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Tungsten Mining NL
(Sydney:TGN)
Tungsten Mining NL (TGN) vs. iShares MSCI Australia ETF (EWA)
Tungsten Mining NL Business Overview & Revenue Model
Tungsten Mining NL Financial Statement Overview
| Breakdown | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 106.62K | 4.23K | 0.00 | 20.79K | 143.47K |
| Gross Profit | 106.62K | -992.79K | -433.42K | -267.75K | -133.81K |
| EBITDA | -5.53M | -4.74M | -3.28M | -5.22M | -4.85M |
| Net Income | -7.82M | -5.11M | -2.93M | -5.09M | -4.72M |
Balance Sheet | |||||
| Total Assets | 42.90M | 29.85M | 35.06M | 36.99M | 42.87M |
| Cash, Cash Equivalents and Short-Term Investments | 2.74M | 8.31M | 12.64M | 14.88M | 19.59M |
| Total Debt | 4.56M | 641.11K | 822.26K | 412.15K | 656.34K |
| Total Liabilities | 14.33M | 2.48M | 2.58M | 1.56M | 2.36M |
| Stockholders Equity | 28.56M | 27.38M | 32.49M | 35.42M | 40.51M |
Cash Flow | |||||
| Free Cash Flow | -9.35M | -4.06M | -1.93M | -4.74M | -4.21M |
| Operating Cash Flow | -5.53M | -4.02M | -1.91M | -4.60M | -4.14M |
| Investing Cash Flow | -3.81M | -42.48K | -15.47K | 444.78K | 59.39K |
| Financing Cash Flow | 3.80M | -268.21K | -303.85K | -292.43K | 468.11K |
Tungsten Mining NL Technical Analysis
Tungsten Mining NL Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
54 Neutral | AU$120.82M | 12.80 | 0.85% | ― | -16.97% | -94.15% | |
48 Neutral | AU$93.02M | -12.69 | -10.46% | ― | -85.84% | 73.66% | |
48 Neutral | AU$76.62M | -4.08 | -103.22% | ― | ― | -278.88% | |
47 Neutral | AU$377.01M | -30.11 | -27.95% | ― | ― | -43.08% | |
46 Neutral | AU$62.82M | -11.86 | ― | ― | ― | 54.26% | |
45 Neutral | AU$114.27M | -0.43 | -116.31% | ― | ― | -414.88% |
Tungsten Mining NL Corporate Events
Tungsten Mining NL has released its Half-Year Financial Report for the period ended 31 December 2025, outlining the company’s financial performance, position, and cash flows. The report includes the directors’ report, audited financial statements, notes, declarations, and an independent review, offering stakeholders a structured view of the company’s interim financial status and governance oversight.
The most recent analyst rating on (AU:TGN) stock is a Hold with a A$0.27 price target. To see the full list of analyst forecasts on Tungsten Mining NL stock, see the AU:TGN Stock Forecast page.
Tungsten Mining NL plans to pursue an uplisting to a major U.S. exchange, targeting either Nasdaq or the NYSE alongside its existing ASX quotation, as part of a broader corporate and capital markets strategy. The move aims to deepen engagement with U.S. government agencies, defence and industrial stakeholders, and strategic partners while reinforcing the company’s role in allied critical mineral supply chains.
By seeking access to the world’s largest equity markets, the company expects improved liquidity, broader international investor reach and greater flexibility for capital raising in U.S. dollars. Management has engaged U.S. legal and advocacy advisors, is planning U.S. visits in March, and is targeting a potential listing in Q3 2026, with no immediate impact on its ASX listing as discussions and structuring work remain at a preliminary, non‑binding stage.
The most recent analyst rating on (AU:TGN) stock is a Hold with a A$0.27 price target. To see the full list of analyst forecasts on Tungsten Mining NL stock, see the AU:TGN Stock Forecast page.
Tungsten Mining NL has released an update centred on its Mt Mulgine Project in Western Australia, outlining results from a preliminary Scoping Study that evaluates the project’s potential technical and economic viability. The study is based entirely on Indicated Mineral Resources and uses current spot prices to illustrate potential project economics, but the company stresses that these outcomes are illustrative, preliminary and insufficient to support an ore reserve estimate or a mine development decision.
The company emphasises that substantial pre-production funding, estimated in the range of A$358 million to A$495 million for the preferred development case, would be required to advance Mt Mulgine toward a possible final investment decision. Tungsten Mining highlights multiple risks and uncertainties related to funding, permitting, market conditions and technical factors, underscoring that no decision to mine has been made and cautioning investors not to rely solely on the Scoping Study analysis for investment decisions.
The most recent analyst rating on (AU:TGN) stock is a Hold with a A$0.26 price target. To see the full list of analyst forecasts on Tungsten Mining NL stock, see the AU:TGN Stock Forecast page.
Tungsten Mining NL has issued 278,947,369 fully paid ordinary shares to institutional, sophisticated and professional investors, completing a previously announced share placement. The company confirmed the shares were issued without a prospectus under Australian Corporations Act provisions, and stated it is compliant with its financial reporting and continuous disclosure obligations, with no undisclosed excluded information identified by the board.
