TUNGSTEN MINING NL — Interim / Quarterly Report 2021

Mar 4, 2021

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Half Year Financial Report 31 December 2020

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Contents

Contents
	Page
Corporate directory	2
Directors’ report	3
Consolidated statement of profit or loss and other comprehensive income	5
Consolidated statement of financial position	6
Consolidated statement of changes in equity	7
Consolidated statement of cash flows	8
Condensed notes to the consolidated financial statements	9
Directors’ declaration	16
Auditor’s independence declaration	17
Independent auditor’s review report	18

1

Tungsten Mining NL • Half Year Financial Report 31 December 2020

Corporate directory

Board of directors:

Gary Lyons (Non-executive Chairman) Tan Sri Dato' Tien Seng Law (Non-executive Deputy Chairman) Chew Wai Chuen (Non-executive Director) Kong Leng (Jimmy) Lee (Non-executive Director) Teck Siong Wong (Non-executive Director) Russell Clark (Non-executive Director) Wai Cheong Law (Alternate Director)

Chief executive officer:

Craig Ferrier

Company Secretaries:

Mark Pitts Simon Borck

Principal and registered office:

Auditors:

Stantons International Level 2, 1 Walker Avenue West Perth WA 6005 Telephone: +61 8 9481 3188 Facsimile: +61 8 9321 1204

Bankers:

National Australia Bank Limited Level 1, 1238 Hay Street West Perth WA 6005

Share registry:

Automic Group Level 2, 267 St Georges Terrace Perth, WA 6000 Telephone: +61 2 8072 1400

Level 4, 46 Colin Street West Perth WA 6005

Solicitors:

Telephone: +61 8 9486 8492 Facsimile: +61 8 6117 4039 Email: info@tungstenmining.com Website: www.tungstenmining.com

Postal address:

PO Box 452 West Perth WA 6872

Bennett + Co Ground Floor, BGC Centre 28 The Esplanade Perth WA 6000 Telephone: +61 8 6316 2200 Facsimile: +61 8 6316 2211

ABN:

67 152 084 403

Issued capital as at 31 December 2020:

Fully paid ordinary shares: 770,414,272

Parent entity:

Tungsten Mining NL

Stock exchange:

Australian Securities Exchange Limited

ASX company code:

TGN

2

Tungsten Mining NL • Half Year Financial Report 31 December 2020

Directors’ Report

Your directors submit their report for Tungsten Mining NL (‘the Company’ or ‘the Parent’) and for the Group, being the Company and its controlled entities, for the half year ended 31 December 2020.

Directors

The names of the Company’s Directors in office during the half-year and until the date of this report are set out below. Directors were in office for the entire period unless otherwise stated.

Gary Lyons Non-executive Chairman Tan Sri Dato' Tien Seng Law Non-executive Deputy Chairman Kong Leng (Jimmy) Lee Non-executive Director Chew Wai Chuen Non-executive Director Teck Siong Wong Non-executive Director Russell Clark Non-executive Director Wai Cheong Law Alternate Director

Company Secretaries

Mark Pitts Simon Borck

Dividends

No amounts have been paid or declared by way of dividend by the Company during the half year or in the period to the date of this report.

Principal activities

The principal activity of the Company and its subsidiaries during the course of the half year continued to be the exploration and evaluation of mining projects.

Operating results

The Group’s cash position as at 31 December 2020 was $20,550,344 (Jun 2020: 22,956,290). The net loss of the Group for the half year to 31 December 2020 was $2,411,679 (Dec 2019: $7,883,208).

During the period, net cash used in operating and investing activities totalled $2,405,946 (Dec 2019: $7,347,998). Net cash flow from financing activities was $704,000 (Dec 2019: $1,205,702) from proceeds of exercised options for shares which are yet to be issued at 31 December 2020 and therefore treated as restricted cash until the share issue occurs. These shares were issued subsequent to the half year ended.

Review of operations

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

The Mt Mulgine Project remained the highest priority development project for the Group, responsible for the majority of activities. All study work required to finalise the Mt Mulgine Tungsten Project Pre-Feasibility Study (PFS) was completed during the period, with the PFS finding announced to the market in January 2021. The PFS confirmed the technical and financial viability of a 6Mtpa mining and processing operation for the Mt Mulgine Tungsten Project, with a declaration of maiden Ore Reserve Estimate of 140 million tonnes.

