TUNGSTEN MINING NL — Investor Presentation 2025

Nov 11, 2025

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ASX : TGN OTCQB : TGNMF

Mt. Mulgine Scoping Study Demonstrates Globally Significant Critical Minerals Project 12[th] November 2025

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A tungsten-tipped solution to the world’s critical minerals challenges

Important Notices & Disclaimers

Important Information and Disclaimer

Tungsten Mining NL (‘Tungsten Mining,’ ‘TGN’ or ‘the Company’) is an Australian listed resources company. This presentation (“Presentation”) has been prepared by TGN and is provided for information purposes only. This Presentation has been approved for release by the TGN Board.

Not Investment or Financial Product Advice

This Presentation contains summary information about the Company , which is current at the date of this Presentation. The information in this Presentation is of a general nature. It does not purport to be complete, nor does it contain all the information which a prospective investor should consider when making an investment decision or that would be required in a prospectus or product disclosure statement prepared in accordance with the requirements of the Corporations Act.

This Presentation does not constitute or form part of any offer or invitation to sell or issue any securities in any jurisdiction, it should not form the basis of, or be relied on in connection with, any contract or investment decision in relation to any securities in any jurisdiction. This document does not constitute investment advice and has been prepared without considering the recipient’s investment objectives, financial circumstances or individual needs.

No Liability

To the maximum extent permitted by law, the Company and its related bodies corporate and affiliates, and their respective directors, officers, employees or agents, disclaim any liability (including, without limitation, any liability arising out of fault or negligence) for any losses, expenses, damages or costs incurred by you and arising from any use of the information contained in this Presentation, including any error or omission, or otherwise arising in connection with it.

Forward Looking Statements

This Presentation may contain forward‐looking statements which can be identified by forward‐looking terminology, including and without limitation to, the terms “planned”, “expected”, “projected”, “estimated”, “may”, “scheduled”, “intends”, “anticipates”, “believes”, “potential”, “could”, “nominal”, “conceptual” and similar expressions. Indications of and guidance on future earnings financial position and performance are also forward‐looking statements as are any statements in this Presentation regarding TGN’S operations.

Forward looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of the Company. These risks and uncertainties include but are not limited to liabilities inherent in mine development and production, geological, mining and processing technical problems, the inability to obtain any additional mine licenses, permits and other regulatory approvals required in connection with mining and third party processing operations, competition for capital, acquisition of reserves, undeveloped lands and skilled personnel, incorrect assessments of the value of acquisitions, changes in commodity prices and exchange rate, currency and interest fluctuations, various events which could disrupt operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions, the demand for and availability of transportation services and the ability to secure adequate financing. These and other factors should be considered carefully, readers should not place undue reliance on such forward-looking information. There can be no assurance that forward-looking statements will prove to be correct.

Competent Person’s Statement

The information in this announcement that relates to Mining, Metallurgy and Engineering Process Design is based on, and fairly represents information and supporting documentation prepared by Mincore, and was reviewed by Mr Kong Leng (Jimmy) Lee who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Lee is a Non-Executive Director of Tungsten Mining, and has sufficient experience that is relevant to the style of mineralisation and proposed processing and to the activity currently being undertaken to qualify as a Competent Persons as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Lee consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Exploration Results, Exploration Targets and Data Quality 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 (AusIMM). 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.

The Exploration Targets referred to in this announcement are conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource. 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.

Previously released results

Where the Company refers to previous Exploration Results and to the Mineral Resource Estimates in previous announcements, it notes that the relevant JORC 2012 disclosures are included in those previous announcements and it confirms that it is not aware of any new information or data that materially affects the information included in those announcements and all information in relation to the Exploration Results and material assumptions and technical parameters underpinning the Mineral Resource Estimate within those announcements continues to apply and has not materially changed.

Cautionary Statements

The Scoping Study referred to in this ASX announcement has been undertaken for the purpose of initial evaluation of a potential development of the Mt Mulgine Project in Western Australia. It is a preliminary technical and economic study of the potential viability of the Mt Mulgine Project.

The Scoping Study outcomes, production target and forecast financial information referred to in this release are based on low-level technical and economic assessments that are insufficient to support estimation of Ore Reserves. Further exploration, evaluation work and appropriate studies are required before TGN will be able to estimate any Ore Reserves or to provide any assurance of an economic development case.

Of the Mineral Resources scheduled for extraction in the Scoping Study production plan 100% fall within the Indicated Category. No inferred mineral resources or portion of the exploration target features in the mine plan and are not included in the production of financial models.

The Scoping Study is based on material assumptions as outlined in this announcement. These include assumptions about the availability of funding. While TGN considers all the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Scoping Study will be achieved.

To achieve the range of outcomes indicated in the Scoping Study, pre-production funding in the order of A$358 – $A495M (for the preferred development case ) may be required. There is no certainty that TGN will be able to source that amount of funding when required. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of TGN’s shares. It is also possible that TGN could pursue other value realisation strategies such as a sale, partial sale or joint venture of the Project.

