Tungsten Mining NL has released a pre-feasibility study for its 100%-owned Mt Mulgine Tungsten Project in Western Australia, marking a major step up in scale and financial return compared to the scoping study completed in November 2025.

The earlier scoping study, which evaluated a smaller 6 million tonnes per annum operation, estimated an initial capital expenditure of A$358 million to A$495 million, a pre-tax net present value of A$1.0 billion to A$1.4 billion, and a pre-tax internal rate of return of 30% to 45%. By contrast, the new pre-feasibility study for an 8 million tonnes per annum base case estimates initial capital of A$870 million while delivering a pre-tax net present value at an 8% discount rate of A$6.823 billion and a pre-tax internal rate of return of 55%.

The base case mine plan projects a 21-year mine life with annual production targeting up to 12,000 tonnes of tungsten trioxide equivalent. Operations are underpinned by an average all-in sustaining cost of US$127 per metric tonne unit net of by-product credits and a C1 cash cost of US$53 per metric tonne unit.

The financial evaluation incorporates the company's updated development strategy established in July 2025, which integrates an approach to target near-surface oxide gold mineralisation in the overburden to help offset early development costs before mining the primary tungsten ore body.

Alongside the flagship Mt Mulgine asset, Tungsten Mining holds two other tungsten properties in its portfolio: the Hatches Creek project in the Northern Territory and the Watershed project in Queensland.

The company plans to advance the project into a definitive feasibility study subject to board approval, with completion targeted for the third quarter of 2027. Following that milestone, Tungsten Mining aims to reach a final investment decision in the first quarter of 2028, setting up a target for first production in 2029.

Read the full announcement: Mt Mulgine PFS confirms world-scale tungsten project