Watershed Preliminary Economic Evaluation

Watershed Preliminary Economic Evaluation

Tungsten Mining NL (ASX:TGN) released its Watershed Preliminary Economic Evaluation to the ASX on 18 June 2026, under “Watershed Study – Strong Economic Outcomes”. The project has a historical Definitive Feasibility Study (DFS) from 2014 produced under Vital Metals Limited (ASX:VML). On 22 June Tungsten Mining released the Presentation:

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03102244-6A1330311&v=undefined⁠

The JORC Code⁠ formally defines three study levels: Scoping Study, Pre-Feasibility Study, and Feasibility Study. It does not define “Preliminary Economic Evaluation” or “PEE”.

ASIC does not maintain a separate list of “recognised reports.” It regulates the underlying disclosure – particularly production targets, forecast financial information, NPV/IRR figures and other forward-looking statements.

So “PEE” is not a formally defined JORC study classification and carries no independent regulatory status merely because that label is used.

It may be equivalent, in this case, to a Scoping Study. If it were a Feasibility Study you would expect that Tungsten Mining would use that term.

Watershed’s Final Investment Decision (FID) is targeted for Q3 2026, with mining scheduled to begin in Q1 2027, commissioning in H1 2027 and nameplate production in H2 2027.

An appropriate decision needs adequate and sufficient data and information and considered wise judgement.

I trust that will be the case.