Ann: TGN: Terms to acquire Modular Processing Plant agreed, page-4

Highlights
• Tungsten Mining and Pilbara Minerals have agreed terms for the acquisition of the modular Tabba processing plant;
• Plant acquisition is a game changer for Tungsten Mining that allows fast-tracked, low-capex development pathway for Mt Mulgine;
• $600,000 cash-and-shares acquisition cost delivers a step change in Mt Mulgine capex requirements;

Consideration
The acquisition price is $600,000, comprising $300,000 cash payable at settlement and $300,000 in Tungsten Mining shares (“Consideration Shares”).
Settlement is conditional upon the execution of a more formal sale agreement which the parties have agreed to complete expeditiously. The Consideration Shares are to be issued in two tranches, with the first tranche equating to $150,000 (3,750,000 shares) to be issued at a deemed price of $0.04 per share. The second tranche, representing deferred consideration equating to $150,000, is to be issued six months after settlement at an issue price being the lesser of $0.04 per share and the five-day volume weighted average price immediately preceding the date of issue.