Tungsten Mining (TGN) H2 2026 earnings summary

Executive summary

• Advanced two cornerstone Australian tungsten projects: Watershed (speed) and Mt Mulgine (scale), strengthening financial position and expanding international presence.

• Watershed Project advanced toward development with updated Mineral Resource Estimate and compelling Preliminary Economic Evaluation (PEE).

• Mt Mulgine Project completed Scoping Study, commenced major drilling, and defined new exploration targets.

• Raised significant capital, expanded US presence, and included in S&P/ASX All Ordinaries Index.

Financial highlights

• Loss after tax for FY26: $19.08 million (FY25: $5.78 million), driven by $12.1 million exploration and $4.0 million remuneration expenses.

• Cash position at 30 June 2026: $49.1 million (FY25: $2.5 million).

• Raised $9.5 million in September 2025 and $53 million in January 2026 through share placements.

• Additional $50 million capital raised post-year-end for Watershed development.

Outlook and guidance

• Watershed targeting Final Investment Decision in September 2026 and first production by end of H1 2027.

• Mt Mulgine advancing Pre-Feasibility Study and major drilling to define scale and development pathway.

• Focus on execution, funding, and technical milestones for both projects in FY27.