TUNGSTEN MINING NL — Investor Presentation 2016

Oct 12, 2016

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ASX Announcement

Presentation - Progressing Towards Production (China Update)

Emerging Australian tungsten developer, Tungsten Mining NL (ASX: TGN) (“Tungsten Mining” or “the Company”) is pleased to attach its updated Company Presentation titled “ Progressing Towards Production ”.

We are also pleased to be able to advise that a Chinese language translation has been made available on the Company’s website.

In support of our development plans for the Mt Mulgine Tungsten Project, we have also made available a Chinese language version of key elements of the Company’s website. This can be accessed at www.tungstenmining.com/zh/home-2/ with the ability to switch between English and Chinese language content.

The Peoples Republic of China is the largest producer of tungsten, accounting for approximately 80% of the world’s total output, and is also the world’s largest consumer of the metal. As we advance our development activities at Mt Mulgine, our ability to communicate our progress to the wider industry in China is becoming increasingly important.

Tungsten Mining’s senior management will be meeting with industry representatives in China in late October and early November to engage with specialist metallurgical laboratories/research facilities and potential off-take partners.

-ENDS-

13 October 2016

For further information: Craig Ferrier Chief Executive Officer Ph: +61 8 9486 8492

E: craig.ferrier@tungstenmining.com

For Broker and Media Enquiries: Andrew Rowell / Matt Birney Cannings Purple

Ph: +61 400 466 226 / +61 419 217 090

• E: arowell@canningspurple.com.au / mbirney@canningspurple.com.au

PO Box 517 T +61 8 9486 8492 E info@tungstenmining.com West Perth WA 6872 F +61 8 9322 2370 W www.tungstenmining.com

97 Outram Street West Perth WA 6005

Tungsten Mining NL ABN 67 152 084 403

About Tungsten Mining

Emerging Australian tungsten developer, Tungsten Mining NL is an Australian based resources company listed on the Australian Securities Exchange. The Company’s prime focus is the exploration and development of tungsten projects in Australia.

Tungsten (chemical symbol W), occurs naturally on Earth, not in its pure form but as a constituent of other minerals, only two of which support commercial extraction and processing - wolframite ((Fe, Mn)WO4) and scheelite (CaWO4).

Tungsten has the highest melting point of all elements except carbon – around 3400°C giving it excellent high temperature mechanical properties and the lowest expansion coefficient of all metals. Tungsten is a metal of considerable strategic importance, essential to modern industrial development (across aerospace and defence, electronics, automotive, extractive and construction sectors) with uses in cemented carbides, high-speed steels and super alloys, tungsten mill products and chemicals.

Tungsten Mining has three advanced tungsten projects in Australia: the Mt Mulgine Project in the Murchison region, the Big Hill Project in the Pilbara region and the Kilba Project in the Ashburton region of Western Australia. The Mt Mulgine, Big Hill and Kilba Projects, together contain Mineral Resources reported at a 0.10%WO3 cut-off grade comprising Indicated Resources of 15.4Mt at 0.20% WO3 and 26ppm Mo and Inferred Resources of 73.2Mt at 0.17% WO3 and 220ppm Mo, totalling 88.6Mt at 0.18% WO3 and 186ppm Mo. This represents more than 15.5 million MTU (metric tonne units) of WO3 and 16,480 tonnes of contained Molybdenum. Tungsten Mining is currently identifying opportunities for near term tungsten production, particularly from the Mulgine Hill and Mulgine Trench deposits within the Mt Mulgine Project.

Page 2

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Progressing towards Production

World-class Mt Mulgine Project in development

Tungsten Mining NL: Investor Presentation October 2016

Disclaimer

This presentation includes certain statements that may be deemed ‘forward-looking statements’. All statements, other than statements of historical fact, that refer to any future production, resources or reserves, exploration results and events that Tungsten Mining NL (‘TGN’ or ‘the Company’) expects to occur are forward-looking statements. Although the Company believes that the expectations in those forward looking statements are based upon reasonable assumptions, such statements are not a guarantee of future performance and actual results or developments may differ materially from the outcomes. This may be due to several factors, including market prices, exploration and exploitation success, and the continued availability of capital and financing, plus general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance, and actual results or performance may differ materially from those projected in the forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

The information contained in the report that relates to Mineral Resources, Exploration Targets and Exploration Results is based on information compiled or reviewed 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.

Where the Company refers to previous ASX announcements it has made, throughout this presentation and in the Appendices, it confirms that it is not aware of any new information or data that materially affects the information included in those announcements and all material assumptions and technical parameters underpinning the resource estimates referred to continue to apply and have not materially changed.

Investor Summary

• The Mt Mulgine Project is comparable to the top 20 largest Chinese scheelite mines .