Statements in this announcement regarding TGN’s business or proposed business, which are not historical facts, are forward-looking statements that involve risks and uncertainties, such as Mineral Resource estimates, market prices of tungsten, molybdenum, copper, gold and silver, capital and operating costs, changes in project parameters as plans continue to be evaluated, continued availability of capital and financing and general economic, market or business conditions, and statements that describe TGN’s future plans, objectives or goals, including words to the effect that TGN or management expects a stated condition or result to occur. Forwardlooking statements are necessarily based on estimates and assumptions that, while considered reasonable by TGN, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. Investors are cautioned not to place undue reliance on forwardlooking statements, which speak only as of the date they are made.

TGN believes that this announcement includes a fair and balanced summary of the Study. TGN has concluded that it has a reasonable basis for providing these forward-looking statements and the forecast financial information included in this release. This includes a reasonable basis to expect that it will be able to fund the development of the Project upon successful delivery of key development milestones and when required. While TGN considers all material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Study will be achieved and are considered preliminary in nature. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of this Study.

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Corporate Snapshot

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Shares
on Issue
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1,040 Million
4,250 Unlisted
convertible notes
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Last Share Undiluted
Price Market Cap
$0.10 as at $104 Million as at
November 2025 7 [th] November 2025
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Last Share
Price
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7[th] November 2025

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Cash

$1.15 Million as at 30[th] September 2025 Additional $9.49 Million Raised in Sept 2025[1]

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14 Tungsten Mining Share Price Performance
12
10
8
6
4
2
0
Aug-2024 Oct-2024 Dec-2024 Jan-2025 Apr-2025 Jun-2025 Aug-2025 Oct-2025
A$ (CENTS)
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Refer ASX Announcement: 30[th] September 2025, “Tungsten Mining successfully raises $9.5M to advance the Mt. Mulgine gold-tungsten strategy”

Why Invest in Tungsten?

Growing Industry Demand for Tungsten[3]

Booming Demand, Restricted Supply, Rocketing Prices

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Rocketing Prices

Tungsten currently at all-time highs , after China added tungsten to the critical minerals export restriction list in February 2025.

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Critical Mineral/Critical Market

Tungsten market size expected grow strongly to reach US$11.6bn by 2033 (CAGR of 7.8% 2025-2033) based on increasing demand.[1]

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$674
Tungsten Price (USD/MTU)
$700
$650
$600
$550
$500
$450
$400
$350
$300
$250
$200
Nov-2020 Nov-2021 Nov-2022 Nov-2023 Nov-2024 Nov-2025
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Deepening Supply Deficit

China controlled 80% of the world’s mining and processing in 2023. There is declining output from China and lack of new projects elsewhere.[2]

Powerful geopolitical tailwinds

90% of tungsten originates from China and other non-transparent sources. Tungsten is included in critical minerals lists worldwide.

Limited Supply Coming Online

Low prices in recent years have acted as a disincentive to new investment and potential under supply in the long term.

1Source: https://straitsresearch.com/report/tungsten-market

2Source: https://theoregongroup.com/commodities/rare-earths/supply-crisis-in-tungsten-threatens-defense-and-tech-industries 3https://www.itia.info/applications-markets/ Price data sourced from Argus Media

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Global Tungsten Assets

Significant Tungsten Assets (outside of China)

**Tungsten Deposits Comparison - Measured & Indicated Resource ***

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350
TGN Projects
300 Mactung
Sisson
Northern Dancer
250
O’Callaghans
200 Hemerdon
Mt Mulgine
150
Nui Phao
100 Dolphin
Watershed
Mt Carbine
50 Sangdong
Barruecopardo Vostok-2
Valtreixal
0
-0.1 0.4 0.9 1.4 1.9 2.4
Contained, kt
3
WO
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WO3 Grade, %
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TGN’s Mineral Resource inventory is globally significant, with Mt. Mulgine ranking as one of the largest tungsten deposits outside of China

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*Based on publicly available resource information - may not be an exhaustive list. Refer to associated sources.

				Measured
	Rank	Deposit Name	Country	and Indicated Resources (Mt)	WO3 Grade (%)	WO3 Contained (kt)	Status	Company	Source
	1	Mactung	Canada	41	0.73	303	In Development	Fireweed Metals	Link
	2	Sisson	Canada	387	0.07	259	Deposit (FS, 2013)	Northcliff Resources	Link
	3	TGN Projects	Australia	221	0.12	256	In Development	Tungsten Mining	Link
	4	Hemerdon	United Kingdom	164	0.14	229	Care & maintenance	Tungsten West	Link
	5	Northern Dancer	Canada	223	0.10	228	Deposit (PEA, 2011)	Largo Resources	Link
	6	O’Callaghans	Australia	63	0.36	227	Deposit, No Development	Greatland Resources	Link
	7 8 9 10	Mt Mulgine Nui Phao Dolphin Mt Carbine	Australia Vietnam Australia Australia	183 65 11 28	0.11 0.20 0.91 0.22	201 130 103 62	Deposit (PFS, 2021) Operating Mine Operating Mine - De-listed from ASX Operating Mine	Tungsten Mining Masan High- Tech Materials G6M EQR	Link Link Link Link
	11	Watershed	Australia	38	0.15	55	Deposit (DFS, 2014)	Tungsten Mining	Link
							In
	12	Sangdong	South Korea	8	0.51	41	Development (Production	Almonty	Link
							Planned 2025)
	13	Barruecopardo	Spain	21	0.18	37	Operating Mine	EQR	Link
	14	Vostok-2	Russia	2	1.84	37	Operating mine	Primorsky GOK JSC	Link
	15	Valtreixal	Spain	3	0.25	7	Deposit, In development	Almonty	Link
	16	**Hatches Creek **	Australia	-	-	-	Deposit, In development	Tungsten Mining	Link

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Resources are reported in accordance with JORC (2012) or NI 43-101 for Canadian Assets and Almonty’s quoted resources. Mine reserves are quoted for Vostok-2 based on available public information for the asset.

