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Quarterly Report

June 2021

Quarterly Report – June 2021

Highlights

Feasibility studies advanced at the Mt Mulgine Tungsten Project including:
Large diameter (PQ) diamond drilling underway at Mulgine Trench Deposit;
Up to 40 tonnes of core to be collected for future metallurgical test work;
Detailed geological domaining of the Mulgine Trench Deposit ;
Continued development of a geo-metallurgical model of the Mulgine Trench Deposit to confirm metallurgical zones and drill hole locations for future metallurgical test work; and
Ground water and environmental studies.
Continued engagement with potential development and off take partners to underpin completion of the feasibility study and support future financing and construction activities.
Tungsten increasingly seen as a technology metal and, as a key driver of industrialisation with high economic importance, given critical mineral status by the US, the European Commission, Japan, China and Australia.
Global tungsten prices continue to recover – now up by ~ 25% on 2020 prices.
Cash position of $19.35 million as at 30 June 2021.

Commentary

Tungsten Mining continues to implement its strategy directed at building a tungsten business of scale, with a current resource inventory of 41 million MTU’s (metric tonne units) of WO3 (tungsten trioxide), 71,000 tonnes of Mo (molybdenum), 1 million ounces of Au (gold), 44 million ounces of Ag (silver) and 92,000 tonnes of Cu (copper) (refer accompanying Mineral Resource Statement).

This provides 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.

Tungsten Mining’s CEO Craig Ferrier commented, “A pathway to de-risk and support the successful development of the Mt Mulgine Project was mapped out following the completion of the positive Pre-Feasibility Study earlier this year. Critical elements for the development have been identified to enable completion of feasibility studies, engagement with potential partners and financiers and ultimately construction and the successful operation of the Project.

The substantial scale of the Mt Mulgine Tungsten Project, its long life, low production costs and its location in a safe mining jurisdiction justify the commitment of resources to support its development. Our focus now is on engaging with offtake and development partners to ensure Mt Mulgine fulfills its potential as a major tungsten producer for many years.”

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 in Western Australia, Watershed in north east Queensland and Hatches Creek in the Northern Territory (Figure 1).

Figure 1. Projects location map

Mt Mulgine Project, Murchison WA

The Mt Mulgine Project remains the highest priority development project for the Company, responsible for the majority of activity during the quarter.

It 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. The Company also has the rights to all byproducts from the mining of tungsten and molybdenum, which include gold, silver and copper.

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 259Mt at 0.11% WO3, 270ppm Mo, 0.12g/t Au, 5g/t Ag and 0.03% Cu (at 0.05% WO3 cut-off). This is comprised of Indicated Resources of 183Mt @ 0.11% WO3, 290ppm Mo, 0.13g/t Au, 5g/t Ag, 0.04% Cu and Inferred Resources of 76Mt @ 0.11% WO3, 240ppm Mo, 0.09g/t Au, 5g/t Ag and 0.03% Cu (refer accompanying Mineral Resource Statement).

Figure 2. Location of Mulgine Hill & Mulgine Trench Mineral Resources.

Mt Mulgine Development

The Company has continued to advance the feasibility studies for the Mt Mulgine Tungsten Project during the June quarter. This follows completion of the pre-feasibility study (PFS) to assess the technical and financial viability of large-scale mining and processing activities in late 2020.

Diamond drilling is currently underway at Mt Mulgine with a program to drill 32 PQ diamond holes across the Mulgine Trench deposit and collect up to 40 tonnes of core for metallurgical test work. Holes are designed to collect representative material throughout the deposit within the various stages of the proposed 23-year pit design.

The use of this material in future metallurgical test work will significantly de-risk the metallurgical flowsheet and process plant design.

It is envisaged the drilling programme will be completed in September 2021.

Regional groundwater studies have been initiated to confirm a sustainable water source including the granting of a Miscellaneous Licence overlying a paleochannel (L59/190), and planning for drilling of a localised / near mine groundwater source.