• making it one of the world's largest undeveloped tungsten deposits[1]

• Located in the Mid West region of Western Australia, surrounded by the Karara Mine (Gindalbie Metals Ltd/Ansteel Group Corporation), Golden Grove (MMG Ltd) and Minjar Gold Project (Minjar Gold Pty Ltd). Provides the Mt Mulgine Project with access to roads, .

• power, water, mining equipment, and various other facilities[2]

• The Canadian Fraser Institute Survey of Mining Companies 2015 ranked Western Australia the No. 1 jurisdiction for its Investment Attractive Index. Making Western .

• Australia one of the most favourable destinations in the world for mining activities[3]

• Over the last 10 years, Chinese enterprises have invested more than A$11 billion (CNY .

• 60 billion into the Australian mining industry[4]

1. Refer to Appendix 3 2. Refer to Appendix 2

3. Fraser Institute: Survey of Mining Companies 2015 4. See slide 29 for more details

Tungsten Mining NL

Tungsten Mining NL (ASX:TGN) is an emerging Australian tungsten company listed on the Australian Securities Exchange. The Company's prime focus is to develop its flagship Mt Mulgine Project located in Western Australia.

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Image above: Mt Mulgine trial shaft sunk to collect bulk sample

Company Overview

Capital Structure (ASX:TGN)

Ordinary Shares: 207,315,992 Market Capitalisation: A$13.2M Cash as at 30 June 2016: A$1.56M

12 Month TGN Share Price

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0.06
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0.05
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0.04
0.04
0.03
TGN Share Price (A$/ps)
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Top Shareholders

TGN top 20 shareholders hold up to 79% interest in the company, of which . GWR Group Ltd holds 13.28%[1]

About GWR Group Ltd

GWR Group Ltd is a well-funded resource company, developing a portfolio of mineral projects that includes projects held in its own right, in joint venture and indirectly through investment in other listed entities.

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Source: ASX

1. Refer to Appendix 4

Board and Management

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Gary Lyons, Non-Executive Chairman

Mr Lyons is a successful and well respected Perth based businessman and is a shareholder and Managing Director of the Heiniger Groups Australasian operations – a position he has occupied for the last 25 years. Mr Lyons occupies a number of public office roles, he is currently Chairman of both GWR Group Limited and Corizon Limited.

Chew Wai Chuen, Non-Executive Director

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Mr Chew was a financial advisor with more than 15 years of industry experience, specialising in the provision of corporate and wealth management for ultra-high net worth individuals. With experience in South East Asia capital market and extensive networks of clients based in Singapore and Malaysia, Mr Chew will provide important contributions to the Board. He has successfully worked with a number of financial institutions in Singapore such as, Standard Chartered Bank, OCBC Bank and Credit Suisse Singapore. Mr Chew is now a Managing Partner with a financial advisory firm, providing personal investing planning and wealth management for high net worth individuals and has a good track record of investment into junior mining companies in Australia and South East Asia.

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Lee-Kong-Leng, Non-Executive Director

Mr Lee is a mining engineer with more than 30 years of industry experience and is a member of AusIMM. He has successfully worked with a number of major Australian mining companies and has held senior positions with Hamersley Iron Ltd, Dominion Mining Ltd, Christmas Island Phosphates, North Ltd and Carey Mining Ltd. Mr Lee is currently a director of ASX listed GWR Group Limited and Excelsior Gold Limited. Mr Lee provides mining and corporate advisory services to the mining industry and was formerly a founding director of Terrain Minerals Limited. In addition, he has a successful track record with contract negotiations and company investment strategies.

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Teck Siong Wong, Non-Executive Director

Mr Wong has considerable international business experience having worked in Hong Kong, the United Kingdom and now in Malaysia and Indonesia after graduating with a Bachelor of Business degree from Swinburne University (Melbourne). Mr Wong is involved with iron ore mining industry in Indonesia. He was previously involved in the sales and export of steel related products and was a director of a retail chain business in the United Kingdom, previously known as JW Carpenter Ltd. Mr Wong was working in the OEM plastic manufacturing industry in Hong Kong prior to taking up a position in the steel industry in Malaysia.

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Mark Pitts, Company Secretary

Mr Pitts is a Fellow of the Institute of Chartered Accountants with more than 25 years’ experience in statutory reporting and business administration. He has been directly involved with, and consulted to a number of public companies holding senior financial management positions. He is a Partner in the corporate advisory firm Endeavour Corporate providing company secretarial support, corporate and compliance advice to a number of ASX listed public companies.

