Australian critical minerals developer Tungsten Mining (ASX:TGN) has raised $53 million through a single-tranche share placement to institutional and professional investors, reflecting strong demand that exceeded available capacity.
The placement, priced at $0.19 per share, attracted participation from both existing shareholders and new Australian and international investors, positioning the company with a strengthened balance sheet to advance its portfolio of tungsten and other critical mineral projects.
Proceeds will primarily fund study and exploration activities at the Mt Mulgine Project, further development of the Watershed Project, and general working capital.
Tungsten Mining Chairman Gary Lyons said the firm backing highlights confidence in the company's strategy and the growing importance of tungsten and associated critical minerals in global supply chains.
Euroz Hartleys and Canaccord Genuity acted as joint lead managers, with Leeuwin Wealth as co-manager.