Slides
Page 1
MT MULGINE PROJECT PFS OUTCOMES September 2026
Page 2
2 Important Notices & Disclaimers Important Information and Disclaimer Tungsten Mining NL ('Tungsten Mining,' 'TGN' or 'the Company') is an Australian listed resources company. This announcement has been prepared by TGN and is provided for information purposes only. This announcement has been approved for release by the TGN Board. Not Investment or Financial Product Advice This announcement contains summary information about the Company, which is current at the date of this announcement. The information in this announcement is of a general nature. It does not purport to be complete, nor does it contain all the information which a prospective investor should consider when making an investment decision or that would be required in a prospectus or product disclosure statement prepared in accordance with the requirements of the Corporations Act. This announcement does not constitute or form part of any offer or invitation to sell or issue any securities in any jurisdiction, it should not form the basis of, or be relied on in connection with, any contract or investment decision in relation to any securities in any jurisdiction. This document does not constitute investment advice and has been prepared without considering the recipient's investment objectives, financial circumstances or individual needs. No Liability To the maximum extent permitted by law, the Company and its related bodies corporate and affiliates, and their respective directors, officers, employees or agents, disclaim any liability (including, without limitation, any liability arising out of fault or negligence) for any losses, expenses, damages or costs incurred by you and arising from any use of the information contained in this announcement, including any error or omission, or otherwise arising in connection with it. Competent Person’s Statement The information in this announcement that relates to Mining, Metallurgy, Engineering Process Design, and the production target and forecast financial information derived from the production target is based on, and fairly represents information and supporting documentation prepared by Tungsten Mining, and was reviewed by Mr Kong Leng (Jimmy) Lee who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Lee is a Non-Executive Director of Tungsten Mining NL and has sufficient experience that is relevant to the style of mineralisation and proposed processing and to the activity currently being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Lee consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. The information in this announcement that relates to Exploration Results, Exploration Targets and Data Quality is based on, and fairly represents, information and supporting documentation prepared by Peter Bleakley, who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Bleakley is a full-time employee of the company. Mr Bleakley has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves Mr Bleakley consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. The Exploration Targets referred to in this announcement are conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Ore Reserve classification reflects the classification of the underlying Mineral Resource and the level of confidence in the mining, geotechnical, metallurgical, infrastructure, environmental, marketing and economic Modifying Factors. Only Indicated Mineral Resources have been converted to Probable Ore Reserves, and no Ore Reserves have been derived from Inferred Mineral Resources. Remaining uncertainties principally relate to completion of metallurgical variability and bulk testwork, refinement of geotechnical parameters, groundwater supply and dewatering, PAF/NAF characterisation, final contractor pricing, detailed engineering, product marketing arrangements and completion of statutory approvals. As Mt Mulgine is a greenfield development, there is no directly comparable production reconciliation data. The resulting Ore Reserve classification is considered appropriate and reflects the Competent Person's view. The information in this announcement that relates to Ore Reserves is based on, and fairly represents, information and supporting documentation prepared by Mr Allan Earl, who is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Earl is a full-time employee of Datamine Australia (Snowden Optiro). Mr Earl has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Earl consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. Previously Reported Results The Mineral Resource Estimate underpinning the Ore Reserve and Production Target in this announcement is set out in TGN's ASX announcement dated 4 May 2020 titled "Update of Mineral Estimate for Mulgine Trench Deposit". The Ore Reserve estimate underpinning the Production Target i n this announcement is set out in TGN's ASX announcement dated 1 September 2026 titled "Mt Mulgine PFS confirms world -scale tungsten project". The Competent Perso n's statement and full JORC 2012 Table 1 disclosures relating to Mineral Resources and Ore Reserves are included in the respective announcements. The Company confirms it is not aware of any new information or data that materially affects the information contained in thes e announcements, and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.. Forward Looking Statements This report may contain forward-looking statements which can be identified by forward-looking terminology, including and without limitation to, the terms "planned", "expected", "projected", "estimated", "may", "scheduled", "intends", "anticipates", "believes", "potential", "could", "nominal", "conceptual" and similar expressions. Indications of and guidance on future earnings, financial position and performance are also forward-looking statements, as are any statements in this report regarding