FY2021
FY2021 · Mt Mulgine PFS
The Mt Mulgine pre-feasibility study supported a maiden Ore Reserve, while the company continued feasibility and exploration work.
ASX: TGN · Five-year financial review
Tungsten Mining NL (ASX: TGN) - Five-Year Financial Review FY2021-FY2025
Five June year-end annual reports show the finances of a tungsten explorer and project developer. Statutory financial figures are Australian dollars unless a row states otherwise; project Reserve figures are geological estimates.
Reading the tables: 0 (nil) is a supported zero. Other text distinguishes an amount included in another line, a non-applicable item, a separately unavailable component and an unresolved value. These are not interchangeable. Period-specific detail is labelled; complete year-by-year detail remains available.
FY2025 statutory loss
A$7.82m
Attributable to members of the parent
FY2025 operating cash used
A$5.53m
Consolidated cash-flow statement
30 June 2025 cash
A$2.52m
Cash and cash equivalents
30 June 2025 working capital
A$2.25m deficit
Current assets less current liabilities
Five years in context
Tungsten Mining's Mt Mulgine feasibility and exploration work continued through the five years; Hatches Creek became wholly owned in FY2025. The reported income lines mainly comprise R&D offsets, interest and grant funding rather than mine sales. The annual statements record losses in every year, with FY2025 including a tenement impairment and higher finance expense.
Cash declined as operating activities consumed funds, and FY2025 combined a tenement purchase with convertible-note funding. Current liabilities exceeded current assets at 30 June 2025. Management and the auditor described material uncertainty over going concern if funding was not obtained; that qualification belongs to the FY2025 report, not an outcome forecast.
Events behind the numbers
FY2022
January 2022 · feasibility MoU
The company entered a non-binding MoU with MCC International Incorporation to collaborate on Mt Mulgine feasibility studies.
FY2023
June 2023 · grant first tranche
The company received A$360,000 as the first tranche of a A$1m Critical Minerals Development Program grant for Mt Mulgine.
FY2024
February 2024 · grant second tranche
A second A$540,000 grant tranche was received as Mt Mulgine and Hatches Creek studies continued.
FY2025
29 November 2024 · Hatches Creek approval
Shareholders approved acquisition of the remaining 80% of Hatches Creek, taking ownership to 100%; the year also brought convertible-note financing and a reported going-concern material uncertainty.
FINANCIAL REVIEW / 01
Statutory result and spending
The FY2023 loss was the smallest in this period; FY2025 was the largest. Exploration expense rose in FY2024 and FY2025, while FY2025 also recognised a tenement impairment. FY2025 finance expense includes more than the convertible-note coupon alone.
The FY2025 statement calls the ancillary income block 'Other Income' but retains a 'Total revenue' subtotal. FY2024 administration is shown on its original basis; the FY2025 comparative separates A$46,577 of finance expense from that administration amount. The FY2024 expense total and statutory loss are unchanged.
Statutory loss attributable to parent
A$
Net loss attributable to members of the Parent
AI-generated presentation · values from Statutory income and result; no missing values plotted as zero.
