Slide 1: Investor Webinar Presentation: Watershed Preliminary Economic Evaluation Study
22nd June 2026 ASX ANNOUNCEMENT Investor Webinar Presentation Watershed Preliminary Economic Evaluation Study Tungsten Mining NL (ASX: TGN, OTCQB: TGNMF) ("Tungsten Mining," "TGN," or "the Company") is pleased to share the presentation from today's investor webinar, hosted by Chairman Mr Gary Lyons,
Slide 2: Previously Reported Results
Previously Reported Results Tungsten Mining NL confirms that it is not aware of any new information or data that materially affects the information included in the ASX announcements and that all material assumptions and technical parameters underpinning the estimates of Mineral Resources in original
Slide 3: Watershed Project PEE Study – Pathway to Production
WATERSHED PROJECT PEE STUDY – PATHWAY TO PRODUCTION 22nd June 2026 tungstenmining.com Refer to ASX Announcement dated 18 June 2026 – ‘Watershed Study – Strong Economic Outcomes’ ASX : TGN
Slide 4: Important - Notices and Disclaimers
IMPORTANT - NOTICES AND DISCLAIMERS Previously released results Important Information and Disclaimer The Mineral Resource Estimate underpinning the production target in this presentation is extracted from TGN’s ASX announcement Tungsten Mining NL (ASX: TGN) (‘Tungsten Mining’, ‘TGN’ or ‘the Company’
Slide 5: Corporate Snapshot
Corporate Snapshot Tungsten Mining Share Price Performance 40 Shares Last Share 35 on Issue Price 30 1,396 million $A 0.215 as at A$ (CENTS) 19th June 2026 25 20 Undiluted Cash 15 Market Cap $A 53 million As of 31st March 2026 10 $A 300 Million as at 19th June 2026 5 0 May- Jun- Jul- Aug- Sep- Oct-
Slide 6: Watershed – Cashing in on High Tungsten Prices
WATERSHED – CASHING IN ON HIGH TUNGSTEN PRICES High-margin Tungsten project with potential to fast-track to production in 2027, delivering an NPV of A$1.3B from initial CAPEX of A$274M COMPELLING ECONOMICS $ PROJECT PRODUCTION Pre-Tax NPV(8%) A$1.3 Billion Metal Recovery 72.5% Project Life 15 Years
Slide 7: Financial Assumptions – Conservative Values
FINANCIAL ASSUMPTIONS – CONSERVATIVE VALUES WATERSHED APT Pricing Scenarios $ Payability 80% 3,500 3,000 AUD/USD ⇄ Exchange Rate 0.7 2,500 US$/MTU APT ▼ Discount Rate 8% 2,000 Base Case 1,500 § Corporate Tax Rate 30% 1,000 ★ Government Royalties 2.7% 500 0 ¶ Other Royalties 3.5% Jul-26 Jul-27 Jun-30
Slide 8: Watershed Financials – NPV of AUD$1,309M
WATERSHED FINANCIALS – NPV OF AUD$1,309M Long-Term Price Realised Price NPV8% Pre-Tax IRR LOM Undiscounted Payback Assumption Life of Asset ($AUD M) (%) Cashflow ($AUD M) (Months) $APT Price ($USD / MTU) ($USD / MTU) $1,500 1,690 2,159 233% 3,495 9 $1,200 1,425 1,649 213% 2,604 9 $1,000 1,248 1,309
Slide 9: Watershed – Location and Resource
WATERSHED – LOCATION AND RESOURCE Watershed Mineral Resource Category (Oblique View) Tenement Map and Summary Total Measured, Indicated and Inferred Resources of 69.7 Mt at 0.11% WO3 for 76,000 tonnes contained WO31 Measured Indicated Inferred Combined Contained WO₃ % WO₃ Cut-off Mt WO₃ % Mt WO₃ % M
Slide 10: Processing – Conventional Flowsheet
PROCESSING – CONVENTIONAL FLOWSHEET Low-risk Conventional Processing Flowsheet with a combination of Ore-Sorting, Gravity and Flotation. -10mm Stockpile 0.1% - 0.2% WO3 Scheelite Concentrate 50% WO3 Mobile Crushing Primary Milling Secondary Tertiary Milling Ore-Sorting & Screening & Gravity Milling
Slide 11: Metallurgy – Recovery Assumptions
METALLURGY – RECOVERY ASSUMPTIONS Significant Historical and Current Testwork supporting Metallurgical Recoveries. Conservative start up recovery (66.1%) assumed – optimised in first 3 years of production. -10mm Stockpile -10MM STOCKPILE 35% Mass Beneficiation Plant -10MM (Plant Recovery) 70% WO3 Re
Slide 12: Watershed Project – Capital Cost $274M
WATERSHED PROJECT – CAPITAL COST BREAKDOWN BY AREA ($M AUD) WATERSHED PROJECT $10.7 $274M Project Development Costs EHA & Land Access $3.0 TOTAL CAPEX $AUD Early Works & Construction $5.6 Civils $51.3 CAPEX COMPOSITION Pre-production Mining $9.3 Direct CAPEX $201.1M All Direct Costs Process Infrastr
Slide 13: Watershed Project – Operating Cost A$594/MTU
WATERSHED PROJECT – OPERATING COST All-in OPEX of US$416/MTU demonstrating attractive operating cost metrics, particularly in current high APT price environment of >$US3000/MTU. LoM Average Operating Cost 2 per MTU BREAKDOWN BY CATEGORY (A$ /MTU) WATERSHED PROJECT Mining A$236 A$594/MTU Processing P
Slide 14: Opportunities – Opex Reduction
OPPORTUNITIES – OPEX REDUCTION Potential to reduce OPEX over time through optimizing mine schedules and transitioning to owner operator mining (vs contract mining). BREAKDOWN BY CATEGORY (A$ /MTU) OPEX REDUCTION WATERFALL (A$ / MTU) Base case A$594 Mining A$236 47 Processing Plant 28 A$101 10 8 2 A$
Slide 15: Regulatory Approvals
REGULATORY APPROVALS Primary statutory approvals for the Watershed Project are secured. Mining Leases (ML) ML In place ✓ Tenure secured over the project area Environmental Authority (EA) EA State environmental approval issued In place ✓ Environment Protection and Biodiversity Conservation Act (EPBC)
Slide 16: Next Steps – To Meet Market Demand
NEXT STEPS – TO MEET MARKET DEMAND Watershed Development Plan – A Clear Pathway to Final Investment Decision. TIMELINE Watershed PEE to provide updated Production, CAPEX, OPEX, Development timeline Step 1 and Execution Strategy Now Step 2 Site Early Works and Long Lead Equipment Procurement End of J
Slide 17: Funding - Non-Dilutionary
FUNDING - NON-DILUTIONARY Multiple non-dilutive funding pathways are being advanced to support Watershed through to FID with minimal shareholder dilution. Government Grants & 1 Offtake Prepayments 2 Project Debt 33 Strategic Funding • In advanced discussions with major • Engaging with financial advi
Slide 18: Thank You
Thank You info@tungstenmining.com tungstenmining.com ASX : TGN