Craig Ferrier, Chief Executive Officer

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Mr Ferrier has over 20 years’ experience in the corporate and financial management of public companies gained as an executive and in advisory roles. He has worked within a broad range of sectors including mining and exploration, venture capital, manufacturing and information technology, including roles within the BHP and Ansett groups. Mr Ferrier is the Chief Executive Officer of GWR Group Limited, a major shareholder of Tungsten Mining NL. Immediate past positions include the role of CFO with mid-cap iron ore producer, Grange Resources Limited and immediately prior to that, as CFO of Aurox Resources Limited, Mr Ferrier oversaw the development of the Balla Balla iron ore project and the successful merger with Atlas Iron Limited.

Project Portfolio

• Tungsten Mining NL has an established a portfolio of advanced tungsten (scheelite) projects:

• Mt Mulgine

• Big Hill

• Kilba

• The flagship Mt Mulgine Project is located in the Mid West region of Western Australia, approximately 350km northeast of Perth.

• Mt Mulgine Project has an Indicated and Inferred Mineral Resource Estimate of approximately 72.2Mt with an average grade of 0.18% WO3 containing about 126,420 tonnes of tungsten metal (JORC 2012 .

• compliant, cut-off grade at 0.10% WO3)[1]

• Tungsten Mining NL is focused on delivering on its strategic development plan to demonstrate a path to WO3 production and cash flow within 2 years.

Image: Location Map of TGN Projects

1. Refer to Appendix 1

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Mt Mulgine Tungsten Project

Drill Rig

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Mt Mulgine: Introduction

• The Mt Mulgine Project consists of two scheelite deposits: Mulgine Trench and Mulgine Hill.

• Tungsten Mining NL retains 100% interest in the tungsten and molybdenum exploration and extraction rights.

• Mining Lease (M59/425) granted through to October 2024. The mining lease can be renewed for further periods of 21 years.

• Within the project area, Minjar Gold Pty Ltd (a subsidiary of Shandong Tianye Group) retains 100% interest in the other metal exploration and extraction rights.

• Proximity to available supporting infrastructure such as power, water, roads and accommodation at adjacent Minjar Gold operations,

• Minjar Gold Pty Ltd and Tungsten Mining NL have begun working collaboratively on an .

• Infrastructure Sharing Agreement

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Image Left: Mt Mulgine - Bobby McGee pit at Mulgine Trench, mined for gold by Minjar Gold Pty Ltd, with tungsten ore stockpiled nearby.

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Image Right: Mt Mulgine core farm.

Located in a Mining Province

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World-class base
metals mine
Minjar Gold Project
Large-scale magnetite mine
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Above: Image from Google Earth showing proximity to existing mines and existing infrastructure – 37km from Mt Mulgine project to Minjar Mill.

Mt Mulgine Project is located in an area of mining exploitation. The Gindalbie Metals Ltd/Ansteel Karara magnetite mine is located 20km west of Mt Mulgine and MMG Ltd Golden Grove base metals mine is located 50km north.

Existing haul roads link Mt Mulgine tenements and Minjar Gold processing plant located 37km north.

The Mid West region infrastructure is rich, with extensive rail and road network connecting to Geraldton Port, camp accommodation, airstrip, water, power and other facilities servicing existing operations and utilised by Tungsten Mining NL.

Refer to Appendix 2

Mt Mulgine: History

Ownership/JV

Exploration

Minefields Exploration NL 1970 - 1976

ANZECO JV 1976 - 1982 Minefields Exploration NL 1983 - 1991 Golconda Resources NL

Diamond drilling (276 holes totalling 21,967m) delineated Mulgine Hill and Mulgine Trench scheelite deposits. Followup bulk sampling, metallurgical test work and feasibility studies.

1983 - 1991 Gold exploration Golconda Resources NL General Gold Resources NL 1992 Gold exploration Renison Goldfields Consolidated JV 1993 - 1996 Gold exploration Normandy Gold Pty Ltd JV 1997 - 1999 Gold exploration Gindalbie Gold NL JV 1999 - 2003 Gold exploration Gindalbie Metals Ltd 2003 - 2006 Gold exploration and mining operations (formerly Gindalbie Gold NL) Minjar Gold Pty Ltd 2006 - 2016 Gold exploration and mining operations

Mt Mulgine: History

Ownership/JV

Vital Metals Ltd JV 2005 - 2010

Hazelwood Resources Ltd 2010 - 2015

Tungsten Mining NL 2016

Ownershi /JV p

Minefields Exploration NL/ANZECO JV 1970 - 1982

Vital Metals Ltd JV 2005 - 2010

Hazelwood Resources Ltd 2010 - 2015 Tungsten Mining NL 2016

Exploration

RC drilling exploration targets. Metallurgical test work on Mulgine Trench bulk sample.

