The Group holds a significant (8.9%) equity interest in ASX-listed Tungsten Mining NL (“TGN”), which is focussed on the discovery and development of tungsten deposits in Australia. TGN’s vision is to become a world leading developer of low-cost tungsten concentrate, providing superior long term returns to our shareholders. TGN aims to achieve this through the acquisition and development of quality deposits, technical excellence in project development, collaboration and rigorous capital management.

Please visit Tungsten Mining’s web site at: https://www.tungstenmining.com/en/home/

On 29 January, following the completion of its pre-feasibility study, TGN announced a Ore Reserve Estimate of 145,000 tonnes of tungsten, 40,000 tonnes of molybdenum, 542,000 ounces of gold and 27 million ounces of silver. This confirmed Mt. Mulgine as one of the largest undeveloped tungsten deposits in the world.

TGN has established a portfolio of advanced tungsten projects across Australia with the objective of controlling a globally significant inventory of in-ground tungsten. TGN continues to implement its strategy directed at building a tungsten business of scale, with a current resource inventory of 41 million MTU’s (metric tonne units) of WO 3 (tungsten trioxide) and 71,000 tonnes of Mo (molybdenum), 1 million ounces of Au (gold), 44 million ounces of Ag (silver) and 92,000 tonnes of Cu (copper) (refer to TGN’s Annual Ore Reserve and Mineral Resource Statement, included in the 2020 Annual Report announced on 22 September 2020). This provides the platform for TGN to become a globally significant player within the primary tungsten market through the development of low-cost tungsten concentrate production.

TGN has four advanced tungsten projects in Australia: the Mt Mulgine Project in the Murchison region, the Big Hill Project in the Pilbara region and the Kilba Project in the Ashburton region of Western Australia and the Watershed Project in far north Queensland. Details on TGN’s projects and activities can be found at www.tungstenmining.com

Activities during the 2020 calendar year have seen TGN make substantial progress in terms of project development and resource growth. In January 2021, the Company announced a Prefeasibility Study highlighting the potential for its Mt Mulgine project to establish large scale, long life mining and processing operations. This will allow for the production of tungsten concentrate and valuable by-products, including molybdenum and gold.

Tungsten is a high value industrial metal used in the manufacture of hardened metals (cemented carbides), steel alloys and mill products.  Its application in heavy construction machinery, drilling for minerals and oil/gas and in high temperature equipment makes tungsten a mineral of strategic importance.