TGN's operations. Forward looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of the Company. These risks and uncertainties include but are not limited to liabilities inherent in mine development and production, geological, mining and processing technical problems, the inability to obtain any additional mine licenses, permits and other regulatory approvals required in connection with mining and third party processing operations, competition for capital, acquisition of reserves, undeveloped lands and skilled personnel, incorrect assessments of the value of acquisitions, changes in commodity prices and exchange rate, currency and interest fluctuations, various events which could disrupt operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions, the demand for and availability of transportation services and the ability to secure adequate financing. These and other factors should be considered carefully; readers should not place undue reliance on such forward-looking information. There can be no assurance that forward- looking statements will prove to be correct Cautionary Statements The Pre-Feasibility Study (“Study” or “PFS”) referred to in this ASX announcement has been undertaken for the purpose of evaluation for a potential development of the Mt Mulgine Project in Western Australia. It is a preliminary technical and economic study of the potential viability of the Mt Mulgine Project. The Study has been completed to Pre-Feasibility Study level as defined under the JORC Code 2012. A Probable Ore Reserve classified under JORC 2012 Guidelines was used for the PFS and all relevant details are set out in this announcement. Of the Mineral Resources scheduled for extraction in the production plan >87% fall within the Indicated or Measured Category and there is no certainty that further work will result in the production target itself will be realised. There is a low level of geological confidence associated with inferred mineral resources and there is no certainty that further exploration work will result in the determination of indicated mineral resources or that the production target itself will be realised. The Study is based on material assumptions as outlined in this announcement. These include assumptions about the availability of funding. While TGN considers all the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Study will be achieved. To achieve the range of outcomes indicated in the Study, pre-production funding in the order of A$870M may be required. There is no certainty that TGN will be able to source that amount of funding when required. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of TGN’s shares. It is also possible that TGN could pursue other value realisation strategies such as a sale, partial sale or joint venture of the Project. Statements in this announcement regarding TGN’s business or proposed business, which are not historical facts, are forward-looking statements that involve risks and uncertainties, such as Mineral Resource estimates, market prices of tungsten, capital and operating costs, changes in project parameters as plans continue to be evaluated, continued availability of capital and financing and general economic, market or business conditions, and statements that describe TGN’s future plans, objectives or goals, including words to the effect that TGN or management expects a stated condition or result to occur. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by TGN, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. TGN believes that this announcement includes a fair and balanced summary of the Study. TGN has concluded that it has a reasonable basis for providing these forward-looking statements and the forecast financial information included in this release. This includes a reasonable basis to expect that it will be able to fund the development of the Project upon successful delivery of key development milestones and when required. While TGN considers all material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Study will be achieved and are considered preliminary in nature. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of this Study. List of ASX Announcements Referenced 4 May 2020 — "Update of Mineral Estimate for Mulgine Trench Deposit“, 1 December 2025 — "Tungsten Mining Defines New Mulgine Exploration Target, Reinforcing the Global Scale of Mt Mulgine“, 16 March 2026 — "Mt Mulgine Drilling Program to Test Exploration Target“, 5 June 2026 — "Drilling Commences at Mt Mulgine“, 18 June 2026 — "Watershed Study - Strong Economic Outcomes"1 September 2026 — "Mt Mulgine PFS confirms world-scale tungsten project“ Assumptions and technical parameters, the Competent Person's statement and JORC 2012 Table 1 disclosures are included in the respective announcement (if any)
Page 3
3 WATERSHED CASH FLOW POTENTIALLY FUNDING MULGINE WATERSHED · QUEENSLAND SPEED MT MULGINE · WESTERN AUSTRALIA SCALE Potentially the world's largest¹ tungsten operation. First production targeted early 2029 . ~A$395M WATERSHED PRE - TAX CASH FLOW FROM JULY 27 TO MARCH 28* POTENTIALLY FUND MT MULGINE PROJECT INTO PRODUCTION 2026 2027 2028 2029 2030 TWO GLOBALLY SIGNIFICANT TUNGSTEN PROJECTS IN ONE OF THE WORLD'S SAFEST MINING JURISDICTIONS. *Refer ASX Announcements dated: 18 June 2026 “Watershed Study – Strong Economic Outcomes” The Company confirms it is not aware of any new information or data that materially affects the information contained in thes e a nnouncements, and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The dates presented are an indicative timeline, subject to change. The utilisation of funds from Watershed to the Mt Mulgine Project is subject to change and the Company may utilise these funds for other purposes. ¹According to Fastmarkets Market Analysis First production targeted H1 2027 . Fast tracked tungsten project in Queensland.
