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TUNGSTEN MINING NL Investor Presentation 2026
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TUNGSTEN MINING
A tungsten-tipped solution to the world's critical minerals challenges
ASX ANNOUNCEMENT
13th May 2026
Presentation – Critical Minerals Investor Lunch
Tungsten Mining NL (ASX: TGN, OTCQB: TGNMF) (“Tungsten Mining,” “TGN,” or “the Company”) is pleased to advise that the attached Presentation titled “Tungsten Mining: Developing Two World-Class Critical Minerals Projects” was delivered today by TGN Chairman, Gary Lyons, at the NWR Communications Critical Minerals Investor Lunch.
-ENDS-
For further information:
Teck Wong
Chief Executive Officer
Ph: +61 8 9486 8492
E: [email protected]
Gary Lyons
Chairman
Ph: +61 8 9486 8492
E: [email protected]
This ASX announcement was authorised for release by the Board of Tungsten Mining NL.
About Tungsten Mining NL
Critical minerals developer, Tungsten Mining NL is an Australian-headquartered resources company listed on the Australian Securities Exchange (ASX:TGN) and US OTCQB (OTCQB:TGNMF). Its prime focus is the exploration and development of tungsten and critical minerals projects.
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 a platform for the Company to become a major player within the global primary tungsten market through the development of low-cost tungsten concentrate production.
About tungsten
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 also 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. It 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.
ASX: TGN
OTCQB: TGNMF
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TUNGSTEN
MINING
ASX: TGN
OTCOB: TGNMF
Tungsten Mining: Developing two world-class critical minerals projects
13th May 2026
NWR Communications Critical Minerals Investor Lunch
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 TCN 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.
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 Lang (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.
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", "anticipated", "believed", "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 TCN'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.
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 TCN 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 TCN 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 - $440$M for the preferred development case may be required. There is no certainty that TCN 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 TCN's shares. It is also possible that TCN could pursue other value realisation strategies such as a sale, partial sale or joint venture of the Project.
Statements in this announcement regarding TCN'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 material, financing and general economic, market or business conditions, and statements that describe TCN's focus plans, objectives or goals, including words to the effect that TCN or management expects a stated condition or result to occur. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by TCN, 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 forward-looking statements, which speak only as of the date they are made.
TCN believes that this announcement includes a fair and balanced summary of the Study. TCN 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 TCN 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.
This announcement has analysis based solely on the application of current spot prices and their impact on previously disclosed Scoping Study economics. It is provided for illustrative purposes only and does not represent a production forecast, feasibility outcome, or an update to the original Scoping Study. The analysis uses spot prices as disclosed on herein and should not be relied upon for investment decisions. Investors should refer to the original Scoping Study announcements and accompanying JORC-compliant disclosures for full context.
Refer to ASX announcements 6 Nov 2025 "Mt Mulgine Reveals Strategic Critical Minerals Project, 19 Nov 2025 "Mt Mulgine Study Supplementary - Cashflow & Payback, 19 January, "Mt Mulgine Study - Spots Price Analysis".
Statements regarding expected funding availability and the potential to progress toward a Final Investment Decision (FID) are forward-looking in nature. These statements are based on current estimates, budgets and assumptions, which may change as study work advances or as external factors evolve. Actual funding requirements, timing and outcomes may differ materially from those expressed or implied. No decision to mine has been made, and any references to FID or project development are subject to study outcomes and approvals.