Statutory income and result
A$
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| R&D tax offset | 452,231 | 462,448 | 802,764 | 271,760 | 438,962 |
| Interest | 98,267 | 56,751 | 399,385 | 461,073 | 170,374 |
| Grant funding | 68,725 (receipt-basis policy) | 0 (nil) | 360,000 | 540,000 | 0 (nil) |
| Total revenue / other income | 818,973 | 539,985 | 1,562,149 | 1,277,063 | 715,954 |
| Administration expenses | (905,211) | (860,442) | (748,570) | (992,140) | (813,281) |
| Exploration expenses | (1,826,677) | (2,177,575) | (1,776,408) | (3,057,369) | (3,524,617) |
| Remuneration / employee benefits | (2,809,740) | (2,183,520) | (1,538,363) | (1,347,734) | (1,588,847) |
| Depreciation and amortisation | Included in combined line | Included in combined line | (433,420) | (992,795) | (921,519) |
| Loss on sale of plant & equipment | 0 (nil) | (175,638) | 0 (nil) | Not separately presented | Not separately presented |
| Impairment of plant & equipment | 0 (nil) | (227,959) | 0 (nil) | Not separately presented | Not separately presented |
| Impairment of tenements | Not separately presented | Not separately presented | Not separately presented | 0 (nil) | (1,158,625) |
| Finance expenses | Not separately presented | Not separately presented | Not separately presented | Included in combined line | (525,953) |
| Total expenses | (5,541,628) | (5,625,134) | (4,496,761) | (6,390,038) | (8,532,842) |
| Loss from continuing operations before income tax | (4,722,655) | (5,085,149) | (2,934,612) | (5,112,975) | (7,816,888) |
| Net loss attributable to members of the Parent | (4,722,655) | (5,085,149) | (2,934,612) | (5,112,975) | (7,816,888) |
| Basic loss per sharecents/share | (0.61) | (0.65) | (0.37) | (0.65) | (0.93) |
Amounts are whole Australian dollars except basic EPS. Expense and loss outflows are negative. FY2025 labels the ancillary block Other Income. FY2021 grant funding of A$68,725 is linked to the issuer's explicit recognition-on-receipt policy and same-year grant receipts. It is a component of reported revenue, not an extra amount to add to total revenue, and is not separately labelled in the P&L.
FY2024 expenses use the original annual statement: administration A$(992,140), with finance expense not separately presented on that original basis. The FY2025 comparative reclassifies A$46,577 into finance expense and presents administration A$(945,563), without changing total expenses or loss. FY2023 total expenses comes from the FY2024 comparative; it reconciles with the original FY2023 revenue and loss. FY2021–FY2022 total expenses are exact calculations from original statement revenue and pre-tax loss. FY2022 D&A is included in original administration A$(860,442); the FY2023 comparative splits this as D&A A$(288,531) and administration A$(571,911). Other unsplit expense rows are not forced to nil.
Basis and presentation notes (20)
- Grant funding / FY2022 — 0 (nil): The FY2023 statement's FY2022 comparative grant-income cell is an explicit dash; A$448 cash government grants is a different basis.
- Grant funding / FY2025 — 0 (nil): The FY2025 Grant funding cell is an issuer-reported dash for the matching line and period; this is sourced nil, not inferred from absence.
- Depreciation and amortisation / FY2021 — Included in combined line: The FY2021 cash reconciliation separately adds back depreciation A$60,081 and right-of-use depreciation A$217,204, but original profit or loss has no standalone D&A line. These are within reported expense lines, with no established income-statement split.
- Depreciation and amortisation / FY2022 — Included in combined line: FY2023's FY2022 comparative shows D&A A$(288,531) and administration A$(571,911), exactly the original FY2022 administration A$(860,442). Retain the original basis; D&A is included in administration, not additional expense.
- Loss on sale of plant & equipment / FY2021 — 0 (nil): The FY2022 income statement's FY2021 comparative loss-on-sale-of-plant-and-equipment cell is an explicit dash.
- Loss on sale of plant & equipment / FY2023 — 0 (nil): The FY2023 Loss on sale of plant & equipment cell is an issuer-reported dash for the matching line and period; this is sourced nil, not inferred from absence.
- Loss on sale of plant & equipment / FY2024 — Not separately presented: The original FY2024 profit-or-loss statement does not separately present Loss on sale of plant & equipment; its reported expense/result lines do not establish a matching zero or separately comparable amount.
- Loss on sale of plant & equipment / FY2025 — Not separately presented: The original FY2025 profit-or-loss statement does not separately present Loss on sale of plant & equipment; its reported expense/result lines do not establish a matching zero or separately comparable amount.
- Impairment of plant & equipment / FY2021 — 0 (nil): The FY2022 income statement's FY2021 comparative plant-and-equipment impairment cell is an explicit dash.
- Impairment of plant & equipment / FY2023 — 0 (nil): The FY2023 Impairment of plant & equipment cell is an issuer-reported dash for the matching line and period; this is sourced nil, not inferred from absence.
- Impairment of plant & equipment / FY2024 — Not separately presented: The original FY2024 profit-or-loss statement does not separately present Impairment of plant & equipment; its reported expense/result lines do not establish a matching zero or separately comparable amount.