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Tungsten Mining NL • Half Year Financial Report 31 December 2020

Directors’ Report

Events subsequent to balance date

Subsequent to the half year ended 31 December 2020, 16,000,000 shares were issued in relation to the exercised unlisted Director options for proceeds of $704,000 that were received prior to the balance date.

There have been no other matters or circumstances that have arisen since 31 December 2020 that have significantly affected or may significantly affect:

• (a) the Group’s operations in future years; or

• (b) the results of those operations in future years; or

• (c) the Group’s state of affairs in future years.

Auditor’s Independence Declaration

A copy of the auditor’s independence declaration as required under Section 307C of the Corporations Act 2001 is set out on page 17.

Signed in accordance with a resolution of the Directors.

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Gary Lyons Chairman Perth, 5 March 2021

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Tungsten Mining NL • Half Year Financial Report 31 December 2020

Consolidated statement of profit or loss and other comprehensive income

For the half year ended 31 December 2020

	Consolidated
	December 2020 December 2019
Note	$ $
Other Income 3 Administration expenses Exploration expenses 4 Remuneration expenses Loss before income tax Income tax expense/benefit Loss for the period Other comprehensive income Items that will not be reclassified subsequently to profit or loss Items that may be reclassified subsequently to profit or loss Other comprehensive income after tax Total comprehensive loss after tax Loss attributable to members of the Parent Total comprehensive loss attributable to members of the Parent Basic loss per share in cents	717,624 324,415 (504,777) (588,222) (1,142,599) (6,010,009) (1,481,927) (1,609,392)
	(2,411,679) (7,883,208) - -
	(2,411,679) (7,883,208)
	- - - -
	- -
	(2,411,679) (7,883,208)
	(2,411,679) (7,883,208)
	(2,411,679) (7,883,208)
	(0.31) (1.08)

Diluted loss per share is not shown as it would not reflect an inferior position.

The above statement should be read in conjunction with the accompanying notes.

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Tungsten Mining NL • Half Year Financial Report 31 December 2020

Consolidated statement of financial position

As at 31 December 2020

	Consolidated
	December 2020 June 2020
Note	$ $
Current assets Cash and cash equivalents 15 Funds for shares to be issued 5 Trade and other receivables Other assets Total current assets Non-current assets Exploration and evaluation 6 Plant and equipment 7 Right-of-use assets 12 Total non-current assets Total assets Current liabilities Trade and other payables Lease Liabilities 13 Provisions 14 Total current liabilities Non-current liabilities Lease Liabilities 13 Provisions 14 Total non-current liabilities Total liabilities Net assets Equity Issued capital 8 Shares to be issued 8 Reserves 9 Accumulated losses Total equity	20,550,344 22,956,290 704,000 - 37,530 75,630 387,031 337,570
	21,678,905 23,369,490
	19,707,196 19,707,196 2,871,782 2,807,820 642,316 750,918
	23,221,294 23,265,934
	44,900,199 46,635,424
	519,196 484,478 207,360 189,598 359,426 338,794
	1,085,982 1,012,870
	541,864 651,558 448,381 439,345
	990,245 1,090,903
	2,076,227 2,103,773
	42,823,972 44,531,651
	81,760,889 81,760,889 704,000 - 7,851,718 7,851,718 (47,492,635) (45,080,956)
	42,823,972 44,531,651

The above statement should be read in conjunction with the accompanying notes.