Diamond drilling (5 holes totalling 436m) at Mulgine Hill. Assayed samples from Minjar drill holes at Mulgine Trench for tungsten. PFS completed for tungsten concentrator.

RC (35 holes totalling 1,483m) and diamond drilling (6 holes totalling 234m) at Mulgine Hill and Mulgine Trench.

WO Ex enditure[* ] 3 p

$23.6 million $0.9 million $1.8 million $0.9 million

*WO3 exploration and evaluation expenditure restated in 2016 dollars.

Mt Mulgine: History

Metallurgical test work completed by Minefields Exploration NL/ANZECO JV

• At Mulgine Hill, 100 tonne bulk sample collected underground from shaft 2 and shaft 3 with a grade of 0.45% WO3, 5.1% CaF2, 0.021% Cu and 3g/t Ag. Metallurgical test work by Svenskt Stahl in Sweden involved proprietary TRIP process. Two flotation tests produced 68% to 70% WO3 concentrate at 82% recovery.

• At Mulgine Trench, 880kg composite core sample collected with a grade of 0.17% WO3. Flotation produced 65% WO3 concentrate at 58.4% recovery. A bulk sample was collected underground from shaft 4 with a grade of 0.12% WO3. Flotation test work by Svenskt Stahl produced a rougher concentrate of 24.3% WO3 concentrate at 84.3% recovery.

• Tungsten Mining NL planning metallurgical test work on large diameter core samples collected from Mulgine Hill and Mulgine Trench 2016 drilling programmes.

Mt Mulgine: Mineral Resource Statement

Mt Mulgine Project has an Indicated and Inferred Mineral Resource Estimate of approximately 72.2Mt with an average grade of 0.18% WO3 containing about 126,420 tonnes of tungsten metal (JORC 2012 compliant, cut-off grade at 0.10% WO3).

Mulgine Trench, Mineral Resource Estimate[1] (JORC 2012, cut-off 0.10% WO3)

Category	Tonnes (Mt)	Grade WO3 (%)	MTU WO3	Contained Metal (W03 tonnes)	Mo Grade (ppm)	Contained Metal (Mo tonnes)
Indicated	0.4	0.14	50,000	500	400	160
Inferred	63.4	0.17	11,050,000	110,500	250	15,850
Total	63.8	0.17	11,100,000	111,000	250	15,950

Mulgine Hill, Mineral Resource Estimate[2] (JORC 2012, cut-off 0.10% WO3)

Category	Tonnes (Mt)	Grade WO3 (%)	MTU WO3	Contained Metal (W03 tonnes)	Mo Grade (ppm)	Contained Metal (Mo tonnes)
Indicated	4.7	0.21	987,000	9,870	50	235
Inferred	3.7	0.15	555,000	5,550	64	237
Total	8.5	0.19	1,542,000	15,420	56	470

Mt Mulgine has an Indicated and Inferred Mineral Resource Estimate of 72.2Mt @ 0.18% WO3 containing 126,420 tonnes of tungsten.

Note: Totals may differ from sum of individual numbers as numbers have been rounded in accordance with the Australian JORC code 2012 guidance on Mineral Resource reporting. A Metric Tonne Unit (MTU) represents 10 kilograms of WO3.

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

2. Refer ASX (TGN) Announcement 22 June 2016, “Mulgine Hill June 2016 Mineral Resource Update”

3. The Company completed drilling at Mulgine Hill and Mulgine Trench in August 2016. The MRE for Mulgine Hill will be updated upon compilation of all data and interpretation of results. Drilling at Mulgine Trench was located on the eastern edge of the Mineral Resource and the additional information is not considered to have a material effect on the estimate as reported.

Refer to Appendix 1

Mt Mulgine: Mineral Resource Location Plan

23,972 metres of drilling (305 drill holes) has been completed at the Mt Mulgine Project and JORC 2012 compliant Mineral Resource estimates for the Mulgine Hill and Mulgine Trench scheelite deposits. Both deposits are located near surface.

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Exploration potential is excellent with numerous open positions.

The Mulgine Trench Deposit remains open along strike to the northeast and southwest, down dip to the northwest and close to the surface to the southeast.

The Mulgine Hill Deposit remains open to the west along strike.

