By Digifin Pty Ltd · About this coverage
Key Points
- Firm commitments to raise $50m before costs via share placement
- Priced at $0.32; 16.9% discount to $0.385 close on 18 Sep 2026
- About 156.25m New Shares; LR 7.1 and 7.1A capacity used
- Not subject to shareholder approval; not underwritten
- Indicative settlement 24 Sep 2026; quotation 25 Sep 2026
About Tungsten Mining (ASX:TGN)
Tungsten Mining NL is an ASX-listed resources company focused on tungsten exploration and development in Australia. Its portfolio includes the Watershed and Mt Mulgine projects, targeting tungsten concentrate production alongside associated metals.
Tungsten Mining NL (ASX:TGN) has received firm commitments from new and existing institutional investors to raise $50 million before costs via a share placement priced at $0.32 per new fully paid ordinary share, with proceeds aimed primarily at Watershed project development and general corporate purposes.
The Offer Price is a 16.9% discount to the last closing price of $0.385 on 18 September 2026 and a 9.8% discount to the 15-day trading VWAP of $0.355. Approximately 156,250,000 New Shares will be issued, with 16,615,980 under ASX Listing Rule 7.1 and 139,634,020 under Listing Rule 7.1A, ranking pari passu with existing shares. The Placement is not subject to shareholder approval and has not been underwritten. Euroz Hartleys Limited and Jefferies (Australia) Pty Ltd acted as joint lead managers. Indicative settlement is 24 September 2026 with ASX quotation of New Shares on 25 September 2026. Chairman Gary Lyons said the funding positions the company to progress Watershed towards Final Investment Decision while advancing the broader Mt Mulgine portfolio.
The release does not allocate proceeds between Watershed and corporate use, and does not state a Final Investment Decision date.
Source: Tungsten Mining NL (ASX:TGN), 22 September 2026. Summary content supplied by Digifin Pty Ltd.
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