Key Investment Highlights

Introduction

Alvear Tungsten Limited (ASX: ATW) is a tungsten development company advancing the restart of the historic San Antonio wolframite mine at its flagship asset the Nueva Santa Clara Project in Catamarca Province, Argentina. San Antonio was one of Argentina’s most significant historical tungsten producers. Tungsten is recognised globally as a critical mineral due to its use in industrial manufacturing, defence applications, energy infrastructure and advanced technologies.

Nueva Santa Clara Project comprises five mining and exploration tenements covering approximately 16,677 hectares in the Sierra de Zapata region of Catamarca Province, Argentina. The Project hosts the historical San Antonio tungsten mine and associated tungsten occurrences within the broader district.

The Nueva Santa Clara Project is situated within a prospective tungsten district associated with granitic intrusions and related quartz-wolframite vein systems. Historical mining activities, geological investigations and government reports have confirmed the presence of tungsten mineralisation within the Project area. Despite this historical production, limited modern exploration has been undertaken and no systematic drilling programs are known to have been completed since the 1950s.

Terms of the Offer

Alvear Tungsten Ltd is looking to undertake an IPO on ASX to raise between $4.5 million and $7.5 million via the issue of between 22.5 million shares and 37.5 million shares under the Offer at an offer price of $0.20. The company will have indicative market capitalisation of $16.2 million at the minimum subscription.

Company Overview

Alvear Tungsten Ltd was founded as a mineral exploration company to identify, secure and acquire prospective properties hosting economically viable deposits of tungsten in proven tungsten mining regions.

The Company has also acquired, under an internal restructure, two operational companies, Alvear Tungsten (Operations) Pty Ltd and Alvear Tungsten (Trading) Limited, for the purpose of the day-to-day conduct and contracting of the business. Alvear Operations and Alvear Trading together beneficially hold an Argentine subsidiary, Alvear Tungsten S.A. (Alvear S.A.), which has been established for the purpose of acquiring and holding the Company’s prospective tungsten projects in Argentina. The Company holds 100% of Alvear Trading, Alvear Trading holds 100% of Alvear Operations, and Alvear Operations and Alvear Trading together beneficially hold 100% of Alvear S.A.

In respect of the Project, the first part of the Company’s strategy is exploration aimed at evaluating the scale and continuity of tungsten mineralisation and the potential recovery characteristics of Wolframite mineralisation, directed at establishing a maiden Mineral Resource estimate reported in accordance with the JORC Code.

At the same time, the Company intends to undertake staged technical, metallurgical and detailed engineering studies to evaluate the technical and commercial viability of a potential restart of the historical San Antonio underground mine and establishment of new processing infrastructure. These studies are expected to include geological modelling, drilling, metallurgical test work, underground access assessments, mining studies, processing plant assessments, infrastructure reviews and environmental and permitting work programs.

Subject to the results of its exploration and studies, and to permitting and financing, the Company’s longer-term aspiration is to advance the Project through a disciplined and staged development strategy, which may involve selective underground mining and modular gravity processing operations. The steps the Company intends to take towards that aspiration include:

• undertaking confirmatory and extension drilling programs aimed at supporting a maiden JORC Mineral Resource Estimate for the Project;
• completing metallurgical, mining and engineering studies to assess the technical and commercial viability of a staged tungsten concentrate operation;
• evaluating underground mine restart opportunities, processing infrastructure requirements and modular plant development pathways; and
• advancing permitting, environmental and operational work programs required to support the potential recommencement of mining activities.

The Company intends to focus primarily on the advancement of its Argentine tungsten project portfolio, while also evaluating additional complementary tungsten and critical mineral opportunities where they are considered strategically and commercially attractive to the Company.

Exploration and Development Program

The Company's proposed exploration and development program is focused on:

• Compilation and digitisation of historical geological and mining data;
• Geological mapping, geophysical surveys, target generation and resource definition drilling;
• Subject to exploration success, working towards the potential estimation of a maiden Mineral Resource reported in accordance with the JORC Code;
• Metallurgical, mineralogical and technical studies to evaluate the characteristics of the tungsten mineralisation;
• Mine restart assessments, engineering studies and evaluation of the historical San Antonio underground mining operation; and
• Environmental, permitting and infrastructure studies to support future development activities.