Image Above: Mt Mulgine location of mineral resources within mining lease

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Mulgine Hill Drill Core Sample Showing Coarse Grain Scheelite (UV light)

Mt Mulgine compared to PRC tungsten deposits

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800,000 3.00%
700,000
2.50%
600,000
2.00%
500,000
400,000 1.50%
300,000
1.00%
200,000
0.50%
100,000
0 0.00%
(tonnes)
3 Grade(%)
3
WO
Contained Metal WO
Shizhuyuan Nannihu Xintianling Xingluokeng Xianglushan Ta'ergou Yaogangxian Sandaozhuang Yanglinao Damingshan Mt Mulgine Cuihongshan Jubankeng Huangshaping Piaotang Xushan Sanhu Zhuantao'ao Xiatongling (No. 1) Yangchuling Xiatongling (No. 2) Dajishan Huanggang Mahuaping Huangsha Youmapo Darongxi Kafang Ruanjiawan Niutangjie Nanhe Yaomuling Fenshuiao Gongpengzi Yaogangxian Nanyingtian Shangping Huangpode Jiaoli (South Area) Situpu Pangushan Qinqishafa Baishitouwa Jiulongnao Laojunshan Xihuashan Hukeng Shiganghe Hongqi Zuobo Baoshan Dongan Maocaogou Erchashu Qiyishan Hongjianbing Jiaoli (North Area) Zhangdou Maoping Yaoling Pingtongling Jixia Fujiashan Lianhuashan Songshujiao Taoxikeng Huamei'ao Guangshan Chashan Longjiaoshan Shirenzhang Kuimeishan Chuankou Meizowo Xiaolong Miantuwo Dangping Xiangdong (Dengfuxian) Dalongshan Daping Taoyuan Xi'an
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• Largest 80 tungsten mines

• Note: Does not include the Dahutang or Zhuxi tungsten deposits,

• Chinese Exploitable Reserves according to PRC guidelines

• Source: Mineral Facts Of China (Chinese Ed, -1999, English Ed. – 2006, Zhu Xun, Editor)

Note: Mt Mulgine is a resource estimate, refer to Appendix 1

Mt Mulgine compared to PRC tungsten deposits

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1.00%
Xushan
0.80% Xianglushan
Zhuantouao Taergou
0.60%
Jubankeng
Yanglinao
Xintianling
0.40% Cuihongshan Yaogangxian
Huangshaping Shizhuyuan
Xiatongling
0.20%
Damingshan
Xingluokeng
Yangchuling
Piaotang Mt Mulgine Nannihu
Sandaozhuang
Shanhu
0.00%
0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000
Contained Metal WO3 (tonnes)
Grade(%)
3
WO
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• Largest 20 tungsten mines (bubble size = contained metal WO3)

• Note: Does not include the Dahutang or Zhuxi tungsten deposits,

• • Chinese Exploitable Reserves according to PRC guidelines

• Source: Mineral Facts Of China (Chinese Ed, -1999, English Ed. – 2006, Zhu Xun, Editor)

Note: Mt Mulgine is a resource estimate, refer to Appendix 1

Mt Mulgine: Geology

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Image above: Mt Mulgine Project Geology

Tungsten-molybdenum mineralisation at Mt Mulgine is associated with the Mulgine Granite – a high-level leucogranite forming a 2km stock intruding the Mulgine anticline.

The granite intrudes a greenstone sequence composed of micaceous schists, amphibolite and talcchlorite schist, which were formerly metasediments, mafic and ultramafic rocks respectively.

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

Mineralisation is zoned as follows:

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

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

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

Mulgine Hill: Drill Programme 2016

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Image above: Mulgine Hill plan displaying hole location, shallow targets and 2016 Mineral Resource outline.

During August 2016, a total of 26 RC holes for 1,007m and five diamond holes for 202.4m were completed to test shallow tungsten mineralisation within 40 metres of the surface and obtain core for metallurgical test work.

Drilling at Mulgine Hill intersected :

• 17 metres at 0.46% WO3 and 0.02% Mo from 2 metres,

• 12 metres at 0.27% WO3 and 0.03% Mo from 4 metres and

• 11 metres at 0.19% WO3 and 0.03% Mo from 5 metres.

Mineralisation is hosted at the sub-horizontal upper contact of phlogopite (mafic) schist overlying quartzmuscovite (fluorite-apatite) greisen.

Mineralogical analysis of drill hole samples shows the tungsten occurs as scheelite enclosed by or in contact with quartz and micas. Fluorite occurs as an accessory mineral. Main gangue minerals are low SG silicates. Pyrite is the main higher SG mineral.

Diamond Drill Rig at Mulgine Hill

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Mulgine Trench: Drill Programme 2016

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During August 2016, a total of 9 RC holes for 476m and one diamond hole for 31.6m were completed to test shallow tungsten mineralisation adjacent to and beneath the Bobby McGee pit and obtain core for metallurgical test work.

Drilling at Mulgine Trench intersected :

• 40 metres at 0.08% WO3 and 0.12% Mo from surface,

• 72 metres at 0.16% WO3 and 0.02% Mo from surface and

• 68 metres at 0.10% WO3 and 0.05% Mo from 7 metres.

