to 595 ppm W. Subsequent drilling of this anomalous intersected thick zones of tungsten mineralisation requiring further investigation. Results from recent drilling are discussed below.

Mulgine Hill Infill Drilling

A total of 35 RC holes for 1,650 metres were drilled to complete the 40 metre drill spacing over optimised pits at Mulgine Hill. Holes focused on the margins of the main pit and three satellite pits (Figure 4).

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Figure 4 – Plan showing better results from infilling drilling of the Mulgine Hill pit designs. Yellow crosses and circles are holes drilled in the June 2018 quarter.

Results received to date are refining the understanding of mineralisation present and will not significantly change the Mineral Resource estimate. Further infill drilling is proposed in the September Quarter to complete 20 metre infill section and on completion of this infill-drilling program, a new resource estimate will be prepared. Significant tungsten intersections from infill drilling are listed in Table 1.

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Tungsten Mining NL Quarterly Activities Report June 2018

Table 1 – Significant intersection from Infill drilling at Mulgine Hill

		Mulgine Hill Infill Drilling - Significant Tungsten Mineralisation	Mulgine Hill Infill Drilling - Significant Tungsten Mineralisation	Mulgine Hill Infill Drilling - Significant Tungsten Mineralisation	Mulgine Hill Infill Drilling - Significant Tungsten Mineralisation	Mulgine Hill Infill Drilling - Significant Tungsten Mineralisation	Mulgine Hill Infill Drilling - Significant Tungsten Mineralisation	Mulgine Hill Infill Drilling - Significant Tungsten Mineralisation	Mulgine Hill Infill Drilling - Significant Tungsten Mineralisation	Mulgine Hill Infill Drilling - Significant Tungsten Mineralisation	Mulgine Hill Infill Drilling - Significant Tungsten Mineralisation	Mulgine Hill Infill Drilling - Significant Tungsten Mineralisation
Hole No	MGA Coordinates							Intersections
	Northing (m)		Easting (m)	Depth (m)	Dip/ Azim	From (m)	To (m)		Interval (m)	**WO3% **	Mo%	Weath.
MMC104	6,771,940		497,943	42	-90	3	16		13 *	0.19	0.021	Weath.
MMC107	6,772,003		497,694	84	-90	59	64		5	0.47	0.004	Fresh
MMC154	6,772,240		498,060	48	-90/000	8	25		17	0.59	0.032	Fresh
MMC154					Incl.	10	12		2	3.32	0.001	Fresh
MMC158	6,772,132		498,101	42	-90/000	10	27		**17 ***	0.39	0.023	Weath.
						27	33		6	0.13	0.069	Fresh
MMD007	6,772,059		497,705	96.1	-60/057	73	76		3	1.05	0.002	Fresh
MMD007					Incl.	75	76		1	2.79	0.004	Fresh
MMD007						82	89		7	0.86	0.008	Fresh
MMD007					Incl.	85	86		1	1.03	0.011	Fresh
MMD007					Incl.	87	88		1	3.69	0.013	Fresh
1m cone split RC samples. Analysis is XRF determination by Nagrom laboratories, Kelmscott WA. Lower cut-off grade 0.10% combined WO3, no top cut grade, up to 2m of internal waste. eoh – end of hole. Grid coordinates are MGA Zone 50. Fresh – tungsten present in scheelite, Weath. – tungsten present in another mineral species.* Contains preliminary composite samples.

Mulgine Hill South

A total of 49 RC holes for 3,896 metres were drilled initially to sterilise the location of proposed waste landforms and subsequently target newly identified tungsten-molybdenum mineralisation associated with the Mulgine Granite contact. Drilling has identified multiple zones of tungsten-molybdenum mineralisation over one kilometre of strike south of the Mulgine Hill Mineral Resource (Figure 5). Mineralisation is open to the south. Better intersections associated with the Mulgine Granite contact are listed in Table 2.

