Slide 1: Investor Presentation: Mt Mulgine PFS Confirms World-Scale Tungsten Project
7 September 2026 ASX ANNOUNCEMENT Investor Presentation Mt Mulgine PFS Confirms World-Scale Tungsten Project Tungsten Mining NL (ASX: TGN, OTCQB: TGNMF) ("Tungsten Mining," "TGN," or "the Company") is pleased to share a presentation providing investors with an overview of the Mt Mulgine Project PFS
Slide 2: About Tungsten Mining NL
About Tungsten Mining NL Critical minerals developer, Tungsten Mining NL is an Australian-headquartered resources company listed on the Australian Securities Exchange (ASX:TGN) and US OTCQB (OTCQB:TGNMF). Its prime focus is the exploration and development of tungsten and critical minerals projects.
Slide 3: Mt Mulgine Project PFS Outcomes
MT MULGINE PROJECT PFS OUTCOMES September 2026
Slide 4: Important Notices & Disclaimers
Important Notices & Disclaimers Important Information and Disclaimer Forward Looking Statements Tungsten Mining NL ('Tungsten Mining,' 'TGN' or 'the Company') is an Australian listed resources company. This announcement has been prepared by TGN and is This report may contain forward-looking statemen
Slide 5: Speed Scale: Watershed Cash Flow Potentially Funding Mulgine
WATERSHED CASH FLOW POTENTIALLY FUNDING MULGINE 2026 2027 2028 2029 2030 WATE R S HE D · Q U E E NS LAND MT MU L GINE · WE S TE R N AU S TR AL IA ~A$395M WATERSHED PRE-TAX CASH FLOW FROM JULY 27 TO MARCH 28* SPEED POTENTIALLY FUND MT MULGINE PROJECT INTO PRODUCTION SCALE Fast tracked tungsten projec
Slide 6: PFS – Key Outcomes
MT MULGINE PFS – KEY OUTCOMES PFS COMPLETE AND A STRONG FOUNDATION ESTABLISHED TO ADVANCE MT MULGINE TO DFS. 01 02 03 04 Resource and Mining Engineering Approvals Water ✓ Exploration drilling program ✓ Process Design defined ✓ Native Vegetation Clearing ✓ Water drilling campaign underway. Targeting
Slide 7: Tungsten Price – Last Months
TUNGSTEN PRICE – LAST 12 MONTHS TUNGSTEN HAS HELD RECORD PRICES, AND THE PROJECTS COMING UP BEHIND IT STAND TO CAPTURE THE UPSIDE. APT Price - Last 12 Months (Weekly)* 3500 3000 APT Price (US$/mtu) 2500 STABILISED ABOVE +US$3000 FOR LAST 2000 ~6 MONTHS 1500 1000 500 0 Period (week ending) *Source: F
Slide 8: Global Tungsten Market – Supply And Demand
GLOBAL TUNGSTEN MARKET – SUPPLY AND DEMAND Global Tungsten Demand Forecast and Current Supply* 220 STRUCTURAL DEFICIT 210 • Chinese Export controls exacerbating commodity risk and supply chain security 200 Demand and supply (kt WO3) • Global demand growth is concentrated in 190 key sectors that diss
Slide 9: Global Tungsten Market – Demand By Sector
GLOBAL TUNGSTEN MARKET – DEMAND BY SECTOR 2025 DEMAND GROWTH TO 2035 2035 DEMAND 154.07 kt +60.65 kt3.4% CAGR p.a. 214.73 kt Base year Forecast 2025 demand Growth to 2035 GROWTH (kt) PRINCIPLE DRIVERS Flat to negative: EV powertrains eliminate most Transportation 40.03 40.16 +0.13 engine and transmi
Slide 10: Mt Mulgine Project – Location & Site Layout
MT MULGINE PROJECT – LOCATION & SITE LAYOUT STRATEGIC ASSET One of the largest undeveloped tungsten and molybdenum resource1 globally in a low-risk and established mining jurisdiction LOCATION AND ACCESS 330 km NNE of Perth, Murchison Region, Granted mining leases, only 5 hours drive from state capi
Slide 11: Mt Mulgine – Production Profiles
MT MULGINE - PRODUCTION PROFILES BASE CASE (8MTPA) SUPPORTING A +20 YEAR MINE LIFE AT +5,600 TPA WO3. EXPANSION CASE (8 RAMPING TO 16 MTPA) SUPPORTING A ~15 YEAR MINE LIFE AT UP TO 12,000 TPA WO3. Production Profile 8 Mtpa 12,000 10,000 8,000 6,000 4,000 2,000 - 2029 2030 2031 2032 2033 2034 2035 20
Slide 12: Process Flowsheet
MT MULGINE – PROCESS FLOWSHEET THE FLOWSHEET IS SUPPORTED BY SUBSTANTIAL TESTWORK, WHICH UNDERPINS THE PROJECT’S METALLURGICAL ASSUMPTIONS AND PROCESS DESIGN COMMINUTION & GRAVITY -90um SCHEELITE CIRCUIT -10mm -650um Gravity -150um Con Sinks -75um Primary Grinding and Primary Secondary Grinding Sulp
Slide 13: Mt Mulgine – Facilities Layout (Base-Case)
MT MULGINE - FACILITIES LAYOUT (BASE-CASE) 11
Slide 14: Capex (8 Mtpa Base Case)
MT MULGINE – CAPEX (8 MTPA BASE CASE) FUNDING STRATEGY TO BE ASSESSED ACROSS DEBT, STRATEGIC CAPITAL, GOVERNMENT SUPPORT, OFFTAKE-LINKED FUNDING AND POTENTIAL FUTURE WATERSHED CASH FLOWS Direct A$633.5M · 72.8% A$870M Process Infrastructure A$323.1M 37.1% Initial Capital Cost Crushing Circuit A$90.9