In the opinion of the Independent Expert, the Nueva Santa Clara Project demonstrates geological characteristics consistent with a potentially significant tungsten exploration and development opportunity. The Project benefits from historical production, demonstrated tungsten mineralisation, extensive historical underground workings and significant exploration upside within a district that has seen limited modern exploration.

Nueva Santa Clara Project

The flagship project, Nueva Santa Clara Project is located in the Department of Belén, Catamarca Province, Argentina, and comprises five (5) granted mining and exploration tenements covering approximately 16,677.33 hectares.  The primary tungsten mineral is wolframite, occurring within quartz veins and locally associated with greisen alteration zones developed in the granitic host rock. Minor accessory minerals reported in historical descriptions include columbite-tantalite, chalcopyrite and specularite.

The regional geology is considered to comprise Paleozoic granitic bodies and metamorphic host rocks, with published descriptions of the Vinquis area including biotite schists and quartz-biotite phyllites, together with local gneiss and migmatite exposures. In the region encompassing the Sierra de Zapata, Sierra de Belén and Sierra de los Colorados, several types of granitic bodies have been identified and described in relation to tungsten, tin and copper mineralisation, and these granitoids are commonly peraluminous and evolved, being characteristics that are frequently associated with tungsten-bearing hydrothermal systems.

The San Antonio tungsten occurrence, currently referred to as the Project, was discovered in 1918. Historical records indicate that the original mining concession was granted to Jesús Álvarez and associates, who undertook small-scale mining for approximately two years before the concession expired.

Historical records indicate that mining operations were centred on a series of Wolframite bearing quartz veins accessed through underground workings, with most activity concentrated in the area known as the Stroman vein system and accessed via the Toro Adit, which extends approximately 200 metres and trends west-south-west. The most important veins exploited historically were the Stroman, Jovita, Cuto, Manuel, Trece and Rojo Largo veins, which comprise a series of subparallel quartz veins including numerous narrow veinlets measuring 10 to 15 centimetres in width and several larger veins up to 1 metre in width, with an average width of approximately 40 centimetres. Ore was hand sorted at the mine site and transported by mules over approximately 3 kilometres to the base of the mountain, from where it was transported approximately 20 kilometres to the beneficiation plant located on the banks of the Río Hondo near Londres.

Tungsten Market Overview

Tungsten is used principally in cemented carbides, also known as hardmetals. These materials combine tungsten carbide with a metallic binder and are used in cutting, drilling and wear-resistant applications. The U.S. Geological Survey reported that approximately 60% of tungsten consumed in the United States during 2025 was used in cemented-carbide parts, primarily in the construction, metalworking, mining and oil- and gas-drilling industries.

Tungsten is included on current official critical-minerals or critical-raw-materials lists in Australia, the United States and the European Union.

Other uses identified by the USGS include:

• alloys and specialty steels, including wear-resistant and high-temperature applications;
• electrodes, filaments, wires and components used in electrical, electronic, heating, lighting and welding applications;
• high-density tungsten alloys used for weights, counterweights, heat sinks and selected defence applications; and
• tungsten chemicals used in catalysts, pigments and high-temperature lubricants.

The USGS Mineral Commodity Summaries 2026 estimated world mine production of approximately 85,000 tonnes of contained tungsten in 2025. China was estimated to have produced 67,000 tonnes, equivalent to approximately 79% of the rounded world total.

Management and Board

Alvear Tungsten Ltd is led by an experienced Board and management team with significant experience across mining operations, project development, capital markets, corporate transactions and operating in Argentina to progress exploration at the Project. These include:

Mark Ruston – Non-Executive Chairman

Mark Ruston is an experienced mining executive with more than 35 years’ experience across ASX-listed, private and private equity backed mining companies and global mining contractors, specialising in operational leadership, mine development and business transformation. Most recently, Mark served as Chief Executive Officer of Bowen Coking Coal Ltd (ASX: BCB) where he led the company through a period of operational expansion, production growth, and portfolio rationalisation, across its Queensland metallurgical coal assets.