- Impairment of plant & equipment / FY2025 — Not separately presented: The original FY2025 profit-or-loss statement does not separately present Impairment of plant & equipment; its reported expense/result lines do not establish a matching zero or separately comparable amount.
- Impairment of tenements / FY2021 — Not separately presented: The original FY2021 profit-or-loss statement does not separately present Impairment of tenements; its reported expense/result lines do not establish a matching zero or separately comparable amount.
- Impairment of tenements / FY2022 — Not separately presented: The original FY2022 profit-or-loss statement does not separately present Impairment of tenements; its reported expense/result lines do not establish a matching zero or separately comparable amount.
- Impairment of tenements / FY2023 — Not separately presented: The original FY2023 profit-or-loss statement does not separately present Impairment of tenements; its reported expense/result lines do not establish a matching zero or separately comparable amount.
- Impairment of tenements / FY2024 — 0 (nil): The FY2025 income statement's FY2024 comparative impairment-of-tenements cell is an explicit dash.
- Finance expenses / FY2021 — Not separately presented: The original FY2021 profit-or-loss statement does not separately present Finance expenses; its reported expense/result lines do not establish a matching zero or separately comparable amount.
- Finance expenses / FY2022 — Not separately presented: The original FY2022 profit-or-loss statement does not separately present Finance expenses; its reported expense/result lines do not establish a matching zero or separately comparable amount.
- Finance expenses / FY2023 — Not separately presented: The original FY2023 profit-or-loss statement does not separately present Finance expenses; its reported expense/result lines do not establish a matching zero or separately comparable amount.
- Finance expenses / FY2024 — Included in combined line: Original FY2024 administration A$(992,140) includes the A$46,577 finance amount separately classified only in the FY2025 comparative. Original FY2024 basis is retained without double-counting.
Source: Tungsten Mining NL annual reports; exact annual extraction references retained in the evidence file.
FINANCIAL REVIEW / 02
Assets, liabilities and liquidity
The FY2025 asset increase reflects a larger capitalised exploration and evaluation balance after project acquisitions. Cash was lower and the A$4.06m carrying amount of convertible notes sat in current liabilities. Non-current provisions also rose sharply with the Mt Mulgine transaction.
Working capital shifted from a surplus at 30 June 2024 to a deficit at 30 June 2025. The table calculates each annual figure directly from current assets and current liabilities; this is a balance-sheet measure, not available cash.
Year-end cash and equivalents
A$
Cash and cash equivalents
AI-generated presentation · values from Consolidated financial position at 30 June; no missing values plotted as zero.
Consolidated financial position at 30 June
A$
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 19,345,209 | 14,630,799 | 12,398,737 | 8,067,582 | 2,520,033 |
| Total current assets | 19,723,473 | 15,020,771 | 12,824,391 | 8,523,276 | 2,855,486 |
| Plant and equipment | 2,908,375 | 1,943,143 | 1,742,261 | 1,000,919 | 225,625 |
| Exploration and evaluation | 19,707,196 | 19,707,196 | 19,707,196 | 19,707,196 | 39,341,179 |
| Total assets | 42,872,759 | 36,987,621 | 35,063,800 | 29,852,848 | 42,897,522 |
| Total current liabilities | 1,506,355 | 909,567 | 1,433,994 | 1,310,528 | 5,108,801 |
| Convertible notes (current) | Not separately presented | Not separately presented | Not separately presented | 0 (nil) | 4,056,412 |
| Provisions (non-current) | 447,712 | 524,808 | 520,919 | 650,327 | 8,853,416 |
| Total liabilities | 2,364,525 | 1,564,536 | 2,575,327 | 2,477,350 | 14,334,524 |
| Total equity | 40,508,234 | 35,423,085 | 32,488,473 | 27,375,498 | 28,562,998 |
| Working capital (current assets less current liabilities) | 18,217,118 | 14,111,204 | 11,390,397 | 7,212,748 | (2,253,315) |
Year-end consolidated balances, A$ whole dollars. Convertible notes became a current liability in FY2025; earlier cells do not assert a numeric nil.
The FY2025 increase in exploration and evaluation assets accompanies acquired project interests. Rehabilitation provisions increased with the Mt Mulgine transaction.
