Key Highlights

  • Tungsten Mining NL (ASX:TGN) was trading at A$0.178, down 11.25%, during the 23 October 2026 trading session.
  • The S&P/ASX 200 was at 8,760.50, down 0.37%, at 1:16 pm AEDT on the same day.
  • On 16 October 2026, the company reported initial RC results from its 140-hole Mt Mulgine program, including 292m at 0.11% WO3.

Tungsten Mining NL (ASX:TGN) was trading at A$0.178, down 11.25%, during the 23 October 2026 trading session, while the S&P/ASX 200 was at 8,760.50, down 0.37% (32.70 points), at 1:16 pm AEDT. Tungsten Mining is an Australian-headquartered critical minerals developer focused on tungsten, with a portfolio that includes the Mt Mulgine project in Western Australia and the Watershed project. On 16 October 2026, the company released preliminary results from its Mt Mulgine resource expansion drilling program.

Latest Developments

Initial Mulgine Trench drill results, 16 October 2026

In its 16 October 2026 announcement, Tungsten Mining reported results from the first 16 holes of its 140-hole, 40,000-metre Mt Mulgine resource expansion drilling program. The company said the holes intersected mineralisation up to 45 metres thicker than predicted, including intervals of up to 292 metres at 0.10 to 0.11% WO3. Reported intersections included 292m at 0.11% WO3 from 2m (MMC599), 290m at 0.10% WO3 from 10m (MMC600), 264m at 0.11% WO3 from 24m (MMC598) and 257m at 0.11% WO3 from 2m (MMC604).

The company said holes MMC599, MMC600 and MMC604 at the northeast end intersected an additional 30 to 45m of mineralisation than predicted, with several holes ending in mineralisation. Results from the centre and southwestern end of the deposit also showed greater thicknesses than predicted, though the southwestern results were lower grade at 0.08 to 0.09% WO3.

By-product metals, 16 October 2026

The announcement reported molybdenum intersections of up to 66m at 681 ppm Mo, and gold intersections including 6m at 5.49 g/t Au and 10m at 3.67 g/t Au. The company said this highlights the potential contribution of by-product metals to future project economics. Assays for the remaining holes are pending and will be reported once available.

Exploration Target and development strategy, 16 October 2026

Tungsten Mining said the program is designed to test an Exploration Target of 165 to 200Mt at 0.10 to 0.12% WO3, additional to the existing 247Mt Mulgine Trench Mineral Resource Estimate from May 2020. The company stressed that the Exploration Target is conceptual in nature, that there has been insufficient exploration to estimate a Mineral Resource, and that it is uncertain whether further exploration will result in one. Since May 2026, 50 RC holes for 14,140 metres have been completed.

Chairman Gary Lyons said Watershed is the company's immediate priority as it progresses towards a Final Investment Decision (FID) and seeks a capital-efficient funding structure.

About Tungsten Mining NL

Tungsten Mining NL describes itself as a critical minerals developer listed on the ASX (ASX:TGN) and the US OTCQB (OTCQB:TGNMF), with a prime focus on the exploration and development of tungsten and critical minerals projects. It states that it has established a globally significant tungsten resource inventory across advanced projects in Australia, and aims to become a participant in the global primary tungsten market through low-cost tungsten concentrate production.

The Mt Mulgine project is in the Murchison Region of Western Australia, approximately 350 km north-northeast of Perth, where the company holds 100% of a contiguous group of tenements. Its mineralised horizon at Mulgine Trench is a 160 to 260 metre thick zone delineated over 1.4 kilometres of strike. The company has drilled a total of 321 holes for 52,256m at the Trench deposit, in addition to 22,755m of historical drilling.

Related Sector Context

Tungsten Mining operates in the tungsten and critical minerals segment of the ASX resources sector. The company describes tungsten as a metal of considerable strategic importance, with uses in aerospace and defence, electronics, automotive and construction, and in products such as cemented carbides, high-speed steels and super alloys.

The wider market was lower during the session, with the S&P/ASX 200 down 0.37% at 1:16 pm AEDT. Tungsten Mining traded down 11.25%, a considerably larger move than the benchmark.

Risks to Weigh In

  • The Exploration Target is conceptual and the company states it is uncertain whether further exploration will result in a Mineral Resource.
  • Assays for the remaining holes in the program are pending, and results may differ from the initial 16 holes.
  • Southwestern results were lower grade, at 0.08 to 0.09% WO3.
  • The Watershed project is progressing towards a Final Investment Decision, and the company has said it is seeking a funding structure for it.

Catalysts on Watch

  • Assay results from the remaining holes of the 140-hole, 40,000-metre program, which the company will report once available.
  • Continued RC drilling at Mt Mulgine, with 50 of the 140 planned holes completed to date.
  • Progress at Watershed towards a Final Investment Decision.
  • Any update to the Mulgine Trench resource following the program, subject to the Exploration Target testing.

Final Takeaways

Tungsten Mining (ASX:TGN) traded at A$0.178, down 11.25%, during the 23 October 2026 trading session, compared with a 0.37% decline in the S&P/ASX 200 at 1:16 pm AEDT. The company's latest announcement reviewed, dated 16 October 2026, covered initial drilling results from Mt Mulgine and restated that Watershed is its immediate priority. Assays for the remaining holes are pending.