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Tungsten Mining NL Quarterly Activities Report June 2018

Table 2 – Significant Mineralisation on Mulgine Granite Contact – Mulgine Hill South

		Mulgine Hill South Drilling - Significant Tungsten-Molybdenum Mineralisation	Mulgine Hill South Drilling - Significant Tungsten-Molybdenum Mineralisation	Mulgine Hill South Drilling - Significant Tungsten-Molybdenum Mineralisation	Mulgine Hill South Drilling - Significant Tungsten-Molybdenum Mineralisation	Mulgine Hill South Drilling - Significant Tungsten-Molybdenum Mineralisation	Mulgine Hill South Drilling - Significant Tungsten-Molybdenum Mineralisation	Mulgine Hill South Drilling - Significant Tungsten-Molybdenum Mineralisation	Mulgine Hill South Drilling - Significant Tungsten-Molybdenum Mineralisation	Mulgine Hill South Drilling - Significant Tungsten-Molybdenum Mineralisation	Mulgine Hill South Drilling - Significant Tungsten-Molybdenum Mineralisation	Mulgine Hill South Drilling - Significant Tungsten-Molybdenum Mineralisation
Hole No	MGA Coordinates							Intersections
	Northing (m)		Easting (m)	Depth (m)	Dip/ Azim	From (m)	To (m)		Interval (m)	**WO3% **	Mo%	Weath.
MMC044	6771701		497470	83	-60/090	25	38		13	0.22	0.09	Fresh
MMC058	6771701		497510	95	-60/090	11	21		10	0.05	0.17	Fresh
MMC059	6771940		497530	89	-60/090	80	88		8	0.34	0.17	Fresh
MMC071	6771932		497640	48	-90	46	48		13	0.09	0.13	Fresh
MMC074	6,771,591		497,388	89	-60/090	52	57		5	0.08	0.36	Fresh
MMC079	6,771,483		497,387	83	-60/090	11	20		9	0.05	0.38	Fresh
MMC080	6,771,483		497,309	89	-60/090	77	87		10	0.20	0.16	Fresh
MMC116	6,771,831		497,471	78	-60/090	26	31		5	0.37	0.03	Fresh
MMC130	6,771,106		497,235	78	-60/090	19	42		23	0.02	0.16	Fresh
1m cone split RC samples. Analysis is XRF determination by Nagrom laboratories, Kelmscott WA. Lower cut-off grade 0.10% combined WO3 plus Mo, no top cut grade, up to 2m of internal waste. eoh – end of hole. Grid coordinates are MGA Zone 50. Fresh – tungsten present in scheelite, Weath. – tungsten present in another mineral species.

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Figure 5 – TGN drilling completed at Mulgine Hill South with better intersections.

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Tungsten Mining NL Quarterly Activities Report June 2018

Drilling also identified multiple zones of low – medium grade tungsten mineralisation west of the Mulgine Granite contact associated with shallow westerly dipping quartz veining hosted by amphibolite. Better intersection associated with these zones are listed in Table 3.

Table 3 – Significant Mineralisation West of the Mulgine Granite Contact – Mulgine Hill South

		Mulgine Hill South Drilling - Significant Tungsten Mineralisation	Mulgine Hill South Drilling - Significant Tungsten Mineralisation	Mulgine Hill South Drilling - Significant Tungsten Mineralisation	Mulgine Hill South Drilling - Significant Tungsten Mineralisation	Mulgine Hill South Drilling - Significant Tungsten Mineralisation	Mulgine Hill South Drilling - Significant Tungsten Mineralisation	Mulgine Hill South Drilling - Significant Tungsten Mineralisation	Mulgine Hill South Drilling - Significant Tungsten Mineralisation	Mulgine Hill South Drilling - Significant Tungsten Mineralisation	Mulgine Hill South Drilling - Significant Tungsten Mineralisation	Mulgine Hill South Drilling - Significant Tungsten Mineralisation
Hole No	MGA Coordinates							Intersections
	Northing (m)		Easting (m)	Depth (m)	Dip/ Azim	From (m)	To (m)		Interval (m)	**WO3% **	Mo%	Weath.
MMC036	6771940		497440	83	-60/090	2	10		8	0.15	0.004	Fresh
MMC047	6771701		497230	83	-60/090	45	49		4	0.15	0.011	Fresh
MMC118	6,771,701		497,269	60	-60/090	10	14		4	0.25	0.018	Fresh
						50	53		3	0.15	0.015	Fresh
MMC120	6,771,698		497,030	72	-60/090	5	8		3	0.52	0.038	Fresh
MMC120					Incl.	6	7		1	1.07	0.005	Fresh
1m cone split RC samples. Analysis is XRF determination by Nagrom laboratories, Kelmscott WA. Lower cut-off grade 0.10% combined WO3, no top cut grade, up to 2m of internal waste. eoh – end of hole. Grid coordinates are MGA Zone 50. Fresh – tungsten present in scheelite, Weath. – tungsten present in another mineral species.

