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2026-11-06
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Tungsten Mining NL

Scoping Study Developer · Tungsten · Others · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.19
1D
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1M
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YTD
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1Y
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Upside
Locked: sign in to view
Mkt cap
A$295M
EV
A$199.4M
Cash
A$49.1M
Debt
A$0
5 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

3 assets

Core asset

Watershed Tungsten Project

Australia

Scoping Study Developer100% ownedTungsten

Fully permitted per September 2026 report; early works under way, DFS and financing/FID outstanding; first production H1 2027 is company target.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVA$1.3B8% discount
IRR198%Published return
Initial capexA$274MPublished capital estimate
Operating cost47.9AUD per tonne crusher feed

Pre-tax PEE at declining APT price; not a post-tax or funded equity NAV.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured, Indicated and Inferred69.7 Mt0.109% WO3Tungsten2026-06-18
Ore ReserveProven and Probable21.3 Mt0.15% WO3Tungsten2025-06-30
Milestones3
  1. Definitive feasibility study

    Pending · High materiality

  2. Final investment decision

    Pending · High materiality

  3. First concentrate production

    Pending · High materiality

Permits & approvals2
PermitJurisdictionStatusExpiryCritical path
Environmental AuthorityQueenslandGranted—Yes
Progressive Rehabilitation and Closure PlanQueenslandGranted—Yes
Economic studies1
StudyStageStatusDateSummary
Watershed Preliminary Economic EvaluationScoping StudyCurrent2026-06-18Eight-year production target, pre-tax NPV8 A$1.309bn, A$274m pre-production capital, APT price taper to US$1,000/mtu by June 2030.

Core asset

Mt Mulgine Project

Australia

PFS Developer100% ownedTungstenOthersGoldSilverCopper

Full mineral rights and tenements acquired from Minjar in December 2024. September 2026 PFS complete; A$870m initial capital, remaining WA permits and funding. First production Q2 2029 target.

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVA$4.8B8% discount
IRR48%Published return
Initial capexA$870MPublished capital estimate
Operating cost35.4AUD per tonne ore

Post-tax 8Mtpa Fastmarkets forecast-price PFS; A$6.823bn pre-tax and 55% pre-tax IRR.

Resources & reserves3
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceIndicated and Inferred247 Mt0.11% WO3; 280ppm Mo; by-product Au, Ag, CuTungsten · Others · Gold · Silver · Copper2020-05-04
Mineral ResourceIndicated and Inferred1.9 Mt1.10g/t AuGold2018-12-31
Ore ReserveProbable144 Mt0.10% WO3; 287ppm Mo; 0.12g/t Au; 6.2g/t Ag; 0.04% CuTungsten · Others · Gold · Silver · Copper2026-09-01
Tenements4
mm-e591324Granted— None · No expiry supplied
mm-m59386Granted— None · No expiry supplied
mm-m59387Granted— None · No expiry supplied
mm-m59425Granted— None · No expiry supplied
Milestones3
  1. Native vegetation clearing permit decision

    Pending · High materiality

  2. Mine development and closure proposal submission

    Pending · High materiality

  3. Definitive feasibility study

    Pending · High materiality

Permits & approvals2
PermitJurisdictionStatusExpiryCritical path
Native Vegetation Clearing PermitWestern AustraliaPending—Yes
Mine Development and Closure ProposalWestern AustraliaRequired—Yes
Economic studies2
StudyStageStatusDateSummary
Mt Mulgine scoping study supplementScoping StudySuperseded2025-11-19Superseded by September 2026 PFS.
Mt Mulgine 8Mtpa Pre-Feasibility StudyPFSCurrent2026-09-0121-year 8Mtpa plan; pre-tax NPV8 A$6.823bn, post-tax NPV8 A$4.796bn at Fastmarkets forecast prices; A$870m capital ±25%.

Material

Hatches Creek Project

Australia

Resource Stage100% ownedTungstenCopper

100% owned after December 2024 acquisition of GWR's remaining 80%; resource-stage option with no current economic study or mine plan.

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceInferred tungsten domains12 Mt0.17% WO3Tungsten2025-05-15
Mineral ResourceInferred copper domains6.1 Mt0.29% CuCopper2025-05-15
Tenements3
hc-el22912Granted— None · No expiry supplied
hc-el23463Granted— None · No expiry supplied
hc-ela31469Application— None · No expiry supplied