Slide 15: Project Funding
MT MULGINE – PROJECT FUNDING STRONG MT MULGINE CASHFLOW PROVIDES PLATFORM FOR ENGAGEMENT WITH MULTIPLE DIFFERENT FUNDING SOLUTIONS Mt Mulgine Project Funding A$870M Financing process commences on DFS completion DEBT FUNDING OPTIONS EQUITY Export Credit Agencies and Development Banks Watershed Pre-Ta
Slide 16: Opex (8 Mtpa Base Case)
MT MULGINE – OPEX (8 MTPA BASE CASE) AISC* TOTAL SITE OPEX (NET OF BY-PRODUCTS) A$35.4 A$181 PER TONNE ORE US$127 PER MTU WO₃ OPEX COMPOSITION BREAKDOWN BY COST CENTRE (A$ / t ore) Mining A$ 10.84 Mining 10.84 Crushing 2.41 30.7% of total Processing Plant 11.85 Tailings Disposal 0.03 Processing & Cr
Slide 17: Financials (8 Mtpa Base Case)
MT MULGINE – FINANCIALS (8 MTPA BASE CASE) LOM Life of Asset Undiscounted Operating INITIAL Payback First NPV8% Pre-Tax IRR % LOM OPEX Pricing Scenario Price Cashflow Margin CAPEX Revenue ($AUD M) Pre Tax ($AUD M) ($USD/MTU) Pre-tax ($AUD Pre-Tax ($AUD M) (Years) - Post Tax M) Spot Price $3,088 15,5
Slide 18: Global Cost Benchmarking
MT MULGINE – GLOBAL COST BENCHMARKING MT MULGINE IS POSITIONED TO BE THE LOWEST COST TUNGSTEN PRODUCER ON EARTH. GLOBAL TUNGSTEN C1 CASH COST CURVE ALL-IN SUSTAINING COST (AISC) (NET OF BY-PRODUCTS) 350 300 US$127 C1 Cash Cost (US$/mtu WO3) US$/mtu WO3 250 200 AUD$181 (FX: 0.7) 150 100 C1 CASH COST
Slide 19: Financials (8→16 Mtpa Expansion Case)
MT MULGINE – FINANCIALS (8→16 MTPA EXPANSION CASE) LOM Life of Asset Undiscounted Operating TOTAL* Payback First NPV8% Pre-Tax IRR % LOM OPEX Pricing Scenario Price Cashflow Margin CAPEX Revenue ($AUD M) Pre Tax ($AUD M) ($USD/MTU) Pre-tax ($AUD Pre-Tax ($AUD M) (Years) - Post Tax M) Spot Price $3,0
Slide 20: Current Resource Drilling
MT MULGINE – CURRENT RESOURCE DRILLING Drilling has commenced at Mulgine Trench, with the aim of converting Inferred and Unclassified Material into Indicated Category 1. 130 RC holes for 40,000 m has been designed to test continuity of mineralisation along strike RC drilling tests continuity of exte
Slide 21: Mt Mulgine – Testwork Timeline
MT MULGINE – TESTWORK TIMELINE Variability Current Variability Additional Flowsheet 01 02 03 04 Pilot Testing Reserves Reserves Confirmation Bench scale testing on 105 Bench scale testing on samples Flowsheet simulation testing on 5 Bulk pilot runs on samples from samples from existing PQ from the u
Slide 22: Project Schedule
MT MULGINE – PROJECT SCHEDULE PFS PRE FID PROJECT MILESTONES • NVCP Approved • Class 2 AACE Capex Estimate Completed DFS • MDCP Approved • Robust Stakeholder Engagement & Consultation Approvals & Land Access • Social License to Operate • Approved Mine Safety Management System FEED • Project Executio
Slide 23: Approvals Timeline
MT MULGINE – APPROVALS TIMELINE 1 NATIVE VEGETATION 2 MINE DEVELOPMENT & 3 WORKS APPROVALS CLEARING PERMIT CLOSURE PROPOSAL SUBMITTED APRIL 2026 · UNDER ASSESSMENT IN PREPARATION · SUBMISSION Q1 2027 POST MDCP SUBMISSION EP Act Part V native vegetation clearing approval in Prepared in parallel with
Slide 24: Forward Work Plan
MT MULGINE - FORWARD WORK PLAN METALLURGICAL TESTWORK PROGRAM STUDIES, ENGINEERING & APPROVALS EXECUTION & DELIVERY PLAN 1 De-risking the process flowsheet 2 Advancing studies in parallel with approvals 3 On track for first production in July 2029 TIMING: NOV 2025 – NOV 2026 TIMING: NOV 2025 – AUG 2
Slide 25: 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 26: Appendix A - Overall Resource
APPENDIX A - OVERALL RESOURCE Mineral Resource Report for Mulgine Trench – May 2020 WO₃ WO₃ Mo Mo Au Au Ag Ag Cu Cu Classification Oxidation Mt (%) (Kt) (ppm) (t) (ppm) (Koz) (ppm) (MOz) (%) (Kt) Oxide 29 0.11 30 290 8 0.18 160 3 3 0.05 33 Indicated Fresh 146 0.11 160 290 43 0.13 610 6 29 0.04 26 To
Slide 27: Appendix B - Ore Reserve
APPENDIX B - ORE RESERVE Only fresh indicated mineral resource was considered for the ore reserves. The ore reserve is constrained by the available mineral ore resource. (146Mt Indicated Mineral Resource vs 144Mt Probable Ore Reserve). A separate “Reserve Only” scenario was tested and evaluated and