Mulgine Hill East

A total of 25 RC holes for 1,964 metres were drilled to sterilise the location of proposed waste landform and subsequently target newly identified mineralisation (Figure 6). Drilling at the north-eastern end of the proposed landform intersected broad zones of tungsten-molybdenum mineralisation associated with alteration and quartz veining in mafic units similar to that at Mulgine Hill. Mineralisation dips shallowly towards the north, extends over 500 metres of strike and is open to the east. Better intersections associated with this zone are listed in Table 4.

Table 4 – Significant Mineralisation at Mulgine Hill East

		Mulgine Hill East Drilling - Significant Tungsten-Molybdenum Mineralisation	Mulgine Hill East Drilling - Significant Tungsten-Molybdenum Mineralisation	Mulgine Hill East Drilling - Significant Tungsten-Molybdenum Mineralisation	Mulgine Hill East Drilling - Significant Tungsten-Molybdenum Mineralisation	Mulgine Hill East Drilling - Significant Tungsten-Molybdenum Mineralisation	Mulgine Hill East Drilling - Significant Tungsten-Molybdenum Mineralisation	Mulgine Hill East Drilling - Significant Tungsten-Molybdenum Mineralisation	Mulgine Hill East Drilling - Significant Tungsten-Molybdenum Mineralisation	Mulgine Hill East Drilling - Significant Tungsten-Molybdenum Mineralisation	Mulgine Hill East Drilling - Significant Tungsten-Molybdenum Mineralisation	Mulgine Hill East Drilling - Significant Tungsten-Molybdenum Mineralisation
Hole No	MGA Coordinates							Intersections
	Northing (m)		Easting (m)	Depth (m)	Dip/ Azim	From (m)	To (m)		Interval (m)	**WO3% **	Mo%	Weath.
MMC137	6,772,076		499,000	78	-60/180	3	15		12 *	0.11	0.04	Weath.
MMC137						36	40		4	0.11	0.03	Fresh
MMC138	6,772,158		499,004	84	-60/180	18	24		6	0.06	0.13	Fresh
MMC138						35	54		19	0.09	0.08	Fresh
MMC141	6,771,998		498,759	84	-60/180	19	25		6	0.01	0.22	Fresh
MMC143	6,772,160		498,762	108	-60/180	20	28		8	0.08	0.22	Fresh
MMC143						78	91		13	0.04	0.13	Fresh
MMC144	6,772,238		498,761	78	-60/180	17	29		12	0.08	0.15	Fresh
1m cone split RC samples. Analysis is XRF determination by Nagrom laboratories, Kelmscott WA. Lower cut-off grade 0.10% combined WO3 plus Mo, no top cut grade, up to 2m of internal waste. eoh – end of hole. Grid coordinates are MGA Zone 50. Fresh – tungsten present in scheelite, Weath. – tungsten present in another mineral species.

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Tungsten Mining NL Quarterly Activities Report June 2018

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Figure 6 – Plan displaying hole locations and significant drill intersections relative to the Mulgine Hill Mineral Resource.

Mulgine Hill Moly

Two RC holes were drilled across the strike extension of quartz veins targeted by drilling in 1966 for molybdenum mineralisation. The hole MMC096 tested the main zone of quartz veining and intersected 5 metres at 0.05% WO3 and 0.21% Mo from 7 metres and 3 metres at 0.25% WO3 from 40 metres.

