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Tungsten Mining (TGN) investor relations material
Tungsten Mining Australian Rare Earths & Critical Minerals Virtual Investor Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Australian Rare Earths & Critical Minerals Virtual Investor Conference summary19 Nov, 2025
Market and industry overview
Tungsten prices have surged to all-time highs, reaching $689 per MTU, driven by supply deficits and export restrictions from China and Russia, which together control 90% of global production.
Global demand for tungsten is growing at a compound annual rate of 7.8% over the next eight years, with significant usage in defense, transport, construction, and energy sectors.
Major non-Chinese producers are facing resource depletion, notably Nui Phao in Vietnam, which will see output drop by 2026, deepening the supply gap.
Western world tungsten mines are being depleted, and new supply is limited, increasing the strategic value of new projects.
Project portfolio and resource base
Three open-cut projects in Australia: Watershed (Queensland), Hatches Creek (Northern Territory), and Mount Mulgine (Western Australia), with Mount Mulgine being the largest and globally significant.
Mount Mulgine is a polymetallic deposit containing tungsten, molybdenum, copper, gold, and silver, with a total global resource of 328 million tons.
Mulgine Trench alone holds 247 million tons of resource, including 270,000 tons of tungsten concentrate.
Annual production estimates include 4,500+ tons of tungsten concentrate, 1,200 tons of molybdenum, 1,300 tons of copper, 9,600 ounces of gold, and 500,000+ ounces of silver.
Financial metrics and project economics
Initial 6 Mtpa development case: CapEx $233–322 million, NPV $650–910 million at base prices, $1.56–1.82 billion at spot prices, IRR 30–45% (base), 51–71% (spot), payback 2.2–3.8 years.
Large-scale 15 Mtpa case: CapEx $410–564 million, NPV $1.1–1.5 billion (base), $2.5–2.9 billion (spot), IRR up to 93%, payback 1.6–2.2 years, mine life 10 years.
Revenue breakdown: 58% from tungsten, 19% from molybdenum, 23% from copper, gold, and silver.
Sensitivity analysis shows project is most sensitive to FX rates, tungsten recovery, and tungsten price, but less so to capital or mining costs.
What specific market void does Nui Phao's decline create?
What factors mitigate Mount Mulgine's CAPEX risk?
How will government support accelerate project timeline?
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Next Tungsten Mining earnings date
Q1 202615 Dec, 2025
Next Tungsten Mining earnings date
Q1 202615 Dec, 2025
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Frequently asked questions
Tungsten Mining NL is an Australia-based resource company focused on the exploration, development, and production of tungsten deposits. The company holds interests in multiple tungsten projects across Australia, aiming to support industries that rely on tungsten for manufacturing, mining, and technology applications. Tungsten Mining engages in geological exploration, feasibility studies, and project development to establish a stable supply of the critical mineral. Tungsten Mining NL is headquartered in West Perth, Australia, and its shares are listed on the Australian Securities Exchange (ASX).
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