Tungsten Mining NL (ASX: TGN), an Australian critical minerals developer focused on the exploration and development of tungsten projects, has announced the completion of its $53 million placement. The company confirmed that funds have been received and all shares have been issued to leading Australian and international institutional and professional investors. The placement received strong support, with investor applications exceeding the available placement capacity.
Tungsten Mining is now in a strengthened financial position to accelerate project activities across the Mt Mulgine and Watershed Projects. The funds will primarily be allocated to Mt Mulgine Project study activities, including exploration programs aimed at expanding its Mineral Resource Estimate. Further studies will also assess the potential to unlock and fast-track the fully permitted Watershed Project, along with covering capital raising costs and providing general working capital.
The Mt Mulgine Pre-Feasibility Study and the Watershed Project Economic Evaluation Study are progressing, with their outcomes scheduled for release in Q3 2026 and Q2 2026, respectively. Gary Lyons, Tungsten Mining Chairman, stated that the significant support for the capital raising endorses the company’s strategy, project portfolio, and the growing importance of tungsten and associated critical minerals in the global economy.
The placement involved the issue of 278,947,369 new shares at $0.19 per share, representing a 15.6% discount to the last closing price on 22 January 2026. Euroz Hartleys Limited and Canaccord Genuity (Australia) Limited acted as Joint Lead Managers to the Placement, with Leeuwin Wealth Pty Ltd acting as Co-Manager.
