Tungsten Mining (TGN) H2 2025 earnings summary

Executive summary

• Focused on exploration and development of Mt Mulgine, Hatches Creek, and Watershed projects, with Mt Mulgine as the flagship asset.

• Completed acquisition of Mt Mulgine and remaining 80% of Hatches Creek, expanding resource base and project pipeline.

• Discontinued and surrendered tenements for Big Hill and Kilba projects, removing their resources from inventory.

• Cash position at 30 June 2025 was $2.52 million; $4.5 million raised via convertible notes.

• Loss after tax for FY25 was $7.8 million, up from $5.1 million in FY24, driven by higher exploration and impairment expenses.

Financial highlights

• FY25 net loss: $7,816,888 (FY24: $5,112,975); basic loss per share: 0.93 cents.

• Total revenue: $715,954, including $438,962 R&D tax offset and $170,374 interest income.

• Exploration expenses: $3,524,617; impairment of tenements: $1,158,625.

• Cash and cash equivalents at year-end: $2,520,033 (down from $8,067,582 in FY24).

• Net assets: $28,562,998; total liabilities: $14,334,524 (up from $2,477,350 in FY24).

• $4.5 million raised via convertible notes; $250,000 converted to shares during the year.

Outlook and guidance

• Ongoing development at Mt Mulgine, including integrated gold-tungsten scoping study and continued project approvals.

• Hatches Creek progressing through staged development, with mining license and management plan applications lodged.

• Watershed project remains a significant resource, with no new development activity reported.

• Additional capital raising anticipated, with company in trading halt post-year-end pending announcement.