Mt Mulgine Project

Flagship Asset

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Major Resource

Mt. Mulgine ranks as one of the largest tungsten deposits outside of China.

Polymetallic Deposit

Contains significant Tungsten (WO₃) & Molybdenum (Mo), with Copper (Cu), Gold (Au) and Silver (Ag) and other by-product revenue potential.

Significant Expenditure on Asset

Significant expenditure on asset to date to de-risk and move towards production, over 110,000 m of drilling completed.

Ideal Location

330 km north northeast of Perth, Western Australia and 15 km northeast of Rothsay, situated around well-established infrastructure with several mines in proximity.

Safe Investment Jurisdiction

Western Australia is recognised globally as a politically safe and top-tier mining jurisdiction.

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MT. MULGINE PROJECT
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Mt Mulgine shows the potential to become a long-life asset in a tier-1 jurisdiction with competitive financial metrics

Scoping Study outputs for the preferred 6 Mtpa development case

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NPV
Strategic 8% (Pre-Tax)
Long-life. Low-cost. High-value. A$1.0 – 1.4B
Critical minerals sourced from WA, a (A$2.4 – 2.8B at spot prices)
premier mining region.
IRR
(Pre-Tax)
30 – 45%
Project Strategy
(51 – 71% at spot prices)
6 Mtpa start-up.
Potential to ramp-up to 15 Mtpa.
CAPEX
Attractive initial investment:
A$358 – 495M
Polymetallic Deposit
Production of two critical minerals:
Tungsten & Molybdenum OPEX
Complemented by prod. of:
Robust operating cost profile of:
Copper-Gold-Silver
A$25.4 – 30.8/t Ore
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Strip Ratio (avg.)
Low strip ratio of 0.8 : 1
Mine Life
23 years at 6 Mtpa.
Opportunity to Expand
Commodity Price Upside
Economics modelled substantially
below spot prices for all
commodities
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Refer ASX Announcement: 6[th] November 2025, “Mt Mulgine Study Reveals Strategic Critical Minerals Project” Assumed Commodity Prices: Tungsten: US$425/mtu, Molybdenum: US$23/lb, Gold: US$3100/oz, Silver: US$38.50/oz, Copper: US$4.60/lb

Mt Mulgine has the potential to become a long-life asset in a tier-1 jurisdiction with competitive financial metrics

Scoping Study outputs for the 15 Mtpa development case

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NPV
8% (Pre-Tax)
Strip Ratio (avg.)
A$1.7 – 2.3B
Low strip ratio of 0.8 : 1
(A$3.8 – 4.4B at spot prices)
IRR
(Pre-Tax)
42 – 62%
(69 – 93% at spot prices) Mine Life
Project Strategy
10 years at 15 Mtpa.
Potential to start-up at 15 Mtpa.
CAPEX
Attractive initial investment:
A$631 – 868M
OPEX
Robust operating cost profile of:
A$21.6 – 26.2/t Ore
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Refer ASX Announcement: 6[th] November 2025, “Mt Mulgine Study Reveals Strategic Critical Minerals Project” Assumed Commodity Prices: Tungsten: US$425/mtu, Molybdenum: US$23/lb, Gold: US$3100/oz, Silver: US$38.50/oz, Copper: US$4.60/lb

a Mt Mulgine, strategic asset with globally significant scale Mul ine Trench Mineral Resource Estimate g