Environmental studies, including strategies to minimise disturbance to the environment at Mt Mulgine continued during the June quarter.

Next Steps

The Company’s major activities for the September quarter will be;

Completion of the diamond drilling program described above;
Completion of the short range endemic (SRE) survey of the project footprint;
Further survey of the P1 species Acacia Sulcaticaulis over the project tenements;
Continuing work to establish a secure project water source, including water exploration drilling at potential water source locations; and
Continuing to engage with potential development and off-take partners, government and other industry participants.

Geology and Resources

Mulgine Trench

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

Tungsten-molybdenum mineralisation at Mulgine Trench is associated with altered and quartz veined mafic and ultramafic units that form a 160 metre to 260 metre thick zone over 1.4 kilometres of strike and dips shallowly towards the northwest (Figure 3). Drilling has intersected stronger molybdenum-gold-silver-copper mineralisation associated with a 50m to 120m wide Lower Tungsten-Molybdenum Domain within the larger tungsten envelope.

Mulgine Trench Mineral Resource

From the period July 2019 to February 2020, the Company completed resource definition drilling at Mulgine Trench consisting of 280 holes for 47,983 metres. An update to the Mulgine Trench Mineral Resource Estimate was completed by Optiro in May 2020 (following an interim update in December 2019).

This resulted in 70% of the mineralisation classified as Indicated and a 244% increase in tonnes, a 131% increase in contained tungsten and a 283% increase in contained molybdenum compared to the November 2014 Mineral Resource Estimate. In addition, a maiden resource was defined for associated minerals with approximately 1 million ounces of gold, 44 million ounces of silver and 92,000 tonnes of copper associated with the tungsten mineralisation.

Refer to ASX announcements dated 19 December 2019 and 4 May 2020 for updated Mineral Resource Estimates for the Mulgine Trench deposit and to the accompanying Mineral Resource Statement.

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. The Mineral Resource Estimate for Mulgine Hill as of 21 March 2019 is 12.3 Mt at 0.16% WO3 and 125 ppm Mo (Refer to ASX announcement dated 12 April 2019).

Detailed Geological Modelling

The Company has continued to advance its understanding of mineralisation at Mt Mulgine. Geological logging, multielement geochemistry, Hyperspectral logging by Hylogger-3, Halo spectrometry and quantitative XRD analysis have been used to define geological domains within the Mulgine Trench deposit.

This work has allowed for a detailed understanding of weathering profiles and determination of protolith rock types. The Mulgine Trench Deposit is hosted by a dominantly mafic-ultramafic complex that was subsequently intruded by a felsic

/ greisen unit. Several individual basalt and ultramafic sequences can be sub-divided into individual mappable units throughout the Trench Deposit. In addition, interpretation to the geological connectivity between the Mulgine Trench and Mulgine Hill Deposits has been completed (Figure 3).

Figure 3: Interpreted geological domains (and sub-domains) at Mt Mulgine. Possible relationship / connectivity between the Mulgine Trench and Mulgine Hill deposits has been clarified for the first time.

Tungsten-molybdenum mineralisation at Mt Mulgine is associated with intense hydrothermal alteration related to intrusion of the Mulgine Granite. Several generations of veining have been recognised related to the Mt Mulgine Granite with tungsten mineralisation typically associated with 5mm to 100mm thick white to grey quartz veins. Tungsten occurs as dominantly coarse grained scheelite in or adjacent to vein margins.

Metallurgical Drill Program

The level of geological detail and subsequent interpretation has greatly assisted in the geo-metallurgical domaining of the Mt Mulgine Tungsten Project, enabling specific drill hole locations representative of the ore body to be targeted.

Diamond drilling is currently underway at Mt Mulgine with a program to drill 32 PQ diamond holes comprising of 970m of percussion pre-collars and 2,900m of diamond tails across the Mulgine Trench deposit to collect sufficient material from each geo-metallurgical domain for metallurgical test work. Holes are designed to collect representative material throughout the deposit within the various stages of the proposed 23-year pit design (Figure 4). Diamond holes are twinning existing PFS drilling and given the size of the Mulgine Trench deposit, most of the core is expected to be strongly mineralised (Figure 5).

