Breakeven Date Change • Jun 23
Forecast to breakeven in 2028 The analyst covering Tungsten Mining expects the company to break even for the first time. New forecast suggests losses will reduce by 11% per year to 2027. The company is expected to make a profit of AU$213.1m in 2028. Average annual earnings growth of 141% is required to achieve expected profit on schedule. New Risk • Feb 09
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 55% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (20% average weekly change). Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Revenue is less than US$1m (AU$107k revenue, or US$75k). Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (AU$4.5m net loss in 3 years). Announcement • Feb 09
Tungsten Mining NL has completed a Follow-on Equity Offering in the amount of AUD 53 million. Tungsten Mining NL has completed a Follow-on Equity Offering in the amount of AUD 53 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 278,947,369
Price\Range: AUD 0.19
Discount Per Security: AUD 0.0114
Transaction Features: Subsequent Direct Listing New Risk • Jan 27
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Revenue is less than US$1m (AU$107k revenue, or US$74k). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$4.5m net loss in 3 years). Shareholders have been diluted in the past year (25% increase in shares outstanding). Announcement • Jan 27
Tungsten Mining NL has filed a Follow-on Equity Offering in the amount of AUD 53 million. Tungsten Mining NL has filed a Follow-on Equity Offering in the amount of AUD 53 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 278,947,369
Price\Range: AUD 0.19
Discount Per Security: AUD 0.0114
Transaction Features: Subsequent Direct Listing New Risk • Oct 29
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 32% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Revenue is less than US$1m (AU$107k revenue, or US$70k). Minor Risk Market cap is less than US$100m (AU$101.9m market cap, or US$67.1m). Announcement • Oct 28
Tungsten Mining NL, Annual General Meeting, Nov 28, 2025 Tungsten Mining NL, Annual General Meeting, Nov 28, 2025. Location: dla piper, level 21, 240 st georges tce perth wa 6000, perth Australia New Risk • Oct 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (AU$107k revenue, or US$69k). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (AU$89.8m market cap, or US$58.5m). New Risk • Sep 20
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$9.1m free cash flow). Revenue is less than US$1m (AU$26k revenue, or US$17k). Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Market cap is less than US$100m (AU$80.9m market cap, or US$53.3m). New Risk • Mar 05
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$5.3m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$5.3m free cash flow). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Market cap is less than US$100m (AU$76.9m market cap, or US$48.1m). New Risk • Feb 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 19% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Revenue is less than US$1m (AU$4.2k revenue, or US$2.7k). Minor Risk Market cap is less than US$100m (AU$107.3m market cap, or US$67.4m). New Risk • Nov 15
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 21% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (21% average weekly change). Revenue is less than US$1m (AU$4.2k revenue, or US$2.7k). Minor Risk Market cap is less than US$100m (AU$59.0m market cap, or US$38.2m). Announcement • Oct 30
Tungsten Mining NL, Annual General Meeting, Nov 29, 2024 Tungsten Mining NL, Annual General Meeting, Nov 29, 2024. Location: at level 4, 88 william street, perth wa 6000 Australia New Risk • Sep 21
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (AU$876 revenue, or US$596). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Market cap is less than US$100m (AU$40.1m market cap, or US$27.3m). Announcement • Sep 04
Tungsten Mining NL Announces Executive Changes Tungsten Mining NL announced that it has appointed Ms Jessamyn Lyons as Company Secretary effective 4 September 2024. The appointment follows the resignation of Mr. Sonu Cheema as secretary of the Company due to unforeseen personal circumstances. The Board expresses its sincere gratitude to Sonu for his valuable contribution since his appointment. Announcement • Oct 12
Tungsten Mining NL, Annual General Meeting, Nov 29, 2023 Tungsten Mining NL, Annual General Meeting, Nov 29, 2023. New Risk • Sep 11
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Market cap is less than US$100m (AU$62.1m market cap, or US$39.6m). Board Change • Jun 13
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 3 highly experienced directors. No independent directors (6 non-independent directors). Non-Executive Director Russell St Clark was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Feb 04
Tungsten Mining NL Announces Company Secretary Changes Tungsten Mining NL advised the Board has appointed Mr. Sonu Cheema as Company Secretary. The Directors have invited Mr. Sonu Cheema to undertake the role of Company Secretary. Mr. Cheema is an Accountant and Company Secretary who has worked for mineral exploration companies with interest in Australia and abroad. He is a Partner in the corporate advisory firm Cicero Group providing company secretarial support, corporate and compliance advice to a number of ASX listed public companies. Mr. Mark Pitts has provided the Company with his resignation as Company Secretary. Mr. Pitts was appointed to the role of Company Secretary on 12 August 2014. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Non-Executive Director Russell St Clark was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 21
Tungsten Mining NL, Annual General Meeting, Nov 24, 2022 Tungsten Mining NL, Annual General Meeting, Nov 24, 2022, at 10:15 W. Australia Standard Time. Location: Bennett, Level 14, Westralia Square 141 St Georges Terrace Perth Western Australia Australia Agenda: To consider adoption of Remuneration Report; to consider re-election of director - Teck Wong; to consider re-election - Chew Woi Chuen; to consider approval for additional Placement Capacity; and to consider amendment to the Constitution. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Non-Executive Director Russell St Clark was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jul 06
