Can Tungsten Mining’s U.S. OTC listing fuel its ambition to become a global critical minerals supplier?

Tungsten Mining NL (ASX: TGN; OTCQB: TGNMF) has officially listed its shares on the U.S. OTCQB market, marking a significant milestone in the company’s journey to attract North American capital and position itself as a strategic player in the global tungsten and molybdenum supply chain. This move accompanies the release of a detailed Scoping Study for the company’s flagship Mt Mulgine Project in Western Australia, a resource considered one of the largest undeveloped tungsten–molybdenum deposits outside of China.

The OTC listing, paired with the establishment of TUNGSTEN USA LLC and a new office in Denver, Colorado, signifies the Australian company’s strategic alignment with U.S. critical minerals policies. With the United States Department of Defense classifying tungsten as essential to national security and industrial applications, the timing of this expansion could not be more pertinent. By providing direct access for U.S. investors, Tungsten Mining is not only broadening its shareholder base but also positioning itself as a reliable supplier from a secure jurisdiction, amid increasing scrutiny over Chinese dominance in the tungsten market.

The company’s Scoping Study on Mt Mulgine reinforces this momentum, with a resource base of 247 million tonnes containing 270,000 tonnes of tungsten and 69,000 tonnes of molybdenum. The study evaluated multiple development pathways and concluded that a tungsten-first strategy offered the strongest economic case, highlighting scalability and optionality across metals. Institutional investors are closely watching this dual-pronged strategy as a potential differentiator in the race to supply strategic metals required for aerospace, defense, and clean energy applications.

How significant is Mt Mulgine in the context of global critical mineral supply risks?

Located in the Murchison region of Western Australia, the Mt Mulgine Project hosts a globally relevant deposit, combining tungsten, molybdenum, gold, copper, and silver. The 247 million tonne resource includes 175 million tonnes in the Indicated category and 72 million tonnes Inferred. The resource is defined primarily at the Mulgine Trench deposit and supported by extensive drilling of over 112,000 metres. The project’s proximity to Geraldton and existing road infrastructure adds to its logistical advantage, especially for future export and domestic processing partnerships.

The Scoping Study validated the economic feasibility of a 6 million tonnes per annum development scenario, with capital expenditure estimated between AUD 358 million and AUD 495 million. While tungsten and molybdenum are the focal points of initial production, gold mineralisation at the Camp and Monza prospects offers additional future upside, particularly as prices remain elevated. Exploration continues across Mulgine Hill and other nearby prospects, with the goal of expanding both the tungsten resource and associated polymetallic potential.

What are the key technical and financial highlights of the Mt Mulgine Scoping Study?

The Scoping Study demonstrates that Mt Mulgine has the potential to become a long-life, low-cost supplier of tungsten and molybdenum. Engineering assessments conducted by Mincore provided process flowsheets and cost estimates for both gold and tungsten processing. While initial scenarios considered a gold-first start-up, internal analysis showed that the tungsten-first pathway delivers superior returns and aligns with strategic metals demand trends.

Mining will follow conventional drill-blast-load-haul methods, with a low strip ratio of 0.8:1 and a contractor-based operational model. Metallurgical testwork across basalt, ultramafic, and felsic lithologies supports strong recovery rates through gravity and flotation processes. Notably, scheelite flotation results delivered greater than 70 percent recovery with 24 times upgrade ratios, confirming the robustness of the flowsheet.

From a resource perspective, all inputs into the mine schedule derive from Indicated category material, reducing uncertainty in the production plan. The preferred 6 million tonnes per annum case includes a defined capital investment and timeline leading to a Pre-Feasibility Study by Q2 2026, with the potential for a Definitive Feasibility Study in the second half of 2027.

How are tungsten and molybdenum markets influencing investor interest in this project?