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Tungsten Mining NL • Half Year Financial Report 31 December 2020

Consolidated statement of changes in equity

For the half year ended 31 December 2020

	Issued Capital Shares to be issued Reserves Accumulated Total Losses
	$ $ $ $ $
Balance at 1 July 2020 Loss for the period Other comprehensive income Total comprehensive loss for the period Shares issued on exercise of share options Share issue transaction costs Shares to be issued on exercise of share options Balance as at 31 December 2020 Balance at 1 July 2019 Loss for the period Other comprehensive income Total comprehensive loss for the period Shares issued on exercise of share options Share issue transaction costs Shares to be issued on exercise of share options Balance as at 31 December 2019	81,760,889 - 7,851,718 (45,080,956) 44,531,651
	- - - (2,411,679) (2,411,679) - - - - -
	- - - (2,411,679) (2,411,679)
	- - - - - - - - - - - 704,000 - - 704,000
	81,760,889 704,000 7,851,718 (47,492,635) 42,823,972
	80,533,512 - 7,851,718 (32,778,922) 55,606,308
	- - - (7,883,208) (7,883,208) - - - - -
	- - - (7,883,208) (7,883,208)
	1,208,149 - - - 1,208,149 (18,272) - - - (18,272) - 37,500 - - 37,500 81,723,389 37,500 7,851,718 (40,662,130) 48,950,477

The above statement should be read in conjunction with the accompanying notes.

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Tungsten Mining NL • Half Year Financial Report 31 December 2020

Consolidated statement of cash flows

For the half year ended 31 December 2020

	Consolidated
	December 2020 December 2019
	$ $
Cash flows from operating activities Payments to suppliers and employees Lease payments R&D Tax & other government incentives received Interest received Other proceeds Net cash (used in) operating activities Cash flows from investing activities Payments for property, plant & equipment Sale of tenements Acquisition of subsidiary Security Deposits Net cash from (used in) investing activities Cash flows from financing activities Proceeds from exercise of share options Proceeds from shares to be issued Payments for share issue costs Net cash from financing activities Net increase/(decrease) in cash Adjustment for restricted cash held at balance date Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period	(3,039,495) (7,447,190) (117,275) (112,670) 519,925 - 79,688 328,184 25,347 60,000
	(2,531,810) (7,171,676)
	(6,636) (66,135) 125,000 - - (85,187) 7,500 (25,000)
	125,864 (176,322)
	- 1,208,149 704,000 - - (2,447)
	704,000 1,205,702
	(1,701,946) (6,142,296) (704,000) - 22,956,290 33,783,517
	20,550,344 27,641,221

The above statement should be read in conjunction with the accompanying notes.

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Tungsten Mining NL • Half Year Financial Report 31 December 2020

Condensed notes to the financial statements

NOTE 1: BASIS OF PREPARATION OF THE HALF-YEARLY FINANCIAL REPORT

The consolidated financial report is a general purpose condensed financial report for the half-year ended 31 December 2020, which has been prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act 2001 and this financial report was authorised for issue in accordance with a resolution of the directors on 4[th] March 2021.

It is recommended that the half-year consolidated financial statements be read in conjunction with the annual financial report for the year ended 30 June 2020 and considered with any public announcements made by Tungsten Mining NL during and subsequent to the half-year ended 31 December 2020 in accordance with continuous disclosure obligations of the ASX Listing Rules .

The half-year consolidated financial statements do not include all notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full and understanding of the financial performance, financial position and financing and investing activities of the Group as the full financial report.

The half-year consolidated financial statements have been prepared on the basis of accrual accounting and historical costs.

Changes in accounting standards

The Group has considered the implications of new and amended Accounting Standards effective for annual reporting periods beginning on or after 1 July 2020 but determined that their application to the financial statements is either not relevant or not material.

NOTE 2: SEGMENT REPORTING

The Group has based its operating segments on the internal reports that are reviewed and used by the executive management team in assessing performance and in determining the allocation of resources.

The Group currently does not have production and is only involved in exploration. As a consequence, activities in the operating segment are identified by management based on the manner in which resources are allocated, the nature of the resources provided and the identity of the manager and country of expenditure. Information is reviewed on a whole of entity basis.

Based on these criteria the Group has only one operating segment, being exploration, and the segment operations and results are reported internally based on the accounting policies as described in the annual financial report for the year ended 30 June 2020 on a whole of entity basis.

