Tungsten Mining (TGN) investor relations material

Executive summary

• Completed a $53 million placement, significantly strengthening cash reserves and project advancement capacity.

• Initiated a Project Economic Evaluation for the Watershed Project to assess accelerated development scenarios.

• Announced plans for a U.S. stock market listing to enhance international engagement and access to capital.

• Expanded technical and commercial teams to support Mt Mulgine and Watershed project milestones.

• Added to the S&P/ASX All Ordinaries Index following the March quarterly rebalance.

Financial highlights

• Cash position at 31 March 2026 was $53.97 million, up from $7.66 million in the previous quarter.

• Net cash used in operating activities for the quarter was $3.52 million, primarily for exploration and evaluation.

• $53 million raised via equity placement, with 278,947,369 new shares issued at $0.19 per share.

• Payments for exploration and evaluation totaled $2.19 million for the quarter.

• Estimated quarters of funding available is 15.35, indicating strong liquidity.

Outlook and guidance

• Watershed drilling program to commence in June 2026, with first assay results expected six weeks after start.

• Mulgine Trench RC drilling program (140 holes, 40,000m) to begin in mid-May 2026, targeting resource expansion.

• Ongoing Project Economic Evaluation at Watershed to assess accelerated development and final flowsheet.

• Continued focus on progressing approvals, engineering, and environmental studies for both major projects.