Page 4
4 MT MULGINE PFS – KEY OUTCOMES ✓ Exploration drilling program underway. Targeting additional tonnes to Resource1 ✓ Optimised +21 year, 8 Mtpa mine plan developed 02 ✓ Process Design defined ✓ Non-Process Infrastructure Layout and 3D Model ✓ Tailings and Waste Further Defined ✓ Developed AACE Class 3/4 (±25%) Cost Estimate 03 ✓ Native Vegetation Clearing Permit (NVCP) Submitted, Result Imminent ✓ Environmental and heritage surveys in progress, mitigation strategies implemented ✓ Mine Development & Closure Proposal (MDCP) under development, targeted Jan 27 04 PFS COMPLETE AND A STRONG FOUNDATION ESTABLISHED TO ADVANCE MT MULGINE TO DFS. ✓ Water drilling campaign underway, promising early results ✓ Determined water sourcing strategy for 8Mtpa Base Case ✓ Clear forward work plan for water developed 01 Engineering Approvals Water Resource and Mining 1 Refer ASX Announcements dated: 16 March 2026 “Mt Mulgine Drilling Program to Test Exploration Target” The Exploration Targets referred to in this announcement are conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
Page 5
5 TUNGSTEN PRICE – LAST 12 MONTHS 0 500 1000 1500 2000 2500 3000 3500APT Price (US$/mtu) Period (week ending) APT Price - Last 12 Months (Weekly)* STABILISED ABOVE +US$3000 FOR LAST ~6 MONTHS TUNGSTEN HAS HELD RECORD PRICES, AND THE PROJECTS COMING UP BEHIND IT STAND TO CAPTURE THE UPSIDE. *Source: Fastmarkets
Page 6
6 GLOBAL TUNGSTEN MARKET – SUPPLY AND DEMAND 120 130 140 150 160 170 180 190 200 210 220 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Demand and supply (kt WO3) Year Global Tungsten Demand Forecast and Current Supply* Tungsten demand Tungsten supply *Source: Fastmarkets, includes primary and secondary supply 2025 Global Supply 153 kt WO3 STRUCTURAL DEFICIT • Chinese Export controls exacerbating commodity risk and supply chain security • Global demand growth is concentrated in key sectors that dissipate tungsten RESTRUCTURING OF GLOBAL TUNGSTEN MARKET • Current geopolitical factors result in decoupling of tungsten value chains. NO IMMEDIATE SOLUTION • Limited global sources to fill the supply deficit in the short to medium term
Page 7
7 GLOBAL TUNGSTEN MARKET – DEMAND BY SECTOR 2025 DEMAND 154.07 kt Base year GROWTH TO 2035 +60.65 kt 3.4% CAGR p.a. 2035 DEMAND 214.73 kt Forecast 2.15 13.07 14.89 22.39 17.03 19.57 24.94 40.03 0 10 20 30 40 Global Tungsten Demand (WO3 kt) End-Use Sector 2025 demand Growth to 2035 GROWTH (kt) PRINCIPLE DRIVERS 40.16 35.11 30.44 29.72 28.96 23.86 23.08 3.38 Transportation +0.13 Flat to negative: EV powertrains eliminate most engine and transmission machining content per vehicle Mining +10.18 Falling head grades mean more rock drilled and moved per tonne of metal produced, lifting consumable intensity General Manufacturing +10.87 Manufacturing reshoring and machine-tool capex raise installed cutting capacity and consumable throughput Defence +12.69 Structural expansion in military budgets, depleted inventories and the rebuilding of domestic defence- industrial capacity Energy & Process Industries +6.57 Strategic minerals required for electrification, renewable energy and advanced manufacturing Construction +8.98 Infrastructure programmes in India, South-East Asia and the Gulf sustain tunnelling and road-surfacing consumption Consumer Durables +10.01 Handset and wearable volumes plus AI-driven PCB complexity lift micro-drill and counterweight intensity Others +1.23 Growth in medical imaging, aerospace and nuclear shielding offsets the structural decline of filament lighting +60.65Total *Data sourced from Fastmarkets
Page 8
8 MT MULGINE PROJECT – LOCATION & SITE LAYOUT STRATEGIC ASSET One of the largest undeveloped tungsten and molybdenum resource1 globally in a low-risk and established mining jurisdiction LOCATION AND ACCESS 330 km NNE of Perth, Murchison Region, Granted mining leases, only 5 hours drive from state capital of Western Australia STUDY HISTORY Integrated scoping study completed November 2025, strong economic outcomes supported decision to move into PFS 1Source: Independent Fastmarkets tungsten market analysis report.