Up to 40 tonnes of large diameter (PQ) diamond drill core will be collected. The use of this material in future metallurgical test work will significantly de-risk the metallurgical flowsheet and process plant design.

28 of the 32 pre-collars have been completed and diamond drilling has commenced. As of 26 June 2021, 836 metres of pre-collars and 222 metres of core have been drilled. The drilling programme is scheduled to be completed in September 2021.

Figure 4: Location of proposed PQ drilling (blue circles) on Mulgine Trench surface geology.

Figure 5: UV Photograph of typical mineralised core in MMD015 from 100.5m to 103.0m recovered from the current Mulgine Trench drilling program, showing coarse grained scheelite associated with quartz veining. The corresponding zone in the twin hole MMC319 assayed 4m at 0.11% WO3 from 100m, within an overall mineralised envelope of 108m at 0.11% WO3, 70 ppm Mo from surface.

Environmental

The Native Vegetation Clearing Permit (NVCP) for the Mulgine Hill deposit submitted in the March 2020 quarter remains subject to regulatory review and approval processes.

Regional groundwater studies have been initiated to confirm a sustainable water source. A Miscellaneous Licence overlying a paleochannel has been applied for and granted (L59/190). Localised / near mine groundwater sources within large scale bedrock structures are also being reviewed, with drilling program(s) for sustainable water sources planned.

Environmental studies, including strategies to minimise disturbance to the environment at Mt Mulgine are continuing.

The Company is continuing to undertake biological surveys to ensure minimal impact to local species and to maintain project development timeframes.

Strategic planning for environmental scoping to support future approvals continues.

Other Projects

Hatches Creek Polymetallic Project, Davenport Province, NT

The Hatches Creek Project consists of two granted exploration licences covering 31.4 km[2] (EL22912 and EL23463), which cover the entire historic Hatches Creek tungsten mining centre. Hatches Creek is a large historical high-grade tungsten mining centre where mining was undertaken between 1915 and 1957. Previous recorded production is approximately 2,840 tonnes of 65% WO3. Bismuth concentrate and copper ore have also been produced.

On 3 June 2019 the Company announced that it had executed an agreement with GWR Group Limited (ASX: GWR) (“GWR”) to farm-in to the Hatches Creek Project. The Farm-in Agreement provides for Tungsten Mining to direct and manage exploration and development activities at Hatches Creek where past drilling by GWR confirmed multiple high-grade polymetallic tungsten prospects and demonstrated potential for a large high-grade polymetallic tungsten deposit (refer GWR announcements dated 17 July 2018 and 22 May 2019).

The Project is located 375 km north east of Alice Springs in the Northern Territory of Australia (Figure 6).

Figure 6. Hatches Creek Project location map

Pursuant to the terms of the Farm-in Agreement, summarised in the announcement dated 3 June 2019, the Company acquired an initial 20% interest in the Project by reimbursing GWR for past exploration expenditure. Tungsten Mining can increase its interest to 51% by the expenditure of $3,000,000 on exploration, development and mining activities within 5 years of the commencement date. Should a decision to mine be made by the Company whilst in the sole fund stage, the Company has an option to acquire GWR’s remaining interest for $6.96m (indexed for CPI).

Further details on the results of recent and past drilling programs, Mineral Resource Estimate for surface dumps and the Exploration Target Estimate for the Hatches Creek Project are set out in GWR’s ASX announcements dated 17 July 2018 and 22 May 2019.

Watershed Project, Far North, Queensland

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. Former project owner, Vital Metals Limited (Vital Metals) completed a Definitive Feasibility Study (DFS) for the project in 2014.

