Tungsten Mining NL has unveiled a revised strategy for its Mt Mulgine Project that aims to drive near‐term revenue through an integrated approach combining gold extraction with its long‐term tungsten and molybdenum development. The company plans to recover oxide gold mineralisation, previously regarded as waste in the overburden of its starter pit, to offset pre-strip costs associated with accessing the primary tungsten ore body. Historical exploration since the 1960s, along with recent drilling data and metallurgical testwork that demonstrated high gold recoveries via conventional gravity and carbon-in-leach processing, confirm the significant potential of this near-surface resource. The updated approach appears designed to generate early cash flow, significantly reducing the capital threshold and de-risking the overall project. A comprehensive 10-week integrated scoping study is set to commence in July, evaluating the standalone economic viability of the oxide gold project and its integration into the broader tungsten and molybdenum extraction strategy. This study will assess capital and operating cost estimates, site layout, waste dump design, pit optimisation, and accelerated approvals strategies while also exploring the potential to establish a formal Mineral Resource Estimate in alignment with JORC 2012 standards. The announcement highlights technical indicators such as a 40% increase in gold prices over the past 12 months, robust historical production data, and positive drilling intersections that support the dual-resource model. The strategic rationale is underpinned by the design of a starter pit that recovers high-grade gold from supergene enrichment zones, thereby potentially reducing upfront expenditures and streamlining access to the core tungsten deposit. Company executives stressed that unlocking early value from gold extraction not only enhances project economics but also strengthens Mt Mulgine’s positioning as a long-term, tier-one supplier of tungsten and molybdenum in a jurisdiction with significant growth prospects in industrial and defence sectors. Market sentiment could be seen as cautiously optimistic given the potential for early cash flow to fund further development and reduce financial risk. Bullish investors may welcome the integrated approach and the near-term revenue prospects from gold, which could drive down costs and boost project feasibility. Conversely, bearish sentiment may arise from the inherent risks of exploratory projects, reliance on historical data that has yet to be fully verified, and the uncertainties embedded in forward-looking initiatives. Overall, the revised strategy provides a promising pathway for de-risking a complex project while maintaining a strong focus on long-term resource development.