Tungsten Mining NL has completed a metallurgical testwork campaign confirming the process flowsheet for the Watershed Tungsten Project in Far North Queensland. The testwork demonstrated the ability to produce saleable tungsten concentrate grading up to 65.9% WO3 using conventional beneficiation processes.

The testwork program evaluated ore-sorting, gravity separation and flotation across diamond drill core samples sourced from areas scheduled for early mining. X-ray transmission ore-sorting achieved high mass rejection and upgraded scheelite ahead of wet processing. The initial processing facility is designed to produce a product exceeding 50% WO3, with an additional circuit planned to allow production of a product exceeding 65% WO3 in the future.

The confirmed flowsheet underpins the Definitive Feasibility Study for the Watershed Project, which remains on track for completion in October 2026. The study is intended to allow the company to make a Final Investment Decision during the fourth quarter of 2026, with first production targeted in the first half of 2027.

Commercial-grade product samples generated from the testwork have been dispatched to potential downstream partners, with commercial offtake negotiations currently underway. In parallel, a bulk sampling program involving approximately 134 tonnes of mineralised material excavated from the northern end of the deposit has been completed. That material is being processed at external facilities to generate larger marketing samples for customer evaluation.

Tungsten Mining owns 100% of the Watershed Project, which operates across granted mining leases with an approved environmental authority. The development pathway follows a preliminary economic evaluation in June 2026 that estimated pre-production capital of A$274 million alongside a pre-tax net present value of A$1.31 billion. To support the funding strategy, the company appointed Cutfield Freeman & Co as debt advisor in August 2026 to structure and execute a project debt package.

Elsewhere in the North Queensland tungsten sector, EQ Resources signed a binding framework agreement for a US processing joint venture on 14 September 2026, operating alongside active production at its nearby Mt Carbine project.

Read the full announcement: Outstanding Testwork Results Achieved from Watershed