On August 18, 2025, Tungsten Mining NL announced it has begun an integrated 10‑week Scoping Study for its Mt Mulgine Project in Western Australia. The study will evaluate the near-term potential of a stand-alone oxide gold project located within the planned tungsten starter pit, while also assessing how this component can be seamlessly integrated with a staged development plan aimed at tapping into world-class tungsten and molybdenum resources. Key factors under review include capital and operating cost estimates, mine design, infrastructure requirements, tailings management, and obtaining necessary approvals. The company’s approach focuses on generating early cash flow from gold production, which could help de-risk the overall project by establishing a solid financial footing before transitioning to full-scale tungsten production. These efforts come at a time when market conditions appear favorable, with gold trading near record highs and tungsten prices reaching record levels due to constrained supply and sustained industrial demand. The outcomes of the study, along with forthcoming Mineral Resource estimates for both the Camp prospect and the exploration target at Mulgine Trench, are scheduled to be released in the following quarter, providing crucial insights for the development strategy. The announcement carries a mixed sentiment for market observers. Bullish sentiment is driven by the company’s strategic move to secure early cash flow from gold while advancing a major tungsten asset, a combination that could enhance its competitive edge in a robust market environment. Confidence is further bolstered by strong current prices and planned infrastructure synergies that promise to reduce overall project risk. Conversely, bearish sentiment stems from uncertainties inherent in early-stage resource evaluations and the forward-looking nature of the study’s assumptions. Investors should remain mindful of the risks associated with commodity price fluctuations and potential delays or revisions in future project development as outlined in the company’s forward-looking statements.