Basis and presentation notes (4)
- Convertible notes (current) / FY2021 — Not separately presented: The contemporaneous FY2021 statement reports current liabilities but no separately identified convertible-note balance. The FY2025 instrument and FY2024 explicit nil are not backcast.
- Convertible notes (current) / FY2022 — Not separately presented: The contemporaneous FY2022 statement reports current liabilities but no separately identified convertible-note balance. The FY2025 instrument and FY2024 explicit nil are not backcast.
- Convertible notes (current) / FY2023 — Not separately presented: The contemporaneous FY2023 statement reports current liabilities but no separately identified convertible-note balance. The FY2025 instrument and FY2024 explicit nil are not backcast.
- Convertible notes (current) / FY2024 — 0 (nil): The FY2024 Convertible notes (current) cell is an issuer-reported dash for the matching line and period; this is sourced nil, not inferred from absence.
Source: Tungsten Mining NL annual reports; exact annual extraction references retained in the evidence file.
FINANCIAL REVIEW / 03
Cash use and funding
Operating cash flows were negative in each year. The FY2025 A$3.81m tenement purchase is included in the investing subtotal, while the A$4.5m gross convertible-note receipt is included in financing. These cash-flow amounts differ from the notes' closing accounting liability.
The cash-flow classification changed: separate exploration payments appear from FY2023, whereas earlier selected statements include them within supplier and employee payments. The operating subtotal is the consistent comparison.
Net cash used in operations
A$
Net cash flows (used in) operating activities
AI-generated presentation · values from Consolidated cash flows; no missing values plotted as zero.
Consolidated cash flows
A$
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Payments to suppliers and employees | (4,841,435) | (5,407,812) | (2,319,524) | (2,524,709) | (2,018,845) |
| Receipts from customers | 73,125 | 38,552 | 0 (nil) | Not separately presented | Not separately presented |
| Payments for exploration and evaluation | Not separately presented | 0 (nil) | (1,154,005) | (2,830,622) | (4,168,089) |
| R&D tax offset received | 452,231 | 462,448 | 802,764 | 271,760 | 438,962 |
| Government grants | 68,725 | 448 | 396,000 | 594,000 | 0 (nil) |
| Interest received | 108,772 | 39,599 | 362,019 | 469,102 | 214,512 |
| Net cash flows (used in) operating activities | (4,138,582) | (4,866,765) | (1,912,746) | (4,020,469) | (5,533,460) |
| Payments for property, plant and equipment | (73,109) | (135,217) | (15,468) | (42,477) | 0 (nil) |
| Proceeds from sale of plant and equipment | 0 (nil) | 580,000 | 0 (nil) | Not separately presented | Not separately presented |
| Proceeds from sale of tenements | 125,000 | 0 (nil) | Not separately presented | Not separately presented | Not separately presented |
| Security deposits refunded | 7,500 | 0 (nil) | Not separately presented | Not separately presented | Not separately presented |
| Payment for purchase of tenements | Not separately presented | Not separately presented | Not separately presented | 0 (nil) | (3,811,705) |
| Net cash from / (used in) investing activities | 59,391 | 444,783 | (15,468) | (42,477) | (3,811,705) |
| Lease payments | (231,128) | (292,428) | (303,848) | (268,209) | (183,129) |
| Payments of share issue costs | (4,762) | 0 (nil) | Not separately presented | 0 (nil) | (18,572) |
| Proceeds from exercise of options | 704,000 | 0 (nil) | Not separately presented | Not separately presented | Not separately presented |
| Convertible Notes proceeds (gross) | Not separately presented | Not separately presented | Not separately presented | 0 (nil) | 4,500,000 |
| Convertible Notes transaction costs paid | Not separately presented | Not separately presented | Not separately presented | 0 (nil) | (270,000) |
| Interest paid on Convertible Notes | Not separately presented | Not separately presented | Not separately presented | 0 (nil) | (230,683) |
| Net cash flows from/(used in) financing activities | 468,110 | (292,428) | (303,848) | (268,209) | 3,797,616 |
| Net (decrease) in cash and cash equivalents | (3,611,081) | (4,714,410) | (2,232,062) | (4,331,155) | (5,547,549) |
| Cash and cash equivalents at end of year | 19,345,209 | 14,630,799 | 12,398,737 | 8,067,582 | 2,520,033 |
Whole A$; cash inflows are positive and outflows negative. The investing row is the statutory net subtotal, including property and tenement payments; it is not an 'other investing' component.
