Tungsten Mining NL has appointed Cutfield Freeman & Co Ltd as debt advisor to structure and execute a project debt package for the 100%-owned Watershed Tungsten Project in Far North Queensland, advancing the funding strategy toward a Final Investment Decision targeted for September 2026.

The advisory mandate runs in parallel with major reverse circulation and diamond drilling programs initiated at the site in August 2026, supporting first production targeted in the first half of 2027. The debt process will canvass commercial banks, private credit funds, Nordic bonds, fixed income bonds, export credit agencies, and government concessional funding sources.

The appointment follows the project's June 2026 Preliminary Economic Evaluation, which estimated pre-production capital of A$274 million and delivered a pre-tax net present value of A$1,309 million alongside an IRR of 198% and a nine-month payback period based on an 8% discount rate. The deposit holds a JORC 2012 Mineral Resource of 69.7 million tonnes at 0.11% WO3.

The Watershed project already holds an approved Environmental Authority, granted Mining Leases, and an Indigenous Land Use Agreement.

“The appointment of Cutfield Freeman is another important step in advancing Watershed toward a Final Investment Decision and potential production. Our objective is not simply to secure debt, but to establish the optimum capital structure for Watershed. Cutfield Freeman will work with us as we assess debt alongside strategic investment, offtake-linked funding, government support and other potential funding sources. Importantly, this work is progressing in parallel with the technical and development workstreams already underway at Watershed at a time of ongoing strength in the tungsten market.” — Gary Lyons, Chairman

Cutfield Freeman brings extensive global mining finance experience, having completed more than US$25 billion of mining finance transactions across 60 countries.

Read the full announcement: Watershed Funding Strategy Advances - Debt Advisor Appointed