NOTE 3: OTHER INCOME

	Consolidated
	December 2020 December 2019
	$ $
Interest income	70,381 264,415
R&D tax incentive	452,231 -
Sale of tenements	118,763 -
Other	76,249 -
Management fee	- 60,000
	717,624 324,415

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Tungsten Mining NL • Half Year Financial Report 31 December 2020

Condensed notes to the financial statements

NOTE 4: EXPLORATION EXPENSES

	Consolidated	Consolidated
	December 2020	December 2019
	$	$
Exploration expenditure	1,142,599	6,010,009

Prefeasibility on Mt Mulgine

The decrease in exploration expenditure in the current period is due to the completion of majority of the prefeasibility activities undertaken on the Mt Mulgine Tungsten Project.

NOTE 5: FUNDS FOR SHARES TO BE ISSUED

	Consolidated
	December 2020	June 2020
	$		$
Funds for shares to be issued	704,000		-

Funds for shares to be issued

$704,000 was received from the exercise of 16,000,000 unlisted options by the Directors. These unlisted options were issued to Directors following shareholder approval at the Annual General Meeting held on 29 November 2016. On allotment of the shares, these funds will form part of Cash and Cash Equivalents (see note 8).

NOTE 6: EXPLORATION AND EVALUATION

	Consolidated
	December 2020	June 2020
	$	$
Capitalised exploration and evaluation	19,707,196	19,707,196

Mineral acquisition costs

The Group capitalises the acquisition costs in accordance with its accounting policy for exploration and evaluation expenditure. The ultimate recoupment of acquisition costs carried forward in the exploration and evaluation phases are dependent on the successful development and commercial exploitation or sale of the respective areas. There was no movement in Capitalised exploration and evaluation during the period.

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Tungsten Mining NL • Half Year Financial Report 31 December 2020

Condensed notes to the financial statements

NOTE 7: PLANT AND EQUIPMENT

				Consolidated	Consolidated
				December 2020	June 2020
				$	$
Plant and equipment				2,871,782	2,807,820

The following table illustrates the movement in carrying value of Plant and equipment.

	Processing Plant Office Equipment Exploration Equipment Computer Software Total
	$ $ $ $ $
Opening net carrying value Cost of additions Depreciation charge Closing net carrying value	2,576,297 93,811 110,947 26,765 2,807,820 91,050 - 3,114 - 94,164 - (16,456) (8,377) (5,369) (30,202)
	2,667,347 77,355 105,684 21,396 2,871,782

Processing Plant

The processing plant above relates to a dismantled mineral processing facility and two new x-ray ore sorters, both of which are not currently being depreciated as neither are in use.

In prior financial years, the Group acquired a dismantled mineral processing facility and relocated it from its location in the Pilbara to storage in a laydown area adjacent to the Golden Dragon gold processing plant operated by Minjar Gold for total consideration of $827,197. Also, during prior financial years, the Group acquired two new x-ray ore sorters. Total consideration for the ore sorters and acquisition costs was $1,840,150. This balance includes $91,050 incurred, but not yet paid pursuant the terms of the purchase agreement with the counterparty.

NOTE 8: ISSUED CAPITAL

	Consolidated
	December 2020 June 2020
	$ $
Ordinary shares fully paid	81,760,889 81,760,889
Shares to be issued	704,000 -
	82,464,889 81,760,889
The following table illustrates the movement in ordinary shares
	$ Number
Balance at the beginning of period 3,200,00 shares to be issued at $0.03 on exercise of options 3,200,000 shares to be issued at $0.04 on exercise of options 9,600,000 shares to be issued at $0.05 on exercise of options Balance at end of period	81,760,889 770,414,272 96,000 - 128,000 - 480,000 -
	82,464,889 770,414,272

Shares to be issued

During the period 16,000,000 of unlisted Director options were exercised, for proceeds of $704,000 before costs. The allotment and issue of shares occurred subsequent to the end of the period. On allotment of the shares, these funds were reclassified as Ordinary shares fully paid (see note 5 & 9).

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Tungsten Mining NL • Half Year Financial Report 31 December 2020

Condensed notes to the financial statements

NOTE 9: RESERVES

	Consolidated
	December 2020 June 2020
	$ $
Share option reserve Loan-funded share scheme reserve Movement in share options reserve	855,398 855,398 6,996,320 6,996,320
	7,851,718 7,851,718

The following table illustrates the share-based payments expense, number and weighted average exercise prices (WAEP) of, and movements in, share options during the period.

