Tungsten Mining (ASX:TGN) saw investors shaken out of the tree on Monday morning despite a strong start to Week 7 as the company clearly surprised some with its disclosure of the completion of a $53M placement at a discount.
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That the sell-off is relatively subdued one likely owes to the ongoing market enthusiasm for metals (especially defence metals like tungsten) and the fact a $53M injection ought to keep the company going for a foreseeable while.
Also, the company’s up +150 over the last year.
TGN wrote on Monday it’s now “in a strong financial position to accelerate project activities … as the Company advances through the next phases of project evaluation.”
Among those activities: a pre-feas study for its Mt Mulgine project due in Q3 of CY26 and an evaluation study for its Watershed project in Q2.
Still, 278.9M shares were issued, diluting the existing pool. That’s always going to have detractors. That said, the company’s up +150% over the last year.
Most worth noting is that clear conviction remains common among its base: down over -5% on Monday to 25cps, that’s still strongly above the placement price, which was at 19cps.
TGN last traded at 25cps.
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