Tungsten Mining (TGN) Q1 2026 TU earnings summary

Executive summary

• Mt Mulgine Project development advanced, focusing on integrating near-term gold extraction to support long-term tungsten operations, with a scoping study underway and results expected in November 2025.

• Tungsten prices surged 80% year-over-year due to US defense demand and Chinese export restrictions, highlighting the strategic value of the company's resource base.

• $9.5 million raised via share placement to fund project advancement; process initiated for listing on the US OTCQB market.

Financial highlights

• Cash position at 30 September 2025 was $1.115 million, down from $2.52 million in the previous quarter.

• $9.5 million capital raised through share placement at $0.067 per share.

• Exploration and evaluation expenditure for the quarter totaled $0.631 million.

• Convertible notes facility of $4.25 million remains undrawn.

Outlook and guidance

• Integrated scoping study for Mt Mulgine gold-tungsten development to inform sequencing and capital requirements, with results due November 2025.

• U.S. investor roadshow and OTCQB listing process underway to broaden capital access.

• Project expenditures can be adjusted based on available cash and future funding.