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TUNGSTEN MINING NL (TGN) - Can Australia secure the world’s tungsten future?

• Andrew Musgrave

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Prices are surging, supply is squeezed, and buyers are searching for reliable sources of tungsten outside China and Russia. We sit down with Gary Lyons, Non‑Executive Chair of Tungsten Mining, to unpack how Mt Mulgine in Western Australia could become a cornerstone supplier for hardmetals, aerospace, energy, and defence—while using near‑term gold to fund the path to scale.

Gary takes us inside the market fundamentals: China at roughly 80% of concentrate, Russia near 10%, export bans in place, and a demand profile that could double over the next eight years. Against this backdrop, Mt Mulgine stands out for its size, jurisdictional stability, and multi‑commodity upside—including molybdenum, copper, and silver. We explore the company’s $9.5m capital raise and why a staged, gold‑first approach—supported by strong metallurgical test work and conventional processing—can create early cash flow, reduce upfront capital intensity, and de‑risk the larger tungsten build.

We map the execution roadmap from studies to site: advancing engineering, environmental work, and permitting; fast‑tracking PFS and moving to DFS with a target to finalise by end‑2026 to early 2027; and aligning development with market and partnership conditions. Gary also reflects on portfolio strategy—how a years‑long acquisition program built one of the largest “tungsten warehouses” outside China, and why the focus now is on unlocking value rather than more deals. If you care about critical minerals security, supply diversification, and the practical steps to bring a world‑class tungsten project online, this conversation offers clarity, timelines, and a compelling plan.

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Andrew Musgrave:

Welcome again to ASX Briefs, the podcast that brings you Australia's most innovative listed companies. And today we're joined by Gary Lyons, the non-executive chairman of Tungsten Mining, an Australian resources company focused on the exploration and development of its globally significant tungsten projects. Gary, it's great to have you with us today and welcome to the ASX Briefs Podcast.

Gary Lyons:

Thank you, Andrew. It's an absolute pleasure.

Andrew Musgrave:

Now, for Gary, for listeners that may be unfamiliar with Tungsten Mining, can you provide a brief overview of the company and the strategic importance of tungsten as a critical mineral?

Gary Lyons:

Tungsten Mining is a Perth-based ASX listed company, Andrew. We've focused on developing one of the world's largest undeveloped tungsten resources. Our flagship is the Mt Mulgine Project in Western Australia. And our strategy is simple. Advance a long life, low cost source of tungsten, do it responsibly, and help diversify supply for customers who need certainty for the long term.

Andrew Musgrave:

Now, tungsten is recognized as a critical mineral. So how do you see the current market trends, pricing, and its importance across key industries?

Gary Lyons:

Yeah, Andrew, look, there are three things to know about tungsten right now. They are supply, price, and pull from industry. On the supply side, the market is constrained. China still dominates output. It controls currently around 80% of the tungsten concentrate market, with Russia a further 10%, leaving around 10% to the rest of the world. Both have banned exports of tungsten since February of this year. And supply is shrinking. There is a deficit on the supply side, and demand is rising. We have compound annual growth rates of a little under 8% per annum over the next eight years, which we feel is going to lead to doubling of the demand, which is currently around 90,000 tons. And as I express, China and Russia between them have a little over 80,000 tons of that supply. So, of course, create demand and prices flow, and the void that's there at the moment is seeing prices that for tungsten that have never been recorded before, which is a wonderful thing.

Andrew Musgrave:

Okay, and you recently announced a successful capital raise of nine and a half million dollars. So, how will this new funding advance your integrated gold tungsten strategy at the 100% owned Mt Mulgine project?

Gary Lyons:

Yeah, look, we're we're very pleased with the support. We had the capacity to raise up to nine and a half million, and I'm pleased to say that we we were actually oversubscribed. Both current shareholders & some new shareholders, and it really strengthens the company's position as we move the Mt Mulgine project towards development. That funding supports the next stage of our integrated gold tungsten strategy, which recognizes that Mt Mulgine is unique, combines a large high-grade tungsten resource with a meaningful host of many other metals,, and some of them critical. For example, we we have a significant amount of molybdenum, which is also on the critical metals register, and then base metals in copper, gold, and silver in in in good quantities.

