Tungsten Mining Nl · ASX:TGN

Tungsten Mining Nl — Investor Presentation (August 2018)

23 slides from Tungsten Mining Nl's investor presentation, Aug 7, 2018

1. Slide 1: Investor Presentation August 2018

   INVESTOR PRESENTATION August 2018

2. Slide 2: Contents

   Contents  Tungsten – The Metal  Project Portfolio  Mineral Resources  Tungsten Market Data  Clearly Defined Strategy  Mt Mulgine Tungsten Project  Building Strategic Alliances  Corporate Overview  Summary  Q&A Session Investor Presentation August 2018

3. Slide 3: Disclaimer

   Disclaimer This presentation includes certain statements that may be deemed ‘forward-looking statements’. All statements, other than statements of historical fact, that refer to any future production, resources or The information contained in the report that relates to Mineral reserves, exploration

4. Slide 4: Tungsten – the metal

   Tungsten – the metal • Critical material – Strategic Importance • Atomic # 74, chemical symbol “W” • Two economic tungsten minerals - Wolframite / Scheelite • Highest melting point • Highest tensile strength • Lowest co-efficient of expansion • High density • Non-corrosive • Cannot be mimicked – no

5. Slide 5: Project Portfolio

   Project Portfolio  Tungsten Mining NL took a strategic view on Tungsten in 2015.  Acquisitive & Opportunistic  Establishing a portfolio of advanced tungsten (scheelite) development projects delivering control of a massive inventory of contained metal  Mineral Resources* of 177 Million tonnes at

6. Slide 6: Mineral Resources

   Mineral Resources Investor Presentation August 2018

7. Slide 7: Globally significant Mineral Resource base

   Globally significant Mineral Resource base Tungsten Mineral Resources Inventory - Listed Compannies Non-China Bubble size = Contained Metal (WO3 million mtu) 1.15 Happy Creek Minerals, 0.97 King Isalnd Scheelite, 8.03 0.95 0.75 Tungsten Grade %WO3 0.55 Colt Resources, 1.54 Source: Argus, Silver Pred

8. Slide 8: Progressing towards Production

   Progressing towards Production  Focused  Low cost  Infrastructure ready  Quality asset portfolio  Strategic Plan  Low capex  Early production  Project pipeline  Dual commodity Investor Presentation August 2018

9. Slide 9: Factors for Success

   Factors for Success  Large scale deposits supporting robust project economics  Existing infrastructure driving low capital expenditure  Low mining costs from near surface mineralisation and low strip ratios  Simple metallurgical recovery and processing route  Stable political climate and regula

10. Slide 10: Demand Forecast

    Demand Forecast  Global demand for tungsten expected to grow by 4.7% (CAGR) compared with GDP of around 3.7%  Critical raw material with increasing range of applications. Source: Argus Investor Presentation August 2018

11. Slide 11: Global Supply More Concentrated

    Global Supply More Concentrated 2017 Est Global Production 1% 1% 4% 3% 8% 83% China Vietnam Russia United Kingdom Bolivia Others Investor Presentation August 2018

12. Slide 12: Tungsten Price Cycle

    Tungsten Price Cycle Source: Argus (2017 price forecast) – area circled Source: Argus June 2018 Outlook depicted in June 2018 Outlook presented in the figure to the right with ammonium para tungstate (“APT”) price already reaching US$350 in June 2018 Investor Presentation August 2018

13. Slide 13: Clearly Defined Strategy

    Clearly Defined Strategy  Building globally significant resource base  Demonstrate production capability (Phase 1 – Mulgine Hill)  Increase scale (Phase 2 – Mulgine Trench)  Deliver multiple projects and revenue streams (Phase 3 – Watershed plus by-products) Investor Presentation August 2018

14. Slide 14: Mt Mulgine Tungsten Project

    Mt Mulgine Tungsten Project  Globally significant JORC (Joint Ore Resource Committee) 2012 Mineral Resource (updated in June 2017)  Substantial past exploration and feasibility study work completed.  Tungsten and molybdenum rights held by Tungsten Mining  Recent drilling highlighting potential t

15. Slide 15: Mt Mulgine – Mineral Resources

    Mt Mulgine – Mineral Resources InvestorHill Mulgine Presentation August Drill Core Sample 2018 Coarse Grain Scheelite (UV light) Showing

16. Slide 16: Gravity processing plant arrived on site – Nov ‘17

    Gravity processing plant arrived on site – Nov ‘17 Investor Presentation August 2018

17. Slide 17: Recent Drilling Extends Mineralisation

    Recent Drilling Extends Mineralisation  Recent drilling highlights potential to increase Mulgine Hill tungsten Resource  Drill testing of historical molybdenum prospect confirms molybdenum potential (together with tungsten) Investor Presentation August 2018

18. Slide 18: Mulgine Hill project layout

    Mulgine Hill project layout Investor Presentation August 2018 18

19. Slide 19: Building strategic alliances

    Building strategic alliances  MoU with Xiamen Tungsten Company (“XTC”) executed in November 2017 directed towards off-take and technical collaboration  XTC Management team to visit the Mulgine project later this month. Investor Presentation August 2018

20. Slide 20: Corporate Overview

    Corporate Overview Capital Structure ASX: TGN Shares on issue 728 million Unlisted Options 86 million Market Capitalisation $495m (at 68 cents) Cash as at 31/7/2018 $59 million Board and Management Gary Lyons Non-Exec Chairman Experienced company director and businessman Tan Sri Dato’ Tien Seng Law

21. Slide 21: Summary

    Summary  One of the largest resource inventories outside of China  Clear strategy and implementation path  Improving market for tungsten  Leading tungsten developer  Emerging producer  Low capex pathway to production Investor Presentation August 2018

22. Slide 22: Q&A Session

    Q&A Session Investor Presentation August 2018

23. Slide 23: Thank you

    Thank you Primary contacts: Gary Lyons Craig Ferrier Chairman Chief Executive Officer t: +618 9486 8492 e: gary.lyons@tungstenmining.com e: craig.ferrier@tungstenmining.com Investor Presentation August 2018

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