Tungsten Mining (TGN) Q1 2025 TU earnings summary

Executive summary

• Advanced Mt Mulgine and Hatches Creek projects, with significant drilling and engineering progress during the quarter.

• Acquired remaining 80% interest in Hatches Creek, positioning for 100% ownership pending ministerial consent.

• Strategic Engineering Study for Mt Mulgine nearing completion, indicating positive development options.

• Cash position of $6.11 million as of 30 September 2024.

• Awarded $1 million in government grant funding for Mt Mulgine development.

Financial highlights

• Cash and cash equivalents at quarter end: $6.11 million, down from $8.07 million in the previous quarter.

• Net cash used in operating activities: $(1.92) million for the quarter.

• Exploration and evaluation expenditure: $1.3 million, mainly on Mt Mulgine and Hatches Creek.

• No mining development or production activities conducted during the quarter.

• Payments to related parties totaled $186k, primarily directors' fees.

Outlook and guidance

• Assay results from recent drilling at Mt Mulgine and Hatches Creek expected in the December 2024 quarter.

• Strategic Engineering Study outcomes for Mt Mulgine to be presented in coming quarters, guiding next development phase.

• Hatches Creek drilling program aims to expand resource base and inform early production pathway.

• Estimated 3.2 quarters of funding available at current expenditure rates.