Slide 1: Mt Mulgine A Globally Significant Multi-Critical Mineral Deposit
Mt Mulgine A Globally Significant Multi-Critical Mineral Deposit ASX : TGN OTCQB : TGNMF 19th January 2026 A tungsten-tipped solution to the world’s critical minerals challenges
Slide 2: Important Notices & Disclaimers
Important Notices & Disclaimers Important Information and Disclaimer Previously released results Tungsten Mining NL (‘Tungsten Mining,’ ‘TGN’ or ‘the Company’) is an Australian listed resources company. This presentation Where the Company refers to previous Exploration Results and to the Mineral Res
Slide 3: Corporate Snapshot
Corporate Snapshot Tungsten Mining Share Price Performance 35 Shares Last Share 30 on Issue Price 25 1,117 Million $0.17 as at A$ (CENTS) 14th Jan 2025 20 Undiluted Cash 15 Market Cap $1.15 Million as at $179 Million as at 30th Sep 2025 10 14th Jan 2025 Additional $9.49 Million Raised in 5 Sept 2025
Slide 4: Why Invest in Tungsten?
Growing Industry Demand for Tungsten3 Why Invest in Tungsten? Booming Demand, Restricted Supply, Rocketing Prices Rocketing Prices Tungsten currently at all-time highs, after China added the metal to the critical minerals export restriction list in February 2025. Critical Mineral/Critical Market Tun
Slide 5: Tungsten Assets
TGN has a globally significant portfolio of two world-class assets Significant Tungsten Assets (outside of China) Measured and WO3 Deposit WO3 Tungsten Deposits Comparison - Measured & Indicated Resource * Rank Name Country Indicated Grade (%) Contained Status Company Source Resources (kt) (Mt) In 3
Slide 6: Watershed Project
Watershed Project 38Mt at 0.15% WO3 (Measured & Indicated) Near term production potential in an established Tungsten hub Advanced Tungsten Project WATERSHED All works approvals are in place based on a completed PROJECT 2014 DFS. Currently conducting a project development evaluation. Fast-track poten
Slide 7: Mt Mulgine Project
Mt Mulgine Project 183Mt at 0.11% WO3 (Indicated) Flagship Asset Major Resource Mt. Mulgine ranks as one of the largest tungsten deposits outside of China. Polymetallic Deposit Contains significant Tungsten (WO₃) & Molybdenum (Mo), with Copper (Cu), Gold (Au) and Silver (Ag) and other by-product rev
Slide 8: Mt Mulgine shows the potential to become a long-life asset
Mt Mulgine shows the potential to become a long-life asset in a tier-1 jurisdiction with competitive financial metrics Scoping Study outputs for the preferred 6 Mtpa base case Base (A$) Spot (A$) Strategic Cashflow NPV8% (Pre-Tax) Total Cashflow LoM (Post-Tax): Long-life. Low-cost. High-value. Criti
Slide 9: Annual Production by Commodity
Initial mine plans demonstrate significant production of tungsten, base and precious metals with low strip ratios Annual Production by Commodity Gross Revenue by Commodity Base Metals (t/a) Precious Metals (oz/a) %LoM Gross Revenue – Base Prices 1,178 , Molybdenum t/a 1,301 , Copper t/a 23% By-produ
Slide 10: Mt Mulgine defines a new exploration target
Mt Mulgine defines a new exploration target of 165 to 200 Mt, seeking to add 100Mt to Indicated Key Outcomes • Drilling is planned to assess potential of additional mineralisation • Mulgine Trench deposit is currently defined by 40- metre spaced drilling over 1.5 km of strike to a depth of 250 metre
Slide 11: Preliminary flowsheet targets production of three key concentrates
Preliminary flowsheet targets production of three key Key Outcomes concentrates: tungsten, molybdenum and copper-gold-silver • Conventional flowsheet supported by positive metallurgical testwork results: • Three-stage crushing • Primary gravity concentration • Sulfide flotation (Mo & Cu-Au-Ag) • Sch
Slide 12: Mt Mulgine site infrastructure
Mt Mulgine site infrastructure Reliable onsite power supported by Gas-fired generation and renewable energy sources (potential for a Power solar micro-grid solution). To be designed with consideration for expandability. Required capacity expected to range from 2.4 – 3.6 GL/a at 6 Mtpa Water Water su
Slide 13: Considerable upside in project valuation relative to spot prices
Considerable upside in project valuation relative to spot prices 15 Mtpa Case Net Present Value considering various cases: Base Case Spot Case A$M, pre-tax, 8% disc. Mine Life (LoM) 10 years 1 2 3 Payback (y) 2.2 0.9 8,000 Total Cashflow LoM A$2.14B A$7.86B 7,000 2,386 6,750 (Post-Tax) 6,000 Annual
Slide 14: Preferred development case is robust under a range of macroeconomic conditions
Preferred development case is robust under a range of macroeconomic conditions Study NPV Sensitivity Analysis A$1,415M A$M, pre-tax, 8% disc. Mining OPEX +15%, -15% 6 Mtpa (Upside) Total Capital Cost +15%, -15% Lower Contingency Molybdenum Recovery -15%, +15% Molybdenum Price -15%, +15% Processing O
Slide 15: Key Opportunities offer potential upside
Key Opportunities offer potential upside Resource Growth Flowsheet Mining • Opportunity to optimise flowsheet • Optimisation of mining processes • Increase total resource inventory during next study phase, and refine through additional exploration. product circuits • Streamline waste and ore movemen
Slide 16: 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 17: TGN – Significant Value Uplift Potential
TGN – Significant Value Uplift Potential TGN has significant upside potential when compared to peers in the tungsten production market EV/Reserve WO3 Contained Reserve Company A$/t contained WO3 Tonnes Almonty 75,423 51,444 EQ Resources 16,926 33,802 Tungsten Mining 1,018 177,550 EV/Reserve (A$/t co
Slide 18: Contact Us
Contact Us Telephone Website +61 8 9486 8492 www.tungstenmining.com Address E-mail Level 4, 46 Colin Street, info@tungstenmining.com West Perth 6005, Western Australia A tungsten-tipped solution to the world’s critical minerals challenges ASX : TGN
Slide 19: 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 20: Appendix B – TGN Global Mineral Resource Estimate
Appendix B – TGN Global Mineral Resource Estimate Mt Mulgine Mineral Resource Global @ 0.05% WO3 Cut-off Tonnes WO3 WO3 Mo Mo Au Au Ag Ag Cu Cu Classification Mt % kt ppm kt g/t koz g/t Moz % kt Indicated 183 0.11 205 290 52 0.13 770 5 32 0.04 69 Inferred 76 0.11 85 240 18 0.09 230 5 12 0.03 24 TOTA