Tungsten Mining has completed its AU$53 million placement, strengthening its financial position to advance key activities across the Mt Mulgine and Watershed projects.
Tungsten Mining issued 278,947,369 new shares at 19 cents per share.
The company plans to use the proceeds primarily to study activities at Mt Mulgine, including exploration programs aimed at expanding its mineral resource estimate.
Mt Mulgine, located 330 kilometres northeast of Perth in Western Australia, hosts one of the largest undeveloped tungsten and molybdenum inventories globally.
The project’s scale, combined with the critical importance of tungsten and molybdenum to industrial and defence applications, positions Mt Mulgine as a key future supplier of strategic metals essential to global supply chain security.
Tungsten Mining Chairman Gary Lyons said: “With a significantly strengthened balance sheet, the company is now well positioned to progress through the Mt Mulgine and Watershed study programs towards its financial investment decision milestone in Q4-2027.”
The funds will also be used for further studies to assess the potential to unlock and fast-track the fully permitted Watershed project in Queensland.
The Watershed Project substantially adds to Tungsten Mining’s global resource inventory with a mineral resource estimate of 49.3 million tonnes at 0.14 per cent tungsten oxide grading.
