Tungsten Mining secures Watershed Project permits

• Tungsten Mining secured full project permits for its Watershed tungsten asset in Queensland.
• The company's shares rose following the announcement to trade at $0.38.
• The approvals allow early site setup to de-risk the asset before a final investment decision.

Tungsten Mining (ASX:TGN) has secured full permits for mining and production at its Watershed Tungsten Project in Far North Queensland.

This milestone comes after a June study that calculated a pre-tax net present value of $1.31 billion for the asset.

Tungsten Mining Chairman Gary Lyons commented, "With our full Environmental Authority and PRCP approved on granted mining leases, Watershed is now fully permitted through to construction and operations. Our site works and camp construction are now well underway as we advance towards our DFS and final investment decision later this year.”

The site currently hosts up to 60 workers, with accommodation expanding to hold 120 people during early construction.

The company stated that early site works will help reduce critical-path activities needed ahead of a final investment decision.

Following the announcement, the Tungsten Mining share price was up at $0.38.

The project features an updated mineral resource of 69.7 million tonnes, which the business reported could support an eight-year operation.

Tungsten Mining expects to deliver a definitive feasibility study in October, targeting first production by early 2027.