This cleansing notice, authorised by the board of directors, is intended to ensure the new shares can trade freely on the ASX without further disclosure. The completion of the placement strengthens Tungsten Mining’s capital position as it advances its tungsten project portfolio, supporting its strategy to grow as a significant participant in the global tungsten market.
The most recent analyst rating on (AU:TGN) stock is a Hold with a A$0.26 price target. To see the full list of analyst forecasts on Tungsten Mining NL stock, see the AU:TGN Stock Forecast page.
Tungsten Mining NL has applied to the ASX for quotation of 278,947,369 new ordinary fully paid shares, with the securities issued on 9 February 2026. The move significantly increases the company’s quoted share base, indicating a major capital-related transaction that could influence its funding capacity and market positioning.
The application follows previously announced transactions, signalling that this issuance is part of a broader capital management or project funding strategy. The enlarged register may affect existing shareholders through dilution but could also strengthen the company’s ability to advance its tungsten projects and pursue growth opportunities in the sector.
The most recent analyst rating on (AU:TGN) stock is a Hold with a A$0.26 price target. To see the full list of analyst forecasts on Tungsten Mining NL stock, see the AU:TGN Stock Forecast page.
Tungsten Mining NL has completed a heavily oversubscribed $53 million share placement to leading Australian and international institutional and professional investors, as well as existing shareholders. The raising, priced at A$0.19 per share and structured within the company’s ASX placement capacities, leaves the balance sheet significantly strengthened for near-term project work.
The company plans to deploy most of the proceeds into advancing study and exploration activities at its Mt Mulgine and Watershed projects, including efforts to expand Mt Mulgine’s globally significant resource and to assess options to accelerate the fully permitted Watershed asset. With pre-feasibility and economic evaluation studies due in 2026, the capital injection underpins Tungsten Mining’s pathway toward a potential final investment decision targeted for late 2027, reinforcing its strategic positioning in the critical minerals sector.
The most recent analyst rating on (AU:TGN) stock is a Hold with a A$0.26 price target. To see the full list of analyst forecasts on Tungsten Mining NL stock, see the AU:TGN Stock Forecast page.
Tungsten Mining NL has launched a Project Economic Evaluation of its fully permitted Watershed tungsten project in Queensland to assess options for accelerating development in response to elevated tungsten prices and a deepening global supply deficit. Building on an existing Definitive Feasibility Study and a substantial JORC 2012 mineral resource of 49.3Mt at 0.14% WO3, the company plans drilling in the second quarter of 2026 to test high-grade near-surface zones, alongside engineering work to optimise infrastructure, water and power requirements and the processing flowsheet. The evaluation, due for completion in the June quarter of 2026, is intended to determine whether Watershed can advance quickly into early front-end engineering design, potentially providing a nearer-term development and revenue stream that complements the larger, longer-life Mt Mulgine project and enhances Tungsten Mining’s strategic position in the critical minerals sector.
The most recent analyst rating on (AU:TGN) stock is a Hold with a A$0.34 price target. To see the full list of analyst forecasts on Tungsten Mining NL stock, see the AU:TGN Stock Forecast page.
Tungsten Mining NL reported a highly active December 2025 quarter, underpinned by a sharp rise in ammonium paratungstate (APT) prices of about 300% over 12 months, driven by Chinese export restrictions and tightening global supply. The company completed an integrated scoping study for its Mt Mulgine Project, indicating a robust, long-life, multi-commodity development with attractive economics, including a pre-tax NPV of A$1.0–1.4 billion and an IRR of 30–45%, and immediately moved into a pre-feasibility study. A new exploration target at Mulgine Trench, additional to existing resources, suggests the potential to elevate the project to one of the largest contained tungsten assets in the Western world, while a new gold mineral resource estimate of 67,500 ounces further supports the overall development strategy. Tungsten Mining is also evaluating early production options at its Hatches Creek and Watershed projects, strengthened its board and technical team in metallurgy, project management and ESG, completed a heavily oversubscribed A$53 million placement, and secured an OTCQB listing following a U.S. investor roadshow, collectively bolstering its financial and strategic position amid a structurally tightening tungsten market.
The most recent analyst rating on (AU:TGN) stock is a Hold with a A$0.31 price target. To see the full list of analyst forecasts on Tungsten Mining NL stock, see the AU:TGN Stock Forecast page.
Tungsten Mining NL has announced a proposed placement of up to 278,947,369 fully paid ordinary shares, with an intended issue date of 9 February 2026. The substantial equity raising signals a move to bolster the company’s capital base, which could support future project development or strengthen its balance sheet, and may lead to shareholding dilution for existing investors depending on final pricing and allocation.
The most recent analyst rating on (AU:TGN) stock is a Hold with a A$0.22 price target. To see the full list of analyst forecasts on Tungsten Mining NL stock, see the AU:TGN Stock Forecast page.