Page 9
9 MT MULGINE - PRODUCTION PROFILES - 2,000 4,000 6,000 8,000 10,000 12,000 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 Production Profile 8 Mtpa Contained WO3 Contained Mo Contained Cu, Au, Ag - 5,000 10,000 15,000 20,000 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 Production Profile 8 Ramping up to 16 Mtpa Contained WO3 Contained Mo Contained Cu, Au, Ag 24 Month Ramp Up POTENTIAL INCREASE FROM EXPLORATION* *Based on exploration target, Refer ASX Announcement Dated: 16th March 2026, "Mt Mulgine Drilling Program to Test Exploration Target", 1st December 2025, "Tungsten Mining Defines New Mulgine Exploration Target, Reinforcing the Global Scale of Mt Mulgine", 5th June 2026, "Drilling Commences at Mt Mulgine The Exploration Targets referred to in this announcement are conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource. Refer Appendix A and B for Mt Mulgine Mineral Resource Estimate and Ore Reserve Respectively BASE CASE (8MTPA) SUPPORTING A +20 YEAR MINE LIFE AT +5,600 TPA WO3. EXPANSION CASE (8 RAMPING TO 16 MTPA) SUPPORTING A ~15 YEAR MINE LIFE AT UP TO 12,000 TPA WO3.
Page 10
10 MT MULGINE – PROCESS FLOWSHEET Secondary Grinding and Screening Primary Gravity Primary Grinding and Screening Sulphide Flotation -10mm -650um Gravity Con -150um Scheelite Regrind and Flotation and Tabling Tungsten Product Dewatering Molybdenum/Copper Regrind and Flotation Molybdenum Product Dewatering Copper/Gold Product Dewatering Tails Dewatering and Handling Copper/Gold Regrind and Flotation Molybdenum Flotation -90um -75umSinks Floats LEGEND Concentrate / forward stream Tailings / recycle stream Saleable concentrate Floats FloatsFloats Sinks Sinks Sinks Sinks COMMINUTION & GRAVITY SCHEELITE CIRCUIT SULPHIDE CIRCUIT Gravity Tails Crushing THE FLOWSHEET IS SUPPORTED BY SUBSTANTIAL TESTWORK, WHICH UNDERPINS THE PROJECT’S METALLURGICAL ASSUMPTIONS AND PROCESS DESIGN
Page 11
11 MT MULGINE - FACILITIES LAYOUT (BASE - CASE)
Page 12
12 MT MULGINE – CAPEX (8 MTPA BASE CASE) A$870M Initial Capital Cost Jul-27 to Jul-29 (25 months) CAPEX COMPOSITION Direct 72.8% A$633.5M Owners & EPCM 12.4% A$108.0M Contingency, Growth & Escalation 14.8% A$128.5M Direct A$633.5M · 72.8% Process Infrastructure A$323.1M 37.1% Crushing Circuit A$90.9M 10.5% Mining A$55.7M 6.4% NPI Buildings A$47.3M 5.4% Water Supply & Infrastructure A$46.3M 5.3% Permanent Village A$39.7M 4.6% Civils A$27.5M 3.2% Power Supply A$3.0M 0.3% Owners & EPCM A$108.0M · 12.4% EPCM A$77.7M 8.9% Owners Costs A$21.4M 2.5% Operational Readiness A$8.9M 1.0% Contingency, Growth & Escalation A$128.5M · 14.8% Contingency A$109.2M 12.6% Escalation A$19.3M 2.2% FUNDING STRATEGY TO BE ASSESSED ACROSS DEBT, STRATEGIC CAPITAL, GOVERNMENT SUPPORT, OFFTAKE-LINKED FUNDING AND POTENTIAL FUTURE WATERSHED CASH FLOWS
Page 13