TUNGSTEN MINING
Corporate Snapshot
| Shares on Issue | Last Share Price |
|---|---|
| 1,396 million | |
| as of 8^{th} May 2026 | $A 0.245 |
| as of 8^{th} May 2026 | |
| Undiluted Market Cap | Cash |
| $A 335 Million | |
| as of 8^{th} May 2026 | $A 53.968 million |
| As of 31^{st} March 2026^{1} |
Shareholder register split
Tungsten Mining Share Price Performance
Kaprienced and aligned team
Gary Lyons
Chairman
Teck Wong
Exec. Director
Russell Clark
N-E. Director
Significant Management, Study and Operational team experience, including tungsten
TUNGSTEN MINING
1 Refer ASX Announcement: 30th April 2026, "Quarterly Activities / Appendix SB Cash Flow Report"
A globally significant portfolio of two world-class assets
Significant Tungsten Assets (outside of China)
Tungsten Deposits Comparison - Measured & Indicated Resource *
TGN's Mineral Resource inventory is globally significant, with Mt Mulgine ranking as one of the largest tungsten deposits outside of China
| Rank | Deposit Name | Country | Measured 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 Global 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 | Mt Mulgine | Australia | 183 | 0.11 | 201 | Deposit (PFS, 2021) | Tungsten Mining | Link |
| 8 | Boguty/Bokuta | Khazakstan | 96 | 0.21 | 200 | Operating | Jiaxin | Link |
| 9 | Nui Phao | Vietnam | 65 | 0.20 | 130 | Operating Mine | Masan High-Tech Materials | Link |
| 10 | Dolphin | Australia | 11 | 0.91 | 103 | Operating Mine - De-listed from ASX | G6M | Link |
| 11 | Mt Carbine | Australia | 28 | 0.22 | 62 | Operating Mine | EQR | Link |
| 12 | Watershed | Australia | 38 | 0.15 | 55 | Deposit (DFS, 2014) | Tungsten Mining | Link |
| 14 | Sangdong | South Korea | 8 | 0.51 | 41 | In Development (Production Planned 2025) | Almonty | Link |
| 15 | Barruecopardo | Spain | 21 | 0.18 | 37 | Operating Mine | EQR | Link |
| 16 | Vostok-2 | Russia | 2 | 1.84 | 37 | Operating mine | Primorsky GOK JSC | Link |
| 17 | Hatches Creek | Australia | - | - | - | Deposit, In development | Tungsten Mining | Link |
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- Based on publicly available resource information as of July 2025 - may not be an exhaustive list. Refer to associated sources.
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 and Boguty based on available public information for the asset.
Geographic overview
"Mt Mulgine is the jewel in our crown and is one of the largest Tungsten resources in the World.
The Watershed Tungsten Project, offers us a near-term pathway to potential development and revenue-generation supported by existing approvals and established technical work."
- TGN Chairman, Gary Lyons
TUNGSTEN MINING
Recent Highlights
A$53M placement – new leading Australian and International institutional investors
Placement funds are to advance both projects toward a potential FID
Discussions with government, technical and financial partners and potential offtake partners
Added 20+ experienced personnel across Metallurgy, Project Management and ESG
"With a significantly strengthened balance sheet, TGN is well positioned to progress the Mt Mulgine and Watershed study programs."
TGN Chairman, Gary Lyons
TUNGSTEN MINING
Source: Refer ASX Announcement dated 19/2/2606 https://wcsecure.weblink.com.au/pdf/TGN/03054340.pdf
Broader business and market overview
"Mt Mulgine is the jewel in our crown and is one of the largest Tungsten resources in the World.
With an NPV close to A$7bn at Spot prices for the large scale 15 Mtpa Case, PFS is targeted for completion in Q3 2026 and FID by year end 2027.
The Watershed Tungsten Project additionally offers us a near-term potential development and revenue-generation pathway supported by existing approvals and established technical work."
TGN Chairman, Gary Lyons
Two globally significant assets progressing studies toward a potential FID in Tier One mining jurisdictions¹
Mt Mulgine PFS and Watershed PEE to strengthen the assets
Mt Mulgine PFS and Watershed PEE both targeted for completion by Q3 2026
Market tailwinds: increase in avg. tungsten price USD/MTU over last twelve months: approx. 685%
TUNGSTEN MINING
Tungsten price information sourced from Fastmarkets.com
Spot Price Announcement: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03046937-6A1307457&v=undefined
¹ Refer ASX Announcement dated 19/2/2026 https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03058440-6A1312789&v=undefined
Key Upcoming Catalysts
Significant milestones and catalysts expected over next 12-24 months¹
Key Priorities – Mt Mulgine
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 Q1 CY2026 through to Q2 CY2027
Final investment decision Q3 CY2027
18-month project development for Detailed Engineering, Procurement and Construction.
Concentrate production Q1 CY2029.
'All events and milestones outlined in this chart are indicative and subject to change either at the discretion of the Company and/or due to events outside TGN's control.
No decision to mine has been made, and any references to FID or project development are subject to study outcomes and approvals.
Project Schedules
MT MULGINE KEY MILESTONES
2026 – 2029 · Indicative schedule, subject to change
TODAY
| 2026 | 2027 | 2028 | 2029 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
| STUDIES | PFS | DFS | ||||||||||||||
| FUNDING | FID / Financing | |||||||||||||||
| CONSTRUCTION | Engineering, Procurement & Construction | |||||||||||||||
| PRODUCTION | Target Production |
WATERSHED KEY MILESTONES
2026 – 2029 · Indicative schedule, subject to change
| STUDIES | Watershed PEE | Detailed Design | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FUNDING | FID / Financing | ||||||||||||||
| CONSTRUCTION | Engineering, Procurement & Construction | ||||||||||||||
| PRODUCTION | Target Production |
TUNGSTEN MINING
'All events and milestones outlined in this slide are indicative and subject to change either at the discretion of the Company and/or due to events outside TGN's control
No decision to mine has been made, and any references to FID or project development are subject to study outcomes and approvals.