Tungsten Mining NL Reports on the Progress of the Drilling Program Being Undertaken to Advance the Feasibility Study for the Company's Flagship Mt Mulgine Project Tungsten Mining NL reported on the progress of the drilling program being undertaken to advance the feasibility study for the Company's flagship Mt Mulgine Project ("The Project"). This follows the successful maiden Ore Reserve 1 and positive Pre-Feasibility Study (PFS) for the Project2, announced to the market on 29 January 2021. The Mt Mulgine Project is located in the Murchison Region of Western Australia, approximately 350km north northeast of Perth. The Company owns 100% of the tungsten and molybdenum rights on a group of tenements that have been the subject of significant previous evaluation for tungsten and molybdenum. The Company also has the rights to all by-products from the mining of tungsten and molybdenum. Near surface Mineral Resources have been delineated at the Mulgine Trench and Mulgine Hill deposits, which have been the subject of ongoing evaluation by
the Company. To advance the existing studies and to provide samples for additional metallurgical test work and geological understanding at the Project a diamond drilling program in being undertaken at the Mulgine Trench deposit. Drilling commenced in June 2021, with the program comprising a total of 32 PQ diamond holes. Holes have been designed to recover material that is representative of the ore that will be mined during the various stages of pit development as outlined in the PFS. Up to 40 tonnes of large diameter (PQ) diamond drill core will be collected. An example of typical tungsten mineralisation taken from the current drill program. This material will be used in future metallurgical test work to build on the existing metallurgical knowledge and further de-risk the process plant design. As at 30 June 2021, 29 holes for 870 metres of pre-collars and 2 diamond tails for 297 metres of PQ core were completed. The drilling programme is scheduled to be completed in September 2021. In addition to the drilling, the Company continues with environmental studies in order to maintain development timelines. Is New 90 Day High Low • Feb 04
New 90-day high: AU$0.24 The company is up 41% from its price of AU$0.17 on 06 November 2020. The Australian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 21% over the same period. Recent Insider Transactions Derivative • Feb 02
Non-Executive Chairman exercised options to buy AU$660k worth of stock. On the 29th of January, Gary Lyons exercised options to buy 4m shares at a strike price of around AU$0.044, costing a total of AU$176k. This transaction amounted to 100% of their direct individual holding at the time of the trade. Since June 2020, Gary has owned 4.00m shares directly. Company insiders have collectively bought AU$704k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Jan 29
Tungsten Mining NL Announces Pre-Feasibility Results of World Class Mt Mulgine Tungsten Project Tungsten Mining NL announced the Pre-Feasibility results of its world class Mt Mulgine Tungsten Project, located in the Murchison Region of Western Australia, approximately 350km north northeast of Perth. Through exploration and acquisition, the Company has established a globally significant tungsten resource inventory in its portfolio of advanced mineral projects across Australia. This provides the platform for the Company to become a major player within the global primary tungsten market through the development of low-cost tungsten concentrate production. The Mt Mulgine Tungsten Project is the cornerstone of the Company's strategic development plan, focussed on demonstrating a pathway to long term sustainable mining activities. Tungsten, occurs naturally on Earth, not in its pure form but as a constituent of other minerals, only two of which currently support commercial extraction and processing - wolframite ((Fe,Mn)WO4) and scheelite (CaWO4). The free element is remarkable for its unique properties, It has the highest melting point of all the elements (~3,400°C) has a density that is 19.3 times that of water, making it among the heaviest metals, has excellent electrical conductivity and its coefficient of thermal expansion is the lowest of all metals. These properties ensure tungsten makes an important contribution, through its use in cemented carbide and high- speed steel tools, to the achievement of high productivity levels in industries on which the world's economic well- being depend. It is used in lighting technology, electronics, power engineering, coating and joining technology, the automotive and aerospace industries, medical technology, the generation of high temperatures, the tooling industr and even in sports and jewellery. Cemented carbides, also called hardmetals, are the most important usage of tungsten. The main constituen is tungsten monocarbide ("WC"), which has hardness close to diamond. Hardmetal tools are the workhorses for the shaping of metals, alloys, wood, composites, plastics and ceramics, as well as for the mining and construction industries. World tungsten supply has been dominated by production in and exports from China. According to Roskill, mine production of tungsten (primary tungsten) grew by 2.0% per year from 67.5kt W in 2011 to just under 78.9kt in 2019. Mine supply is, however, somewhat below its peak of over 81kt W in 2015. The main source of mine production is China, accounting for 82% of output in 2019.
Prices for tungsten concentrates have historically tended to follow the same trend as prices for ammonium paratungstate (APT), which is the key intermediary product in the tungsten supply chain. APT prices are quoted o the basis of metric tonne units. A metric tonne unit (MTU) is 10kg. An MTU of tungsten trioxide (WO 3) contains 7.93kgs of tungsten (W). Standard industry grade specification for tungsten concentrate is 65% WO3. Announcement • Jun 22
Tungsten Mining NL(ASX:TGN) dropped from S&P/ASX All Ordinaries Index Tungsten Mining NL(ASX:TGN) dropped from S&P/ASX All Ordinaries Index 
