Tungsten Mining (TGN) investor relations material

Executive summary

• Watershed Preliminary Economic Evaluation (PEE) completed, showing a pre-tax NPV8 of A$1.31 billion, pre-tax IRR of 198%, nine-month payback, and pre-production capital of A$274 million.

• Watershed Mineral Resource increased to 69.7Mt at 0.109% WO3, containing 76,000 tonnes of WO3, an 8% increase in contained tungsten.

• Mt Mulgine's largest drilling campaign commenced, targeting resource expansion and supporting a Pre-Feasibility Study (PFS).

• US capital markets preparations advanced with the appointment of Grant Thornton as auditor, supporting a planned Nasdaq listing.

• Quarter-end cash of A$49.1 million provides a strong financial platform for ongoing project development.

Financial highlights

• Cash and cash equivalents at quarter end: A$49.1 million.

• Payments for exploration and evaluation: A$0.83 million for the quarter.

• Net cash used in operating activities: A$3.9 million for the quarter.

• Proceeds from equity issues (YTD): A$62.5 million.

• Estimated quarters of funding available: 12.58.

Outlook and guidance

• Watershed Final Investment Decision (FID) targeted for September 2026, with first production aimed for end of H1 2027, subject to studies, funding, and approvals.

• Mt Mulgine PFS completion targeted for Q3 2026, with ongoing drilling and technical studies.

• Continued focus on advancing engineering, procurement, and financing workstreams for both projects.