Mt Mulgine Mineral Resource Estimate (JORC) w/ min. cut-off grade of 0.05% WO3	Mt Mulgine Mineral Resource Estimate (JORC) w/ min. cut-off grade of 0.05% WO3	Mt Mulgine Mineral Resource Estimate (JORC) w/ min. cut-off grade of 0.05% WO3	Mt Mulgine Mineral Resource Estimate (JORC) w/ min. cut-off grade of 0.05% WO3	Mt Mulgine Mineral Resource Estimate (JORC) w/ min. cut-off grade of 0.05% WO3	Mt Mulgine Mineral Resource Estimate (JORC) w/ min. cut-off grade of 0.05% WO3	Mt Mulgine Mineral Resource Estimate (JORC) w/ min. cut-off grade of 0.05% WO3	Mt Mulgine Mineral Resource Estimate (JORC) w/ min. cut-off grade of 0.05% WO3	Mt Mulgine Mineral Resource Estimate (JORC) w/ min. cut-off grade of 0.05% WO3	Mt Mulgine Mineral Resource Estimate (JORC) w/ min. cut-off grade of 0.05% WO3	Mt Mulgine Mineral Resource Estimate (JORC) w/ min. cut-off grade of 0.05% WO3	Mt Mulgine Mineral Resource Estimate (JORC) w/ min. cut-off grade of 0.05% WO3
Class	Million Tonnes	WO3 (%)	WO3 (Kt)	Mo (ppm)	Mo (Kt)	Au (g/t)	Au (Koz)	Ag (g/t)	Ag (Moz)	**Cu (%) **	Cu (Kt)
		Mulgine Trench (May 2020)
Indicated	175	0.11	190	290	51	0.14	770	6	32	0.04	69
Inferred	72	0.11	80	250	18	0.1	230	5	12	0.03	24
Total	247	0.11	270	280	69	0.13	1,000	6	44	0.04	92
Tungsten Mining Total Resource Inventory Includes Mulgine Trench, Mulgine Hill, Watershed and Hatches Creek
Tungsten Mining NL – Resource Inventory at 0.05% WO3 Cut-Off
Class	Million Tonnes	WO3 (%)	WO3 (Kt)	Mo (ppm)	Mo (Kt)	Au (g/t)	Au (Koz)	Ag (g/t)	Ag (Moz)	Cu (%)	Cu (Kt)
		Total Resource Inventory
Total	328	0.11	383	217	70	0.10	1,061	3.9	44	0.04	125

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Refer ASX Announcements: 19th May 2025, “Hatches Creek Mineral Resource Estimate Shows Potential”, 4th May 2020, “Mineral Resource Estimate Update for Mulgine Trench Deposit” , 12th April 2019, “Update on Activities at Mt Mulgine”, 4th July 2018, 9 “Watershed Mineral Resources Restatement JORC Code 2012”, 6th October 2025, “Mineral Resource Estimate Strengthens Gold-tungsten Strategy At Mt Mulgine Project” (Note – Bobby McGee excluded as it forms part of the Global Mt Mulgine MRE

Initial mine plans demonstrate significant production of tungsten, base and precious metals with low strip ratios

Key Outcomes

Annual Production by Commodity

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1,178 ,
Molybdenum t/a
1,301 ,
Copper t/a
9,580 ,
Gold Oz/a
531,284 ,
Silver Oz/a
4,543 , Tungsten
(WO3 Contained) t/a
Base Metals (t/a) Precious Metals (oz/a)
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• Modelled life: 23 Years

• Total ore processed: 136 Mt

• • Strip ratio: 0.8

• Maximum pit depth: 250 m

• • Potential to optimise

Open Pit Stages

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Stage 3
Stage 2
Stage 1
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Refer ASX Announcement: 6[th] November 2025, “Mt Mulgine Study Reveals Strategic Critical Minerals Project”

Preliminary flowsheet targets production of three key concentrates: tungsten, molybdenum and copper-gold-silver

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Key Outcomes

• Conventional flowsheet supported by positive metallurgical testwork results:

• Three-stage crushing

• Primary gravity concentration

• Sulfide flotation (Mo & Cu-Au-Ag)

• Scheelite secondary gravity and flotation

	LoM Average	Recoveries
	Tungsten	72.5%
	Molybdenum	70%
	Gold	41%
	Silver	47%
	Copper	62%

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Refer ASX Announcement: 6[th] November 2025, “Mt Mulgine Study Reveals Strategic Critical Minerals Project”

Mt Mulgine site infrastructure

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Reliable onsite power supported by Gas-fired generation and renewable energy sources (potential for a Power solar micro-grid solution). To be designed with consideration for expandability. Required capacity expected to range from 2.4 – 3.6 GL/a at 6 Mtpa Water Water supply expected to be derived from fractured rock and paleochannel systems. Opportunity for supply to be supplemented by regional basin systems. Site easily accessed by road – dominantly sealed road. Transport Approximately 250 km to Geraldton Port, and within driving distance to Perth. & Logistics Containerised concentrate shipments Access to highly skilled local workforce Workforce Expect chartered flights from Perth to nearby airstrips DIDO from Geraldton, FIFO from Perth, supplemented by the local workforce

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Refer ASX Announcement: 6[th] November 2025, “Mt Mulgine Study Reveals Strategic Critical Minerals Project”

Mt Mulgine site infrastructure

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Plant Infrastructure Mulgine Trench Pit
Tailings Accommodation
Waste Rock
Dumps
Proximal tailings solution Permanent onsite camp
Preliminary tailings storage expected to comprise 250 – Accommodation
facility design located south of 300 rooms. Camp
the plant and mining
infrastructure. Opportunity to leverage
existing infrastructure in the
Design and location to be region for construction and
refined during the next study temporary facilities.
phase.
Tailings
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Refer ASX Announcement: 6[th] November 2025, “Mt Mulgine Study Reveals Strategic Critical Minerals Project”

Competitive cost profile underpinned by low-cost flowsheet and significant scale

Cost profile supported by:

Conventional low-cost processing

Distribution between OPEX to CAPEX

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Significant economies of scale

