Tungsten Mining NL (ASX:TGN) has rallied into focus among ASX critical-minerals investors as it launches a major drilling campaign at its flagship Mt Mulgine project in Western Australia. Tungsten is designated a critical mineral in several jurisdictions, prized for its hardness and use in industrial and defence applications, and Mt Mulgine ranks among the larger undeveloped deposits globally. With a large drill program under way and a scoping study pointing to substantial value, the ASX stock has drawn investor interest in September 2026.

Latest Developments

Tungsten Mining has commenced a large-scale drilling campaign at Mt Mulgine, comprising approximately 40,000 metres across roughly 140 reverse-circulation holes. The program is testing mineralisation 80 to 160 metres beneath the existing resource over about 1.5 kilometres of strike at the Mulgine Trench, aiming to grow and upgrade the resource base. The company has flagged an exploration target for the zone and indicated that assay results are expected roughly six weeks after drilling is completed.

The campaign follows a scoping study released in late 2025 that outlined the potential for a long-life operation. Tungsten Mining has also flagged an exploration target of between roughly 165 and 200 million tonnes for the zone being tested, though such targets are conceptual in nature and there is no certainty that further drilling will define a mineral resource.

What Could Come Next

The near-term catalyst is assay results from the 40,000-metre program, followed by a potential resource update. Progress towards a pre-feasibility or feasibility study, permitting steps and any offtake or funding discussions would also be significant. Investors will watch how drilling results feed into the project's Economics and development timeline.

Risks to Watch

Scoping-study figures are preliminary and carry a wide Margin of error; they do not confirm project viability. Developing a mine requires substantial capital, and further funding could dilute shareholders. Tungsten prices, permitting, and technical and metallurgical factors all affect outcomes. As a small-cap developer, the ASX stock can be volatile, and drilling results are inherently uncertain.

Conclusion

Tungsten Mining's 40,000-metre campaign at Mt Mulgine marks an important push to expand and firm up one of the world's larger undeveloped tungsten resources, backed by a scoping study pointing to significant value. With assays and a possible resource update ahead, the company enters late 2026 with clear catalysts. Whether the project advances will depend on drilling outcomes, funding and the critical-minerals Demand backdrop.