13 MT MULGINE – PROJECT FUNDING EQUITY Export Credit Agencies and Development Banks Bonds Private Credit Commercial Banks Off-take Pre Payments Watershed Pre-Tax Cash Flow ~A$395M* Strategic Investment DEBT FUNDING OPTIONS Mt Mulgine Project Funding A$870M Financing process commences on DFS completion STRONG MT MULGINE CASHFLOW PROVIDES PLATFORM FOR ENGAGEMENT WITH MULTIPLE DIFFERENT FUNDING SOLUTIONS Market Capital Raising *Refer ASX Announcements dated: 18 June 2026 “Watershed Study - Strong Economic Outcomes”, Watershed pre-tax cash flow from July 27 to March 28 By-Product Metal Streaming BOO, BOOT, Leasing
Page 14
14 TOTAL SITE OPEX A$35.4 PER T ONNE ORE AISC * (NET OF BY -PRODUCTS) A$181 US$ 127 PER MTU WO₃ OPEX COMPOSITIO N BREAKDOWN BY COST CENTRE (A$ / t ore) Mining A$ 10.84 30.7% of total Processing & Crushing A$ 14.29 Crushing, Processing Plant, Tailings 40.4% of total Site, Admin & Logistics A$ 10.24 Labour, Camp, NPI, Admin, Mobile Equip., Transport 29.0% of total Mining 10.84 Crushing 2.41 Processing Plant 11.85 Tailings Disposal 0.03 Labour & Personnel 5.50 Mobile Equipment 0.26 NPI 1.39 Camp & Accommodation 1.58 Admin 0.85 Concentrate Transport 0.66 T O T A L (A$ / t ore) 35.4 *C1 Cash Cost = Mining + Processing (includes sustaining capital as a maintenance cost) + Site G&A + Transport + other direct cash costs – by-product credits All -in Sustaining Cost (AISC) = C1 Cash Cost + Sustaining Exploration + Closure/Rehabilitation + Royalties + TC/RC (Copper) A$493.90 / US$345.73 per WO3 MTU total; AISC A$180.95 / US$126.66 with by-product credits. Percentages calculated against the stated total of A$35.36 per tonne of ore. There is no Sustaining Exploration applied, and Closure/Rehabilitation is a capital cost at end of life, therefore not included. MT MULGINE – OPEX (8 MTPA BASE CASE)
Page 15
15 Pricing Scenario Life of Asset Price ($USD/MTU) NPV8% Pre-Tax ($AUD M) IRR % Pre Tax LOM Undiscounted Cashflow Pre-tax ($AUD M) Operating Margin Pre-Tax INITIAL CAPEX ($AUD M) LOM OPEX ($AUD M) Payback First Revenue (Years) - Post Tax Spot Price $3,088 15,553 113% 39,845 87% 870 6,114 1.3 FM Forecast* (Base Case) $1,509 6,823 55% 18,699 76% 870 6,114 2.7 MT MULGINE – FINANCIALS (8 MTPA BASE CASE) *BASE CASE -8.00 -6.00 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 -800 -600 -400 -200 0 200 400 600 800 1,000 1,200 1,400 Cumulative Billions AUD Millions AUD LOM REVENUE BREAKDOWN (AUD M, FM FORECAST) 22,016 81% 2,444 9% 954 4% 1,404 5% 366 1% Revenue - WO3 Revenue - Mo Revenue - Ag Revenue - Au Revenue - Cu UNDISCOUNTED POST-TAX CASH FLOW BASE CASE — FM FORECAST *FM = Fastmarkets
Page 16
