Tungsten Mining Reports 259Mt Resource at Mt Mulgine, Raises $4.5M for Development

Strategic Acquisitions Bolster Tungsten Mining’s Portfolio

In the December 2024 quarter, Tungsten Mining NL (ASX: TGN) made significant strides in advancing its flagship projects, notably through the acquisition of the Mt Mulgine Project assets and the completion of full ownership of the Hatches Creek tungsten project. The acquisition of Mt Mulgine assets from Minjar Gold Pty Ltd granted Tungsten Mining comprehensive rights to explore all minerals on the tenements, expanding beyond tungsten and molybdenum to include gold and other valuable minerals.

Simultaneously, the company finalized the purchase of the remaining 80% interest in Hatches Creek from GWR Group Ltd, consolidating its control over this historically significant tungsten mining centre in the Northern Territory. This strategic move positions Tungsten Mining to capitalize on the robust tungsten market with a fully owned asset base.

Drilling Programs Confirm High-Grade Mineralisation

Tungsten Mining completed an extensive drilling campaign at Hatches Creek, comprising 65 holes totaling 6,803 metres. The results confirmed continuity of high-grade tungsten mineralisation across multiple prospects including Hit or Miss, Treasure, Green Diamond, Black Diamond, and Bonanza. Noteworthy intersections include 17 metres at 0.43% WO3 and 5 metres at 0.94% WO3 at Hit or Miss, and 5 metres at 2.05% WO3 at Treasure, underscoring the project's potential for early production pathways.

At Mt Mulgine, metallurgical testwork and a Strategic Engineering Study have advanced the project’s development, highlighting several positive options for processing tungsten and molybdenum. The study reinforced Mt Mulgine’s potential as a long-term, low-cost producer of critical minerals, including the prospect of becoming Australia’s sole primary molybdenum producer.

Financial Position and Corporate Developments

To support these developments, Tungsten Mining successfully raised $4.5 million through convertible notes placed with professional and sophisticated investors. This capital injection, alongside a cash balance of $4.215 million at the end of December 2024, provides a solid financial foundation for ongoing exploration and project advancement.

The company also appointed Simon Borck as Chief Financial Officer and Company Secretary, signaling strengthened leadership as it progresses its growth strategy.

Outlook and Market Positioning

Tungsten Mining’s expanded resource inventory now includes a combined Mineral Resource Estimate at Mt Mulgine of 259 million tonnes grading 0.11% WO3, with additional polymetallic resources at Hatches Creek. The company’s focus on critical minerals aligns with global demand trends, particularly in sectors such as aerospace, defence, and electronics where tungsten’s unique properties are essential.

With ongoing drilling results expected and further engineering studies underway, Tungsten Mining is poised to refine its development pathway and potentially accelerate production timelines. The company’s integrated approach to exploring multiple commodities within its tenements could enhance project economics and market resilience.