Tungsten Mining (TGN) Investor Presentation summary

Market opportunity and industry context

• Tungsten demand is projected to more than double by 2033, reaching a market size of $11.6 billion with a CAGR of 7.8% from 2025 to 2033.

• China controls over 80% of global tungsten supply, with recent export restrictions tightening availability and driving prices to 12-year highs.

• Tungsten is classified as a critical mineral, with supply chain risks impacting defense and technology sectors globally.

• Resource depletion and low prices have discouraged new investment, risking long-term undersupply.

• Industrial, transport, mining/construction, and defense are major end-user markets for tungsten.

Asset portfolio and resource base

• Holds one of the largest tungsten resource bases outside China, with flagship projects at Mt Mulgine and Hatches Creek.

• Mt Mulgine is among the world's largest undeveloped tungsten deposits, containing significant WO3, Mo, Cu, Au, and Ag.

• Hatches Creek offers high-grade polymetallic potential, with a maiden inferred resource of 12 Mt at 0.17% WO3 and 0.12% Cu.

• Watershed project adds further scale, with a total resource inventory that is globally significant.

• Mt Mulgine ranks as one of the largest measured and indicated tungsten resources globally.

Development strategy and project pipeline

• Pursues a staged, low-cost development plan: initial oxide gold extraction, followed by small- and then large-scale tungsten production.

• Internal studies have evaluated multiple plant configurations and feed sequences to optimize value.

• Fast-track and expedited approvals strategies are in place to accelerate project timelines.

• Hatches Creek development strategy includes early production from historical stockpiles, with mining management plan submitted.

• Significant milestones are planned over the next 12 months, including resource updates, scoping studies, and drilling.