Tungsten Mining (TGN) investor relations material

Project overview and strategy

• Mt Mulgine is positioned as one of the largest undeveloped tungsten and molybdenum resources globally, located in Western Australia, with granted mining leases and strong infrastructure access.

• The project targets a +21 year mine life at 8 Mtpa, with an expansion case up to 16 Mtpa supporting a ~15 year mine life and up to 12,000 tpa WO3 production.

• Integrated scoping and pre-feasibility studies have been completed, with a definitive feasibility study (DFS) targeted for completion in August 2027.

• Watershed project in Queensland is expected to generate ~A$395M pre-tax cash flow, potentially funding Mt Mulgine’s development.

• First production at Mt Mulgine is targeted for July 2029, following a structured schedule of approvals, procurement, and construction.

Market context and demand drivers

• Tungsten prices have stabilized above US$3,000/mtu for the past six months, providing a favorable price environment.

• Global tungsten demand is forecast to grow at a 3.4% CAGR, reaching 214.7 kt by 2035, with key drivers including manufacturing reshoring, defense, energy, and infrastructure sectors.

• A structural supply deficit is expected due to limited new sources and Chinese export controls, with no immediate solution in sight.

• Mt Mulgine is positioned to be the lowest-cost tungsten producer globally, with a C1 cash cost of US$53/mtu WO3 and AISC of US$127/mtu WO3.

Technical and operational highlights

• The process flowsheet is underpinned by extensive testwork, supporting robust metallurgical assumptions and process design.

• Facilities layout includes comprehensive infrastructure for ore processing, water management, and product handling.

• Ongoing drilling aims to convert inferred and unclassified material to indicated category, potentially increasing the mineral resource estimate.

• Water sourcing strategy and environmental approvals are progressing, with a clear plan for water supply to support 8 Mtpa operations.