Slide 1: Mt. Mulgine Scoping Study Demonstrates Globally Significant Critical Minerals Project
Mt. Mulgine Scoping Study Demonstrates Globally Significant Critical Minerals Project ASX : TGN OTCQB : TGNMF 19th 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 Shares Last Share Undiluted Cash on Issue Price Market Cap $1.15 Million as at 30th 1,040 Million* $0.140 as at $145.6 Million as at September 2025 4,250 Unlisted 18th November 2025 18th November 2025 Additional $9.49 Million convertible notes Raised in Sept 20251 14 Tungsten Mini
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 tungsten to the critical minerals export restriction list in February 2025. Critical Mineral/Critical Market Tung
Slide 5: Global Tungsten Assets
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 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 potential. Significant Exp
Slide 7: Mt Mulgine shows the potential to become a long-life asset in a tier-1 jurisdiction
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 Strategic Cashflow NPV8% (Pre-Tax) Total Cashflow LoM (Post-Tax): Long-life. Low-cost. High-value. Critical minerals
Slide 8: Mt Mulgine has the potential to become a long-life asset in a tier-1 jurisdiction
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 Cashflow NPV8% (Pre-Tax) Total Cashflow LoM (Post-Tax): A$1.7 – 2.3B A$2.14 - 2.73B (A$3.8 – 4.4B at spot prices) Annual Avg FCF
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 Class Mo (Kt) Cu (%) Cu (Kt) Tonnes (%) (Kt) (ppm) (g/t) (Koz) (g/t) (Moz) Mulgine Tren
Slide 10: Annual Production by Commodity
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 • Potential to optimise 1,178 , Molybden
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: Mt Mulgine site infrastructure
Mt Mulgine site infrastructure Plant Infrastructure Mulgine Trench Pit 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 the plant and mining
Slide 14: Competitive cost profile underpinned by low-cost flowsheet and significant 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 Process Plant Processing Plant $13.7 Process Infrastructure Cost profile supported by: Non-Process Infrastr
Slide 15: Considerable upside in project valuation relative to spot prices
Considerable upside in project valuation relative to spot prices Commodity Price Table Net Present Value at 6 Mtpa: A$M, pre-tax, 8% disc. Base Commodity Spot Prices Prices (23-10-25) $3,000 Base Commodity Units Spot Prices Prices A$2,796M $2,500 Tungsten US$/mtu 425 642.5 A$2,383M Molybdenum US$/lb
Slide 16: Project underpinned by Strong Cashflow
Project underpinned by Strong Cashflow Projected Cashflow at 6 Mtpa: A$B, real terms, post-tax, aggressive $6.0 6 Mtpa Spot Prices : Annualised Avg CF (LoM) $5.0 A$231M/a A$4.9B 6 Mtpa Base Prices: $4.0 Annualised Avg CF (LoM) A$128M/a +$2.3B $3.0 A$B A$2.6B $2.0 $1.0 Payback 1.3 Years $0.0 2.2 Year
Slide 17: 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) Lower Contingency Molybde
Slide 18: Key Opportunities offer potential upside
Key Opportunities offer potential upside Resource Growth Flowsheet Mining • Opportunity to optimise flowsheet • Optimisation of mining processes • Increase tungsten and gold inventory during next study phase, and refine through additional exploration. product circuits • Streamline waste and ore move
Slide 19: 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 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 Supporting Project Work Minin
Slide 20: Key Upcoming Catalysts
Key Upcoming Catalysts Significant milestones and catalysts expected over next 12-24 months1 Q4 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 Mt Mulgine PFS 2025 Eng
Slide 21: 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$/t contained WO3 Tonnes Almonty 55,789 51,444 EQ Resources 6,302 33,802 Tungsten Mining 411 177,550 EV/Reserve (A$/t conta
Slide 22: Corporate Overview
Corporate Overview Board & Management 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 Experienced company director and
Slide 23: 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 24: 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 25: 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