Summary - Why Invest in Tungsten Mining?
1. Commodity Price
Exposure to rocketing tungsten prices, plus molybdenum, copper, gold and silver credits
2. Large Resource
One of the largest in-progress tungsten resources in the world
3. Attractive Valuation
Trading at an attractive valuation versus peers
TUNGSTEN MINING
Watershed Project
38Mt at 0.15% WO₃ (Measured & Indicated)
Near term production potential in an established Tungsten hub
Advanced Tungsten Project
All works approvals are in place based on a completed 2014 DFS. Currently conducting a Project Economic Evaluation (PEE) study
Fast-track potential
On granted Mining Leases with an Environmental Authority for an open-pit mining operation – potential to fast-track at a time of record high tungsten prices - pending evaluation
Ideal Location
130 km north of Cairns, Queensland – mining-friendly region with existing infrastructure and formal environmental approvals received
Well understood geology and metallurgy
EQ Resources (ASX:EQR)'s nearby Mt Carbine producing asset (35km Northwest) is similar in size, grade and technical characteristics – 28Mt at 0.22% WO₃ vs Watershed 38Mt at 0.15%(Measured & Indicated)*
WATERSHED PROJECT
Permit validity / re-compliance for updated regulations is now well-underway for Watershed.
Potential to fast-track – Pending Evaluation
| WO₃% Cut-off | Measured | Indicated | Inferred | Combined | Contained WO₃ | ||||
|---|---|---|---|---|---|---|---|---|---|
| Mt | WO₃% | Mt | WO₃% | Mt | WO₃% | Mt | WO₃% | Tonnes | |
| 0.05 | 9.5 | 0.16 | 28.4 | 0.14 | 11.5 | 0.15 | 49.3 | 0.14 | 70,400 |
TUNGSTEN MINING
Mt Mulgine Project
183Mt at 0.11% WO₃ (Indicated)
Flagship Asset
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.
| 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
Substantial 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 | 105,553 | 51,444 |
| EQ Resources | 35,205 | 33,802 |
| Tungsten Mining | 1,938 | 177,550 |
EV/Reserve (A$/t contained WO₃)
EV/Resource (A$/t contained WO₃)
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 19th of February 2026, information derived from publicly available market and resource data
- See reference table in Appendix A
TUNGSTEN MINING
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Contact Us
ASX: TGN
OTCQB: TGNMF
Telephone
+61 8 9486 8492
E-mail
[email protected]
Website
www.tungstenmining.com
Address
Level 4, 46 Colin Street,
West Perth 6005, Western Australia
A tungsten-tipped solution to the world's critical minerals challenges
Appendix A – Peer Comparison Table
| Property Name | Development Stage | Owner | 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 (WG2) | Contained M&I Tonnes (WG3) | Contained Inferred Tonnes (WG2) | Total Resources Contained Tonnes (WG3) | 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 | 5,430 | 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 | 1,190 | 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 | 323 | 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 Mulpine | 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 | 344 | 161.3 | 220.9 | 99.5 | 320.7 | 177,550 | 261,750 | 122,510 | 384,260 | ||||||||
| Mactung | Prefeas / Scoping | Fireweed Metals | 736 | 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 | 343 | 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 | 1,060 | 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 | 235 | 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 |
| Santa Comba | Mining Concession Cancelled | Pivotal Metals | 24.7 | 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 |
| Grey River | Exploration / Development | Playfair Mining | 510.4 | 100 | 0.0 | 0.0 | 1.2 | 1.2 | 0.00 | 0.00 | 0.73 | 0.73 | 0 | 0 | 8,541 | 8,541 | Link |
| Springer | Feasibility / Evaluating Restart | Private Ownership | 100 | 0.0 | 0.2 | 1.8 | 2.0 | - | 0.43 | 0.48 | 0.48 | - | 1,058 | 8,448 | 9,506 | Link | |
| Hemerdon | Development / Economic Plan | Tungsten West | 660 | 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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Notes:
Resource and project information derived from publicly available resource data (see corresponding links), market data sourced from statistics per stockanalysis.com as of 19th Feb 2026
Appendix B – TGN Resource Inventory at 0.05% WO3 Cut-Off
| Class | Million Funnies | WO_{3} % | WO_{3} (m^{2}) | Mo (ppm) | Mo (m^{3}) | Au (g/l) | Au (Nos) | Ag (g/l) | Ag (Mos) | Cu % | Cu (m^{3}) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 (April 2019) 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 | 280 | 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 | - | - | - | - | - | - | ||
| Hatches Creek (May 2025) 4 | |||||||||||
| 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 | |||||||||||
| Measured | 9.5 | 0.16 | 15 | - | - | - | - | - | - | - | - |
| Indicated | 211 | 0.11 | 245 | 251 | 52 | 0.11 | 770 | 4.3 | 32 | 0.03 | 69 |
| Inferred | 106 | 0.11 | 123 | 173 | 18 | 0.06 | 230 | 3.6 | 12 | 0.05 | 56 |
| TOTAL | 326 | 0.12 | 383 | 218 | 70 | 0.09 | 1,000 | 4.0 | 44 | 0.04 | 125 |
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 4th May 2020, "Mineral Resource Estimate Update for Mulgine Trench Deposit".
