Tungsten Mining (TGN) H2 2025 earnings summary

Executive summary

• Focused on exploration and development of Mt Mulgine, Hatches Creek, and Watershed projects, with Mt Mulgine as the highest priority for development.

• Completed acquisition of Mt Mulgine and Hatches Creek projects, now holding 100% interest in both.

• Discontinued and surrendered tenements for Big Hill and Kilba projects, removing their resources from inventory.

• Cash position at 30 June 2025 was $2.52 million, with a $4.5 million convertible note issue completed during the year.

• Loss after tax for FY25 was $7.8 million, up from $5.1 million in FY24, driven by higher exploration and impairment expenses.

Financial highlights

• Total revenue for FY25 was $715,954, including R&D tax offset ($438,962), grant funding, and interest.

• Total expenses increased to $8.53 million (FY24: $6.39 million), with exploration expenses at $3.52 million and impairment of tenements at $1.16 million.

• Net loss for the year was $7,816,888 (FY24: $5,112,975).

• Cash and cash equivalents at year-end were $2.52 million (FY24: $8.07 million).

• Net assets increased to $28.56 million (FY24: $27.38 million) due to share issues and asset acquisitions.

Outlook and guidance

• Ongoing development at Mt Mulgine, with a 10-week integrated gold-tungsten scoping study underway post year-end.

• $1 million Federal Critical Minerals Development Program grant extended to March 2026, supporting further testwork.

• Additional capital raising discussions underway as of September 2025.