FY2021–FY2022 exploration cash was included in broader supplier/employee payments in the selected statement and is not separately presented here. FY2025 tenement purchase appears as a distinct investing outflow.
The lease-payments extraction varies between principal-only and principal-plus-interest wording; it is shown as reported and is not treated as a uniform principal series.
Basis and presentation notes (42)
- Receipts from customers / FY2023 — 0 (nil): The FY2023 Receipts from customers cell is an issuer-reported dash for the matching line and period; this is sourced nil, not inferred from absence.
- Receipts from customers / FY2024 — Not separately presented: The FY2024 operating cash-flow statement and subtotal do not separately present Receipts from customers. A missing line or subtotal reconciliation does not establish issuer-reported nil.
- Receipts from customers / FY2025 — Not separately presented: The FY2025 operating cash-flow statement and subtotal do not separately present Receipts from customers. A missing line or subtotal reconciliation does not establish issuer-reported nil.
- Payments for exploration and evaluation / FY2021 — Not separately presented: FY2021 operating cash reports payments to suppliers and employees without a distinct exploration-payment line; no supported exploration split can be extracted.
- Payments for exploration and evaluation / FY2022 — 0 (nil): The FY2023 cash-flow statement's FY2022 comparative exploration-and-evaluation payments cell is an explicit dash.
- Government grants / FY2025 — 0 (nil): The FY2025 Government grants cell is an issuer-reported dash for the matching line and period; this is sourced nil, not inferred from absence.
- Payments for property, plant and equipment / FY2025 — 0 (nil): The FY2025 Payments for property, plant and equipment cell is an issuer-reported dash for the matching line and period; this is sourced nil, not inferred from absence.
- Proceeds from sale of plant and equipment / FY2021 — 0 (nil): The FY2021 Proceeds from sale of plant and equipment cell is an issuer-reported dash for the matching line and period; this is sourced nil, not inferred from absence.
- Proceeds from sale of plant and equipment / FY2023 — 0 (nil): The FY2023 Proceeds from sale of plant and equipment cell is an issuer-reported dash for the matching line and period; this is sourced nil, not inferred from absence.
- Proceeds from sale of plant and equipment / FY2024 — Not separately presented: The FY2024 investing cash-flow statement and subtotal do not separately present Proceeds from sale of plant and equipment. A missing line or subtotal reconciliation does not establish issuer-reported nil.
- Proceeds from sale of plant and equipment / FY2025 — Not separately presented: The FY2025 investing cash-flow statement and subtotal do not separately present Proceeds from sale of plant and equipment. A missing line or subtotal reconciliation does not establish issuer-reported nil.
- Proceeds from sale of tenements / FY2022 — 0 (nil): The FY2022 Proceeds from sale of tenements cell is an issuer-reported dash for the matching line and period; this is sourced nil, not inferred from absence.
- Proceeds from sale of tenements / FY2023 — Not separately presented: The FY2023 investing cash-flow statement and subtotal do not separately present Proceeds from sale of tenements. A missing line or subtotal reconciliation does not establish issuer-reported nil.
- Proceeds from sale of tenements / FY2024 — Not separately presented: The FY2024 investing cash-flow statement and subtotal do not separately present Proceeds from sale of tenements. A missing line or subtotal reconciliation does not establish issuer-reported nil.
- Proceeds from sale of tenements / FY2025 — Not separately presented: The FY2025 investing cash-flow statement and subtotal do not separately present Proceeds from sale of tenements. A missing line or subtotal reconciliation does not establish issuer-reported nil.
- Security deposits refunded / FY2022 — 0 (nil): The FY2022 investing-cash-flow statement explicitly shows a dash for security deposits refunded.
- Security deposits refunded / FY2023 — Not separately presented: The FY2023 investing cash-flow statement and subtotal do not separately present Security deposits refunded. A missing line or subtotal reconciliation does not establish issuer-reported nil.
