Tungsten Mining Raises $53M to Accelerate Critical Tungsten Projects

Strong Capital Backing for Tungsten Mining

Tungsten Mining NL has successfully closed a $53 million capital raising, attracting strong demand from both Australian and international institutional and professional investors. The placement was oversubscribed, reflecting confidence in the company’s strategic direction and the growing importance of tungsten as a critical mineral globally.

The shares were issued at $0.19 each, representing a modest 15.6% discount to the last closing price but a slight premium to the 15-day volume weighted average price. This pricing balance suggests investors see value in Tungsten Mining’s assets and growth prospects despite short-term market fluctuations.

Funding Project Advancement at Mt Mulgine and Watershed

The capital injection will primarily fund exploration and study activities at the Mt Mulgine Project, which already boasts a globally significant tungsten resource. The company aims to expand this resource further through targeted drilling and evaluation programs. Concurrently, Tungsten Mining is progressing an economic evaluation of the fully permitted Watershed Project, aiming to unlock its potential for accelerated development.

Both projects are critical to Tungsten Mining’s ambition to become a leading supplier in the global tungsten market. The Mt Mulgine pre-feasibility study and the Watershed economic evaluation are scheduled for completion in Q3 and Q2 2026 respectively, milestones that will provide clearer insights into the projects’ viability and potential scale.

Strategic Positioning in a Critical Minerals Market

Chairman Gary Lyons highlighted the placement as a strong endorsement of the company’s strategy and project quality. Tungsten’s unique properties; such as its high melting point and essential industrial applications; make it a metal of strategic importance, especially amid increasing global demand for critical minerals in sectors like aerospace, defence, and electronics.

With a strengthened balance sheet, Tungsten Mining is well positioned to advance towards a Financial Investment Decision by the end of 2027, a key milestone that could pave the way for project development and eventual production.

Looking Ahead

Joint lead managers Euroz Hartleys and Canaccord Genuity, alongside co-manager Leeuwin Wealth, facilitated the placement, underscoring institutional confidence. As Tungsten Mining moves into the next phase of project evaluation, market watchers will be keenly awaiting the upcoming study results and any indications of timelines for construction or production.