	Number WAEP $
At 1 July 2019 Free-attaching $0.03 options exercised during the year Free-attaching $0.03 options expired during the year Free-attaching $0.60 options expired during the year At 30 June 2020 At 1 July 2020 Director $0.03 options exercised during the period Director $0.04 options exercised during the period Director $0.05 options exercised during the period At 31 December 2020	85,863,726 $ 0.216 855,398 (41,521,617) $ 0.030 - (695,050) $ 0.030 - (27,647,059) $ 0.600 -
	16,000,000 $ 0.044 855,398
	16,000,000 $ 0.044 855,398 (3,200,000) $ 0.030 - (3,200,000) $ 0.040 - (9,600,000) $ 0.050 -
	- - 855,398

At period end there were no outstanding options on issue, that the holder was not waiting for these to be allotted and issued into shares (see note 8).

NOTE 10: CONTROLLED ENTITIES

Tungsten Mining NL is the ultimate parent entity of the consolidated group. The following were controlled entities at period end and have been included in the consolidated financial statements. All shares held are ordinary shares.

Subsidiaries	Country of Incorporation	Percentage Interest Held 31 December 2020	Percentage Interest Held 30 June 2020	Date Acquired/ Incorporated
SM3-W Pty Ltd	Australia	100	100	13/12/2012
Pilbara Tungsten Pty Ltd	Australia	100	100	30/11/2015
Mid-West Tungsten Pty Ltd	Australia	100	100	30/11/2015
North Queensland Tungsten Pty Ltd	Australia	100	100	09/08/2018
Territory Tungsten Pty Ltd	Australia	100	100	01/03/2019

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Tungsten Mining NL • Half Year Financial Report 31 December 2020

Condensed notes to the financial statements

NOTE 11: CONTINGENT LIABILITIES

The Group is not aware of any significant contingent liabilities since the last annual reporting date.

NOTE 12: RIGHT OF USE ASSETS

	Consolidated
	December 2020 June 2020
	$ $
Cost Accumulated depreciation Carrying value at end period Opening net carrying value Additions Depreciation charge for the year Closing net carrying value	1,086,019 1,086,019 (443,703) (335,101)
	642,316 750,918
	750,918 968,122 - - (108,602) (217,204)
	642,316 750,918

Property leases

The above right-of-use assets relate to certain property leases entered into during prior years by the Group (refer Note 13). The right-of-use asset is measured at the amount equal to the lease liability at the inception of the lease and then this cost is amortised over the life of the lease. Right-of-use assets are measured at cost comprising the following:

• the amount of the initial measurement of lease liability

• any lease payments made at or before the commencement date less any lease incentives received.

• any initial direct costs,

• and restoration costs

Right-of-use assets are being depreciated over the lease term on a straight-line basis which is five years for both leases in place at 31 December 2020.

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Tungsten Mining NL • Half Year Financial Report 31 December 2020

Condensed notes to the financial statements

NOTE 13: LEASE LIABILITIES

	Consolidated
	December 2020 June 2020
	$ $
Current Property lease liability Non-current Property lease liability Total lease liabilities	207,360 189,598
	207,360 189,598
	541,864 651,558
	541,864 651,558
	749,224 841,156

Property Leases

The above lease liabilities (refer Note 12) relate to certain property leases entered into in prior years by the Group.

The lease liability valuation was calculated at lease inception from the total lease payment obligations being discounted using the Group’s incremental borrowing rate. An incremental borrowing rate of 5.68% was based on a secured interest rate that would be apply if finance was sought for an amount and time period equivalent to the lease requirements of the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period.

NOTE 14: PROVISIONS

	Consolidated
	December 2020 June 2020
	$ $
Current Provision for rehabilitation Provision for employee annual leave Provision for employee long service leave Non-current Provision for rehabilitation Provision for employee long service leave Total Provisions	43,460 76,535 242,825 202,318 73,141 59,941
	359,426 338,794
	420,000 420,000 28,381 19,345
	448,381 439,345
	807,807 778,139

NOTE 15: CASH AND CASH EQUIVALENTS

	Consolidated
	December 2020 June 2020
	$ $
Cash at bank Term deposits	2,359,339 2,463,523 18,191,005 20,492,767
	20,550,344 22,956,290

Cash and cash equivalents earn interest at floating rates based on daily bank deposit rates. Short term deposits are made for varying period of between one day and three months, depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates.

