How Record Commodity Prices Transform Tungsten Mining’s Mt Mulgine Prospects

• Spot prices for tungsten, gold, silver, molybdenum, and copper have surged significantly since the original scoping study
• Updated analysis shows post-tax NPV rising to over A$4.7 billion at 6 Mtpa throughput under spot prices
• Internal rates of return (IRR) exceed 100% in aggressive scenarios, with payback periods under one year
• The analysis is illustrative and does not update original project assumptions or represent a production forecast