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Tungsten Mining NL

Emerging tungsten developer, Tungsten Mining NL (ASX:TGN) is an Australian based resources company listed on the Australian Securities Exchange. The Company’s prime focus is the exploration and development of tungsten projects in Australia.

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Following the recent capital raising Tungsten Mining is poised to recommence drilling and feasibility studies on its flagship Kilba Project with the intention of transitioning into production in a short time frame.

Tungsten Mining NL (ASX: TGN) is an Australian mineral exploration company focused on the development and exploitation of tungsten projects.

Following the establishment of a maiden JORC resource at its flagship Kilba Project in the Gascoyne region in WA, the company released the results of an in‐house scoping study which indicated a viable and economically attractive project. The project is on a granted Mining License and all environmental studies have been completed. Based on a tungsten price of US$440/mtu APT, average annual production of 154,000 mtu over a 7 year mine life, recovery of 80%, capital cost of A$56m and average LOM operating costs of US$212/mtu, the project NPV7 was $36m. Previous modelling by Breakaway confirmed a valuation in line with the Company’s estimate.

A shortage of funding slowed down activities over the past 6‐9 months, but following the recent capital raising, drilling will re‐commence and full feasibility studies begin.

On 27 March 2014, Tungsten Mining announced that it had entered into agreements to raise up to $4.24m (before costs) by way of an institutional placement and a renounceable entitlement offer.

A placement of 10m shares at an issue price of $0.04 per new share to two clients of Eight Carat Securities Pty Ltd was completed on 1 April 2014. The effective date of the issue was 31 March.  The placement raised $400,000 before costs.  The placement shares were issued pursuant to the Company’s available 15% capacity under the ASX Listing Rules.

Pursuant to the Prospectus lodged on 2 April 2014, Tungsten Mining raised a further $3.84m (before costs) through a partially underwritten, renounceable pro-rata entitlement offer.  The company offered new, fully paid shares to eligible shareholders at an issue price of $0.04 each on the basis of 1 new share for every 1 share held at the record date of 10 April 2014.  The entitlement offer was partially underwritten by Eight Carat Securities Pty Ltd up to a maximum amount of $3.0m.  The issue price represented a 42.8% discount to the closing price on 31 March 2014.

On 5 May 2014, the Company announced that the Entitlement Issue had closed.  The shortfall of the issue was 90.276m shares.  This shortfall was placed in accordance with the underwriting agreement, raising $3.611m before costs...

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Markets: Iron, Manganese, Tungsten