Tungsten Mining seeks funding for Queensland Watershed project

Tungsten Mining has appointed mining finance specialist Cutfield Freeman & Co to structure and execute a debt package for its 100%-owned Watershed Tungsten Project in Far North Queensland. The company is seeking to establish an optimum capital structure by assessing various funding sources, including commercial banks, private credit funds, export credit agencies, government concessional sources, and fixed-income or Nordic bonds.

The funding strategy will be conducted alongside assessments of strategic investment, offtake-linked funding, and government support. This follows a Preliminary Economic Evaluation (PEE) which indicated a pre-tax net present value of $1.3 billion, a pre-tax internal rate of return of 198%, and a nine-month payback period.

Tungsten Mining is targeting a final investment decision (FID) by September 2026, with the goal of commencing first production in the first half of 2027. The project currently holds an approved environmental authority, granted mining leases, and an Indigenous land use agreement. However, the company noted that development and production timelines remain subject to completing remaining studies, securing finance, and obtaining necessary approvals.