16 MT MULGINE – GLOBAL COST BENCHMARKING ALL-IN SUSTAINING COST (AISC) (NET OF BY -PRODUCTS) US$127 AUD$181 Source: Fastmarkets* *The 2026 tungsten cost curve has been constructed using a mixed methodology that combines asset-level cost references with proxy and bucket-based estimates where public disclosure is limited. Assets with stronger supporting data, including Sangdong, Boguty, Nui Phao, Panasqueira, Mittersill, Mt Carbine, Barruecopardo and Dolphin, are shown separately as company guidance, technical reports, public financial or cash-flow analysis, or external cost benchmarks are available. Mt Mulgine is provided by Tungsten Mining for comparison. Where mine-level cost disclosure is insufficient, smaller or less transparent sources of supply are grouped into country-level or regional buckets to avoid implying unwarranted precision and preserve a consistent global view of cost positioning. Data sourced August 2026 MT MULGINE IS POSITIONED TO BE THE LOWEST COST TUNGSTEN PRODUCER ON EARTH. C1 CASH COST US$53 AUD$76 (FX: 0.7) (FX: 0.7) 0 50 100 150 200 250 300 350 0 15,000 30,000 45,000 60,000 75,000 90,000 105,000 C1 Cash Cost (US$/mtu WO3) Cumulative Production (t WO3) Mulgine China Non-China GLOBAL TUNGSTEN C1 CASH COST CURVE US$/mtu WO3 US$/mtu WO3
Page 17
17 Pricing Scenario Life of Asset Price ($USD/MTU) NPV8% Pre-Tax ($AUD M) IRR % Pre Tax LOM Undiscounted Cashflow Pre-tax ($AUD M) Operating Margin Pre-Tax TOTAL* CAPEX ($AUD M) LOM OPEX ($AUD M) Payback First Revenue (Years) - Post Tax Spot Price $3,088 18,351 113% 39,862 88% 1290 5677 1.3 FM1 Forecast $1,516 8,195 57% 18,813 78% 1290 5677 2.9 MT MULGINE – FINANCIALS (8 → 16 MTPA EXPANSION CASE) EXPANSION CASELOM REVENUE BREAKDOWN (AUD M, FM FORECAST) UNDISCOUNTED POST-TAX CASH FLOW EXPANSION CASE — FM FORECAST -8.00 -6.00 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 -800 -600 -400 -200 0 200 400 600 800 1,000 1,200 1,400 1,600 Cumulative Billions AUD Millions AUD 22,016 81% 2,444 9% 954 4% 1,404 5% 366 1% Revenue - WO3 Revenue - Mo Revenue - Ag Revenue - Au Revenue - Cu *Does not include closure capital 1FM = Fastmarkets
Page 18
18 MT MULGINE – CURRENT RESOURCE DRILLING Additional 165 – 200 Mt Potentially Increasing the MRE 165 – 240 Kt Potentially contained WO3 within the Exploration Target 270 Kt Contained WO3 in the existing Mineral Resource Drilling has commenced at Mulgine Trench, with the aim of converting Inferred and Unclassified Material into Indicated Category 1. 130 RC holes for 40,000 m has been designed to test continuity of mineralisation along strike RC drilling tests continuity of extensions beneath the 2020 Mineral Resource Estimate, targeting an additional 80 m to 160 m down-dip Upper portions of the previously reported Exploration Target will be tested Diamond drilling planned to collect material for test work and geotechnical data for pit designs 1 Refer ASX Announcements dated: 16 March 2026 “Mt Mulgine Drilling Program to Test Exploration Target” The Exploration Target for Mt Mulgine, describing the potential quantity and grade is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is unclear if further exploration will result in the estimation of a Mineral Resource.
