Tungsten Mining hits key milestone with full project approvals attained for Watershed

• Pre-FID construction activities commenced on site
• Access-road and approved clearing works rapidly progressing
• Site facilities and accommodation being expanded to cater for 100+ personnel
• More than 200 workers expected to be on site by end of November

Tungsten Mining (ASX: TGN) has achieved a significant milestone with its Watershed tungsten project in Far North Queensland now fully permitted for mining and production operations.

The company is ramping up activities on site, with the receipt of the approvals following on from the positive June 2026 Watershed Preliminary Economic Evaluation (PEE), which demonstrated a pre-tax NPV8 of $1.31 billion and a pre-tax IRR of 198%.

Chairman Gary Lyons said the company continues to advance the definitive feasibility study (DFS) planned for release in October 2026.

“With our full environmental authority and PRCP approved on granted mining leases, Watershed is now fully permitted through to construction and operations.

“Our site works and camp construction are now well underway as we advance towards our DFS and Final Investment Decision later this year.”

Site establishment activities are continuing at Watershed, with up to 60 people on site and accommodation currently being prepared to support up to 120 people with further expansion planned.

Current work fronts include resource drilling and exploration, environmental and heritage surveys, site establishment works, water-bore drilling and geotechnical drilling.

Developing work fronts include main access road works and approved clearing activities for the process plant, accommodation areas and early mining areas. The broader project establishment scope will also include the processing plant area, construction and laydown areas, road-access upgrades, early mining infrastructure, initial pit and haul-road development, heavy-vehicle access and water supply infrastructure.

Mr Lyons said these early works are intended to establish access and working areas, and reduce critical-path activities required after FID.

Located approximately 130km north of Cairns, the updated mineral resource for Watershed totals 69.7 million tonnes (Mt) at 0.11% tungsten trioxide (WO₃), supporting a potential eight-year mining operation.

TGN is down 1.32% to 37.5¢. Mkt cap: $530.6M.

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