Whilst further drilling is required to fully evaluate the main zone of molybdenum mineralisation defined by percussion drilling in 1966, the results to date are extremely encouraging and highlight the potential for defining further mineralisation at Mt Mulgine. Further drilling is planned to test this zone in the September quarter.

Tailings Storage Facility

Ten RC holes for 876 metres were drilled across the proposed tailing storage facility (TSF) intersecting mafic units with minor scheelite associated with quartz veins.

Immediately east of the proposed TSF, soil sampling has defined a tungsten anomaly 800 metres long and 400 metres wide to 595 ppm at the Southern Lights prospect. UV lamping across this soil anomaly identified sparse disseminated scheelite associated with quartz veining in mafic rocks. The strongest soil geochemistry is associated with weathered mafic and ultramafic units at the northern end of the anomaly. Two lines of RC holes were drilled across this soil anomaly. The northern line intersected broad zones of anomalous tungsten to 25 metres at 0.07% WO3 from 15 metres in MMC112 and 29 metres at 0.11% WO3 from the surface in MMC114 at a 0.05% WO3 lower cut. This zone has not been tested by drilling along strike and warrants further investigation.

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Tungsten Mining NL Quarterly Activities Report June 2018

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 8). 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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Figure 8 – Plan displaying better results from Tungsten Mining’s drilling around the Bobby McGee pit.

– Development Mt Mulgine

Process Plant Design

Tungsten Mining has continued to advance process design and engineering activities by engaging with WA based engineering firms culminating in the receipt of a proposal for the engineering, procurement and construction of the Mt Mulgine tungsten processing plant as an EPC lump sum. The proposal is now subject to a formal review and assessment process by Company management and its consulting quantity surveyors.

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Tungsten Mining NL Quarterly Activities Report June 2018

The process design work has resulted in an agreed mechanical equipment list which has identified long lead items – being key equipment items that have supply and delivery times of +26 weeks. Procurement activities have commenced to secure critical long lead items to protect and preserve the project schedule.

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Figure 9 – View of processing plant incorporating crushing, screening and x-ray ore sorting, gravity, flotation and final concentrate preparation.

Metallurgical Testwork

Oxide/Weathered Layer R&D

The R&D test work program to recover tungsten from the oxide/weathered zone continued in the June quarter.

There are significant quantities of contained tungsten in both the oxide layers of the Mulgine Hill and Trench deposits. If the tungsten in these oxide layers are recoverable this will result in a significant increase in the economic value of these orebodies.

Core from the oxide layer at Trench and Mulgine Hill were prepared, sized and gravity separation testwork was completed using a Wilfley table. The initial results are encouraging but the results from this work are still being analysed. The leaching R&D scoping testwork on the Trench oxide ore is progressing with 4 flowsheets options currently being evaluated.

Bulk Concentrate

A bulk scheelite concentrate is currently being produced to provide a marketing sample. Metallurgical analysis will also be completed on tailings and concentrate samples to provide additional data for the detailed process design of the Mulgine Hill concentrator.

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Tungsten Mining NL Quarterly Activities Report June 2018

Project Footprint

The project footprint was finalised during the June quarter, as a requirement for inclusion in the Mining Proposal submission.

Site infrastructure has been located to avoid areas of mineralisation identified in the recent sterlisation drilling program as well as heritage and biological sites. The footprint also utilises as much of the flat and cleared portion of the disused airstrip on the mining lease to reduce clearing and earthwork costs.

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Figure 11 – Plan showing project site layout as included in the Mining Proposal Submission.

Regulatory Submissions

All major scopes of work to support the submission of the Mining Proposal, Works Approval and Native Vegetation Clearing Permit (NVCP) were completed in the June Quarter.

On the 6[th] July, TGN submitted its Mining Proposal to the Department of Mines, Industry Regulation and Safety (DMIRS). In addition, TGN has also submitted its Works Approval to the Department of Water and Environmental Regulation (DWER). These are the critical permits required for the conduct of the Company’s mining and mineral processing activities at Mt Mulgine.