The Watershed Project substantially adds to Tungsten Mining’s global resource inventory and boasts a JORC 2012 Mineral Resource Estimate of 49.3Mt grading 0.14% WO3 comprising Measured Resources of 9.5Mt at 0.16% WO3, Indicated Resources of 28.4Mt at 0.14% WO3 and Inferred Resources of 11.5Mt at 0.15% WO3 at a cut-off grade of 0.05% WO3 (refer Vital Metals (VML) ASX announcement dated 4 July 2018 – Watershed Mineral Resources Restatement JORC Code 2012).

Figure 7. Watershed Project location map There was no work undertaken during the June quarter.

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 38.5Mt at 0.09% WO3 (0.05% WO3 cut-off) comprising an Indicated Resource of 15.8Mt at 0.11% WO3 and an Inferred Resource of 22.7Mt at 0.09% 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.

In April 2020, DMIRS approved a 3 year extension to Retention License R46/3. 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 Estimate totalling 7.2Mt at 0.19% WO3 (0.05% WO3 cut-off) comprising an Indicated Resource of 5.7Mt at 0.20% WO3 and an Inferred Resource of 1.5Mt at 0.15% 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.

In May 2017, DMIRS approved a 5 year exemption from expenditure for M08/314 pursuant to the Mining Act. There are no planned activities for the Kilba Project in the next quarter.

Corporate

Tungsten Pricing

Global tungsten prices (by reference to price quotations for European ammonium paratungstate – APT) held firm across the June quarter and have strengthened further in early July (US$287-US$292 per mtu) with prices up by approximately 25% on the 2020 average.

After a period of price consolidation, tungsten prices have strengthened in recent weeks amid reports of increased demand for hard metal in Western markets and a tightening of supply for tungsten concentrates and APT. Improved demand is reported from end-user sectors including automotive, aerospace and the construction industry.

Molybdenum and copper, both by-products of the Mt Mulgine Tungsten Project, have also seen substantial price increases in the 12 months to June 2021, with molybdenum up 130% and copper up 67% (per Fastmarkets MB).

Critical Minerals

Tungsten remains a commodity of critical importance to global industry, a fact recognised by countries including USA, Japan, UK and the EU classifying tungsten as a “critical mineral”. In January 2020, the Australian Commonwealth government announced the opening of the Critical Minerals Facilitation Office (CMFO). The role of the CMFO is to position Australia globally as a secure and reliable supplier of critical minerals with tungsten classified as one of the top 10 critical minerals.

In its 2020 assessment of critical minerals, the European Commission recognised tungsten as having the highest economic importance of all raw materials. Tungsten is increasingly recognised as a “technology metal’ with its diverse range of applications in superalloys, semi-conductors, consumer electronics, medical devices and defence.

Project Development

As reported previously, following the release of the PFS in January, the Company is engaging with potential development and off-take partners, government and other industry participants to underpin completion of the feasibility study and support future financing and construction activities. These activities are subject to the usual confidentiality arrangements and the Company will update the market as matters progress and consistent with the requirements of ASX Listing Rules.

Other

In accordance with the reporting requirements of ASX Listing Rule 5.3 the Company incurred expenditure of approximately $480k on exploration and evaluation related activities during the quarter ($477k in the previous quarter). This expenditure included staff salaries & oncosts, consultants and field & support activities that predominantly related to the Mt Mulgine Project.

There were no mining development or production activities conducted during the quarter.

During the quarter, payments to related parties amounted to $165k, comprising $144k Directors’ fees and Director related consulting fees and $21k to associate entity GWR Group Limited for the reimbursement of certain tenement holdings costs for the Hatches Creek Project.

There were no ordinary shares issued by the Company in the current quarter.

The Company’s cash position as at 30 June 2021 was $19.35m.

This ASX announcement was authorised for release by Craig Ferrier, Chief Executive Officer of Tungsten Mining NL.

