Tungsten Mining NL has attained full primary approvals for its 100%-owned Watershed Tungsten Project in Far North Queensland, enabling mining and production operations to proceed alongside active early construction and camp establishment on site.

The final clearances include an approved Environmental Authority, an approved Progressive Rehabilitation and Closure Plan, lodged Environmental Rehabilitation Cost security, and DETSI approval, operating across previously granted mining leases. Up to 60 personnel are currently deployed across resource drilling, site establishment, water-bore and geotechnical work fronts, with access roads and approved clearing advancing toward the process plant, early mining areas, and accommodation.

Site capacity is being expanded to accommodate more than 100 personnel by the end of September and over 200 by the end of November. The accelerated works follow a June 2026 preliminary economic evaluation that estimated pre-production capital of A$274 million, a pre-tax net present value of A$1.31 billion, and a pre-tax internal rate of return of 198% across an eight-year mine life.

Tungsten Mining appointed Cutfield Freeman & Co Ltd in August 2026 as debt advisor to structure and execute a project debt package ahead of a Final Investment Decision targeted for late-2026. A Definitive Feasibility Study is scheduled for release in October 2026, with first production anticipated during the first half of 2027, subject to the final investment decision and financing.

"With our full Environmental Authority and PRCP approved on granted Mining leases, Watershed is now fully permitted through to construction and operations. Our site works and camp construction are now well underway as we advance towards our DFS and Final Investment Decision later this year."

— Gary Lyons, Chairman

Read the full announcement: Watershed Full Project Approvals Attained