- Security deposits refunded / FY2024 — Not separately presented: The FY2024 investing cash-flow statement and subtotal do not separately present Security deposits refunded. A missing line or subtotal reconciliation does not establish issuer-reported nil.
- Security deposits refunded / FY2025 — Not separately presented: The FY2025 investing cash-flow statement and subtotal do not separately present Security deposits refunded. A missing line or subtotal reconciliation does not establish issuer-reported nil.
- Payment for purchase of tenements / FY2021 — Not separately presented: The FY2021 investing cash-flow statement and subtotal do not separately present Payment for purchase of tenements. A missing line or subtotal reconciliation does not establish issuer-reported nil.
- Payment for purchase of tenements / FY2022 — Not separately presented: The FY2022 investing cash-flow statement and subtotal do not separately present Payment for purchase of tenements. A missing line or subtotal reconciliation does not establish issuer-reported nil.
- Payment for purchase of tenements / FY2023 — Not separately presented: The FY2023 investing cash-flow statement and subtotal do not separately present Payment for purchase of tenements. A missing line or subtotal reconciliation does not establish issuer-reported nil.
- Payment for purchase of tenements / FY2024 — 0 (nil): The FY2024 Payment for purchase of tenements cell is an issuer-reported dash for the matching line and period; this is sourced nil, not inferred from absence.
- Payments of share issue costs / FY2022 — 0 (nil): The FY2022 Payments of share issue costs cell is an issuer-reported dash for the matching line and period; this is sourced nil, not inferred from absence.
- Payments of share issue costs / FY2023 — Not separately presented: The FY2023 financing cash-flow statement and subtotal do not separately present Payments of share issue costs. A missing line or subtotal reconciliation does not establish issuer-reported nil.
- Payments of share issue costs / FY2024 — 0 (nil): The FY2024 Payments of share issue costs cell is an issuer-reported dash for the matching line and period; this is sourced nil, not inferred from absence.
- Proceeds from exercise of options / FY2022 — 0 (nil): The FY2022 Proceeds from exercise of options cell is an issuer-reported dash for the matching line and period; this is sourced nil, not inferred from absence.
- Proceeds from exercise of options / FY2023 — Not separately presented: The FY2023 financing cash-flow statement and subtotal do not separately present Proceeds from exercise of options. A missing line or subtotal reconciliation does not establish issuer-reported nil.
- Proceeds from exercise of options / FY2024 — Not separately presented: The FY2024 financing cash-flow statement and subtotal do not separately present Proceeds from exercise of options. A missing line or subtotal reconciliation does not establish issuer-reported nil.
- Proceeds from exercise of options / FY2025 — Not separately presented: The FY2025 financing cash-flow statement and subtotal do not separately present Proceeds from exercise of options. A missing line or subtotal reconciliation does not establish issuer-reported nil.
- Convertible Notes proceeds (gross) / FY2021 — Not separately presented: The FY2021 financing cash-flow statement does not present Convertible Notes proceeds (gross); FY2025 has the specific note transaction and FY2024 is explicitly nil. Earlier periods are not silently zeroed.
- Convertible Notes proceeds (gross) / FY2022 — Not separately presented: The FY2022 financing cash-flow statement does not present Convertible Notes proceeds (gross); FY2025 has the specific note transaction and FY2024 is explicitly nil. Earlier periods are not silently zeroed.
- Convertible Notes proceeds (gross) / FY2023 — Not separately presented: The FY2023 financing cash-flow statement does not present Convertible Notes proceeds (gross); FY2025 has the specific note transaction and FY2024 is explicitly nil. Earlier periods are not silently zeroed.
- Convertible Notes proceeds (gross) / FY2024 — 0 (nil): The FY2024 Convertible Notes proceeds (gross) cell is an issuer-reported dash for the matching line and period; this is sourced nil, not inferred from absence.
- Convertible Notes transaction costs paid / FY2021 — Not separately presented: The FY2021 financing cash-flow statement does not present Convertible Notes transaction costs paid; FY2025 has the specific note transaction and FY2024 is explicitly nil. Earlier periods are not silently zeroed.