The Mining Proposal is a document containing detailed information on identification, evaluation and management of significant environmental impacts relevant to the proposed mining operations, as a requirement under Division 2 of Part IV of the Mining Act (1978)

DWER regulates industrial emissions and discharges to the environment through a Works Approval and subsequent licensing process, required under Part V of the Environmental Protection Act 1986.

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Tungsten Mining NL Quarterly Activities Report June 2018

In Western Australia an NVCP is required under the Environmental Protection Act 1986 (EP Act) prior to the clearing of any native vegetation unless for an exempt purpose. The NVCP was submitted on the 16[th] July 2018.

TGN anticipates receipt of the relevant approvals in the September/December quarter(s).

Mulgine Trench Development Plan

The Mt Mulgine Project Strategic Development Plan outlines the plan to develop the Mt Mulgine project in 2 phases, the smaller scale Hill deposit as phase 1 and the large scale Trench deposit as phase 2.

TGN is on track to deliver its first scheelite concentrate from phase 1 in the first quarter of 2019. Development of the Trench deposit will facilitate the ongoing production of concentrate at Mt Mulgine to ensure longevity of the business beyond phase 1 of the project.

A study plan and budget for the development of the Trench deposit has been prepared with a formal commitment expected to allow the study to commence in the September quarter.

Other Projects

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.

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.

Retention License R46/003 was granted in April 2017. There are no planned activities for the Big Hill Project in the next quarter.

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Tungsten Mining NL Quarterly Activities Report June 2018

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Figure 12 – Big Hill project geology

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.

15

Tungsten Mining NL Quarterly Activities Report June 2018

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==> picture [453 x 160] intentionally omitted <==

Figure 13 – plan displaying location of recent soil geochemistry and Mineral Resource at the Kilba Project

In May 2017 the WA Department of Mines, Industry Regulation and Safety approved a 5 year exemption from expenditure for M08/314 pursuant to the Mining Act. No work was undertaken during the June quarter.

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.

16

Tungsten Mining NL Quarterly Activities Report June 2018

Corporate

$47 million Share Placement Completed

In April 2018 the Company announced its intention to complete a placement to sophisticated and institutional investors to raise approximately $20 million. Due to overwhelming demand, the Company agreed to accept oversubscriptions, subject to shareholder approval, increasing the placement to a total $47m (Placement). The Placement was completed in two tranches with $21.56m raised during the quarter pursuant to ASX Listing Rule 7.1 placement authority. The balance of $25.44m was completed in July following approval of shareholders in general meeting.

The Placement of 138,235,295 shares to sophisticated and institutional investors was at an issue price of 34 cents per fully paid ordinary share. For every five (5) new shares subscribed applicants received one (1) attaching option (approximately 27,647,059 options in total). The options are unlisted and are exercisable by payment of 60 cents on or before 31 December 2019.

Funds raised by the Placement are to be used to advance development activities at the Company’s Mt Mulgine Tungsten Project, in particular to advance (fast track) studies related to large scale mining and processing operations at Mt Mulgine. The increased size of the Placement will allow the to accelerate concurrent work at Mt Mulgine, deploy additional resources; to complete the recent agreement to acquire the Watershed Tungsten Project (annoucned on 2 May 2018), and to take advantage of other acquisition opportunities as they arise.

Agreement to Acquire Watershed Tungsten Project

On 1 May 2018 the Company and Vital Metals Limited (Vital) executed a binding term sheet for TGN to acquire a 100% interest in the Watershed Tungsten Project located in north Queensland (refer Figure 14) for a cash consideration of $15m. Following completion of due diligence and preparation of formal transaction documents, the parties have executed the formal Sale Agreement to give effect to the transaction contemplated by the term sheet. Completion is anticipated to occur on 9 August 2018.

Watershed is located 130km north of Cairns in a mining friendly jurisdiction, with granted Mining Leases and an Environmental Authority for an open-pit development. Vital completed a Definitive Feasibility Study (DFS) for the project in 2014.

The Watershed Project will substantially add to Tungsten Mining’s global resource inventory, which upon completion will stand at 176.9 million tonnes at an average grade of 0.14% WO3 and contained metal of 25.5 million metric tonne units (equating to 255,000 tonnes) of WO3 based on a cut-off grade of 0.05% WO3 (refer to attached Resource Statements).

