Tungsten Mining (ASX:TGN) completed a heavily oversubscribed $53 million capital raising, marking a milestone for its flagship Mt Mulgine Project in Western Australia.
The placement, which saw 278.9 million shares issued at $0.19 each, provides the necessary liquidity to fast-track pre-feasibility and definitive feasibility studies.
With the project currently boasting a resource estimate of 1.9 million tonnes at 1.1 g/t gold, the fresh capital will also fund exploration aimed at expanding the resource base ahead of a final investment decision slated for late 2027.
Chairman Gary Lyons noted that the strong investor appetite serves as a massive "endorsement" of the company’s strategy within the critical minerals sector.
The company has engaged advocacy firm Squire Patton Boggs to facilitate high-level discussions in the US and Europe regarding long-term supply chains and ammonium paratungstate production.
To bolster technical execution, senior management and engineering partner Mincore recently returned from a strategic tour of major tungsten processing hubs in Vietnam.
The visit focused on large-scale gravity circuits and downstream integration, ensuring the Mt Mulgine development benefits from world-class operational insights.
At the time of reporting, Tungsten Mining's share price was $0.25.