- Convertible Notes transaction costs paid / FY2022 — Not separately presented: The FY2022 financing cash-flow statement does not present Convertible Notes transaction costs paid; FY2025 has the specific note transaction and FY2024 is explicitly nil. Earlier periods are not silently zeroed.
- Convertible Notes transaction costs paid / FY2023 — Not separately presented: The FY2023 financing cash-flow statement does not present Convertible Notes transaction costs paid; FY2025 has the specific note transaction and FY2024 is explicitly nil. Earlier periods are not silently zeroed.
- Convertible Notes transaction costs paid / FY2024 — 0 (nil): The FY2024 Convertible Notes transaction costs paid cell is an issuer-reported dash for the matching line and period; this is sourced nil, not inferred from absence.
- Interest paid on Convertible Notes / FY2021 — Not separately presented: The FY2021 financing cash-flow statement does not present Interest paid on Convertible Notes; FY2025 has the specific note transaction and FY2024 is explicitly nil. Earlier periods are not silently zeroed.
- Interest paid on Convertible Notes / FY2022 — Not separately presented: The FY2022 financing cash-flow statement does not present Interest paid on Convertible Notes; FY2025 has the specific note transaction and FY2024 is explicitly nil. Earlier periods are not silently zeroed.
- Interest paid on Convertible Notes / FY2023 — Not separately presented: The FY2023 financing cash-flow statement does not present Interest paid on Convertible Notes; FY2025 has the specific note transaction and FY2024 is explicitly nil. Earlier periods are not silently zeroed.
- Interest paid on Convertible Notes / FY2024 — 0 (nil): The FY2024 Interest paid on Convertible Notes cell is an issuer-reported dash for the matching line and period; this is sourced nil, not inferred from absence.
Source: Tungsten Mining NL annual reports; exact annual extraction references retained in the evidence file.
FY2025 convertible-note liability movement
A$
| Metric | FY2025 |
|---|---|
| Cash received | 4,500,000 |
| Less: Transaction costs | (258,960) |
| Less: Value of option to convert recorded in reserve | (184,000) |
| Less: Convertible notes converted to ordinary shares | (250,000) |
| Add: Accumulated amortisation of transaction costs | 146,310 |
| Add: Notional interest expense | 103,062 |
| Balance at end of year | 4,056,412 |
This note reconciles carrying value, not gross cash flow. Gross proceeds in the cash-flow statement were A$4.5m; A$4.25m of notes remained on issue at 30 June 2025.
Source: Tungsten Mining NL annual reports; exact annual extraction references retained in the evidence file.
FINANCIAL REVIEW / 04
Equity and shareholder returns
No dividends were declared or paid in the five annual reports. FY2025 equity issuance was driven by non-cash Hatches Creek acquisition consideration and a partial convertible-note conversion, rather than a cash dividend or buy-back.
Equity and financing at 30 June
A$
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Issued capital | 82,460,127 | 82,460,127 | 82,460,127 | 82,460,127 | 91,291,555 |
| Ordinary shares on issueshares | 786,414,272 | 786,414,272 | 786,414,272 | 786,414,272 | 898,459,725 |
Issued capital is an A$ balance, while ordinary shares are counts. FY2023 share count is taken from the FY2023 annual extraction's share schedule.
No dividends were declared or paid across these five annual reports. FY2025 shares issued for Hatches Creek and convertible-note conversion are shown in the transaction table below.
Source: Tungsten Mining NL annual reports; exact annual extraction references retained in the evidence file.
FINANCIAL REVIEW / 05
Project carrying values and Ore Reserves
The company remained an explorer and developer in these annual records. Its useful operating indicators are project interests, study milestones and Resources or Reserves, rather than production volumes or unit mining costs. Capitalised project values rose in FY2025 after Mt Mulgine and Hatches Creek transactions; a separate impairment affected Big Hill and Kilba. The project table's dollar figures match the consolidated exploration asset line; its earlier saved USD tag is not supported by the original table.
The FY2025 Reserve table carries a two-date comparison, with Mt Mulgine Probable at 140 Mt and combined Ore Reserves at 161.3 Mt on both dates. These are estimates of mineral inventory, not annual output or revenue.