Capital Costs

	6 Mtpa Processing Plant	A$M
	Direct Costs	$210.5
	Process Plant
	Process Infrastructure
	Non-Process Infrastructure (NPI)
	Camp
	Site Infrastructure Mining Infrastructure
	TSF
	Indirect Costs	$63.1
	Owner's Cost EPCM Costs	$21.0 $42.1
	25% - 75% Contingency	$68.4 – 205.2
	Capitalised Waste Total CAPEX Costs	$16 $358 – $495

	Financial Inputs
	Discount Rate - Real	8%
	Company Tax Rate	30%
	Capitalised Waste (1st year only)	30%
	FX Rate (USD : AUD)	0.65
	Government Royalties	5%

Operating Costs

	Plant Area	A$/t ore
	Crushing	$1.5
	Processing Plant	$13.7
	Tailings Disposal	$1.3
	Labour & Personnel	$6.1
	Mobile Equipment NPI	$0.6 $0.3
	Camp & Accommodation	$1.3
	Admin	$0.5
	Concentrate Transport	$0.2
	Operating Costs incl. up to 20% Contingency	$25.4 - $30.8
	Mining	A$/t TMM
	Mining Cost	$5.5

Product Basis

		Units	Commodity Prices	Payability Factors
	Tungsten	US$/mtu	425	80%
	Molybdenum	US$/lb	23	85%
	Gold	US$/oz	3,100	97%
	Silver	US$/oz	38.5	90%
	Copper	US$/lb	4.6	96%

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Refer ASX Announcement: 6[th] November 2025, “Mt Mulgine Study Reveals Strategic Critical Minerals Project”

Considerable upside in project valuation relative to spot prices

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Commodity Price Table
Net Present Value at 6 Mtpa:
Base Commodity Spot Prices
A$M, pre-tax, 8% disc. Prices (23-10-25)
$3,000
Base Commodity
Units Spot Prices
Prices
A$2,796M
Tungsten US$/mtu 425 642.5
$2,500
A$2,383M Molybdenum US$/lb 23 25.3
Gold US$/oz 3,100 4,100
$2,000
Silver US$/oz 38.5 48.7
Copper US$/lb 4.6 4.98
$1,500
A$1,415M
Commodity Prices: 5 Year (% change)
Gold (Investing.com)
270%
$1,000 A$1,003M
Silver (Investing.com)
220%
Copper (Investing.com)
$500 170% Molybdenum (Asian Metal)
Tungsten (Argus Media)
120%
$0 70%
Conservative Aggressive
NPV - Spot Commodity Prices (23/10/25) 20%
NPV - Base Commodity Prices -30%
Oct-20 Oct-21 Oct-22 Oct-23 Oct-24 Oct-25
Net Present Value (A$M)
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Refer ASX Announcement: 6[th] November 2025, “Mt Mulgine Study Reveals Strategic Critical Minerals Project”

Preferred development case is robust under a range of macroeconomic conditions

Study NPV Sensitivity Analysis A$1,415M Gross Revenue by Commodity A$M, pre-tax, 8% disc. %LoM Gross Revenue – Base Prices Mining OPEX +15%, -15% 6 Mtpa Total Capital Cost +15%, -15% (Aggressive) Lower Contingency Molybdenum Recovery -15%, +15% Molybdenum Price -15%, +15% 23% Processing OPEX +15%, -15% By-products Tungsten Price -15%, +15% Copper, Gold, Silver 58% Tungsten Recovery -15%, +15% FX Rate +15%, -15% 19% Tungsten Mining OPEX +15%, -15% in-situ value: Molybdenum ~0.11% WO₃ Total Capital Cost +15%, -15% A$1,003M 6 Mtpa (Conservative) Molybdenum Recovery -15%, +15% Higher Contingency Molybdenum Price -15%, +15% Processing OPEX +15%, -15% Tungsten Price -15%, +15% Tungsten Recovery -15%, +15% FX Rate +15%, -15% 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Study NPV8% (Pre-Tax) (A$M)

Gross Revenue by Commodity

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16

Refer ASX Announcement: 6[th] November 2025, “Mt Mulgine Study Reveals Strategic Critical Minerals Project”

Key Opportunities offer potential upside

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Resource Growth
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• Increase tungsten and gold inventory through additional exploration.

• Opportunity to potentially convert the gold exploration target into an economic resource.

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Magnetite Potential
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• Quantify Magnetite within resource

• Assess potential for additional revenue generation

• Initial testwork indicates the potential to recover a high-grade magnetite concentrate.

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Flowsheet
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• Opportunity to optimise flowsheet during next study phase, and refine product circuits

• Assess opportunity to process further downstream (e.g. Ammonium Paratungstate, Ferro-tungsten)

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Infrastructure Strategies

• Explore strategies that leverage existing infrastructure at nearby operations to reduce capital costs

• Airstrips, accommodation and water supply

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Mining

• Optimisation of mining processes

• Streamline waste and ore movement, assess stockpiling, fleet requirements, blending etc.

