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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 | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 84.37K | 106.62K | 4.23K | 0.00 | 20.79K | 143.47K |
| Gross Profit | -6.13K | 106.62K | -992.79K | -433.42K | -267.75K | -133.81K |
| EBITDA | -5.04M | -5.53M | -4.74M | -3.28M | -5.22M | -4.85M |
| Net Income | -7.56M | -7.82M | -5.11M | -2.93M | -5.09M | -4.72M |
Balance Sheet | ||||||
| Total Assets | 47.73M | 42.90M | 29.85M | 35.06M | 36.99M | 42.87M |
| Cash, Cash Equivalents and Short-Term Investments | 7.66M | 2.74M | 8.31M | 12.64M | 14.88M | 19.59M |
| Total Debt | 751.01K | 4.56M | 641.11K | 822.26K | 412.15K | 656.34K |
| Total Liabilities | 9.77M | 14.33M | 2.48M | 2.58M | 1.56M | 2.36M |
| Stockholders Equity | 37.96M | 28.56M | 27.38M | 32.49M | 35.42M | 40.51M |
Cash Flow | ||||||
| Free Cash Flow | -4.88M | -9.35M | -4.06M | -1.93M | -4.74M | -4.21M |
| Operating Cash Flow | -4.87M | -5.53M | -4.02M | -1.91M | -4.60M | -4.14M |
| Investing Cash Flow | 310.83K | -3.81M | -42.48K | -15.47K | 444.78K | 59.39K |
| Financing Cash Flow | 8.00M | 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$89.02M | 2.16 | 0.85% | ― | -16.97% | -94.15% | |
48 Neutral | AU$63.45M | 0.45 | 142.67% | ― | ― | -278.88% | |
47 Neutral | AU$356.07M | -13.41 | -22.74% | ― | ― | -43.08% | |
47 Neutral | AU$82.39M | -11.27 | -10.46% | ― | -85.84% | 73.66% | |
46 Neutral | AU$60.98M | -27.51 | -4.25% | ― | ― | 54.26% | |
45 Neutral | AU$96.52M | -12.92 | -67.75% | ― | ― | -414.88% |
Tungsten Mining NL Corporate Events
Tungsten Mining NL has outlined a major reverse circulation drilling campaign at the Mulgine Trench deposit within its Mt Mulgine project, comprising 140 holes for 40,000 metres starting in early May 2026. The program will test mineralisation continuity at depth and along strike beneath the 2020 Mineral Resource Estimate, with assay results to be released periodically after drilling begins.
The campaign aims to test the upper portions of a large conceptual Exploration Target that could materially increase the project’s tungsten and molybdenum inventory and upgrade up to 100 million tonnes of material into the Indicated category. If successful, the work could establish Mt Mulgine as one of the world’s largest tungsten resources at a time of record tungsten prices, potentially strengthening Tungsten Mining’s strategic position in global critical minerals supply.
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.
S&P Dow Jones Indices has updated its March 2026 quarterly rebalance of the All Ordinaries index, reversing earlier changes involving African Gold Limited and American Rare Earths Limited. The revised list confirms that African Gold will not be added and American Rare Earths will remain in the index when the changes take effect on March 23, 2026.
The rebalance brings a wide range of new constituents into the All Ordinaries, including 4DMedical, Calix, Galan Lithium, Lake Resources and Tungsten Mining NL, spanning sectors from medical technology to energy transition and critical minerals. These inclusions broaden the index’s exposure to emerging resources and innovation-focused companies, potentially improving visibility and capital access for the newly added stocks.
The most recent analyst rating on (AU:TGN) stock is a Hold with a A$0.29 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 called a general meeting of shareholders to be held in Perth on 17 April 2026 at 9:30 a.m. local time. The company will no longer routinely mail hard copies of meeting notices, instead directing investors to access materials online or via email, in line with evolving corporate communication practices.
Shareholders are encouraged to participate either in person or by lodging proxy votes, which must be received by 15 April 2026 to be valid. The notice underscores the importance of the meeting documentation and advises investors to seek professional advice if uncertain, highlighting the company’s emphasis on regulatory compliance and shareholder engagement.
The most recent analyst rating on (AU:TGN) stock is a Hold with a A$0.28 price target. To see the full list of analyst forecasts on Tungsten Mining NL stock, see the AU:TGN Stock Forecast page.
S&P Dow Jones Indices has announced its March 2026 quarterly rebalance of the S&P/ASX indices, with multiple additions and removals across the S&P/ASX 20, 50, 100, 200, and 300. Changes include Northern Star Resources replacing Santos in the S&P/ASX 20 and a series of shifts that collectively increase the representation of gold, resources, and energy transition-related stocks while reducing weightings in selected financials, property, and technology names.
The reshuffle is likely to trigger index-linked buying of the new entrants and selling of deleted stocks by passive and benchmark-aware funds. This could affect liquidity, valuations, and visibility for the companies involved, while also subtly tilting the Australian equity benchmark exposure toward resources, rare earths, lithium, and emerging industrial names at the expense of some established services and investment businesses.
The most recent analyst rating on (AU:TGN) stock is a Hold with a A$0.28 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 28,800,000 unquoted performance rights under its employee incentive scheme, with the securities not to be quoted on the ASX while transfer restrictions apply. The move signals the company’s continued use of equity-based remuneration to align staff incentives with long-term performance and shareholder interests, potentially strengthening retention and engagement across its workforce.
The performance rights issuance reflects a capital management approach that preserves cash while offering employees upside linked to company outcomes. Investors may view the expanded incentive pool as a sign of the company positioning itself for future operational milestones and value creation, even though these securities will remain unquoted until restrictions end.
The most recent analyst rating on (AU:TGN) stock is a Hold with a A$0.30 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 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.