Mt Mulgine PFS reveals large, low-cost monster for Tungsten Mining
Original announcement by stockhead on
- Company
- Tungsten Mining
- Ticker
- TGN
- Exchange
- Unavailable
- Region
- Western Australia
- Primary commodity
- Tungsten
- Secondary commodities
- Molybdenum, Copper, Gold, Silver
- Document categories
- Resource update, Other
- Extracted
- 2026-09-01 05:03:12 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Tungsten Mining has released a Pre-Feasibility Study for its Mt Mulgine project in Western Australia, reporting standout economics including a base case pre-tax NPV of $6.8bn and 55% IRR. The project is expected to be a low-cost tungsten producer with an AISC of US$127/mtu and targets a Definitive Feasibility Study in H2 2026.
Reasoning: The Pre-Feasibility Study (PFS) for Mt Mulgine presents exceptional economics with a base case pre-tax NPV of $6.8bn and 55% IRR, supported by a large tungsten-molybdenum resource.
Positive factors
- Extremely high NPV and IRR
- Low AISC relative to global peers
- Significant resource scale
- Clear development timeline
Negative factors
- 13% of mine plan relies on inferred resources
Facts used in scoring: 15
Classification and evidence
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document reports a Pre-Feasibility Study (PFS) which includes updated resource and reserve figures.
Evidence · text
“releasing a highly attractive PFS for Mt Mulgine”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The document explicitly states that 13% of the mine plan is drawn from inferred resources.
Evidence · text
“About 13% of the mine plan is drawn from inferred resources”
Extracted facts
Stored fact records: 15. Some facts used in scoring do not have a stored record.
Resource Estimates (15)
indicatedtungstenTonnes: 175000000Grade: 0.11Grade Unit: % WO3View all detailsHide details
Identity
- Commodity
- tungsten
- Ticker
- TGN
Resource Data
- Category
- indicated
- Tonnes
- 175000000
- Grade
- 0.11
- Grade Unit
- % WO3
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-01T00:00:00.000Z
Reasoning: Indicated resource component of the PFS.
Positive factors
- Large tonnage indicated resource
Evidence · text
“Mt Mulgine has an indicated resource of 175Mt grading 0.11% WO3”
indicatedmolybdenumTonnes: 175000000Grade: 290Grade Unit: ppmView all detailsHide details
Identity
- Commodity
- molybdenum
- Ticker
- TGN
Resource Data
- Category
- indicated
- Tonnes
- 175000000
- Grade
- 290
- Grade Unit
- ppm
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-01T00:00:00.000Z
Reasoning: Byproduct molybdenum in indicated resource.
Evidence · text
“290ppm Mo”
indicatedgoldTonnes: 175000000Grade: 0.14Grade Unit: g/tView all detailsHide details
Identity
- Commodity
- gold
- Ticker
- TGN
Resource Data
- Category
- indicated
- Tonnes
- 175000000
- Grade
- 0.14
- Grade Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-01T00:00:00.000Z
Reasoning: Byproduct gold in indicated resource.
Evidence · text
“0.14g/t Au”
indicatedsilverTonnes: 175000000Grade: 6Grade Unit: g/tView all detailsHide details
Identity
- Commodity
- silver
- Ticker
- TGN
Resource Data
- Category
- indicated
- Tonnes
- 175000000
- Grade
- 6
- Grade Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-01T00:00:00.000Z
Reasoning: Byproduct silver in indicated resource.
Evidence · text
“6g/t Ag”
indicatedcopperTonnes: 175000000Grade: 0.04Grade Unit: %View all detailsHide details
Identity
- Commodity
- copper
- Ticker
- TGN
Resource Data
- Category
- indicated
- Tonnes
- 175000000
- Grade
- 0.04
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-01T00:00:00.000Z
Reasoning: Byproduct copper in indicated resource.
Evidence · text
“0.04% Cu”
inferredtungstenTonnes: 72000000Grade: 0.11Grade Unit: % WO3View all detailsHide details
Identity
- Commodity
- tungsten
- Ticker
- TGN
Resource Data
- Category
- inferred
- Tonnes
- 72000000
- Grade
- 0.11
- Grade Unit
- % WO3
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-01T00:00:00.000Z
Reasoning: Inferred resource component of the PFS.
