Tungsten Mining Nl · ASX:TGN
Tungsten Mining Nl — Investor Presentation (February 2026)
18 slides from Tungsten Mining Nl's investor presentation, Feb 23, 2026
Slide 1: Tungsten Mining: Developing two world-class critical minerals projects
Tungsten Mining: Developing two world-class critical minerals projects ASX : TGN OTCQB : TGNMF 23rd February 2026 A tungsten-tipped solution to the world’s critical minerals challenges
Slide 2: Important Notices & Disclaimers
Important Notices & Disclaimers Previously released results Important Information and Disclaimer Where the Company refers to previous Exploration Results and to the Mineral Resource Estimates in previous announcements, it Tungsten Mining NL (‘Tungsten Mining,’ ‘TGN’ or ‘the Company’) is an Australia
Slide 3: Corporate Snapshot
Corporate Snapshot Tungsten Mining Share Price Performance 40 35 Shares Last Share on Issue Price 30 $A (CENTS) $A 0.265 as at 25 1,396 million 16th Feb 2026 20 Undiluted Cash 15 Market Cap $A 7.6 million 10 $A 370 Million as at As of 31st December 2025 (Additional Capital 5 16th Feb 2026 Raised in
Slide 4: TGN Snapshot
TGN Snapshot Two globally significant assets “Mt Mulgine is the jewel in our crown and progressing studies toward a is one of the largest Tungsten resources potential FID in Tier One in the World in development. mining jurisdictions1 With an NPV close to A$7bn at Spot prices for the large scale 15 M
Slide 5: Recent Highlights
Recent Highlights A$53M placement – new leading Australian and International “With a significantly strengthened institutional investors balance sheet, TGN is positioned to Placement funds are estimated progress the Mt Mulgine and sufficient to advance both Watershed study programs. projects toward a
Slide 6: Why Invest in Tungsten Mining?
Why Invest in Tungsten Mining? 1. Commodity Price Exposure to rocketing tungsten prices, plus molybdenum, copper, gold and silver credits 2. Large Resource One of the largest in-development tungsten resources in the world 3. Attractive Valuation Trading at an attractive valuation versus peers
Slide 7: Rocketing Tungsten Prices
Growing Industry Demand for Tungsten3 Rocketing Tungsten Prices Booming Demand, Restricted Supply and Limited Resource Rocketing Prices Tungsten currently at all-time highs, after China added the metal to the critical minerals export restriction list in February 2025. Critical Mineral/Critical Marke
Slide 8: Significant Tungsten Assets
TGN has a globally significant portfolio of two world-class assets Significant Tungsten Assets (outside of China) Measured and WO3 Deposit WO3 Rank Country Indicated Contained Status Company Source Name Grade (%) Tungsten Deposits Comparison - Measured & Indicated Resource * Resources (kt) (Mt) In 3
Slide 9: Initial mine plans demonstrate significant production of tungsten, base and precious metals
Initial mine plans demonstrate significant production of tungsten, base and precious metals with low strip ratios Annual Production by Commodity Gross Revenue by Commodity Base Metals (t/a) Precious Metals (oz/a) %LoM Gross Revenue – Base Prices 1,178 , Molybdenum t/a 1,301 , Copper t/a 23% By-produ
Slide 10: TGN – Significant Value Uplift Potential
TGN – Significant Value Uplift Potential TGN has significant upside potential when compared to peers in the tungsten production market EV/Reserve WO3 Contained Reserve Company A$/t contained WO3 Tonnes Almonty 105,553 51,444 EQ Resources 35,205 33,802 Tungsten Mining 1,938 177,550 EV/Reserve (A$/t c
Slide 11: Mt Mulgine Project
Mt Mulgine Project 183Mt at 0.11% WO3 (Indicated) Flagship Asset Major Resource Mt. Mulgine ranks as one of the largest tungsten deposits outside of China. Polymetallic Deposit Contains significant Tungsten (WO₃) & Molybdenum (Mo), with Copper (Cu), Gold (Au) and Silver (Ag) and other by-product rev
Slide 12: Mt Mulgine has potential to become a global scale long-life asset
Mt Mulgine currently has the potential to become a global scale long-life asset in a tier-1 jurisdiction with attractive financial metrics Scoping Study outputs for the preferred 6 Mtpa base case Base (A$) Spot (A$) Cashflow Strategic Total Cashflow LoM (Post-Tax): Long-life. Low-cost. High-value. N
Slide 13: Mt Mulgine further expansion defines a new exploration target of 165 to 200 Mt
Mt Mulgine further expansion 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
Slide 14: Watershed Project
Watershed Project 38Mt at 0.15% WO3 (Measured & Indicated) Near term production potential in an established Tungsten hub WATERSHED PROJECT Advanced Tungsten Project All works approvals are in place based on a completed 2014 DFS. Currently conducting a project development evaluation. Fast-track poten
Slide 15: 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 16: 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 17: 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 18: 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
Tungsten Mining NL — Investor Presentation (February 2026) on 6ix