Tungsten Mining (TGN) H1 2026 earnings summary

Executive summary

• Continued focus on exploration and evaluation of mining projects in Australia, with significant technical and study advancements across the project portfolio, especially at Mt Mulgine, Hatches Creek, and Watershed.

• Completed a Scoping Study and commenced a Pre-Feasibility Study for Mt Mulgine, reporting a pre-tax NPV of A$1.0–1.4 billion and IRR of 30–45%.

• Defined a new exploration target at Mulgine Trench and updated gold mineral resource estimates at Mt Mulgine.

• Listed on the US OTCQB market and completed significant capital raisings and share issues.

Financial highlights

• Net loss for the half-year to 31 December 2025 was $3,990,926, down from $4,245,289 in the prior year period.

• Cash position at 31 December 2025 was $7,656,343, up from $2,520,033 at June 2025.

• Net cash used in operating activities was $3,452,072, an improvement from $4,120,260 in the prior year.

• Total equity increased to $37,958,642 from $28,562,998 at June 2025.

• No dividends declared or paid during the period.

Outlook and guidance

• Directors believe the group can continue as a going concern, supported by a successful $53 million capital raising post-period.

• Ongoing focus on advancing project studies and exploration, with flexibility to adjust expenditure based on funding and market conditions.