Page 19
19 MT MULGINE – TESTWORK TIMELINE Bench scale testing on 105 samples from existing PQ diamond core. Evaluate flowsheet performance across lithology, weathering, grade and spatial domains. 01 Variability Current Reserves Bench scale testing on samples from the upcoming drilling program. Providing metallurgical regressions for mine planning. 02 Variability Additional Reserves Flowsheet simulation testing on 5 existing bulk samples. Optimise flowsheet configuration and generate data to support the DFS design, including the mass balance and PDC. 03 Flowsheet Confirmation Bulk pilot runs on samples from the upcoming drilling program. Final confirmation of the process flowsheet and DFS design basis. 04 Pilot Testing 2026 2027 Aug Sept Oct Nov Dec Jan Feb Mar Apr May June Variability – Current Reserves Variability – Current Reserve Inventory Variability – Additional Reserves Variability – Additional Reserve Inventory Flowsheet Confirmation Flowsheet Confirmation DFS Pilot Run Confirmation Pilot Testing Indicative timeline - subject to change
Page 20
20 MT MULGINE – PROJECT SCHEDULE Jul 2026 Oct 2026 Jan 2027 Apr 2027 Jul 2027 Oct 2027 Jan 2028 Apr 2028 Jul 2028 Oct 2028 Jan 2029 Apr 2029 Jul 2029 Calendar Quarter PFS DFS Approvals & Land Access Long Lead Procurement Early Works Construction Commissioning Final Investment Decision First Production PRE FID PROJECT MILESTONES • NVCP Approved • Class 2 AACE Capex Estimate Completed • MDCP Approved • Robust Stakeholder Engagement & Consultation • Social License to Operate • Approved Mine Safety Management System • Project Execution Strategy Defined FEED Indicative timeline - subject to change
Page 21
21 MT MULGINE – APPROVALS TIMELINE 2026 2027 2028 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Project Approvals 1 2 3 4 5 6 7 8 Project Milestones 1 2 3 4 Water Supply Approvals 1 3 4 2 5 6 PROJECT APPROVALS 1 Native Vegetation Clearing Permit (Submission) Q2 2026 2 Native Vegetation Clearing Permit (Approval) Q4 2026 3 Mine Development Closure Plan (Submission) Q1 2027 4 Works Approvals (Submission) Q1 2027 5 Section 18 (Submission) Q1 2027 6 Mine Development Closure Plan (Approval) Q2 2027 7 Section 18 (Approval) Q3 2027 8 Works Approvals (Approval) Q3 2027 PROJECT MILESTONES 1 PFS complete Q3 2026 2 DFS complete Q2 2027 3 Early works commence Q3 2027 4 Construction commence Q1 2028 WATER SUPPLY/ WATER BORE TENURE APPROVALS On tenure 1 Groundwater License transfer Q4 2026 2 Groundwater License amendment Q4 2027 Off tenure 3 Native Vegetation Clearing Permit (Submission) Q2 2027 4 Groundwater License (Submission) Q2 2027 5 Native Vegetation Clearing Permit (Approved) Q4 2027 6 Groundwater License (Approval) Q4 2027 1 NATIVE VEGETATION CLEARING PERMIT SUBMITTED APRIL 2026 · UNDER ASSESSMENT EP Act Part V native vegetation clearing approval in progress. 2 MINE DEVELOPMENT & CLOSURE PROPOSAL IN PREPARATION · SUBMISSION Q1 2027 Prepared in parallel with the DFS. 3 WORKS APPROVALS POST MDCP SUBMISSION EP Act Part V works approval to allow commencement of prescribed activities. Indicative timeline - subject to change
Page 22
22 MT MULGINE - FORWARD WORK PLAN 1 METALLURGICAL TESTWORK PROGRAM De-risking the process flowsheet TIMING: NOV 2025 – NOV 2026 OBJECTIVE Define the optimal flowsheet configuration to maximise scheelite recovery and concentrate grade ≥60% WO₃. 2 STUDIES, ENGINEERING & APPROVALS Advancing studies in parallel with approvals TIMING: NOV 2025 – AUG 2027 OBJECTIVE Complete PFS in Aug 2026 and DFS in Aug 2027 while progressing approvals and land access to keep the project on schedule. 