Tungsten’s strategic relevance is growing due to its use in military applications, semiconductors, clean energy systems, and industrial cutting tools. Currently, China controls over 80 percent of the global supply, and recent export restrictions have placed additional pressure on downstream users to secure reliable alternatives. This has turned investor attention to Western-based projects such as Mt Mulgine, which offer scale and supply chain transparency.

Molybdenum, the project’s secondary output, is experiencing a similar trend. With uses across alloy steels and catalysts, and with China again being the dominant producer, diversification efforts are picking up pace. The United States Geological Survey (USGS) highlights molybdenum as a critical element, especially in decarbonisation-linked infrastructure such as power generation and hydrogen systems.

Mt Mulgine is well-positioned to benefit from these trends. With established grades and tested metallurgy for both tungsten and molybdenum concentrates, the asset provides a dual exposure to metals that are increasingly viewed as geopolitically sensitive. This forms the basis for the company’s decision to expand into U.S. markets through the OTCQB listing and Denver operations.

What are institutional investors focusing on ahead of the Pre-Feasibility Study?

Investors are tracking several key developments. First is the progress of the Pre-Feasibility Study, which is scheduled for Q2 2026. This study will refine the capital and operating expenditure models, provide updated resource classifications, and validate further engineering designs. Second, the company’s U.S. engagement strategy through TUNGSTEN USA LLC is being closely followed, especially for signs of strategic partnerships, potential offtake agreements, or U.S. government-backed funding.

The optionality embedded in Mt Mulgine’s polymetallic profile is also attracting investor attention. The gold resource, while not included in the initial production plan, represents a potential upside under a dual-development or toll-treatment model, particularly if market prices remain elevated. The company has also hinted at evaluating alternative monetisation strategies for near-surface oxide gold that sits above the primary tungsten zone, provided it does not delay critical path tungsten development.

What does stock sentiment indicate post-listing and following the Scoping Study release?

Tungsten Mining shares (ASX: TGN) closed at AUD 0.10 on November 7, 2025, marking a slight dip of 4.76 percent for the day. However, over a one-year period, the stock has appreciated by nearly 64 percent, outperforming many peers in the ASX basic materials sector. The listing on the U.S. OTCQB under the symbol TGNMF is expected to broaden liquidity and investor exposure, particularly among institutional and retail investors focused on critical minerals.

Market sentiment reflects cautious optimism. Trading volume surged around the date of the listing and Scoping Study release, and investors appear to be positioning ahead of upcoming catalysts such as PFS updates, drilling results, and potential funding announcements. The company’s market capitalisation stood around AUD 104 million, with over 1 billion shares on issue, placing it firmly in the small-cap but high-visibility bracket.

Analysts are likely to maintain a speculative Buy rating contingent on future updates. Sentiment across retail forums and institutional channels indicates strong interest from ESG-aligned funds, particularly those focused on defense and energy security themes. For now, TGN remains a watchlist stock with potential upside, provided execution on PFS and capital strategy remains disciplined.

Key takeaways: What investors should know about Tungsten Mining’s OTC listing and Mt Mulgine study

• Tungsten Mining NL (ASX: TGN; OTCQB: TGNMF) has completed its U.S. OTCQB listing and opened a Denver office to expand North American investor access.
• The Mt Mulgine Scoping Study confirms a globally significant tungsten–molybdenum resource of 247 million tonnes with defined Indicated mineralisation.
• A 6 Mtpa tungsten-first development case is preferred, with robust financial outcomes and a capital requirement between AUD 358 million and AUD 495 million.
• Strategic metals positioning aligns with U.S. defense supply chain goals amid China export restrictions in tungsten and molybdenum markets.
• Pre-Feasibility Study is on track for Q2 2026, with a Definitive Feasibility Study likely by late 2027.
• The stock (ASX: TGN) has delivered over 63 percent return in the past year, with rising interest from U.S. and ESG-aligned investors.
• Upside exists in near-surface gold mineralisation that could be monetised in parallel without disrupting the tungsten timeline.