# PFS confirms Tungsten Mining's Mt Mulgine as potentially world's lowest cost operation

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/pfs-confirms-tungsten-mining-s-mt-mulgine-as-potentially-world-s-lowest-cost-ope--a685f1dc-2a8a-425d-8a8f-9ec80ede66ba

Original source: https://www.miningweekly.com/article/pfs-confirms-tungsten-minings-mt-mulgine-as-potentially-worlds-lowest-cost-operation-2026-09-01

Publisher: miningweekly

Original announcement: 2026-09-01T14:47:04.743Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: Tungsten Mining

- Ticker: Unavailable

- Exchange: Unavailable

- Region: Western Australia

- Primary commodity: Tungsten

- Secondary commodities: None reported

- Document categories: Resource update

- Extracted: 2026-09-01 14:48:57 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Tungsten Mining's Mt Mulgine project in Western Australia has completed a Pre-feasibility Study \(PFS\) confirming its potential as a low-cost tungsten operation. The study reports a base case NPV of A$6.8-billion and an IRR of 55%, with a projected mine life of 21 years.

Reasoning: The Pre-feasibility Study \(PFS\) confirms highly robust economics for the Mt Mulgine project, including a high IRR and very low operating costs in a supply-constrained market.

- Positive factor: Strong NPV and IRR metrics

- Positive factor: Low C1 and AISC cash costs

- Positive factor: Favorable market structural deficit

- Positive factor: Long mine life

Facts used in scoring: 2

## 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 results from a Pre-feasibility Study \(PFS\) for the Mt Mulgine project.

Evidence · text

> A prefeasibility study \(PFS\) for ASX-listed Tungsten Mining's Mt Mulgine project

## Extracted facts

Stored fact records: 2. Some facts used in scoring do not have a stored record.

## Resource Estimates (2)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/pfs-confirms-tungsten-mining-s-mt-mulgine-as-potentially-world-s-lowest-cost-ope--a685f1dc-2a8a-425d-8a8f-9ec80ede66ba#fact-resource-facts-0)

tungsten

#### Identity

- Commodity: tungsten

#### Resource Data

- Category: indicated
- Contained Metal: 12000
- Contained Unit: t/y

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-01T00:00:00.000Z

Reasoning: PFS confirms highly competitive cost profile and significant production scale.

- Positive factor: Low C1 cash cost

- Positive factor: Low AISC

- Positive factor: Long mine life

Evidence · text

> producing up to 12 000 t/y of tungsten trioxide at the world's lowest C1 cash cost of $53/t and all-in sustaining cost of $127/t.

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/pfs-confirms-tungsten-mining-s-mt-mulgine-as-potentially-world-s-lowest-cost-ope--a685f1dc-2a8a-425d-8a8f-9ec80ede66ba#fact-resource-facts-1)

tungsten

#### Identity

- Commodity: tungsten

#### Resource Data

- Category: indicated
- Tonnes: 8000000

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-01T00:00:00.000Z

Reasoning: Base case scenario shows strong economic fundamentals.

- Positive factor: Strong NPV

- Positive factor: High IRR

Evidence · text

> At a base case eight-million-tonne-a-year scenario, Mt Mulgine has a net present value \(NPV\) of A$6.8-billion \(before tax\) and internal rate of return \(IRR\) of 55%

## 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.