Mineralisation is hosted in mafic and ultra-mafic volcanics in a 100-180m thick zone that extends over 1.5km of strike.

Scheelite is associated with foliation parallel quartz veins less than 10cm in width and is strongest where quartz veining averages 15-20% of the total rock volume.

Image above: Mulgine Trench plan displaying results from drilling around the Bobby McGee pit.

RC Drill Rig at Mulgine Trench. Geologist inspecting samples

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Mt Mulgine: Strategic Development Plan

Targeting production facility capable of producing saleable concentrate and by-products from Mulgine Hill by end 2018. In order to achieve this target the Company will undertake the following measured approach:

Drilling	Phase 1 RC and PQ diamond drilling in progress (August 2016) – targeting shallow mineralisation at Mulgine Hill
Metallurgy	Program designed and scheduled to commence in September 2016 – building on previous work
Pilot Plant	Nagrom and Chinese Research Institutes are preferred specialist laboratories
Infrastructure	Discussions advancing with regional operators for infrastructure access
Engineering	Specialist equipment vendors including ore sorting technologies being assessed for early contractor involvement (ECI) to enable expedited engineering and equipment supply schedule

• Engineering work undertaken by previous owners on 330ktpa concentrator

• Production to leverage off existing infrastructure

• Modular plant where feasible

Mt Mulgine: Strategic Development Plan

Tasks	Sep 16	Dec 16	Mar 17	Jun 17	Sep 17	Dec 17	Mar 18	Jun 18
Geology and resource development
Metallurgy
Engineering
Pilot Scale Test work
Project management, permitting and
approvals
Marketing and Commercial
Mining

Big Hill and Kilba Projects

Big Hill Project

The Big Hill Project area is located approximately 30 km northeast of the Nullagine township in the Eastern Pilbara of Western Australia. The project contains the Big Hill deposit where 22,871 metres of diamond and RC drilling have defined a JORC 2012 Mineral Resource of 11.5Mt at 0.15% WO3. A breakdown of this resource is presented in Appendix 1.

Tungsten mineralisation at Big Hill is associated with vein-hosted scheelite within a tremolite-rich unit on the western margins of the Cookes Creek granite. Metallurgical test work conducted on samples from Big Hill at bench and pilot scale have produced high quality tungsten concentrates at acceptable scheelite recoveries. Historical exploration identified additional targets that have not been adequately tested and warrant further investigation.

Kilba Project

The Kilba project is located within the Ashburton Region of Western Australia, 250km southwest of Karratha. To date, drilling has targeted high-grade tungsten mineralisation associated with skarns and calc-silicate units situated close to the Kilba granite. This work has defined a JORC 2012 compliant Mineral Resource of 5.0Mt at 0.24% WO3. A breakdown of this resource is presented in Appendix 1.

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

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Image (Right): Drill rig at Kilba

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Australia and China Diplomatic and Trade Relations

PRC and Australia Diplomatic & Trade Relations

Image: September 4, 2016, President Xi Jinping met Australian Prime Minister Malcolm Turnbull in Hangzhou to attend the G20 summit.

PRC Investment in the Australian Mining Industry

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Contact us

Address: 97 Outram Street Perth, Western Australia, Australia Postcode: 6005 Phone: +61 8 9486 8492 Fax: +61 8 9322 2370 Email: info@tungstenmining.com

Craig Ferrier Chief Executive Officer Phone: + 618 9486 8492 Email: craig.ferrier@tungstenmining.com

Appendix 1: Mineral Resource Statement

Mulgine Trench, Mineral Resource Estimate (JORC 2012, cut-off 0.10% WO3)

Category	Tonnes (Mt)	Grade WO3 (%)	MTU WO3	Contained Metal (W03 tonnes)	Mo Grade (ppm)	Contained Metal (Mo tonnes)
Indicated	0.4	0.14	50,000	500	400	160
Inferred	63.4	0.17	11,050,000	110,500	250	15,850
Total	63.8	0.17	11,100,000	111,000	250	15,950

Mulgine Hill, Mineral Resource Estimate (JORC 2012, cut-off 0.10% WO3)

Category	Tonnes (Mt)	Grade WO3 (%)	MTU WO3	Contained Metal (W03 tonnes)	Mo Grade (ppm)	Contained Metal (Mo tonnes)
Indicated	4.7	0.21	987,000	9,870	50	235
Inferred	3.7	0.15	555,000	5,550	64	237
Total	8.5	0.19	1,542,000	15,420	56	470

Mt Mulgine has an Indicated and Inferred Mineral Resource Estimate of 72.2Mt @ 0.18% WO3 containing 126,420 tonnes of tungsten.