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Tungsten Mining NL Quarterly Activities Report June 2018

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Figure 14 – Watershed Tungsten Project plan

Tungsten Pricing

Global tungsten prices (by reference to price quotations for European ammonium paratungstate – APT) reached four year highs during the quarter with the average APT price reported for the month of June at US$347.20-352.20. The strength in global tungsten prices are further enhanced in by current foreign exchange rates resulting in an Australian dollar denominated APT price of circa A$473.

The improving market for tungsten endorses the Company’s commitment to continuing development activities through the different stages of the commodity cycle and its strategic development plan for the Mt Mulgine Tungsten Project.

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Tungsten Mining NL Quarterly Activities Report June 2018

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Figure 15 – APT Price (source: Metal Bulletin, Argus)

Other

The Company’s cash position as at 30 June 2018 was $34.13m.

September Quarter Planned Activities

During the September quarter, the Company intends to advance its strategic development plan by undertaking the following activities:

• Award engineering, procurement and construction (EPC) contract or similar for the processing plant to a third party service provider;

• Continue to advance the level of design and engineering of the processing plant with the nominated contractor;

• Commit to all long lead capital items to preserve the project schedule;

• Complete further resource definition drilling program;

• Finalise life of mine schedule for Mulgine Hill;

• Commencement of mining contractor tendering process;

• Continue to advance activities to address all non-process infrastructure requirements;

• Continuation of R&D test work on the recovery of tungsten from the oxide layer of the Mt Mulgine deposit;

• Complete bulk concentrate generation program and provide marketing samples to potential customers;

• Commence study phase of the Mt Mulgine Trench Deposit;

• Develop site procedures and logistics in preparation for site works;

• Build the organisational structure to align and support project implementation and operational activities; and

• Complete the acquisition of the Watershed Project and integration into asset portfolio.

31 July 2018

For further information:

Craig Ferrier Chief Executive Officer Ph: +61 8 9486 8492 E: craig.ferrier@tungstenmining.com

Mark Pitts Company Secretary Ph: +61 8 9316 9100

E: mark.pitts@tungstenmining.com.au

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Tungsten Mining NL Quarterly Activities Report June 2018

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 at Mt Mulgine, Big Hill and Kilba are extracted from the reports titled ‘Kilba Mineral Resource Update’ released to the Australian Securities Exchange (ASX) 30 January 2015, ‘June 2016 Mineral Resource Update and Core Sampling’ released to the ASX on 24 June 2016, and the report titled ‘Mulgine Hill Resource Update’ released to the ASX on 28 July 2017, all are available to view at www.tungstenmining.com. The information in this report that relates to Mineral Resource at Watershed is extracted from the report titled ‘Watershed Mineral Resources Restatement JORC Code (2012)’ released to the ASX on 4 July 2018 by Vital Metals Limited. The Company confirms that it is not aware of any new information or data that materially affects the information included in 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

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.

Tungsten Mining is implementing a staged approach to the development of the Mt Mulgine Tungsten Project, initially focussed on a low capital start-up from Mulgine Hill, directed at demonstrating a pathway to positive cash flow and the basis for large scale mining and processing operations at Mulgine Trench.

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Tungsten Mining NL Quarterly Activities Report June 2018

Tenement Summary

		Interest held at	Interest acquired/	Interest Held at
Tenement Name	Tenement	31 March 2018	disposed of during	30 June 2018
			uarter
			q
Kilba Well	E08/2139	100%	N/A	100%
Kilba Well	M08/314	100%	N/A	100%
Kilba Well	E08/2780	0%	100%	100%
Koolyanobbing*	E77/2279	100% mineral rights for tungsten, 20% for other commodities	N/A	100% mineral rights for tungsten, 20% for other commodities “
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	L46/70	100%	N/A	100%
Big Hill	R46/3	100%	N/A	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.

