Mt Mulgine Scoping Study Demonstrates Globally Significant Critical Tungsten Project
- Noel Ong
- 24 hours ago
- 6 min read
Announcement
Presentation - Mt Mulgine Critical Minerals Scoping Study 12 November 2025 (click here to view the announcement)
Tungsten Mining NL (ASX: TGN) has released its long-awaited Scoping Study for the Mt Mulgine Project in Western Australia (Figure 1), presenting a clear case for a globally significant tungsten–molybdenum development. Located 330km north-northeast of Perth and 15km northeast of Rothsay, the project sits within a premier Tier-1 jurisdiction supported by existing regional infrastructure.
What stands out is scale: Mt Mulgine is now positioned among the largest tungsten deposits outside China, demonstrating both economic robustness and multi-commodity optionality under conservative price assumptions.
Figure 1: Mt Mulgine Project overview map (source: TGN)
The Business of the Company: Focus – Projects
Tungsten Mining holds a portfolio of tungsten assets, including Mt Mulgine, Watershed, and Hatches Creek, giving the Company one of the most significant resource inventories in the global tungsten sector (Figure 2). The key development priority is Mt Mulgine, which delivers:
A polymetallic system containing tungsten, molybdenum, copper, gold and silver
A large, predominantly Indicated Mineral Resource base
A long-life, low-strip-ratio open-pit mining strategy
Strong project economics under both 6 Mtpa and 15 Mtpa development cases
Jurisdictional advantages that matter for strategic metals such as tungsten
Figure 2: Global Tungsten Deposits Comparison – TGN’s Mineral Resource Inventory (source: TGN)
Highlights – A Strategic WA Tungsten Project with Scale and Strong Economics
1. Globally Significant Resource and Production Profile
(Figure 3)
Mt Mulgine contains 259Mt @ 0.11% WO₃ for 290kt WO₃, making it one of the largest tungsten deposits outside China.
Over 110,000m of drilling has already been completed.
Metal suite includes WO₃, Mo, Cu, Au, Ag, with meaningful by-product contributions.
Figure 3: Mt Mulgine Mineral Resource table (source: TGN)
2. Strong Scoping Study Economics (6 Mtpa Case)
(Figure 4)
NPV (Pre-Tax): A$1.0–1.4B
IRR (Pre-Tax): 30–45%
CAPEX: A$358–495M
OPEX: A$25.4–30.8/t ore
Mine life: 23 years
Strip ratio: 0.8:1
Figure 4: 6 Mtpa economics summary (source: TGN)
3. Large-Scale Expansion Case (15 Mtpa)
(Figure 5)
NPV (Pre-Tax): A$1.7–2.3B
IRR (Pre-Tax): 42–62%
CAPEX: A$631–868M
Lower operating costs (A$21.6–26.2/t)
10-year mine plan at higher throughput
Figure 5: 15 Mtpa economics summary (source: TGN)
4. Competitive Costing & Conventional Flowsheet
(Figure 6)
Three key concentrates: tungsten, molybdenum, and copper-gold-silver
Metallurgical recoveries: WO₃ (72.5%), Mo (70%), Cu (62%), Au (41%), Ag (47%)
Utilises conventional gravity + flotation
Figure 6: Preliminary Flowsheet & Recoveries (source: TGN)
5. Sensitivity and Price Upside
(Figure 7)
NPV is highly leveraged to commodity pricing, particularly tungsten.
At spot prices (Oct 2025):
NPV lifts to A$2.38–2.80B (6 Mtpa case).
Figure 7: NPV Sensitivity Charts & Spot vs Base Price Comparison (source: TGN)
6. Infrastructure Advantage
(Figure 8)
Proximity to Perth & Geraldton Port
Potential for solar micro-grid
Local skilled workforce
Access by mostly sealed roads
Figure 8: Site Infrastructure Layout – Power, Water, Logistics, Camp, TSF (source: TGN)
About the Project
Mt Mulgine is a large-scale polymetallic deposit hosting tungsten, molybdenum, copper, gold, and silver within a favourable mining jurisdiction. The deposit extends across the Mulgine Trench and Mulgine Hill mineralised zones, supported by:
A substantial, largely Indicated resource base
Simple near-surface open-pit geometry (Figure 9)
Proximity to grid power, sealed roads, and regional infrastructure
Potential magnetite by-product upside
Figure 9: Open Pit Stages & Annual Production Profiles (source: TGN)
Near-Term Milestones to Watch
(Figure 10)
2025–2026:
Commencement of PFS
Expanded resource drilling at Mulgine Trench
Engagement with offtake partners
OTCQB listing and potential NASDAQ pathway
2026–2027:
Completion of DFS
Final Investment Decision (Q4 2027)
2028–2029:
Engineering, procurement, construction
Pre-production mining
First tungsten concentrate production (Q3 2029)
Figure 10: Development Timeline to FID 2027 & First Production 2029 (source: TGN)
How Samso Understands the Investment Memo for the Company
From an investment perspective, Mt Mulgine appears to offer:
A globally significant tungsten inventory in a secure jurisdiction
A long-life project with strong margins under conservative assumptions
Optionality through higher-throughput development
Meaningful by-product credits (Mo–Cu–Au–Ag)
Strategic positioning amid tightening global tungsten supply
Potential uplift as the project advances through PFS → DFS → FID
For followers of critical minerals, Mt Mulgine represents a project with scarcity value, particularly given tungsten’s increasing strategic importance.
Samso Concluding Comments
The Mt Mulgine tungsten project has been around for a long time, and with the tungsten price at an all-time high of over USD700/mtu, the time to dust the cover is now. Tungsten is emerging as one of the more supply-constrained critical minerals. China dominates both mining and downstream processing, and recent export-restriction policies have intensified concerns about long-term availability. This macro environment gives additional weight to Western Australian projects capable of generating a stable, high-purity tungsten supply.
TGN’s Scoping Study is conservative, the flowsheet conventional, and the pricing assumptions well below spot markets. For investors, the timing of the value creation for shareholders is about to be unleashed as the Company moves through PFS and DFS phases, where mining schedules, metallurgical performance, and cost structures will be further optimised.
The addition of molybdenum, copper, gold, and silver provides diversification that strengthens the project’s revenue mix. These by-products contribute meaningfully to economic outcomes and reduce reliance on a single commodity, a favourable attribute as markets cycle.
As development advances, the questions will revolve around funding, offtake, and alignment with global industrial demand. From what we see today, Mt Mulgine has the scale, location, and commodity mix to be part of the broader strategic minerals conversation for years to come.
Market Expectations
This has got to be one of the easiest investment decisions. I am now convinced that the only critical metal globally is Tungsten. The price of the commodity will continue to rise, and there will be more to come.
Figure 11: The share price chart for TGN as of 1st December 2025. (source: CommSec)
One of the main contributing factors to the rise and rise of tungsten is the geological constraint on finding a deposit that will be economical. There are not many deposits out there that will make the grade when it comes to having a tungsten deposit that will make an economical argument for mining and processing.
For this reason, I am not sure where the sustainable price will be for tungsten. I will say that it is probably a distance away from the current spot price.
Check out this Coffee with Samso with Oliver Friesen from Guardian Metals:
The only question I will have is the management. If they do well and the Feasibility Studies hold credibility, then TGN is on a ride not many will see in the ASX.
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