# Mt Mulgine PFS reveals large, low-cost monster for Tungsten Mining Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/mt-mulgine-pfs-reveals-large-low-cost-monster-for-tungsten-mining--d1c3d529-d5c8-45ac-885f-1be9c07bab70 Original source: https://stockhead.com.au/resources/mt-mulgine-pfs-reveals-large-low-cost-monster-for-tungsten-mining/ Publisher: stockhead Original announcement: 2026-09-01T03:22:18.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - 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 Narrative sentiment: 1.00 · Bullish ## Minestarters Atlas 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 factor: Extremely high NPV and IRR - Positive factor: Low AISC relative to global peers - Positive factor: Significant resource scale - Positive factor: Clear development timeline - Negative factor: 13% of mine plan relies on inferred resources Facts used in scoring: 15 ## Classification and evidence **Resource Update** Polarity: neutral Definition: 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 Resource** Polarity: negative Definition: 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) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mt-mulgine-pfs-reveals-large-low-cost-monster-for-tungsten-mining--d1c3d529-d5c8-45ac-885f-1be9c07bab70#fact-resource-facts-0) tungsten #### 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 factor: Large tonnage indicated resource Evidence · text > Mt Mulgine has an indicated resource of 175Mt grading 0.11% WO3 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mt-mulgine-pfs-reveals-large-low-cost-monster-for-tungsten-mining--d1c3d529-d5c8-45ac-885f-1be9c07bab70#fact-resource-facts-1) molybdenum #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mt-mulgine-pfs-reveals-large-low-cost-monster-for-tungsten-mining--d1c3d529-d5c8-45ac-885f-1be9c07bab70#fact-resource-facts-2) gold #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mt-mulgine-pfs-reveals-large-low-cost-monster-for-tungsten-mining--d1c3d529-d5c8-45ac-885f-1be9c07bab70#fact-resource-facts-3) silver #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mt-mulgine-pfs-reveals-large-low-cost-monster-for-tungsten-mining--d1c3d529-d5c8-45ac-885f-1be9c07bab70#fact-resource-facts-4) copper #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mt-mulgine-pfs-reveals-large-low-cost-monster-for-tungsten-mining--d1c3d529-d5c8-45ac-885f-1be9c07bab70#fact-resource-facts-5) tungsten #### 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 factor: Lower geological confidence Evidence · text > inferred resources stand at 72Mt at 0.11% WO3 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mt-mulgine-pfs-reveals-large-low-cost-monster-for-tungsten-mining--d1c3d529-d5c8-45ac-885f-1be9c07bab70#fact-resource-facts-6) molybdenum #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mt-mulgine-pfs-reveals-large-low-cost-monster-for-tungsten-mining--d1c3d529-d5c8-45ac-885f-1be9c07bab70#fact-resource-facts-7) gold #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mt-mulgine-pfs-reveals-large-low-cost-monster-for-tungsten-mining--d1c3d529-d5c8-45ac-885f-1be9c07bab70#fact-resource-facts-8) silver #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mt-mulgine-pfs-reveals-large-low-cost-monster-for-tungsten-mining--d1c3d529-d5c8-45ac-885f-1be9c07bab70#fact-resource-facts-9) copper #### 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 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/mt-mulgine-pfs-reveals-large-low-cost-monster-for-tungsten-mining--d1c3d529-d5c8-45ac-885f-1be9c07bab70#fact-resource-facts-10) tungsten #### 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 factor: 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 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/mt-mulgine-pfs-reveals-large-low-cost-monster-for-tungsten-mining--d1c3d529-d5c8-45ac-885f-1be9c07bab70#fact-resource-facts-11) molybdenum #### 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 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/mt-mulgine-pfs-reveals-large-low-cost-monster-for-tungsten-mining--d1c3d529-d5c8-45ac-885f-1be9c07bab70#fact-resource-facts-12) gold #### 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 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/mt-mulgine-pfs-reveals-large-low-cost-monster-for-tungsten-mining--d1c3d529-d5c8-45ac-885f-1be9c07bab70#fact-resource-facts-13) silver #### 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 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/mt-mulgine-pfs-reveals-large-low-cost-monster-for-tungsten-mining--d1c3d529-d5c8-45ac-885f-1be9c07bab70#fact-resource-facts-14) copper #### 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.