21

Tungsten Mining NL Quarterly Activities Report June 2018

Tungsten Mining NL – Resource Inventory at 0.10% WO3 Cut-Off

Class Tonnes Grade	Class Tonnes Grade	Class Tonnes Grade	Metric Tonne	Mo (ppm)	Contained Mo
WO3%			Units		Tonnes
Mulgine Trench (October 2014)1
Measured	-	-	-	-	-
Indicated	400,000	0.14	50,000	400	150
Inferred	63,400,000	0.17	10,930,000	250	15,600
Total	63,700,000	0.17	10,980,000	250	15,700
Mulgine Hill (June 2017)2
Measured	-	-	-	-	-
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	-	-	-	-	-
Indicated	4,500,000	0.24	1,080,000	120	500
Inferred	66,400,000	0.17	11,500,000	240	15,900
Total	70,800,000	0.18	12,620,000	230	16,400
Watershed (July 2018)3
Measured	4,400,000	0.25	1,110,000	-	-
Indicated	11,500,000	0.24	2,760,000	-	-
Inferred	4,700,000	0.26	1,230,000	-	-
Total	20,700,000	0.25	5,070,000	-	-
Big Hill (June 2016)4
Measured	-	-	-	-	-
Indicated	6,200,000	0.16	980,000	-	-
Inferred	5,300,000	0.13	700,000	-	-
Total	11,500,000	0.15	1,670,000	-	-
Kilba (January 2015)5
Measured	-	-	-	-	-
Indicated	4,100,000	0.25	1,040,000	-	-
Inferred	840,000	0.20	170,000	-	-
Total	5,000,000	0.24	1,210,000	-	-
Total Resource Inventory
Measured	4,400,000	0.25	1,110,000	0	0
Indicated	26,300,000	0.22	5,860,000	20	500
Inferred	77,200,000	0.18	13,600,000	210	15,900
Total	107,900,000	0.19	20,570,000	152	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 (Vital Metals) Announcement 4 July 2018, “Watershed Mineral Resources Restatement JORC Code (2012)”.

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

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

22

Tungsten Mining NL Quarterly Activities Report June 2018

Tungsten Mining NL – Resource Inventory at 0.05% WO3 Cut-Off

Class Tonnes Grade	Class Tonnes Grade	Class Tonnes Grade	Metric Tonne	Mo (ppm)	Contained Mo
WO3%			Units		Tonnes
Mulgine Trench (October 2014)1
Measured	-	-	-	-	-
Indicated	400,000	0.14	50,000	400	150
Inferred	71,300,000	0.16	11,610,000	250	17,900
Total	71,700,000	0.16	11,660,000	250	18,100
Mulgine Hill (June 2017)2
Measured	-	-	-	-	-
Indicated	5,400,000	0.21	1,130,000	90	500
Inferred	4,800,000	0.14	670,000	130	600
Total	10,200,000	0.18	1,810,000	100	1,000
Mt Mulgine (Total)
Measured	-	-	-	-	-
Indicated	5,800,000	0.21	1,190,000	110	600
Inferred	76,100,000	0.16	12,280,000	240	18,600
Total	81,900,000	0.16	13,470,000	230	19,100
Watershed (July 2018)3
Measured	9,500,000	0.16	1,520,000	-	-
Indicated	28,400,000	0.14	3,970,000	-	-
Inferred	11,500,000	0.15	1,720,000	-	-
Total	49,300,000	0.14	7,040,000	-	-
Big Hill (June 2016)4
Measured	-	-	-	-	-
Indicated	15,800,000	0.11	1,680,000	-	-
Inferred	22,700,000	0.09	1,930,000	-	-
Total	38,500,000	0.09	3,620,000	-	-
Kilba (January 2015)5
Measured	-	-	-	-	-
Indicated	5,700,000	0.20	1,150,000	-	-
Inferred	1,500,000	0.15	220,000	-	-
Total	7,200,000	0.19	1,370,000	-	-
Total Resource Inventory
Measured	9,500,000	0.16	1,520,000	-	-
Indicated	55,700,000	0.14	7,980,000	10	600
Inferred	111,700,000	0.14	16,150,000	170	18,600
Total	176,900,000	0.14	25,500,000	110	19,100

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 (Vital Metals) Announcement 4 July 2018, “Watershed Mineral Resources Restatement JORC Code (2012)”.