Tungsten Mining NL has raised A$53 million through a heavily oversubscribed share placement to institutional, sophisticated and professional investors at A$0.19 per share, a discount to its last close but in line with its recent trading average. The fresh capital will primarily fund further study work and resource expansion drilling at the Mt Mulgine Project, as well as additional studies aimed at accelerating development of the Watershed Project, leaving the company with a significantly strengthened balance sheet to advance its critical mineral asset base in a supportive commodity price environment.
The most recent analyst rating on (AU:TGN) stock is a Hold with a A$0.22 price target. To see the full list of analyst forecasts on Tungsten Mining NL stock, see the AU:TGN Stock Forecast page.
Tungsten Mining NL has requested a trading halt in its securities on the ASX while it holds discussions over a potential capital raising, seeking to manage the process in an orderly fashion and ensure trading occurs on a fully informed basis. The halt will remain in place until either the start of trading on 28 January 2026 or the release of a capital-raising announcement, with the company stating it is not aware of any other undisclosed material information, a move that signals possible near-term funding and balance-sheet implications for investors and stakeholders.
The most recent analyst rating on (AU:TGN) stock is a Hold with a A$0.21 price target. To see the full list of analyst forecasts on Tungsten Mining NL stock, see the AU:TGN Stock Forecast page.
Tungsten Mining NL has released an update on its Mt Mulgine Project in Western Australia, describing it as a globally significant multi-critical mineral deposit and outlining outcomes from a preliminary Scoping Study. The company stresses that the study is an early-stage technical and economic assessment that supports the potential viability of the project but is not yet sufficient to define Ore Reserves or underpin a definitive development decision. The Scoping Study mine plan is based entirely on Indicated Mineral Resources, with no contribution from Inferred Resources or exploration targets, and envisages pre‑production funding requirements in the range of A$358 million to A$495 million for the preferred development case. Tungsten Mining underscores that there is no certainty it will secure this funding or achieve the projected outcomes, and notes that alternative strategies such as asset sales or joint ventures may be considered, highlighting both the scale of Mt Mulgine’s opportunity and the financing and execution risks facing investors and stakeholders.
The most recent analyst rating on (AU:TGN) stock is a Hold with a A$0.18 price target. To see the full list of analyst forecasts on Tungsten Mining NL stock, see the AU:TGN Stock Forecast page.
Tungsten Mining NL has announced changes in the interests of several directors, lodging multiple Appendix 3Y notices in line with ASX Listing Rule 3.19A. The filings detail updated holdings for directors including chairman Gary Lyons, whose interests now include an additional 4.8 million performance rights issued for nil consideration, reflecting adjustments to the board’s equity-based incentives and signalling ongoing alignment of director remuneration with the company’s performance.
The most recent analyst rating on (AU:TGN) stock is a Hold with a A$0.23 price target. To see the full list of analyst forecasts on Tungsten Mining NL stock, see the AU:TGN Stock Forecast page.
Tungsten Mining NL has notified the market of the issue of 25.4 million unquoted performance rights under its employee incentive scheme, with the new securities not intended to be quoted on the ASX. The substantial grant of performance rights is designed to align staff and executive incentives with shareholder value creation and may have implications for future dilution, while supporting the company’s efforts to retain and motivate key personnel in a competitive resources sector.
The most recent analyst rating on (AU:TGN) stock is a Hold with a A$0.23 price target. To see the full list of analyst forecasts on Tungsten Mining NL stock, see the AU:TGN Stock Forecast page.
Tungsten Mining NL has announced the quotation of 76,363,636 ordinary fully paid securities on the Australian Securities Exchange (ASX) as of December 9, 2025. This move is part of the company’s strategic efforts to enhance its financial position and support its operational growth, potentially impacting its market presence and stakeholder interests positively.
The most recent analyst rating on (AU:TGN) stock is a Hold with a A$0.23 price target. To see the full list of analyst forecasts on Tungsten Mining NL stock, see the AU:TGN Stock Forecast page.
Tungsten Mining NL has announced a new Exploration Target at the Mulgine Trench deposit, highlighting the global scale of its Mt Mulgine project. The target, which is additional to the 2020 mineral resource estimate, underscores the project’s potential to extend mine life and increase scale, reinforcing its strategic importance in the supply-constrained tungsten market. The company plans supplementary drilling to further assess the mineralisation, aiming to complete a Pre-Feasibility Study by mid-2026, which could enhance its positioning in the critical minerals sector.
The most recent analyst rating on (AU:TGN) stock is a Hold with a A$0.18 price target. To see the full list of analyst forecasts on Tungsten Mining NL stock, see the AU:TGN Stock Forecast page.
Tungsten Mining NL announced that all resolutions presented at its Annual General Meeting were approved by the necessary majority. This includes the re-election of directors, approval of a 10% placement facility, and ratification of previous placements and notes, reflecting strong shareholder support and potentially enhancing the company’s operational flexibility and strategic positioning.
The most recent analyst rating on (AU:TGN) stock is a Hold with a A$0.18 price target. To see the full list of analyst forecasts on Tungsten Mining NL stock, see the AU:TGN Stock Forecast page.