Australian tungsten developer, Tungsten Mining NL (ASX: TGN) ('TGN' or 'the Company') is pleased to report on the latest results from drilling at the Mt Mulgine Project.

In the June Quarter, the Company completed 50 reverse circulation drill holes totalling 6,187 metres testing five targets around the Mulgine Hill deposit.

The objective of the drilling was to test potential high-grade tungsten-molybdenum mineralisation identified by historic drilling and a large coincident molybdenum-tungsten soil anomaly adjacent to the Mulgine Hill deposit. Drilling intersected significant tungstenmolybdenum mineralisation to the north, east and west of the Mulgine Hill deposit. Five holes were also drilled to investigate tungsten-molybdenum mineralisation beneath the Mulgine Hill deposit and these holes intersected zones of high-grade tungstenmolybdenum mineralisation. This announcement reports on assay results received by the Company from this drilling. Tungsten Mining's chairman Gary Lyons commented, 'We are pleased to have finalised and completed interpretation from the drill program testing targets adjacent to the Mulgine Hill deposit. These results have defined significant zones of molybdenum and tungsten mineralisation which may represent alternate development pathways. We are excited to explore these opportunities.

Mulgine Hill

East In 2018, the Company conducted sterilisation drilling across a possible waste landform site at Mulgine Hill East and intersected significant zones of molybdenum-tungsten mineralisation over 620 metres of strike. Mineralisation was associated with strongly altered and quartz-veined mafic schists and greisen similar to that found at Mulgine Hill. In the June 2023 quarter, the Company drilled 14 RC holes for 1834 metres to infill stronger zones of mineralisation to 80 metre by 40 metre drill spacing. Holes intersected molybdenum - tungsten mineralisation parallel to the Mulgine Granite contact over 520 metres of strike. Better intersections for molybdenum included 11 metres at 3300 ppm Mo from 56 metres and 5 metres at 3400 ppm Mo from 72 metres in MMC552. Tungsten mineralisation included zones up to 10 metres at 0.18% WO3 from 33 metres in MMC542 and 7 metres at 0.22% WO3 from 119 metres in MMC555.

Northern Soil Anomaly

During the June 2023 quarter the Company drilled 11 scout RC holes for 1117 metres to evaluate a large (1.6 km by 0.5 km) coincident molybdenum-tungsten soil anomaly northeast of the Mulgine Hill deposit. Drilling intersected fine to medium grained mafic/ultramafic units intruded by granitic dykes. Drilling was broad spaced with two holes intersecting significant molybdenum and/or tungsten mineralisation. The hole MMC549 intersected a 25 metre wide zone of anomalous molybdenum associated with quartz veined mafics adjacent to a granitic dyke. Preliminary 5m composite samples returned 10 metres at 500 ppm Mo from 25 metres and 5 metres at 2800 ppm Mo from 40 metres. The second hole MMC545, intersected tungsten and molybdenum mineralisation 175 metres north of Mulgine Hill. This mineralisation is associated with the Mulgine Granite contact indicating potential to extend mineralisation further north of the current drilling at Mulgine Hil

Contact:

Teck Wong Sonu Cheema

Tel: +61 8 9486 8492

Email: teck@tungstenmining.com

Competent Person's Statement

The information in this report that relates to Exploration Results and Data Quality is based on, and fairly represents, information and supporting documentation prepared by Peter Bleakley, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Bleakley is not a full-time employee of the company. Mr Bleakley is a consultant to the mining industry. Mr Bleakley has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Bleakley consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

About Tungsten Mining

Australian tungsten developer, Tungsten Mining NL is an Australian based resources company listed on the Australian Securities Exchange. The Company's prime focus is the exploration and development of tungsten projects in Australia. Tungsten (chemical symbol W), occurs naturally on Earth, not in its pure form but as a constituent of other minerals, only two of which support commercial extraction and processing - wolframite ((Fe, Mn) WO4 ) and scheelite (CaWO4 ). Tungsten has the highest melting point of all elements except carbon - around 3400-degreeC giving it excellent high temperature mechanical properties and the lowest expansion coefficient of all metals. Tungsten is a metal of considerable strategic importance, essential to modern industrial development (across aerospace and defence, electronics, automotive, extractive and construction sectors) with uses in cemented carbides, high-speed steels and super alloys, tungsten mill products and chemicals. Through exploration and acquisition, the Company has established a globally significant tungsten resource inventory in its portfolio of advanced mineral projects across Australia. This provides the platform for the Company to become a major player within the global primary tungsten market through the development of lowcost tungsten concentrate production

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