Tungsten Mining NL reports strong progress on its Mt Mulgine Project, leveraging soaring tungsten prices and a new gold resource estimate to drive development. The company also raises $9.5 million and initiates a US OTCQB listing process.
- Tungsten prices up 80% in 12 months amid US defense spending and Chinese export controls
- New Mineral Resource Estimate of 67,500 ounces gold supports integrated gold-tungsten project
- Scoping study underway to evaluate near-term gold extraction and long-term tungsten development
- Hatches Creek and Watershed projects advancing with focus on approvals and exploration
- $9.5 million capital raised; US OTCQB listing process commenced targeting North American investors
Surging Tungsten Prices Boost Strategic Development
Tungsten Mining NL (ASX, TGN) has reported a productive September quarter, driven by an 80% increase in tungsten prices over the past year. This surge, largely attributed to heightened US defense spending and China’s tightening of tungsten export restrictions, has elevated the average price of ammonium paratungstate (APT) to US$647.50 per metric tonne unit as of late October 2025. Given China’s dominant control of approximately 90% of global tungsten supply, these geopolitical shifts have underscored the strategic importance of Tungsten Mining’s substantial resource base, one of the largest outside China.
Integrated Gold and Tungsten Development at Mt Mulgine
The company is advancing its flagship Mt Mulgine Project in Western Australia with a novel integrated development strategy that combines near-surface gold extraction with long-term tungsten and molybdenum mining. A recently released Mineral Resource Estimate (MRE) revealed 1.9 million tonnes at 1.10 grams per tonne gold, equating to 67,500 ounces across the Camp, Black Dog, and Bobby McGee prospects. This gold resource is expected to offset early capital costs and reduce pre-strip expenses, enhancing project economics.
To further assess this dual-resource approach, Tungsten Mining commenced a scoping study in August 2025, focusing on a potential gold-focused start-up operation that could seamlessly integrate with the broader tungsten development. Results from this study are anticipated in November 2025 and will inform the company’s development sequencing, aiming to deliver early cash flow and reduce project risk.
Progress on Hatches Creek and Watershed Projects
While Mt Mulgine remains the priority, Tungsten Mining continues to advance its Hatches Creek and Watershed projects. At Hatches Creek in the Northern Territory, the company is progressing mining license applications and environmental approvals, with a two-stage production pathway under consideration, initial processing of historical stockpiles followed by mining of tungsten-copper mineralisation. Engagement with government bodies and Aboriginal landowners is ongoing to support these approvals.
The Watershed Project in Queensland, with a JORC-compliant resource of 49.3 million tonnes grading 0.14% WO3, is poised for exploration drilling planned for the December quarter, maintaining its role in the company’s growth pipeline.
Capital Raising and US Market Expansion
Financially, Tungsten Mining successfully raised $9.5 million through a share placement at $0.067 per share, supported by professional and sophisticated investors. This capital injection is earmarked to advance Mt Mulgine’s development and support ongoing exploration and approvals. The company’s cash position stood at $1.115 million at quarter-end, with convertible notes outstanding.
In a strategic move to broaden its investor base and align with global critical minerals supply chain initiatives, Tungsten Mining has commenced the process to list on the US OTCQB market. A North American roadshow is scheduled for the December quarter, targeting investors, industry groups, and government stakeholders. This listing aims to provide US investors direct access to a reliable tungsten producer amid evolving geopolitical dynamics.
Outlook and Strategic Positioning
Chairman Gary Lyons highlighted the company’s strong positioning amid supply constraints and geopolitical shifts, emphasizing the long-term value potential for stakeholders. With tungsten’s critical role in defense, aerospace, and clean energy technologies, Tungsten Mining’s integrated gold-tungsten strategy and expanding resource inventory place it well to capitalize on growing market demand.
Bottom Line?
As Tungsten Mining advances its integrated gold-tungsten strategy and US market entry, upcoming scoping study results and regulatory approvals will be pivotal for its next growth phase.
Questions in the middle?
- Will the upcoming scoping study confirm the economic viability of the integrated gold-tungsten development?
- How will the US OTCQB listing and North American roadshow impact investor interest and capital access?
- What are the timelines and risks associated with mining approvals at Hatches Creek and Watershed projects?