TUNGSTEN MINING NL (TGN)
Share Price Analysis and Chart

30/09/2026

1

Speculative Buy

$0.45

91.49%

Canaccord Genuity maintains a Speculative Buy rating for Tungsten Mining with a $0.45 target price following a funding update for the fully owned Watershed Tungsten Project in Queensland.

The company has received non-binding indicative debt terms from several financiers supporting gearing of up to 70% against the $274m pre-production capital expenditure, implying potential debt funding approaching $200m.

Management aims to release the outcomes of a definitive feasibility study in October 2026 to provide further clarity on project economics and advance the final funding mix ahead of a targeted final investment decision before the end of the year.

A proposed US listing is intended to broaden access to international capital, potential customers, and strategic partners as Western industrial groups increasingly seek ex-China supply sources.

The analyst notes the stock is currently trading -20% below the recent $50m equity raise price of 0.32 per share, presenting an opportunity for investors while Western ammonium paratungstate pricing remains strong above US$2,900 per metric tonne unit.