3 EXECUTION & DELIVERY PLAN On track for first production in July 2029 TIMING: OCT 2027 – JUN 2029 OBJECTIVE Execute an integrated development plan with early works, procurement and construction to achieve first production. KEY WORK PACKAGES VARIABILITY TESTING – CURRENT RESERVES Complete bench scale testing on >100 PQ core samples Assess flowsheet performance across lithology, weathering, grade and spatial domains at high resolution VARIABILITY TESTING – ADDITIONAL RESERVES Additional bench scale testing from the upcoming drilling program Improve understanding of flowsheet performance during the first five years of mine life FLOWSHEET CONFIRMATION Flowsheet simulation testing on 5 existing bulk samples. Optimise flowsheet configuration and generate data to support the DFS design, including the mass balance and PDC DFS PILOT RUN Bulk pilot runs on samples from the upcoming drilling program Further validate the process flowsheet and DFS design basis. DELIVERABLES Optimise flowsheet configuration • ≥60% WO₃ demonstration • Basis for PFS design criteria WORKSTREAMS PFS Complete Aug 2026 DFS Sep 2026 – Aug 2027 MDCP Submission Jan 2027 MDCP Approval Jul 2027 All Major Approvals in Place By Dec 2027 KEY APPROVALS & ACCESS Works Approvals Environmental Approvals Heritage Approvals Water Licences & Allocations Pipeline Corridor Approvals Land Access & Stakeholder Agreements EXECUTION PHASES PROCUREMENT & EARLY WORKS Oct 2027 – Jan 2028 Long-lead procurement starts Oct 2027 Front-end engineering Early works commence Oct 2027 Early works complete Jan 2028 CONSTRUCTION Jan 2028 – Jun 2029 Civil works & infrastructure Plant construction Installation & delivery Pre-commissioning COMMISSIONING & FIRST PRODUCTION Jul 2029 onwards Mechanical completion Dry commissioning Wet commissioning Performance testing starts Jul 2029 First production starts Jul 2029 WATER SUPPLY — TO ~2.5 GL/a BY MAR 2029 Q1 2028 ~1.0 GL/a On-tenement water available Q1 2029 ~1.5 GL/a L59/190 water ready Mar 2029 ~2.5 GL/a Water treatment plant ready Mar 2029 ~2.5 GL/a Total water availability KEY OUTCOMES De-risked Project Optimised Flowsheet Water Security Safe & Efficient Construction First Production July 2029 Indicative timeline and work plan - subject to change
Page 23
A tungsten-tipped solution to the world’s critical minerals challenges ASX : TGN Contact Us Telephone +61 8 9486 8492 E-mail info@tungstenmining.com Website www.tungstenmining.com Level 4, 46 Colin Street, West Perth 6005, Western Australia Address
Page 24
24 APPENDIX A - OVERALL RESOURCE Mineral Resource Report for Mulgine Trench – May 2020 Classification Oxidation Mt WO₃ (%) WO₃ (Kt) Mo (ppm) Mo (t) Au (ppm) Au (Koz) Ag (ppm) Ag (MOz) Cu (%) Cu (Kt) Indicated Oxide 29 0.11 30 290 8 0.18 160 3 3 0.05 33 Fresh 146 0.11 160 290 43 0.13 610 6 29 0.04 26 Total 175 0.11 190 290 51 0.14 770 6 32 0.04 69 Inferred Oxide 3 0.09 3 260 1 0.14 15 2 0 0.03 11 Fresh 68 0.12 80 250 17 0.10 210 6 12 0.03 11 Total 72 0.11 80 250 18 0.10 230 5 13 0.03 22 Grand Total Oxide 32 0.10 30 285 9 0.18 200 3 3 0.04 44 Fresh 215 0.11 240 279 60 0.12 800 6 41 0.04 37 Total 247 0.11 270 280 69 0.13 1,000 6 44 0.04 92 Reported at a 0.05% WO₃ cut-off grade.. Refer ASX Announcements dated: 4 May 2020 “Mineral Resource Estimate Update for Mulgine Trench Deposit”
Page 25
25 APPENDIX B - ORE RESERVE Mulgine Trench - 1 September 2026 Reserve Category Tonnes (Mt) Grade WO3 (%) Grade Mo (ppm) Grade Au (g/t) Grade Ag (g/t) Grade Cu (%) Proved - - - - - - Probable 144 0.10 287 0.12 6.2 0.04 Total 144 0.10 287 0.12 6.2 0.04 WO3 Cut-off Grade 0.05% Only fresh indicated mineral resource was considered for the ore reserves. The ore reserve is constrained by the available mineral ore resource. (146Mt Indicated Mineral Resource vs 144Mt Probable Ore Reserve). A separate “Reserve Only” scenario was tested and evaluated and produced a slightly lower NPV than the PFS mine which includes 13% inferred mineral resource within the pit shell. This proved that the PFS case is not dependent on the incidental inferred mineral resource. Refer ASX Announcements dated: 1 September 2026 “Mt Mulgine PFS confirms world-scale tungsten project”