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Commercial
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• Explore potential technical or financial strategic partnerships

• Secure potential offtake partners

• Potential government incentives (domestic & overseas), targeted project support (incl. infrastructure & ESG)

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17

Refer ASX Announcement: 6[th] November 2025, “Mt Mulgine Study Reveals Strategic Critical Minerals Project”

Potential development timeline to FID in 2027 and first production in 2029

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2025 2026 2027 2028 2029
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Scoping Engineering, Procurement &
PFS DFS FID Production
Study Construction
Pre-Production
Approval Submissions and Supporting Project Work
Mining
Key Outcomes
Accelerated approvals timeline to be defined during PFS, with the aim of submitting all major approval applications during the PFS/DFS period
PFS and DFS are expected to continue from Q4 CY2025 through to Q3 CY2027
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Final investment decision Q4 CY2027

18-month project development for Detailed Engineering, Procurement and Construction.

Concentrate production Q3 CY2029.

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18

Refer ASX Announcement: 6[th] November 2025, “Mt Mulgine Study Reveals Strategic Critical Minerals Project” The development timelines presented are indicative only and subject to change. They do not constitute a commitment or forecast and may be updated as project planning progresses.

Key Upcoming Catalysts Significant milestones and catalysts expected over next 12-24 months[1]

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Q4
2027
Q3
2027
Q3
2026 Final
Q3 Investment
2026 Completion of Decision
Q2 Mt. Mulgine
2026 Commence DFS
Q1-2 Mt. Mulgine
2026 DFS [2]
Q1-2 Potential NASDAQ
2026 Completion of Listing
Q4 Mt Mulgine PFS
2025 Engage with
Q4 Critical Minerals
2025 Engage with Offices
Q4 Potential Offtake,
2025 Mt Mulgine Strategic and Explore Funding
Q4 Trench Resource Technical Partners Options
2025 OTCQB Expansion
Listing Exploration
Commence
Target
Mt Mulgine PFS
Appoint US
Scoping Study
Broker &
Results
Lobbyists /
Advisors
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19

1All events and milestones outlined in this chart are subject to change either at the discretion of the Company and/or due to events outside TGN’s control 2Contingent on a positive Scoping Study, Pre-Feasibility study and board approval

TGN – Significant Value Uplift Potential

TGN has significant upside potential when compared to peers in the tungsten production market

	Company	EV/Reserve A$/t contained WO3	WO3 Contained Reserve Tonnes
	Almonty	55,789	51,444
	EQ Resources	6,302	33,802
	Tungsten Mining	411	177,550

EV/Reserve (A$/t contained WO3)

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60,000
50,000
40,000
30,000
20,000
10,000
0
Almonty EQ Resources Northcliff Tungsten Mining Tungsten West
EV/Reserve (AS/t contained metal)
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EV/Resource (A$/t contained WO3)

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9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
Almonty EQ Resources Guardian Largo Northcliff Tungsten Mining Tungsten West
EV/Resource (AS/t contained metal)
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Notes:

• Blue shaded companies represent companies in production. Northcliff, Tungsten West, Largo and Guardian are all in development stages for their tungsten assets.

• Data current as of 13[th] of October 2025, information derived from publicly available market and resource data

• See reference table in Appendix A

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20

Corporate Overview

Board & Management

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Gary Lyons Non-Exec Chairman

Experienced company director and businessman. Mr Lyons, recently retired, as Managing Director and shareholder after almost 40 years of the Heiniger Group’s Australasian operations.

Mr Lyons currently serves as NonExecutive Chairman of GWR Group Limited, Western Gold Resources and E-metals Limited

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Tan Sri David Law

Non-Exec Deputy Chairman

Highly experienced investor with a broad portfolio of business interests and strategic investments across Asia and Australia. Brings deep expertise in high-growth sectors including Steel Making, Mining, Property Development, and Agriculture.

Currently serves as Deputy Chairman of Hiap Teck Venture Berhad, a publicly listed company in Malaysia.

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Russell Clark

Non-Exec Director

Highly experienced and successful senior resource sector executive, with more than 40 years’ experience in corporate, operational and project development roles in Australia and overseas.

Mr Clark currently serves as Non-Executive Chairman of Vault Minerals Limited and CZR Limited.

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Chew Wai Chuen

Non-Exec Director

Financial advisor with more than 15 years of industry experience, specialising in the provision of corporate and wealth management for ultrahigh net worth individuals in Southeast Asia capital markets with extensive networks of clients in Singapore and Malaysia.

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Jimmy Lee

Non-Exec Director

Mining engineer with more than 30 years of industry experience and is a member of AusIMM.

His career includes senior positions across multiple major Australian mining companies.

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Teck Wong

Executive Director

Extensive international business experience, having held key roles across Hong Kong, United Kingdom, Malaysia, and Australia. He has been actively involved in the mining and steel manufacturing industry in Asia.

Mr Wong currently serves as Non-Executive Director of several ASX-listed resource companies, including GWR Group Ltd, Western Gold Resources Ltd and E-Metals Ltd.

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Simon Borck

CFO & Company Secretary

Chartered Accountant with 15 years of experience as a senior finance executive in the resources sector.

Mr Borck has expertise in statutory, financial, and management reporting, as well as company secretarial matters.