For further information:

Craig Ferrier

Chief Executive Officer

Ph: +61 8 9486 8492 E: [email protected]

Mark Pitts

Company Secretary Ph: +61 8 9316 9100 E: [email protected]

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 a full-time employee of the company. 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 is this report that relates to Mt Mulgine Project Ore Reserves is based on information compiled by Ms Nicole Player, who is a Competent Person and a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Ms Player is a full time employee of the resource industry consultancy MineGeoTech Pty Ltd and has sufficient experience that is relevant to this 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’. Ms Player consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

The information in this report that relates to Mineral Resources at Mulgine Hill, Big Hill and Kilba are extracted from the reports titled ‘Update on Activities at Mount Mulgine’ released to the Australian Securities Exchange (ASX) on 12 April 2019, ‘Big Hill June 2016 Mineral Resource Update’ released to the ASX on 23 June 2016, and ‘Kilba Mineral Resource Update’ released to the ASX on 30 January 2015, 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 information in this report that relates to Mineral Resources at Mulgine Trench is extracted from the report titled ‘Update of Mineral Resource Estimate for Mulgine Trench Deposit’ released to the ASX on 4 May 2020 and available to view at www.tungstenmining.com . The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX announcement 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 current 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.

Through exploration and acquisition, the Company has established a globally significant tungsten resource inventory in its portfolio of advanced mineral projects across Australia. This provides the platform for the Company to become a major player within the global primary tungsten market through the development of low-cost tungsten concentrate production.

Tenement Summary

Tenement Name	Tenement	Interest held at 31 March 2021	Interest acquired/ disposed of during quarter	Interest Held at 30 June 2021
Kilba Well	E08/2139	100%	N/A	100%
Kilba Well	M08/314	100%	N/A	100%
Kilba Well	E08/2780	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	“
Mt Mulgine	P59/2244	100%	NA	100%
Mt Mulgine	L59/161	100%	N/A	100%
Mt Mulgine	L59/162	100%	N/A	100%
Mt Mulgine	L59/190	0	100%	100%
Big Hill	L46/70	100%	N/A	100%
Big Hill	R46/3	100%	N/A	100%
Watershed	ML20535	100%	N/A	100%
Watershed	ML20536	100%	N/A	100%
Watershed	ML20537	100%	N/A	100%
Watershed	ML20538	100%	N/A	100%
Watershed	ML20566	100%	N/A	100%
Watershed	ML20567	100%	N/A	100%
Watershed	ML20576	100%	N/A	100%
Watershed	EPM25940	100%	N/A	100%
Hatches Creek	EL22912	20%	N/A	20%
Hatches Creek	EL23463	20%	N/A	20%

Certain Mt Mulgine tenements are registered in the name of Minjar Gold Pty Ltd with Mid-West Tungsten Pty Ltd (MWT), a subsidiary of Tungsten Mining NL being the holder of the Tungsten and Molybdenum Mineral Rights. MWT is the registered holder of Prospecting Licence P59/2244 and Miscellaneous Licenses L59/161, 162 and 190.

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

Class Million WO3 WO3 Mo Mo Au Au Ag Ag	Cu	Cu
Tonnes % (Kt) (ppm) (Kt) (g/t) (Koz) (g/t) (Moz)	%	(Kt)
Mulgine Trench (May 2020)1
Measured - - - - - - - - - - -
Indicated 175 0.11 190 290 51 0.14 770 6 32 0.04 69
Inferred 72 0.11 80 250 18 0.10 230 5 12 0.03 24
Total 247 0.11 270 280 69 0.13 1,000 6 44 0.03 92
Mulgine Hill (June 2017)2
Measured - - - - - - - - -
Indicated 8.3 0.18 15 128 1.1 - - - -
Inferred 4.0 0.12 4.8 118 0.5 - - - -
Total 12.3 0.16 20 125 1.5 - - - -
Mt Mulgine (Total)
Measured - - - - - - - - -
Indicated 183 0.11 205 290 52 0.13 770 5 32 0.04 69
Inferred 76 0.11 85 240 18 0.09 230 5 12 0.03 24
Total 259 0.11 290 270 71 0.12 1,000 5 44 0.03 92
Watershed (July 2018)3
Measured 9.5 0.16 15 - - - - - -
Indicated 28.4 0.14 40 - - - - - -
Inferred 11.5 0.15 17 - - - - - -
Total 49.3 0.14 70 - - - - - -
Big Hill (June 2016)4
Measured - - - - - - - - -
Indicated 15.8 0.11 17 - - - - - -
Inferred 22.7 0.09 19 - - - - - -
Total 38.5 0.09 36 - - - - - -
Kilba (January 2015)5
Measured - - - - - - - - -
Indicated 5.7 0.20 11.5 - - - - - -
Inferred 1.5 0.15 2.2 - - - - - -
Total 7.2 0.19 13.7 - - - - - -
Total Resource Inventory
Measured 9.5 0.16 15 - - - - - -
Indicated 233 0.12 273 220 52 0.10 770 4 32 0.03 69
Inferred 111 0.11 124 160 18 0.06 230 3 12 0.02 24
Total 354 0.12 410 200 71 0.09 1,000 4 44 0.03 92

