Tungsten Mining Nl · ASX:TGN
Tungsten Mining Nl — NWR Communications Critical Minerals Investor Lunch (May 2026)
18 slides from Tungsten Mining Nl's conference presentation, May 13, 2026
Slide 1: Presentation – Critical Minerals Investor Lunch
ASX ANNOUNCEMENT 13th May 2026 Presentation – Critical Minerals Investor Lunch Tungsten Mining NL (ASX: TGN, OTCQB: TGNMF) (“Tungsten Mining,” “TGN,” or “the Company”) is pleased to advise that the attached Presentation titled “Tungsten Mining: Developing Two World-Class Critical Minerals Projects”
Slide 2: Tungsten Mining: Developing two world-class critical minerals projects
Tungsten Mining: Developing two world-class critical minerals projects ASX : TGN OTCQB : TGNMF 13th May 2026 NWR Communications Critical Minerals Investor Lunch
Slide 3: Important Notices & Disclaimers
Important Notices & Disclaimers Previously released results Important Information and Disclaimer Where the Company refers to previous Exploration Results and to the Mineral Resource Estimates in previous announcements, it Tungsten Mining NL (‘Tungsten Mining,’ ‘TGN’ or ‘the Company’) is an Australia
Slide 4: Corporate Snapshot
Corporate Snapshot Tungsten Mining Share Price Performance 40 Shares Last Share 35 on Issue Price 30 1,396 million $A 0.245 25 A$ (CENTS) as of 8th May 2026 as of 8th May 2026 20 15 Undiluted 10 Market Cap Cash 5 $A 335 Million $A 53.968 million 0 as of 8thMay 2026 As of 31st March 2026 1 May- Jun-
Slide 5: A globally significant portfolio of two world-class assets
A globally significant portfolio of two world-class assets Significant Tungsten Assets (outside of China) Measured and WO3 Deposit WO3 Rank Country Indicated Contained Status Company Source Name Grade (%) Tungsten Deposits Comparison - Measured & Indicated Resource * Resources (kt) (Mt) In 350 1 Mac
Slide 6: Geographic overview
Geographic overview “Mt Mulgine is the jewel in our crown and is one of the largest Tungsten resources in the World. The Watershed Tungsten Project, offers us a near-term pathway to potential development and revenue-generation supported by existing approvals and established technical work.” - TGN Ch
Slide 7: Recent Highlights
Recent Highlights A$53M placement – new leading Australian and International institutional investors Placement funds are to “With a significantly strengthened advance both projects toward a balance sheet, TGN is well positioned potential FID to progress the Mt Mulgine and Discussions with government
Slide 8: Broader business and market overview
Broader business and market overview Two globally significant assets “Mt Mulgine is the jewel in our crown and progressing studies toward a is one of the largest Tungsten resources potential FID in Tier One in the World. mining jurisdictions1 With an NPV close to A$7bn at Spot prices for the large s
Slide 9: Key Upcoming Catalysts
Key Upcoming Catalysts Significant milestones and catalysts expected over next 12-24 months1 Key Priorities – Mt Mulgine Accelerated approvals timeline to be defined during PFS, with the aim of submitting all major approval applications during the PFS/DFS period PFS and DFS are expected to continue
Slide 10: Project Schedules
Project Schedules MT MULGINE KEY MILESTONES1 2026 – 2029 · Indicative schedule, subject to change TODAY 2026 2027 2028 2029 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 STUDIES PFS DFS FUNDING FID / Financing CONSTRUCTION Engineering, Procurement & Construction PRODUCTION Target Production WATERS
Slide 11: Summary - Why Invest in Tungsten Mining?
Summary - Why Invest in Tungsten Mining? 1. Commodity Price Exposure to rocketing tungsten prices, plus molybdenum, copper, gold and silver credits 2. Large Resource One of the largest in-progress tungsten resources in the world 3. Attractive Valuation Trading at an attractive valuation versus peers
Slide 12: Watershed Project
Watershed Project 38Mt at 0.15% WO3 (Measured & Indicated) WATERSHED Near term production potential in an established Tungsten hub PROJECT Advanced Tungsten Project All works approvals are in place based on a completed 2014 DFS. Currently conducting a Project Economic Evaluation (PEE) study Fast-tra
Slide 13: Mt Mulgine Project
Mt Mulgine Project 183Mt at 0.11% WO3 (Indicated) Flagship Asset Major Resource Mt. Mulgine ranks as one of the largest tungsten deposits outside of China. Polymetallic Deposit Contains significant Tungsten (WO₃) & Molybdenum (Mo), with Copper (Cu), Gold (Au) and Silver (Ag) and other by-product rev
Slide 14: Substantial Value Uplift Potential
Substantial Value Uplift Potential TGN has significant upside potential when compared to peers in the tungsten production market EV/Reserve WO3 Contained Reserve Company A$/t contained WO3 Tonnes Almonty 105,553 51,444 EQ Resources 35,205 33,802 Tungsten Mining 1,938 177,550 EV/Reserve (A$/t contain
Slide 15: Contact Us
Contact Us Telephone Website +61 8 9486 8492 www.tungstenmining.com Address ASX : TGN E-mail Level 4, 46 Colin Street, OTCQB : TGNMF info@tungstenmining.com West Perth 6005, Western Australia A tungsten-tipped solution to the world’s critical minerals challenges
Slide 16: Appendix A – Peer Comparison Table
Appendix A – Peer Comparison Table Development Enterprise Value Owner Reserves M&I Tonnes Inferred Total Reserve Measured and Ind Inferred Resource Contained Reserves Contained M&I Contained Inferred Total Resources Property Name Owner Source Stage (AUD M) % Tonnes (Mt) (Mt) Tonnes (Mt) Resource (Mt
Slide 17: Appendix B – TGN Resource Inventory at 0.05% WO3 Cut-Off
Appendix B – TGN Resource Inventory at 0.05% WO3 Cut-Off
Slide 18: Appendix C – TGN Resource Inventory at 0.5 g/t Au Cut-Off
Appendix C – TGN Resource Inventory at 0.5 g/t Au Cut-Off The 2018 Bobby McGee Mineral Resource estimate (MRE) falls within the greater 2020 Mulgine Trench tungsten-molybdenum MRE. Gold is reported out in the 2020 MRE but was modelled as a by-product to the bulk tonnage tungsten/molybdenum mineralis
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