Andrew Musgrave:

Okay, and the mine has been described as one of the largest tungsten deposits outside of China. So, how does this world-class asset position the company to address the global challenges around critical minerals?

Gary Lyons:

Yeah, look, Mt Mulgine really is a standout project. It's one of the largest undeveloped tungsten deposits in the Western world. It brings scale, and scale matters because tungsten supply today is as I said, is tight and highly constrained and the need to deliver new tons into a growing market, and the supply side has has been shrinking. And reliable sources in stable jurisdictions such Australia are essential to meet the needs of modern industry.

Andrew Musgrave:

Following the capital raise, you announced an updated mineral resource estimate for gold at Mt Mulgine. Can you explain the strategy of using this near-term gold potential to help fund the larger tungsten development?

Gary Lyons:

Yeah, it's a key part of our integrated strategy for Mt Mulgine. The updated gold MRE confirmed what we've long known: that there's real near-term gold sitting in the oxide layer that sits or is hosted in the oxide layer that sits directly above the fresh rock that hosts the tungsten and what allows us to do this stage development in a way that's both financially and technically efficient, the concept being straightforward. We can look to monetize the gold earlier through smaller scale staged operations to generate cash flow which, when moving into the second stage of our and third stages of our project, the largest scales, that hopefully the free cash that's generated from that earlier gold production and small scale tungsten production will underpin the capital requirement as we move into a large-scale operation.

Andrew Musgrave:

Now, initial metallurgical test work for gold has shown high recoveries with conventional processing. So, how crucial are these early results in validating your gold first development approach?

Gary Lyons:

Yeah, look, these early metallurgical results aren't just encouraging, they're strategically significant. They're confirmed that Mt Mulgine's gold can perform exceptionally well through conventional processing, and that our gold first pathway is technically sound, commercially attractive, and aligned with our long-term plan to build a world-class tungsten operation.

Andrew Musgrave:

Okay, and the company has successfully grown its portfolio through both exploration and acquisition. So, as you aim to become a major player in the global market, will strategic acquisitions continue to be a key part of your growth story?

Gary Lyons:

Yes, strategic acquisitions have been a part of Tungsten Mining's DNA for quite some time. Around six years ago, the board committed to building a large tungsten warehouse. In fact, our ambitions were to build the largest warehouse of advanced tungsten assets uh anywhere in the in the world outside of of China. And I'm pleased to say that we sit right at the very top, in the top two or three tungsten warehouses globally. We've significant resources and I think that at this point in time, acquisitions are not front of mind. I think it's time now that we unlock some real value from them.

Andrew Musgrave:

Okay, now finally, with a strengthened balance sheet and a clear integrated strategy, what are the key priorities and milestones for Tungsten Mining as you head into 2026?

Gary Lyons:

Heading into 2026, our focus is really on execution and value creation. Stronger balance sheet and a clear integrated strategy. We've got three key priorities, I guess, in front of us. Firstly, we'll continue to advance the Mt Mulgine project through detailed technical, environmental, and permitting work that includes finalizing the engineering studies and development pathway for both the gold and the tungsten components. We're building the foundation for a staged capital-efficient development that can move when market and partnership conditions are right. Secondly, we're progressing the gold first opportunity, completing additional metallurgical test work, mine design, and early stage project planning. So we can unlock near-term value and create a funding bridge towards the larger tungsten operations. So that uh moves directly into uh PFS that we're fast tracking and uh similarly with the DFS, which we finalize both of those studies by the end of 2026 and the latest on the the defined feasibility study being first quarter of 2027.

Andrew Musgrave:

Okay, Gary. Well, it's been great to chat today, so thanks for your time, and we look forward to further updates from Tungsten Mining in the upcoming months.

Gary Lyons:

Thank you, Andrew, and it's been a great pleasure. Thank you for your time.

Andrew Musgrave:

That concludes this episode of ASX Briefs. Don't forget to subscribe, and we look forward to catching you on our next episode.