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

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

23

Tungsten Mining NL Quarterly Activities Report June 2018

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 2018

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	(1,133)	(2,847)
	(b) development	-	-
	(c) production	-	-
	(d) staff costs	(3)	(3)
	(e) administration and corporate costs	(331)	(1,178)
1.3	Dividends received (see note 3)	-	-
1.4	Interest received	126	212
1.5	Interest and other costs of finance paid	-	-
1.6	Income taxes paid	-	-
1.7	Research and development refunds	-	204
1.8	Other (provide details if material)	-	-
1.9	Net cash from / (used in) operating	(1,341)	(3,612)
	activities
2.	Cash flows from investing activities
2.1	Payments to acquire:
	(a) property, plant and equipment	(7)	(525)
	(b) tenements (see item 10)	-	-
	(c) investments	-	-
	(d) other non-current assets	-	-

• 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

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)	-	-
	(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 (security deposit)	-	(40)
2.6	Net cash from / (used in) investing	(7)	(565)
	activities
3.	Cash flows from financing activities
3.1	Proceeds from issues of shares	21,562	35,435
3.2	Proceeds from issue of convertible notes	-	-
3.3	Proceeds from exercise of share options	2	869
3.4	Transaction costs related to issues of	(1,119)	(1,185)
	shares, convertible notes or options
3.5	Proceeds from borrowings	-	-
3.6	Repayment of borrowings
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	20,445	35,119
	activities
4.	Net increase / (decrease) in cash and
	cash equivalents for the period
4.1	Cash and cash equivalents at beginning of
	period	15,033	3,188
4.2	Net cash from / (used in) operating	(1,341)	(3,612)
	activities (item 1.9 above)
4.3	Net cash from / (used in) investing activities	(7)	(565)
	(item 2.6 above)
4.4	Net cash from / (used in) financing activities	20,445	35,119
	(item 3.10 above)`
4.5	Effect of movement in exchange rates on	-	-
	cash held
4.6	Cash and cash equivalents at end of	34,130	34,130
	period(see note 5)

• 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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----- Start of picture text -----

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 1,574 514
5.2 Call deposits 32,556 14,519
5.3 Bank overdrafts
5.4 Other (provide details)
5.5 Cash and cash equivalents at end of 34,130 15,033
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 62
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.

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----- Start of picture text -----

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 1.2 196
7.2 Aggregate amount of cash flow from loans to these parties included
in item 2.3
----- End of picture text -----

• 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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----- Start of picture text -----

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) - -
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.
----- End of picture text -----

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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

9.	Estimated cash outflows for next quarter	Estimated cash outflows for next quarter	Estimated cash outflows for next quarter	$A’000
9.1	Exploration and evaluation				300
9.2	Development (Including purchase of long lead capital				6,000
	items)
9.3	Production				-
9.4	Staff costs				350
9.5	Administration and corporate costs				400
9.6	Other (includes one off	asset acquisition and capital			16,750
	raising costs. Subsequent to the end of the quarter
	the Company raised an additional $25m)
9.7	Total estimated cash outflows(see note 4)				23,800
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
	tenements and
	petroleum
	tenements lapsed,
	relinquished or
	reduced
10.2	Interests in mining	E08/2780	Granted	0%	100%
	tenements and
	petroleum
	tenements acquired
	or increased

• 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

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 2018 (Chief Executive Officer)

Print name: Craig Ferrier

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. The estimated cash outflows for the next quarter are predominantly for the acquisition of Watershed Tungsten Project, capital raising costs and the planned development of the Mt Mulgine Tungsten Project, which the timing of cashflow payments will vary relative to the progress against the project schedule.

5. Cash at end of period has been reported as $34.130 million. This balance does not include share placement funds received and held in trust of $18.195 million as at 30 June 2018. Under Australian accounting standards such amounts are classified as “other financial assets” until such time as the relevant securities have been allotted. The shares were subsequently allotted on the 25 July 2018 and these funds were reclassified to cash.

6. See chapter 19 for defined terms 1 September 2016

Page 5