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Tungsten Mining NL • Half Year Financial Report 31 December 2020

Condensed notes to the financial statements

NOTE 16: EVENTS SUBSEQUENT TO BALANCE DATE

Subsequent to the half year ended 31 December 2020, 16,000,000 shares were issued in relation to the exercised unlisted Director options above. There have been no other matters or circumstances that have arisen since 31 December 2020 that have significantly affected or may significantly affect:

• (a) the group’s operations in future years; or

• (b) the results of those operations in future years; or (c) the group’s state of affairs in future years.

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Tungsten Mining NL • Half Year Financial Report 31 December 2020

Directors’ Declaration

In accordance with a resolution of the directors of Tungsten Mining NL, I state that:

In the opinion of the Directors:

• (a) The financial statements and notes of the Group are in accordance with the Corporations Act 2001, including:

• i. Giving a true and fair view of the financial position as at 31 December 2020 and the performance for the half-year ended on that date of the Group; and

• ii. Complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.

• (b) There are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

On behalf of the Board,

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Gary Lyons Chairman

Perth, 5 March 2021

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Tungsten Mining NL • Half Year Financial Report 31 December 2020

Auditor's independence declaration

Stantons International Audit and Consulting Pty Ltd trading as

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Chartered Accountants and Consultants

PO Box 1908 West Perth WA 6872 Australia

Level 2, 1 Walker Avenue West Perth WA 6005 Australia

Tel: +61 8 9481 3188 Fax: +61 8 9321 1204

ABN: 84 144 581 519 www.stantons.com.au

5 March 2021

Board of Directors St George Mining Limited Level 1, 115 Cambridge Street West Leederville, WA 6007

Dear Directors

RE: TUNGSTEN MINING NL

In accordance with section 307C of the Corporations Act 2001 , I am pleased to provide the following declaration of independence to the directors of Tungsten Mining NL.

As Audit Director for the audit of the financial statements of Tungsten Mining NL for the half-year ended 31 December 2020, I declare that to the best of my knowledge and belief, there have been no contraventions of:

• (i) the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and

• (ii) any applicable code of professional conduct in relation to the audit.

Yours sincerely

STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD (Trading as Stantons International) (Authorised Audit Company)

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Sam Tirodkar

Director

Liability limited by a scheme approved under Professional Standards Legislation.

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Independent auditor's review report

Stantons International Audit and Consulting Pty Ltd trading as

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PO Box 1908 West Perth WA 6872 Australia

Chartered Accountants and Consultants

Level 2, 1 Walker Avenue West Perth WA 6005 Australia

Tel: +61 8 9481 3188 Fax: +61 8 9321 1204

ABN: 84 144 581 519 www.stantons.com.au

INDEPENDENT AUDITOR’S REVIEW REPORT TO THE MEMBERS OF TUNGSTEN MINING NL

Report on the Half-Year Financial Report

Conclusion

We have reviewed the half-year financial report of Tungsten Mining NL, which comprises the consolidated statement of financial position as at 31 December 2020, the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the half-year ended on that date, a summary of significant accounting policies and other explanatory information, and the directors’ declaration.

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the accompanying half-year financial report of Tungsten Mining NL does not comply with the Corporations Act 2001 including:

• (a) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2020 and of its performance for the half-year ended on that date; and

• (b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

Basis for Conclusion

We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity . Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001 has been given to the directors of the Company on 5 March 2021.

Responsibility of the Directors for the Financial Report

The directors of Tungsten Mining NL are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility for the Review of the Financial Report

Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Company’s financial position as at 31 December 2020 and its performance for the half-year ended on that date, and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

Liability limited by a scheme approved under Professional Standards Legislation.

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Independent auditor's review report

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A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD (Trading as Stantons International) (An Authorised Audit Company)

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Sam Tirodkar Director

West Perth, Western Australia 5 March 2021

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