Big Hill, Mineral Resource Estimate (JORC 2012, cut-off 0.10% WO3)

Category	Tonnes (Mt)	**Grade (%WO3) **	MTU	Contained Metal (W03 tonnes)
Indicated	6.2	0.16	992,000	9,920
Inferred	5.3	0.13	689,000	6,890
Total	11.5	0.15	1,681,000	16,810

Kilba, Mineral Resource Estimate (JORC 2012, cut-off 0.10% WO3)

Category	Tonnes (Mt)	**Grade (%WO3) **	MTU	Contained Metal (W03 tonnes)
Indicated	4.1	0.25	1,030,000	10,300
Inferred	0.8	0.20	170,000	1,700
Total	5.0	0.24	1,200,000	12,000

Note: Totals may differ from sum of individual numbers as numbers have been rounded in accordance with the Australian JORC code 2012 guidance on Mineral Resource reporting. A Metric Tonne Unit (MTU) represents 10 kilograms of WO3.

1. Refer ASX (HAZ) Announcement 5 November 2014, “Hazelwood continues to increase tungsten resource” 2. Refer ASX (Tungsten Mining) Announcement 22 June 2016, “Mulgine Hill June 2016 Mineral Resource Update” 3. Refer ASX (Tungsten Mining) Announcement 22 June 2016, “Big Hill June 2016 Mineral Resource Update”

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

Appendix 2: Neighbouring Miners

Shandong Tianye Group

Shandong Tianye Mining Co., Ltd (a subsidiary of Shandong Tianye Group) was set up in 2007. It has mining experts and production management team. The foundation of mining division was established by expanding domestic and overseas projects. In 2009, Shandong Tianye Gold Mining Co., Ltd was founded and then acquired 100% equity in Minjar Gold Pty. Ltd in Australia.

MMG Ltd (ASX: MMG, HKSE: 1208)

MMG Ltd was founded in 2009 to become the world's most respected diversified base metals company. Working in partnership with major shareholder - China Minmetals - its objective is to become a top midtier miner by 2020. MMG operates copper, zinc and other base metals projects across Australia, the Democratic Republic of the Congo, Laos and Peru. MMG also has significant exploration projects and partnerships across Australia, Africa and the Americas. Headquartered in Melbourne, Australia and listed on the Hong Kong Stock Exchange and Australian Securities Exchange.

Gindalbie Metals Ltd (ASX: GBG)

The Karara Project is located 200km east of Geraldton and is a joint venture with Ansteel Group Corporation, one of China’s largest steel-makers. Karara consists of a long-life, magnetite concentrate operation with a smaller-scale supporting hematite operation.

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Appendix 3 Top 80 PRC Tungsten Mines

41	Situpu	1,963,801	1.11%	21,700
42	Pangushan	1,118,110	1.91%	21,300
43	Qinqishafa	3,365,079	0.63%	21,200
44	Baishitouwa	4,714,286	0.42%	19,800
45	Jiulongnao	5,555,556	0.35%	19,500
46	Laojunshan	2,064,516	0.93%	19,200
47	Xihuashan	1,213,115	1.53%	18,500
48	Hukeng	3,497,053	0.51%	17,800
49	Shiganghe	950,226	1.77%	16,800
50	Hongqi	948,478	1.71%	16,200
51	Zuobo	3,418,367	0.39%	13,400
52	Baoshan	1,316,832	1.01%	13,300
53	Dongan	2,817,204	0.47%	13,100
54	Maocaogou	582,960	2.23%	13,000
55	Erchashu	7,298,851	0.17%	12,700
56	Qiyishan	2,652,632	0.48%	12,600
57	Hongjianbing	4,054,054	0.30%	12,000
58	Jiaoli (North Area)	686,334	1.66%	11,400
59	Zhangdou	427,517	2.57%	11,000
60	Maoping	837,209	1.29%	10,800
61	Yaoling	2,454,128	0.44%	10,700
62	Pingtongling	3,909,774	0.27%	10,400
63	Jixia	2,666,667	0.39%	10,400
64	Fujiashan	1,886,792	0.53%	10,000
65	Lianhuashan	9,000,000	0.11%	9,900
66	Songshujiao	932,118	0.99%	9,200
67	Taoxikeng	1,050,175	0.86%	9,000
68	Huamei'ao	5,088,757	0.17%	8,600
69	Guangshan	1,460,000	0.50%	7,300
70	Chashan	717,897	0.99%	7,100
71	Longjiaoshan	1,173,077	0.52%	6,100
72	Shirenzhang	863,636	0.66%	5,700
73	Kuimeishan	1,173,913	0.46%	5,400
74	Chuankou	650,814	0.80%	5,200
75	Meizowo	416,305	1.15%	4,800
76	Xiaolong	479,744	0.94%	4,500
77	Miantuwo	206,186	1.26%	2,600
78	Dangping	176,471	1.19%	2,100
79	Xiangdong (Dengfuxian)	163,755	0.92%	1,500
80	Dalongshan	107,914	1.11%	1,200
81	Daping	15,625	1.28%	200

