Name of the Project
Mt Mulgine tungsten project.

Location
Murchison region of Western Australia.

Project Owner/s
Critical minerals developer Tungsten Mining.

Project Description
A prefeasibility study (PFS) has confirmed the technical and financial viability of a six-million-tonne-a-year mining and processing operation at Mt Mulgine.

The project has maiden mineral ore reserves of 140-million tonnes grading 0.10% tungsten, 288 parts per million molybdenum, 0.12 g/t gold, 5.9 g/t silver and 0.03% copper. The ore reserve estimate and mine plan are based entirely on indicated mineral resources.

The PFS envisages average production of about 460 000 t/y of tungsten in concentrate over the life-of-mine, with production of by-product concentrates of molybdenum and copper/gold/silver, with contained metal of about 1 070 t/y of molybdenum, 1 265 t/y of copper, 9 400 oz/y of gold and 525 000 oz/y of silver.

The project will be mined using conventional bulk drill-and-blast and load-and-haul methods.

The PFS estimates a long-life operation, with a life-of-mine of 24.5 years.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at a 5% discount rate, of A$422-million and an internal rate of return of 10.83%.

Capital Expenditure
The project has a total capital cost of A$669-million.

Planned Start/End Date
The execution strategy to deliver the project to operational status has yet to be formalised.

Ore production is expected 13 to 15 months after the start of site establishment.

Latest Developments
Tungsten Mining has announced a revised development strategy that incorporates early gold extraction. This new approach aims to more efficiently develop one of Australia's most significant tungsten and molybdenum deposits.
The company plans to use previously overlooked oxide gold mineralisation found in the overburden of the proposed tungsten starter pit. This near-surface material, historically considered waste, has been identified as a valuable early-revenue source, potentially reducing initial prestrip costs and lowering the capital required to access the deeper tungsten orebody.

This initiative supports the long-term goal of establishing Mt Mulgine as a Tier 1 supplier of critical minerals, particularly given the surging global demand for industrial and defence applications.

Following the acquisition of the Mt Mulgine assets in late 2024, Tungsten Mining evaluated the oxide gold potential in the Mulgine Trench area. Reviews of historical drilling data from Minjar Gold, combined with new data from Tungsten Mining’s drilling, have confirmed significant unmined oxide gold mineralisation.

A comprehensive ten-week scoping study has started to assess the feasibility of a standalone oxide gold operation and its integration into the long-term tungsten development plan. The company also intends to evaluate a standalone oxide gold mineral resource estimate, which will underpin economic modelling and enhance the project's technical robustness.

This revised strategy aligns with conceptual pit optimisations showing higher gold grades in the oxide zone, compared with the underlying tungsten orebody. Extracting this near-surface gold offers dual benefits: improving early project economics and facilitating access to the primary tungsten deposit.

Tungsten Mining expects the scoping study outcomes to guide the sequencing and integration of the gold and tungsten assets, and aims to generate early cash flow and reduce execution risk towards full-scale production.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Tungsten Mining, tel +61 8 9486 8492 or email info@tungestenmining.com.