Capitalised exploration and evaluation by project
A$
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Mt Mulgine | 1,193,546 | 1,193,546 | 1,193,546 | 1,193,546 | 11,288,942 |
| Watershed | 15,548,896 | 15,548,896 | 15,548,896 | 15,548,896 | 17,134,403 |
| Hatches Creek | 1,806,129 | 1,806,129 | 1,806,129 | 1,806,129 | 10,917,834 |
| Big Hill | 158,625 | 158,625 | 158,625 | 158,625 | 0 (nil) |
| Kilba | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 0 (nil) |
| Total capitalised exploration and evaluation | 19,707,196 | 19,707,196 | 19,707,196 | 19,707,196 | 39,341,179 |
Consolidated A$ carrying values. Original project tables print '$' without a US-dollar designation; their totals match the consolidated A$ exploration and evaluation balance exactly. The older saved row interpretation's USD attribution was unsupported by that symbol.
FY2025 dash entries for Big Hill and Kilba represent nil closing carrying values after the separately reported impairment; they are not unknown balances.
Basis and presentation notes (2)
- Big Hill / FY2025 — 0 (nil): The FY2025 Big Hill cell is an issuer-reported dash for the matching line and period; this is sourced nil, not inferred from absence.
- Kilba / FY2025 — 0 (nil): The FY2025 Kilba cell is an issuer-reported dash for the matching line and period; this is sourced nil, not inferred from absence.
Source: Tungsten Mining NL annual reports; exact annual extraction references retained in the evidence file.
FY2025 project asset movement
A$
| Metric | FY2025 |
|---|---|
| Acquisitions | 19,207,101 |
| Watershed remeasurement | 1,585,507 |
| Big Hill and Kilba impairment | (1,158,625) |
The movement rows bridge FY2024 and FY2025 project carrying values together with the opening balance. Acquisition cost is an asset movement and differs from the cash paid for tenements in the cash-flow statement.
Source: Tungsten Mining NL annual reports; exact annual extraction references retained in the evidence file.
Ore Reserve summary at 30 June
Mt
| Metric | 30 June 2024 | 30 June 2025 |
|---|---|---|
| Mt Mulgine Probable | 140 | 140 |
| Combined Ore Reserves | 161.30 | 161.30 |
Ore Reserves are geological estimates, not production. The project mix and category definitions are those of the issuer's FY2025 comparative table; the combined total is not the Watershed subtotal.
Source: Tungsten Mining NL annual reports; exact annual extraction references retained in the evidence file.
Reading the figures
- 'Not separately presented' means the selected annual extraction has no comparable line; it does not mean nil or zero. An explicit issuer nil remains 'nil'.
- FY2024 administration and the absence of a separate finance line follow the original FY2024 statement; the FY2025 comparative reclassified A$46,577 from administration to finance expense. FY2023 total expenses is sourced from the FY2024 comparative and identified in its cell note.
- Mining operations had no production or realised-price series supported by the selected annual packet. Reserve estimates and PFS claims should not be read as actual production.
- The FY2025 going-concern uncertainty and post-balance-date funding discussion are historical disclosures as at the annual-report date. No later financing outcome is inferred.
- Final targeted check: existing parsed annual-report DB evidence was read on 28 September 2026. Not available in checked reports is a closed data-availability limit, never a numeric zero. Only the previously held cells and their directly related notes were changed; this is not a new full-report audit or publication approval.
Annual-report source registry
- Tungsten Mining NL — Annual Report to shareholders (2021)Year ended 2021-06-30; report dated 2021-10-26.
- Tungsten Mining NL — Annual Report to shareholders (2022)Year ended 2022-06-30; report dated 2022-10-21.
- Tungsten Mining NL — Annual Report 30 June 2023 (2023)Year ended 2023-06-30; report dated 2023-09-22.
- Tungsten Mining NL — Annual Report to shareholders (2024)Year ended 2024-06-30; report dated 2024-09-26.
- Tungsten Mining NL — Annual Report to shareholders (2025)Year ended 2025-06-30; report dated 2025-09-26.
Prepared from the existing annual extraction datasets, supplemented only by selected same-company annual-report tables and saved row interpretations. No new raw-document extraction or web financial research was used for this test.
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AI-led method
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