	Tungsten Mine	Resource (t)	WO3 Grade (%)	Contained Metal (t)
1	Shizhuyuan	200,552,326	0.34%	689,900
2	Nannihu	422,307,692	0.12%	494,100
3	Xintianling	81,918,919	0.37%	303,100
4	Xingluokeng	127,167,382	0.23%	296,300
5	Xianglushan	29,270,270	0.74%	216,600
6	Ta'ergou	28,355,978	0.74%	208,700
7	Yaogangxian	70,482,759	0.29%	204,400
8	Sandaozhuang	160,582,524	0.10%	165,400
9	Yanglinao	35,000,000	0.46%	161,000
10	Damingshan	64,915,254	0.24%	153,200
11	Mt Mulgine	70,233,333	0.18%	126,420
12	Cuihongshan	38,000,000	0.32%	121,600
13	Jubankeng	15,714,286	0.63%	99,000
14	Huangshaping	35,826,772	0.25%	91,000
15	Piaotang	42,216,749	0.20%	85,700
16	Xushan	9,702,381	0.84%	81,500
17	Sanhu	74,111,111	0.09%	66,700
18	Zhuantao'ao	9,925,373	0.67%	66,500
19	Xiatongling (No. 1)	28,666,667	0.23%	64,500
20	Yangchuling	28,700,000	0.20%	57,400
21	Xiatongling (No. 2)	24,521,739	0.23%	56,400
22	Dajishan	2,951,681	1.90%	56,200
23	Huanggang	13,564,103	0.39%	52,900
24	Mahuaping	13,559,783	0.37%	49,900
25	Huangsha	8,494,810	0.58%	49,100
26	Youmapo	12,205,514	0.40%	48,700
27	Darongxi	6,968,254	0.63%	43,900
28	Kafang	18,232,759	0.23%	42,300
29	Ruanjiawan	16,129,032	0.25%	40,000
30	Niutangjie	5,336,195	0.70%	37,300
31	Nanhe	12,807,692	0.26%	33,300
32	Yaomuling	9,735,294	0.34%	33,100
33	Fenshuiao	7,833,333	0.42%	32,900
34	Gongpengzi	7,341,463	0.41%	30,100
35	Yaogangxian	2,190,701	1.27%	27,800
36	Nanyingtian	5,220,000	0.50%	26,100
37	Shangping	10,120,482	0.25%	25,200
38	Huangpode	7,935,484	0.31%	24,600
39	Jiaoli (South Area)	8,277,027	0.30%	24,500
40	Shizhuyuan	5,842,105	0.38%	22,200

Source: Mineral Facts Of China (Chinese Ed, -1999, English Ed. – 2006, Zhu Xun, Editor)

Appendix 4

TGN Top 20 Shareholders

Source: TGN Annual Report 2016

Appendix 5: Tungsten Concentrate Price

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65% WO3 Concentrate Price History (2001-2016)
160,000
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
65% Wolframite Concentrate Price (RMB/tonne)
Jan-01 Aug-01 Mar-02 Oct-02 May-03 Dec-03 Jul-04 Feb-05 Sep-05 Apr-06 Nov-06 Jun-07 Jan-08 Aug-08 Mar-09 Oct-09 May-10 Dec-10 Jul-11 Feb-12 Sep-12 Apr-13 Nov-13 Jun-14 Jan-15 Aug-15 Mar-16
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In recent years, the price for tungsten concentrate has decreased, however in 2016 in order to boost market confidence the Chinese government as well as several large mining enterprises have introduced market stimulus agendas.

In the first half of 2016, the tungsten concentrate price has rebounded in an upward trend, up 50% compared to the low reached in December 2015. As of September, the market is still relatively calm and caught in a wait and see atmosphere.

Appendix 6: Tungsten Applications

• Tungsten concentrate is used to produce tungsten metal, tungsten carbide, tungsten alloys and other compounds.

• Tungsten unique properties means limited or no substitution from other metals.

• Tungsten plays a critical role in industrial engineering and extractive industries reliant on high speed, wear resistant cutting tools and wear plates.

• The main constituent of cemented carbides is tungsten monocarbide (WC), which has hardness close to diamond.

• Cemented carbides account for approximately 60% of global tungsten consumption with a further 24% consumed in the production of steel alloys (high speed steels and tools) and super alloys (aerospace).

• The balance of demand is driven by demand from the electronics and chemical industries.