ASX-listed Tungsten Mining has secured firm commitments to raise A$53-million in a strongly supported share placement, bolstering its balance sheet to advance its portfolio of Australian tungsten and critical minerals assets.

Priced at A$0.19 a share, the placement attracted strong demand from Australian and international institutional and professional investors, with bids exceeding available capacity.

Proceeds from the capital raising will be primarily directed towards study work and exploration at the Mt Mulgine project, including efforts to expand its existing globally significant mineral resource, as well as further studies at the Watershed project and general working capital.

Chairperson Gary Lyons said in a statement on Tuesday that the strong support reflected growing investor confidence in the company’s strategy and asset base.

“The strong support for this capital raising is a clear endorsement of Tungsten Mining’s strategy, the quality of our tungsten project portfolio, and the growing importance of tungsten and associated critical minerals in global supply chains. With a significantly strengthened balance sheet, the company is now positioned to move forward as we progress our critical mineral projects toward key milestones. We thank our shareholders, both new and existing, for their support as we advance Tungsten Mining into its next stage of growth,” Lyons said.

Under the placement, Tungsten Mining will issue about 278.9-million new fully paid ordinary shares in a single tranche to eligible sophisticated, institutional and professional investors.

The offer price represents a 15.6% discount to the company’s closing price of A$0.225 on January 22, 2026, and a marginal premium of 0.1% to its 15-day volume-weighted average price of A$0.1899.

Tungsten Mining said the placement would leave it well funded to progress key development activities amid strengthening commodity prices across its primary and secondary products, including tungsten, copper, gold, silver and molybdenum.

The company plans to use the funds to advance feasibility and technical studies at Mt Mulgine, undertake further exploration drilling to grow the resource base, and progress development options at the fully permitted Watershed project.