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2026-11-06
◂ Monitor TGN ASX

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

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$49.1M Finite
Debt A$0 Net cash A$49.1M
Basic shares 1.6B 2026-09-25
Runway 12.58 quarters Issuer Appendix 5B: A$49.1m divided by A$3.903m quarterly operating outflow at 30 June; excludes the September A$50m placement and construction capital.

Liquidity

Financial position

September placement improves pro forma cash but does not fund the A$274m Watershed build or A$870m Mt Mulgine initial capital. Debt, strategic capital or dilution remains necessary.

Capital structure

Ownership and dilution

Ordinary shares
1.6B
Fully diluted
1.6B

June 2026 1,396,340,206 ordinary shares plus 156,250,000 September placement shares equals 1,552,590,206 current ordinary shares, corroborated by 25 September market snapshot. Add 54,200,000 rights for conservative fully diluted valuation denominator; vesting terms not modelled.

Security classes2
ClassTypeQuantityStrikeExpiry
ASX ordinary fully paid sharesOrdinary Share1.6B——
Unlisted performance rightsPerformance Right54.2M——
Company guidance2
MetricProjectPeriodLowHighStatus
First ProductionwatershedH1 2027—— dateCurrent
First Productionmt-mulgineQ2 2029—— dateCurrent

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-25Ann. 2026-09-22RaisingOrdinary Fully PaidA$50M156.2MA$0.32CompletedFirm commitments; settlement scheduled 24 September and quotation 25 September; share count corroborated by market snapshot.Max 156.2M · Period 2026-09-22 to 2026-09-25 · Euroz Hartleys and Jefferies Australia

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-09-26

Annual report and later releases reconciled; Watershed PEE quantifies aggregate other royalties but does not name or split underlying counterparties; preliminary offtake discussions are not contracts.

Landholder agreements and pre-existing financial-institution covenants form the 3.5% other royalty assumption in the PEE; counterparty split and royalty base not disclosed.

Royalty · Active
Counterparties
Watershed landholders and covenant beneficiaries; individually not named
Applies to
Watershed Tungsten Project · Tungsten
Economic direction
Burden
Period
Dates not stated
Key terms
Other royalty rate: 3.5 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Six-month option to acquire TGN-owned modular gravity plant. Conditional sale proceeds are excluded from base value.

Other · Active
Counterparties
WIN Metals Ltd
Applies to
Company-wide
Economic direction
Benefit
Period
2026-06-18 to 2026-12-18
Key terms
Option fee: 50,000 AUD
Exercise cash: 250,000 AUD
Exercise shares: 250,000 AUD equivalent
How it affects our valuation

No valuation treatment is available for this arrangement.

Prior 20% farm-in terminated when TGN acquired GWR's remaining 80% and full ownership.

Farm In · Terminated
Counterparties
GWR Group Ltd
Applies to
Hatches Creek Project · Tungsten · Copper
Economic direction
Benefit
Period
2019-05-31 to 2024-12-16
How it affects our valuation

This arrangement has ended; no current valuation treatment is required.

Historic separated tungsten/molybdenum rights agreement terminated on full tenement acquisition; environmental liability remains on the group balance sheet.

Other · Terminated
Counterparties
Minjar Gold Pty Ltd
Applies to
Mt Mulgine Project · Tungsten · Others · Gold · Silver · Copper
Economic direction
Mixed
Period
Through 2024-12-17; start date not stated
How it affects our valuation

This arrangement has ended; no current valuation treatment is required.