Tungsten Mining Hires Cutfield Freeman for Watershed Debt Funding

Tungsten Mining (ASX: TGN) has appointed Perth-based Cutfield Freeman & Co to advise on debt funding for the Watershed tungsten project in Queensland. The specialist mining finance firm will help structure and execute a project debt package, the company said.

Chairman Gary Lyons said the appointment moves Watershed toward a final investment decision targeted for September 2026. It follows the completion of a preliminary economic evaluation that showed a pre-tax net present value of $1.3 billion at an 8% discount rate, a pre-tax internal rate of return of 198% and a nine-month payback period, based on the study's assumptions.

“Our objective is not simply to secure debt, but to establish the optimum capital structure for Watershed,” Lyons said. “Cutfield Freeman will work with us as we assess debt alongside strategic investment, offtake-linked funding, government support and other potential funding sources.”

He added that the work is progressing in parallel with technical and development workstreams already underway at Watershed, at a time of ongoing strength in the tungsten market.

The debt process will canvass commercial banks and private credit funds, along with export credit agencies and government concessional funding sources. The company will also consider Nordic bonds and fixed income bonds. The work will run in parallel with assessments of strategic investment, offtake-linked funding and potential commercial partnerships, with the goal of delivering an optimised funding package for construction and ramp-up, the company said.