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21

Contact Us

Telephone +61 8 9486 8492 E-mail info@tungstenmining.com

Website www.tungstenmining.com Address Level 4, 46 Colin Street, West Perth 6005, Western Australia

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A tungsten-tipped solution to the world’s critical minerals challenges

ASX : TGN

Appendix A – Peer Comparison Table

	Property Name	Development Stage	Owner	Market Cap (AUD M)	Enterprise Value (AUD M)	Owner %	Reserves Tonnes (Mt)	M&I Tonnes (Mt)	Inferred Tonnes (Mt)	Total Resource (Mt)	Reserve Grade %	Measured and Ind Grade %	Inferred Grade %	Resource Grade %	Contained Reserves Tonnes (WO3)	Contained M&I Tonnes (WO3)	Contained Inferred Tonnes (WO3)	Total Resources Contained Tonnes (WO3)	Source
	Los Santos	Care & Maintenance	Almonty Industries			100	1.5	2.2	1.9	4.1	0.34	0.29	0.25	0.27	4,951	6,316	4,700	11,016	Link
	Valtreixal	Development	Almonty Industries			51	2.5	2.8	15.4	18.2	0.25	0.25	0.08	0.11	6,373	7,070	12,335	19,405	Link
	Panasqueira	Operating	Almonty Industries			100	2.0	10.0	10.3	20.3	0.20	0.23	0.24	0.23	4,000	23,130	24,617	47,747	Link
	Sangdong	Construction	Almonty Industries			100	8.6	8.0	50.7	58.7	0.42	0.51	0.43	0.44	36,120	40,800	218,010	258,810	Link
	Total Almonty			2,680	2,870		14.6	23.0	78.3	101.3					51,444	77,316	259,662	336,978
	Wolfram Camp	Development	EQ Resources			100	0.4	0.5	1.9	2.4	0.22	0.23	0.31	0.29	880	1,150	5,890	7,040	Link
	Barruecopardo	Operating	EQ Resources			100	10.5	20.5	3.9	24.4	0.16	0.18	0.26	0.19	16,318	37,396	9,997	47,393	Link
	Mt Carbine	Operating	EQ Resources			100	5.9	28.2	10.7	38.9	0.28	0.22	0.30	0.24	16,604	62,009	32,040	94,049	Link
	Total EQR			150	213		16.8	49.2	16.4	65.6					33,802	100,555	47,927	148,483
	Currais Novos	Development	Largo			100	0.0	3.5	0.8	4.3	0.00	0.12	0.09	0.11	0	4,152	744	4,896	Link
	Northern Dancer	Prefeas / Scoping	Largo			100	0.0	223.4	201.2	424.6	0.00	0.10	0.09	0.10	0	225,634	179,068	404,702	Link
	Total Largo			197	340			226.9	202.0	428.9					0	229,786	179,812	409,598
	Hatches Creek	Scoping	Tungsten Mining			100	0.0	0.0	12.0	12.0	0.00	0.00	0.17	0.17	0	0	20,900	20,900	Link
	Mt Mulgine	Pre-Feasibility	Tungsten Mining			100	140.0	183.0	76.0	259.3	0.10	0.11	0.11	0.11	145,600	206,790	84,360	291,150	Link
	Watershed	Feasibility Complete	Tungsten Mining			100	21.3	37.9	11.5	49.4	0.15	0.15	0.15	0.15	31,950	54,960	17,250	72,210	Link
	Total TGN			71	73		161.3	220.9	99.5	320.7					177,550	261,750	122,510	384,260
	Mactung	Prefeas / Scoping	Fireweed Metals	700	631	100	0.0	41.5	12.2	53.7	0.00	0.73	0.59	0.70	0	301,560	72,050	373,610	Link
	Dolphin	Operating	Group 6 Metals			100	4.9	11.4	0.0	11.4	0.91	0.91	0.00	0.91	44,408	103,376	0	103,376	Link
	Pilot Mountain	Prefeas / Scoping	Guardian Metal	230	227	100	0.0	9.0	3.5	12.5	0.00	0.26	0.31	0.27	0	23,400	10,837	34,237	Link
	Molyhill	Development	Tivan	268	262	100	0.0	2.8	1.8	4.6	0.00	0.30	0.20	0.26	0	8,472	3,646	12,118	Link
	Sisson	Development	Northcliff Resources	127	131	88.5	334.4	387.0	187.0	574.0	0.07	0.07	0.05	0.06	220,704	259,290	93,500	352,790	Link
		Mining
	Santa Comba	Concession	Pivotal Metals	9.1	7.6	100	7.5	8.7	1.3	9.9	0.15	0.15	0.24	0.16	11,220	12,990	3,048	16,038	Link
		Cancelled
	Grey River	Exploration / Development	Playfair Mining	6.2	6.2	100	0.0	0.0	1.2	1.2	0.00	0.00	0.73	0.73	0	0	8,541	8,541	Link
		Feasibility /
	Springer	Evaluating	Private Ownership			100	0.0	0.2	1.8	2.0	-	0.43	0.48	0.48	-	1,058	8,448	9,506	Link
		Restart
	Hemerdon	Development / Economic Plan	Tungsten West	33	82	100	70.7	163.7	163.1	326.8	0.15	0.14	0.11	0.12	106,050	229,180	179,410	408,590	Link

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23

Notes:

• Resource and project information derived from publicly available resource data (see corresponding links), market data sourced from statistics per stockanalysis.com as of 13[th] October 2025

