Tungsten Mining (TGN) Investor Presentation summary

Market opportunity and industry dynamics

• Tungsten prices reached 12-year highs after China imposed export restrictions in February 2025, tightening global supply and driving up prices.

• The tungsten market is projected to grow to US$11.6 billion by 2033, with a CAGR of 7.8% from 2025 to 2033.

• China controls over 80% of global tungsten mining and processing, with recent restrictions exacerbating supply deficits.

• Tungsten is classified as a critical mineral globally, with demand driven by industrial, transport, defense, and energy sectors.

• Limited new supply is coming online due to historically low prices and underinvestment.

Asset portfolio and resource base

• Holds one of the largest tungsten resource bases outside China, with a total resource inventory of 383 kt WO3 across Mt Mulgine, Watershed, and Hatches Creek.

• Mt Mulgine is a flagship asset, ranking among the largest tungsten deposits globally, and includes significant by-product potential in gold, molybdenum, copper, and silver.

• Watershed and Hatches Creek projects further strengthen the portfolio, with combined measured and indicated resources of 256 kt WO3.

• Projects are located in Western Australia and Queensland, recognized as safe and established mining jurisdictions.

• Significant expenditure has already de-risked Mt Mulgine, with most in-ground drilling costs completed.

Development strategy and milestones

• Employs a staged, low-cost development plan: Stage 1 focuses on oxide gold, Stage 2 on small-scale tungsten, and Stage 3 on large-scale tungsten production.

• Key upcoming milestones include scoping study results, gold resource estimate, capital raising, and commencement of pre-feasibility and definitive feasibility studies for both gold and tungsten.

• Plans to progress an OTC listing and enhance US market positioning, targeting strategic offtake and investor engagement.

• Downstream testing and research partnerships with US agencies such as DoE and DoD are being pursued.