Tungsten Mining NL has revised its financial reporting timeline and clarified its Nasdaq listing schedule following a re-audit of historical accounts.

The company previously indicated an intent to pursue a U.S. exchange listing on either the Nasdaq or the New York Stock Exchange. The current update narrows that position to a target secondary listing on the Nasdaq Stock Market in the fourth quarter of 2026.

In connection with the upcoming listing, auditor Grant Thornton Audit Pty Ltd undertook a re-audit of historical financial periods. The review identified measurement and timing differences across prior reporting periods, prompting Tungsten Mining to restate previously reported financial information.

The restatements include the recognition of additional grant income of $227,009 in financial year 2025, alongside an increase in trade and other payables of $434,459 as at 30 June 2025. The review also shifted the timing of project impairment recognitions. An impairment expense of $1,638,225 for property, plant and equipment and a $1,000,000 impairment for the Kilba tenement will now be recognized in the year ended 30 June 2024, rather than in the 2025 financial year and prior periods. Additionally, the R&D tax offset income will increase by $70,366, with an associated increase in the R&D tax rebate receivable of $540,565 as at 30 June 2025.

Tungsten Mining stated that the adjustments are primarily attributable to timing differences and will not materially impact its current financial position, cash balances or underlying operations. Full details of the restatements will be published in the 2026 Annual Report.

The corporate update sits alongside the company's 100%-owned Mt Mulgine Project in Western Australia. Tungsten Mining released a pre-feasibility study for the asset outlining a base case pre-tax net present value of A$6.823 billion, with first production targeted for the second quarter of 2029. 

Read the full announcement: Update on US Listing and Prior Period Restatement