Appendix B – TGN Global Mineral Resource Estimate

Mt Mulgine Mineral Resource Global@ 0.05% WO3 Cut-off	Mt Mulgine Mineral Resource Global@ 0.05% WO3 Cut-off	Mt Mulgine Mineral Resource Global@ 0.05% WO3 Cut-off	Mt Mulgine Mineral Resource Global@ 0.05% WO3 Cut-off	Mt Mulgine Mineral Resource Global@ 0.05% WO3 Cut-off	Mt Mulgine Mineral Resource Global@ 0.05% WO3 Cut-off	Mt Mulgine Mineral Resource Global@ 0.05% WO3 Cut-off	Mt Mulgine Mineral Resource Global@ 0.05% WO3 Cut-off	Mt Mulgine Mineral Resource Global@ 0.05% WO3 Cut-off	Mt Mulgine Mineral Resource Global@ 0.05% WO3 Cut-off	Mt Mulgine Mineral Resource Global@ 0.05% WO3 Cut-off	Mt Mulgine Mineral Resource Global@ 0.05% WO3 Cut-off
Classification	Tonnes	WO3	WO3	Mo	Mo	Au	Au	Ag	Ag	Cu	Cu
	Mt	%	kt	ppm	kt	g/t	koz	g/t	Moz	%	kt
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

Mt Mulgine Mineral Resource for Gold(Incl. Black Dog & Camp) – December 2018	Mt Mulgine Mineral Resource for Gold(Incl. Black Dog & Camp) – December 2018	Mt Mulgine Mineral Resource for Gold(Incl. Black Dog & Camp) – December 2018	Mt Mulgine Mineral Resource for Gold(Incl. Black Dog & Camp) – December 2018	Mt Mulgine Mineral Resource for Gold(Incl. Black Dog & Camp) – December 2018	Mt Mulgine Mineral Resource for Gold(Incl. Black Dog & Camp) – December 2018	Mt Mulgine Mineral Resource for Gold(Incl. Black Dog & Camp) – December 2018	Mt Mulgine Mineral Resource for Gold(Incl. Black Dog & Camp) – December 2018	Mt Mulgine Mineral Resource for Gold(Incl. Black Dog & Camp) – December 2018	Mt Mulgine Mineral Resource for Gold(Incl. Black Dog & Camp) – December 2018
Classification	Oxide		Transitional		Fresh		Total
	Kt	Au (g/t)	Kt	Au (g/t)	Kt	Au (g/t)	Kt	Au (g/t)	Au (oz)
Indicated	540 1.03 483 0.96 360 1.20 1350 1.05 46,700
Inferred	12 1.06 40 1.04 322 1.20 370 1.17 14,200
Total	552 1.03 524 0.96 680 1.20 1,800 1.03 60,800

Watershed Mineral Resource Global @ 0.05% WO3 Cut-off

Classification	Tonnes	WO3	WO3	Mo	Mo	Au	Au	Ag	Ag	Cu	Cu
	Mt	%	kt	ppm	kt	g/t	koz	g/t	Moz	%	kt
Measured	9.5 0.16 15 - - - - - - - -
Indicated	28.3 0.14 40 - - - - - - - -
Inferred	11.5 0.15 17 - - - - - - - -
TOTAL	49.3 0.14 70 - - - - - - - -

Hatches Creek Mineral Resource Global @ 0.05% WO3 Cut-off & 0.10% Cu Cut-off

Classification	Tonnes	WO3	WO3	Mo	Mo	Au	Au	Ag	Ag	Cu	Cu
	Mt	%	kt	ppm	kt	g/t	koz	g/t	Moz	%	kt
Inferred - Tungsten	12 0.17 21 - - - - - - 0.12 14
Inferred - Copper	6.1 - - - - - - - - 0.29 18
TOTAL	18.1 0.11 21 - - - - - - 0.18 32

Total Resource Inventory	Total Resource Inventory	Total Resource Inventory	Total Resource Inventory	Total Resource Inventory	Total Resource Inventory	Total Resource Inventory	Total Resource Inventory	Total Resource Inventory	Total Resource Inventory	Total Resource Inventory	Total Resource Inventory
Classification	Tonnes	WO3	WO3	Mo	Mo	Au	Au	Ag	Ag	Cu	Cu
	Mt	%	kt	ppm	kt	g/t	koz	g/t	Moz	%	kt
Measured	9.5 0.16 15 - - - - - - - -
Indicated	212.4 0.11 245 249 52 0.12 817 4.3 32 0.03 69
Inferred	106.4 0.11 123 172 18 0.06 244 3.6 12 0.05 56
TOTAL	328.2 0.11 383 217 70 0.10 1061 3.9 44 0.04 125

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Refer ASX Announcements: 19th May 2025, “Hatches Creek Mineral Resource Estimate Shows Potential”, 4th May 2020, “Mineral Resource Estimate Update for Mulgine Trench Deposit” , 12th April 2019, “Update on Activities at Mt Mulgine”, 4th July 2018, 24 “Watershed Mineral Resources Restatement JORC Code 2012”, 6th October 2025, “Mineral Resource Estimate Strengthens Gold-tungsten Strategy At Mt Mulgine Project” (Note – Bobby McGee excluded as it forms part of the Global Mt Mulgine MRE