- Cashed-up with $49.1 million available at the end of quarter
- Watershed PEE completed ahead of September FID
- Production targeted by the end of H1 2027
- Mt Mulgine’s largest drilling campaign underway
A cashed up Tungsten Mining (ASX:TGN) is set up for busy period after revealing major successes at its Watershed project in its overview of its activities for the Quarter ending 30th June 2026.
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At Watershed in Queensland, Tungsten is targeting near-term development after the company completed a robust preliminary economic evaluation (PEE) highlighting a potentially capital-efficient development with pre-tax NPV8 of $1.309 billion, pre-tax IRR of 198%, estimated pre-production capital of A$274 million and payback within nine months of first ore.
The company is progressing engineering, project financing, approvals, procurement and commercial workstreams ahead of a targeted September 2026 final investment decision (FID) and first production by the end of H1 2027.
The project has granted mining leases and a current environmental authority for open-pit development, with secondary approvals and development work continuing.
The company told shareholders the June quarter materially advanced Tungsten Mining’s two-project strategy, with the Watershed study outlining compelling preliminary economics, while engineering, approvals, procurement, financing and commercial activities progressed in parallel.
At Mt Mulgine in WA, the company commenced its largest drilling campaign to date, designed to test extensions beneath the existing Mulgine Trench Mineral Resource and provide metallurgical and geotechnical information for the ongoing pre-feasibility study (PFS).
Mt Mulgine represents the company’s long-term growth platform. Activities during the quarter focused on expanding the resource base while progressing technical studies supporting future development.
“The June quarter substantially advanced Tungsten Mining’s development strategy. At Watershed, the updated mineral resource and preliminary economic evaluation defined a targeted pathway toward a September 2026 final investment decision and potential first production in 2027,” chairman, Gary Lyons, said.
“At Mt Mulgine, our largest drilling campaign to date is now underway to test the scale and continuity of this globally significant tungsten system.
“Our focus for the September quarter is execution – advancing Watershed engineering, financing, approvals and procurement planning while delivering drilling results and progressing the Mt Mulgine pre-feasibility study.”
TGN is steady at 21.0¢ with a Mkt cap of $293.2M.
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