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.

Refer ASX (Tungsten Mining) Announcement 4 May 2020, “Mineral Resource Estimate Update for Mulgine Trench Deposit”.
Refer ASX (Tungsten Mining) Announcement 12 April 2019, “Update on Activities at Mt Mulgine”.
Refer ASX (Vital Metals) Announcement 4 July 2018, “Watershed Mineral Resources Restatement JORC Code 2012”.
Refer ASX (Tungsten Mining) Announcement 23 June 2016, “Big Hill June 2016 Mineral Resource Update”.
Refer ASX (Tungsten Mining) Announcement 30 January 2015, “Kilba Mineral Resource Update”.
The Resource table only includes projects where Tungsten Mining holds a 100% interest.

Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity Tungsten Mining NL ABN Quarter ended (“current quarter”) 67 152 084 403 30 June 2021

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (see note 6) (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	48 (155) - - (506) (344) - 14 - - - -	79 (1,521) - - (2,164) (1,392) - 109 - - 520 -
	(943)	(4,369)

2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets	- - (66) - - -	- - (74) - - -

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 1

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) 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) 2.6 Net cash from / (used in) investing activities	- - - - - - - -	- 125 - - - - - 8
	(66)	59

3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 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 activities	- - - - - - - - -	- - 704 (5) - - - - -
	-	699

4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating 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 (item 3.10 above)	20,354 (943) (66) -	22,956 (4,369) 59 699

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 2

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period (see note 7)		-	-
		19,345	19,345

5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts		Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)		2,155 17,190 - -	3,167 17,187 - -
		19,345	20,354

6. Payments to related parties of the entity and their associates			Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 165 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.			165
			-

7. 7.1 7.2 7.3 7.4 7.5 7.6	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities - - Credit standby arrangements - - Other (please specify) - - Total financing facilities - - Unused financing facilities available at quarter end - Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
		-	-
		-	-
		-	-
		-	-
	N/A

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

8.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8	Net cash from / (used in) operating activities (item 1.9) (943) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - Total relevant outgoings (item 8.1 + item 8.2) (943) Cash and cash equivalents at quarter end (item 4.6) 19,345 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 19,345 Estimated quarters of funding available (item 8.6 divided by item 8.3) 21 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?	(943) - (943) 19,345 -
		19,345
	Answer: N/A
	8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer: N/A
	8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
	Answer: N/A
	Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

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.

Date: 21 July 2021

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Authorised by: ................................................................................... Craig Ferrier – Chief Executive Officer

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Notes

This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.
If this quarterly cash flow 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 cash flow 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.
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.
If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.
If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.
These staff costs of $506K include exploration and evaluation related staff costs of approximately $325K for the current quarter.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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AI assistant

TUNGSTEN MINING NL Interim / Quarterly Report 2021

65918_rns_2021-07-20_a578e80b-1540-4732-b552-6423eec8124c.pdf

Quarterly Report