Negative factors
- Lower geological confidence
Evidence · text
“inferred resources stand at 72Mt at 0.11% WO3”
inferredmolybdenumTonnes: 72000000Grade: 250Grade Unit: ppmView all detailsHide details
Identity
- Commodity
- molybdenum
- Ticker
- TGN
Resource Data
- Category
- inferred
- Tonnes
- 72000000
- Grade
- 250
- Grade Unit
- ppm
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-01T00:00:00.000Z
Reasoning: Byproduct molybdenum in inferred resource.
Evidence · text
“250ppm Mo”
inferredgoldTonnes: 72000000Grade: 0.1Grade Unit: g/tView all detailsHide details
Identity
- Commodity
- gold
- Ticker
- TGN
Resource Data
- Category
- inferred
- Tonnes
- 72000000
- Grade
- 0.1
- Grade Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-01T00:00:00.000Z
Reasoning: Byproduct gold in inferred resource.
Evidence · text
“0.1g/t Au”
inferredsilverTonnes: 72000000Grade: 5Grade Unit: g/tView all detailsHide details
Identity
- Commodity
- silver
- Ticker
- TGN
Resource Data
- Category
- inferred
- Tonnes
- 72000000
- Grade
- 5
- Grade Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-01T00:00:00.000Z
Reasoning: Byproduct silver in inferred resource.
Evidence · text
“5g/t Ag”
inferredcopperTonnes: 72000000Grade: 0.03Grade Unit: %View all detailsHide details
Identity
- Commodity
- copper
- Ticker
- TGN
Resource Data
- Category
- inferred
- Tonnes
- 72000000
- Grade
- 0.03
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-01T00:00:00.000Z
Reasoning: Byproduct copper in inferred resource.
Evidence · text
“0.03% Cu”
probabletungstenTonnes: 144000000Grade: 0.1Grade Unit: % WO3View all detailsHide details
Identity
- Commodity
- tungsten
- Ticker
- TGN
Resource Data
- Category
- probable
- Tonnes
- 144000000
- Grade
- 0.1
- Grade Unit
- % WO3
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-01T00:00:00.000Z
Reasoning: Ore reserves for Mulgine Trench deposit.
Positive factors
- Ore reserves increased by 6%
Evidence · text
“Ore reserves of the Mulgine Trench deposit have been increased by about 6% to 144Mt at 0.10% WO3”
probablemolybdenumTonnes: 144000000Grade: 287Grade Unit: ppmView all detailsHide details
Identity
- Commodity
- molybdenum
- Ticker
- TGN
Resource Data
- Category
- probable
- Tonnes
- 144000000
- Grade
- 287
- Grade Unit
- ppm
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-01T00:00:00.000Z
Reasoning: Byproduct molybdenum in ore reserves.
Evidence · text
“287 ppm Mo”
probablegoldTonnes: 144000000Grade: 0.12Grade Unit: g/tView all detailsHide details
Identity
- Commodity
- gold
- Ticker
- TGN
Resource Data
- Category
- probable
- Tonnes
- 144000000
- Grade
- 0.12
- Grade Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-01T00:00:00.000Z
Reasoning: Byproduct gold in ore reserves.
Evidence · text
“0.12g/t Au”
probablesilverTonnes: 144000000Grade: 6.2Grade Unit: g/tView all detailsHide details
Identity
- Commodity
- silver
- Ticker
- TGN
Resource Data
- Category
- probable
- Tonnes
- 144000000
- Grade
- 6.2
- Grade Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-01T00:00:00.000Z
Reasoning: Byproduct silver in ore reserves.
Evidence · text
“6.2g/t Ag”
probablecopperTonnes: 144000000Grade: 0.04Grade Unit: %View all detailsHide details
Identity
- Commodity
- copper
- Ticker
- TGN
Resource Data
- Category
- probable
- Tonnes
- 144000000
- Grade
- 0.04
- Grade Unit
- %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-01T00:00:00.000Z
Reasoning: Byproduct copper in ore reserves.
Evidence · text
“0.04% Cu”
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.