TGN's Acquisition of 80% Interest in Hatches Creek Tungsten Project

Australian tungsten developer, Tungsten Mining NL (ASX: $TGN), has announced the acquisition of the remaining 80% interest in the Hatches Creek Tungsten Project from its joint venture partner, GWR Group Ltd (ASX: $GWR). Following completion of the acquisition, TGN will hold 100% of the Project, positioning itself to capitalize on the robust tungsten market. The Project has revealed multiple high-grade polymetallic tungsten prospects and demonstrated potential for a high-grade tungsten deposit. The acquisition involves the issuance of 107.5 million fully paid ordinary shares in TGN to GWR Group at a deemed issue price of $0.08 per share, resulting in GWR's voting power in TGN increasing to approximately 19.86%. The agreement is subject to Ministerial consent under the Mineral Titles Act 2010 (NT).

Chairman's Perspective on the Acquisition

Tungsten Mining's chairman, Gary Lyons, expressed satisfaction with the arrangement with GWR Group, emphasizing the acceleration of TGN's path to full ownership of the Hatches Creek Tungsten Project. He thanked GWR Group for their partnership and expressed eagerness to advance the project with GWR Group as a supportive shareholder of TGN.

Summary of TGN's Acquisition and Outlook

Tungsten Mining NL (ASX: $TGN) has finalized an agreement to acquire the remaining 80% interest in the Hatches Creek Tungsten Project from GWR Group Ltd (ASX: $GWR), positioning itself for 100% ownership of the Project. The Project has demonstrated significant potential for high-grade tungsten deposits, with unexplored areas offering opportunities for resource expansion. The acquisition involves the issuance of 107.5 million fully paid ordinary shares in TGN to GWR Group at a deemed issue price of $0.08 per share. TGN's chairman, Gary Lyons, expressed optimism about driving the project forward and acknowledged GWR Group's support as a shareholder. The completion of this acquisition aligns with TGN's strategic goal of capitalizing on the strong tungsten market and further developing its position as a major player in the global primary tungsten market.