Tungsten Mining (TGN) Q2 2026 TU earnings summary

Executive summary

• Mt Mulgine Project advanced with completion of an integrated Scoping Study, confirming robust economics and global significance, and immediate commencement of a Pre-Feasibility Study (PFS).

• Significant increase in tungsten APT prices (up 86% since October 2025, ~300% year-over-year), reinforcing the strategic value of the resource base.

• New exploration targets and mineral resource estimates defined for tungsten, molybdenum, and gold at Mt Mulgine, with potential to become one of the largest tungsten assets in the Western world.

• Hatches Creek and Watershed projects continue to progress, with maiden mineral resource estimates and ongoing exploration.

• Corporate development included a successful A$53 million placement and OTCQB listing in the US.

Financial highlights

• Cash position at 31 December 2025 was $7.656 million.

• Raised A$53 million in January 2026 and A$9.5 million in October 2025 through share placements.

• Net cash used in operating activities for the quarter was A$2.282 million.

• Exploration and evaluation expenditure for the quarter was $0.787 million, mainly for Mt Mulgine, Watershed, and Hatches Creek.

Outlook and guidance

• PFS for Mt Mulgine underway, targeting completion in 2026, followed by a Definitive Feasibility Study in 2027.

• Continued focus on advancing project approvals and exploration at Mt Mulgine, Hatches Creek, and Watershed.

• Tungsten market forecast to grow at a 7.8% CAGR to US$11.6 billion by 2033, driven by supply constraints and defense demand.