Tungsten Mining (ASX:TGN) has secured firm commitments for a $50 million placement to advance the Watershed Project, 130km north of Cairns in Far North Queensland.
The company received firm commitments from new and existing institutional investors for the placement at $0.32 per share, representing a 16.9% discount to the last closing price of $0.385 on 18 September 2026.
Proceeds will fund development of the Watershed Project and general corporate purposes. The placement involves issuing approximately 156.25 million new shares to eligible sophisticated, institutional, and professional investors.
The offer price also represents a 9.8% discount to the 15-day volume-weighted average price of $0.355.
Chairman Gary Lyons says the funding strengthens the company’s balance sheet.
“The additional funding strengthens our balance sheet and positions Tungsten Mining to progress the Watershed Tungsten Project towards final investment decision, while continuing to advance the company’s broader tungsten project portfolio at Mt Mulgine,” Lyons says.
The placement was not underwritten and does not require shareholder approval. Euroz Hartleys and Jefferies (Australia) acted as joint lead managers, with new shares equally ranking with existing ordinary shares.
Settlement of new shares is scheduled for 24 September 2026, with ASX quotation expected on 25 September 2026.
The placement comes amid a strong commodity price environment across the company’s primary and secondary products, including tungsten, copper, gold, silver and molybdenum.
Tungsten Mining is an Australian explorer focused on the exploration and development of tungsten projects.
Write to JC Villarba at Mining.com.au
Images: Tungsten Mining