- Refer ASX (Tungsten Mining) Announcement 12th April 2019, "Update on Activities at Mt Mulgine".
- Refer ASX (Vital Metals) Announcement 4th July 2018, "Watershed Mineral Resources Restatement JORC Code 2012".
- Refer ASX (Tungsten Mining) Announcement 19th May 2025, "Hatches Creek Mineral Resource Estimate Shows Potential".
- The Resource table only includes projects where Tungsten Mining holds a 100% interest.
TUNGSTEN MINING
Appendix C – TGN Resource Inventory at 0.5 g/t Au Cut-Off
| Mt. Mulgine Indicated and Inferred Mineral Resource Estimate – December 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Classification | Oxide | Transitional | Fresh | Total | |||||
| KI | Au (g/t) | KI | Au (g/t) | KI | Au (g/t) | KI | Au (g/t) | Au (oz) | |
| Camp Mineral Resource Estimate – December 2018 | |||||||||
| Indicated | 540 | 1.03 | 480 | 0.96 | 210 | 0.97 | 1,200 | 0.99 | 39,400 |
| Inferred | 230 | 1.07 | 230 | 1.07 | 8,000 | ||||
| Total | 540 | 1.03 | 480 | 0.96 | 440 | 1.02 | 1,500 | 1.00 | 47,300 |
| Black Dog Mineral Resource Estimate – December 2018 | |||||||||
| Indicated | 3 | 0.85 | 150 | 1.51 | 150 | 1.50 | 7,300 | ||
| Inferred | 12 | 1.06 | 40 | 1.04 | 92 | 1.51 | 140 | 1.34 | 6,200 |
| Total | 12 | 1.06 | 44 | 1.03 | 240 | 1.51 | 300 | 1.42 | 13,500 |
| Bobby McGee Mineral Resource Estimate – December 2018 | |||||||||
| Indicated | 5 | 1.20 | 35 | 1.28 | 40 | 1.27 | 1,700 | ||
| Inferred | 6 | 0.79 | 18 | 1.09 | 90 | 1.49 | 110 | 1.39 | 5,100 |
| Total | 12 | 0.97 | 53 | 1.22 | 90 | 1.49 | 150 | 1.36 | 6,700 |
| Total Mineral Resource Estimate | |||||||||
| Indicated | 550 | 1.03 | 520 | 0.98 | 350 | 1.19 | 1,400 | 1.06 | 48,300 |
| Inferred | 18 | 0.96 | 58 | 1.06 | 420 | 1.26 | 490 | 1.22 | 19,300 |
| Total | 570 | 1.03 | 600 | 0.99 | 770 | 1.23 | 1,900 | 1.10 | 67,500 |
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 6th October 2025, "Mineral Resource Estimate Strengthens Mt Mulgine Strategy".
The 2018 Bobby McGee Mineral Resource estimate (MRE) falls within the greater 2020 Mulgine Trench tungsten-molybdenum MRE. Gold is reported out in the 2020 MRE but was modelled as a by-product to the bulk tonnage tungsten/molybdenum mineralisation. The block size used in the 2020 MRE was not suitable to define the high-grade discrete gold zones present at Bobby McGee. Therefore the 2018 MRE for Bobby McGee duplicates gold mineralisation reported out in the greater 2020 Mulgine Trench tungsten-molybdenum MRE.
TUNGSTEN MINING