TUNGSTEN MINING NL — Investor Presentation 2018

Aug 6, 2018

INVESTOR PRESENTATION

August 2018

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Contents

• Tungsten – The Metal

• Project Portfolio

• Mineral Resources

• Tungsten Market Data

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• Clearly Defined Strategy

• Mt Mulgine Tungsten Project

• Building Strategic Alliances

• Corporate Overview

• Summary

• Q&A Session

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Investor Presentation

August 2018

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.

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The information contained in the report that relates to Mineral
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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.

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Investor Presentation

August 2018

Tungsten – the metal

• Critical material – Strategic Importance

• Atomic # 74, chemical symbol “W”

• Two economic tungsten minerals - Wolframite / Scheelite

• Highest melting point

• Highest tensile strength

• Lowest co-efficient of expansion

• High density

• Non-corrosive

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• Cannot be mimicked – no substitute

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Project Portfolio

• Tungsten Mining NL took a strategic view on Tungsten in 2015.

• Acquisitive & Opportunistic

• Establishing a portfolio of advanced tungsten (scheelite) development projects delivering control of a massive inventory of contained metal

• Mineral Resources* of 177 Million tonnes at 0.14% WO3, containing more than 25.5 million MTU (metric tonne units) of WO3 (255,000 tonnes contained metal) at a 0.05% cut-off grade.

• Mt Mulgine Strategic Development Plan  focused on concentrate production in early 2019

• Delivering scalability

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• Comprising Measured Resources of 9.5Mt @ 0.16% WO3, Indicated Resources of 55.7Mt @ 0.14% WO3 and Inferred Resources 111.7Mt @ 0.14% WO3 (refer next slide: Includes Mineral Resources for Watershed Project pursuant to acquisition agreement)

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Investor Presentation

August 2018

Mineral Resources

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Investor Presentation

August 2018

Globally significant Mineral Resource base

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Tungsten Mineral Resources Inventory - Listed Compannies
Non-China
Bubble size = Contained Metal (WO3 million mtu)
1.15 Happy Creek Minerals, 0.97
King Isalnd Scheelite, 8.03
0.95
0.75
Colt Resources, 1.54
0.55
Silver Predator, 0.90
Blackheath Resources, 1.22 Almonty Industries, 36.10
0.35
W Resources, 1.54 Thor Mining PLC, 4.60 Masan Resources, 15.44
Ormonde Industries, 7.12
Premier African Minerals, 5.43
0.15
Carbine Tungsten, 7.12
W Resources, 4.90
Venture Minerals, 4.50
- 50.00 100.00 150.00 200.00 250.00
-0.05 Resource - Million Tonnes
Tungsten Grade %WO3
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Source: Argus, ASX Annual Reports June 2017, Company reports (TGN data includes Watershed per Sale Agreement)

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Investor Presentation

August 2018

Progressing towards Production

 Focused

• Low cost

• Infrastructure ready

• Quality asset portfolio

• Strategic Plan

• Low capex

• Early production

• Project pipeline

• Dual commodity

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Investor Presentation

August 2018

Factors for Success

• Large scale deposits supporting robust project economics

• Existing infrastructure driving low capital expenditure

• Low mining costs from near surface mineralisation and low strip ratios

• Simple metallurgical recovery and processing route

• Stable political climate and regulatory environment supportive of mining

• Competent and experienced management

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Investor Presentation

August 2018

Demand Forecast

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• Global demand for tungsten expected to grow by 4.7% (CAGR) compared with GDP of around 3.7%

• Critical raw material with increasing range of applications.

Source: Argus

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Investor Presentation

August 2018

Global Supply More Concentrated

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2017 Est Global Production

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1%
1%
4%
3%
8%
83%
China
Vietnam
Russia
United Kingdom
Bolivia
Others
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Investor Presentation

August 2018

Tungsten Price Cycle

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Source: Argus (2017 price forecast) – area circled depicted in June 2018 Outlook presented in the figure to the right with ammonium para tungstate (“APT”) price already reaching US$350 in June 2018

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Source: Argus June 2018 Outlook

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Investor Presentation

August 2018

Clearly Defined Strategy

• Building globally significant resource base

• Demonstrate production capability (Phase 1 – Mulgine Hill)

• Increase scale (Phase 2 – Mulgine Trench)

• Deliver multiple projects and revenue streams (Phase 3 – Watershed plus by-products)

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Investor Presentation

August 2018

Mt Mulgine Tungsten Project

• Globally significant JORC (Joint Ore Resource Committee) 2012 Mineral Resource (updated in June 2017)

• Substantial past exploration and feasibility study work completed .

• Tungsten and molybdenum rights held by Tungsten Mining

• Recent drilling highlighting potential to increase tungsten resource at Mulgine Hill and molybdenum mineralisation.

• Proximity to available supporting infrastructure such as power, water, roads and accommodation.

• EPC contract for design and construction of processing plant being finalised.

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Mt Mulgine - Bobby McGee pit, mined for gold, with tungsten mineralisation exposed and open

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Investor Presentation

August 2018

Mt Mulgine – Mineral Resources

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Mulgine Hill Drill Core Sample Showing Coarse Grain Scheelite (UV light) Investor Presentation August 2018

Gravity processing plant arrived on site – Nov ‘17

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Investor Presentation

August 2018

Recent Drilling Extends Mineralisation

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• Recent drilling highlights potential to increase Mulgine Hill tungsten Resource

• Drill testing of historical molybdenum prospect confirms molybdenum potential (together with tungsten)

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Investor Presentation

August 2018

Mulgine Hill project layout

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Investor Presentation

August 2018

18

Building strategic alliances

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 MoU with Xiamen Tungsten Company (“XTC”) executed in November 2017 directed towards off-take and technical collaboration  XTC Management team to visit the Mulgine project later this month.

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Investor Presentation

August 2018

Corporate Overview

Capital Structure ASX: TGN

Shares on issue 728 million

Unlisted Options

Unlisted Options 86 million Market Capitalisation $495m (at 68 cents) Cash as at 31/7/2018 $59 million

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Board and Management

Gary Lyons Tan Sri Dato’ Tien Seng Law Chew Wai Chuen Jimmy Lee Teck Siong Wong

Non-Exec Chairman Non-Exec Deputy Chairman Non-Exec Director Non-Exec Director Non-Exec Director

Experienced company director and businessman Extensive business interests in Malaysia and China Singapore based financial advisor Experienced mining engineer Malaysian based international business experience

Craig Ferrier

Chief Executive Officer

25 years senior management experience

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Investor Presentation

August 2018

Summary

• One of the largest resource inventories outside of China

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• Clear strategy and implementation path

• Improving market for tungsten

• Leading tungsten developer

• Emerging producer

• Low capex pathway to production

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Investor Presentation

August 2018

Q&A Session

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Investor Presentation

August 2018

t: +618 9486 8492

e: gary.lyons@tungstenmining.com

e: craig.ferrier@tungstenmining.com

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