Slide 1: Mt. Mulgine Scoping Study Demonstrates Globally Significant Critical Minerals Project
For personal use only Mt. Mulgine Scoping Study Demonstrates Globally Significant Critical Minerals Project ASX : TGN OTCQB : TGNMF 12th November 2025 A tungsten-tipped solution to the world’s critical minerals challenges
Slide 2: Important Notices & Disclaimers
Important Notices & Disclaimers Important Information and Disclaimer Cautionary Statements Tungsten Mining NL (‘Tungsten Mining,’ ‘TGN’ or ‘the Company’) is an Australian listed resources company. This presentation (“Presentation”) has been prepared by TGN and is provided for information purposes on
Slide 3: Corporate Snapshot
Corporate Snapshot For personal use only Shares Last Share Undiluted Cash on Issue Price Market Cap $1.15 Million as at 30th 1,040 Million* $0.10 as at $104 Million as at September 2025 4,250 Unlisted 7th November 2025 7th November 2025 Additional $9.49 Million convertible notes Raised in Sept 20251
Slide 4: Growing Industry Demand for Tungsten
Growing Industry Demand for Tungsten3 Why Invest in Tungsten? Booming Demand, Restricted Supply, Rocketing Prices Rocketing Prices For personal use only Tungsten currently at all-time highs, after China added tungsten to the critical minerals export restriction list in February 2025. Critical Minera
Slide 5: Global Tungsten Assets: Significant Tungsten Assets Outside China
Measured and WO3 Deposit WO3 Rank Country Indicated Contained Status Company Source Name Grade (%) Global Tungsten Assets Resources (Mt) (kt) In 1 Mactung Canada 41 0.73 303 Fireweed Metals Link Significant Tungsten Assets (outside of China) Development Deposit (FS, Northcliff 2 Sisson Canada 387 0.
Slide 6: Mt Mulgine Project
Mt Mulgine Project Flagship Asset Major Resource For personal use only 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 revenue pote
Slide 7: Mt Mulgine potential long-life asset: 6 Mtpa development case
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 development case For personal use only Strategic NPV8% (Pre-Tax) Long-life. Low-cost. High-value. A$1.0 – 1.4B Strip Ratio (avg.) Crit
Slide 8: Mt Mulgine scoping study outputs: 15 Mtpa development case
Mt Mulgine has the potential to become a long-life asset in a tier-1 jurisdiction with competitive financial metrics Scoping Study outputs for the 15 Mtpa development case For personal use only NPV8% (Pre-Tax) A$1.7 – 2.3B Strip Ratio (avg.) Low strip ratio of 0.8 : 1 (A$3.8 – 4.4B at spot prices) I
Slide 9: Mt Mulgine, a strategic asset with globally significant scale
Mt Mulgine, a strategic asset with globally significant scale Mulgine Trench Mineral Resource Estimate Mt Mulgine Mineral Resource Estimate (JORC) w/ min. cut-off grade of 0.05% WO3 Million WO3 WO3 Mo Au Au Ag Ag For personal use only Class Mo (Kt) Cu (%) Cu (Kt) Tonnes (%) (Kt) (ppm) (g/t) (Koz) (g
Slide 10: Initial mine plans demonstrate significant production of tungsten, base and precious metals
Initial mine plans demonstrate significant production of tungsten, base and precious metals with low strip ratios Key Outcomes Annual Production by Commodity • Modelled life: 23 Years • Total ore processed: 136 Mt • Strip ratio: 0.8 • Maximum pit depth: 250 m For personal use only • Potential to opt
Slide 11: Preliminary flowsheet targets 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: For personal use only • Three-stage crushing • Primary gravity concentration • Sulfide flotation
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 For personal use only 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
Slide 13: Mt Mulgine site infrastructure layout
Mt Mulgine site infrastructure Plant Infrastructure Mulgine Trench Pit For personal use only Tailings Accommodation Waste Rock Dumps Proximal tailings solution Permanent onsite camp Preliminary tailings storage expected to comprise 250 – Accommodation facility design located south of 300 rooms. Camp
Slide 14: Competitive cost profile underpinned by low-cost flowsheet and scale
Competitive cost profile underpinned by low-cost flowsheet and significant scale Capital Costs Operating Costs 6 Mtpa Processing Plant A$M Plant Area A$/t ore Direct Costs $210.5 Crushing $1.5 For personal use only Process Plant Processing Plant $13.7 Process Infrastructure Cost profile supported by
Slide 15: Considerable upside in project valuation relative to spot prices
Considerable upside in project valuation relative to spot prices Commodity Price Table Net Present Value at 6 Mtpa: Base Commodity Spot Prices A$M, pre-tax, 8% disc. Prices (23-10-25) For personal use only $3,000 Base Commodity Units Spot Prices Prices A$2,796M $2,500 Tungsten US$/mtu 425 642.5 A$2,
Slide 16: 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$1,415M Gross Revenue by Commodity A$M, pre-tax, 8% disc. %LoM Gross Revenue – Base Prices Mining OPEX +15%, -15% 6 Mtpa Total Capital Cost +15%, -15% (Aggressive) For personal use only Low
Slide 17: Key Opportunities offer potential upside
Key Opportunities offer potential upside Resource Growth Flowsheet Mining For personal use only • Opportunity to optimise flowsheet • Optimisation of mining processes • Increase tungsten and gold inventory during next study phase, and refine through additional exploration. product circuits • Streaml
Slide 18: Potential development timeline to FID in 2027 and first production in 2029
Potential development timeline to FID in 2027 and first production in 2029 2025 2026 2027 2028 2029 For personal use only Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Scoping Engineering, Procurement & Study PFS DFS FID Production Construction Pre-Production Approval Submissions and Support
Slide 19: Key Upcoming Catalysts
Key Upcoming Catalysts Significant milestones and catalysts expected over next 12-24 months1 Q4 For personal use only 2027 Q3 2027 Q3 2026 Final Q3 Investment 2026 Completion of Decision Q2 Mt. Mulgine 2026 Commence DFS Q1-2 Mt. Mulgine 2026 DFS2 Q1-2 Potential NASDAQ 2026 Completion of Listing Q4 M
Slide 20: 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 For personal use only Company A$/t contained WO3 Tonnes Almonty 55,789 51,444 EQ Resources 6,302 33,802 Tungsten Mining 411 177,550
Slide 21: Corporate Overview: Board & Management
Corporate Overview Board & Management For personal use only Gary Tan Sri David Russell Chew Jimmy Teck Wong Simon Lyons Law Clark Wai Chuen Lee Borck Non-Exec Chairman Non-Exec Deputy Non-Exec Non-Exec Non-Exec Executive CFO & Company Chairman Director Director Director Director Secretary Experience
Slide 22: Contact Us
Contact Us For personal use only 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 23: Appendix A – Peer Comparison Table
Appendix A – Peer Comparison Table Enterprise Total Resources Development Market Cap Reserves M&I Tonnes Inferred Total Reserve Measured and Ind Inferred Resource Contained Reserves Contained M&I Contained Inferred Property Name Owner Value Owner % Contained Tonnes Source Stage (AUD M) Tonnes (Mt) (
Slide 24: 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