Spencer Cole – Managing Director and Chief Executive Officer

Spencer Cole is a mining executive and engineer with more than 25 years’ experience across the global resources sector, spanning project development, operational leadership, finance and corporate transactions. Mr Cole has held senior executive positions across the gold, copper, oil and gas industries and possesses extensive experience in the advancement and development of large-scale mining projects internationally. Most recently, Mr Cole served as Chief Development Officer and Chief Financial Officer of Xanadu Mines Ltd, where he played a key role in advancing the Kharmagtai copper-gold project in Mongolia. While at Xanadu, Mr Cole led technical studies as Project Director, negotiated with Zijin Mining to fund the project via a 50-50 JV, and delivered an all-cash, 62% premium acquisition of Xanadu by Boroo Mining in 2025.

Aaron Revelle – Non-Executive Director

Aaron Revelle is the founder of Alvear Tungsten, a mining executive with significant experience in the identification, acquisition, financing and development of natural resource projects across multiple commodities and jurisdictions. Mr Revelle has over 20 years’ experience in the resources sector, with a strong focus on advancing junior resource companies through exploration, development, capital markets and corporate transactions. He has extensive experience operating in Argentina and South America and has been involved in the founding and development of multiple ASX-listed and private resource companies.

Mr Revelle is the Managing Director and Chief Executive Officer of Pursuit Minerals Limited (ASX: PUR), an ASX-listed lithium development company advancing the Rio Grande Sur Lithium Project in Salta Province, Argentina. Under his leadership, Pursuit has advanced Rio Grande Sur through substantial resource growth, pilotscale production and completion of a Pre-Feasibility Study for a 5,000 tonne per annum lithium carbonate operation. Rio Grande Sur hosts a JORC Mineral Resource exceeding 1.2 million tonnes of lithium carbonate equivalent and a Probable Ore Reserve supporting a 25-year mine life. Mr Revelle has also overseen the development and operation of Pursuit’s lithium carbonate pilot plant in Salta, which successfully produced high-purity lithium carbonate for product qualification and testing, while leading Pursuit’s strategic funding initiatives, project acquisitions, technical study programs and investor engagement activities associated with its broader growth strategy in Argentina.

Vito Interlandi – Company Secretary and Chief Financial Officer

Mr Interlandi is the Managing Partner of Nexia Corporate. Mr Interlandi has over 20 years of finance, accounting and capital markets expertise, having served as a board member and adviser to a number of listed and unlisted companies across a range of industries. He currently serves as Company Secretary for Pursuit Minerals Limited (ASX: PUR). The Company has engaged Nexia Corporate to provide company secretary and chief financial officer services, with Nexia overseeing public company reporting, ASX financial reporting requirements.

Key Offer Stats

See ‘Summary of Offer’ section of the Prospectus for further information.

Use of Funds

Funds raised from the Offer will be applied as follows:

For further information on the Key Offer Statistics and Use of Funds, please see the prospectus.

Risks

You are encouraged to read the Prospectus carefully as it contains detailed information about the Company and the Offer. Like all investments, an investment in the Company carries risk. As set out in Section 7 of the prospectus, Alvear Tungsten Ltd is subject to a range of risks, including but not limited to sovereign risk, legal system, title and tenure, environmental approvals and timing of drilling, registration of Paloma, mineral substances registered against tenements, access and third party interests, site access and conditions of the historical workings, applications and renewals, limited history, and future funding.

Section 734(6) disclosure: The issuer of the securities is Alvear Tungsten Limited ACN 700 070 417. The securities to be issued are ordinary shares. The disclosure document for the offer can be obtained by clicking on the link above. The offers of the securities are made in, or accompanied by, a copy of the disclosure document. Investors should consider the disclosure document in deciding whether to acquire the securities. Anyone who wants to acquire the securities will need to complete the application form that will be in or will accompany the disclosure document (which can be done via the electronic application form which will become available by clicking the bid button above).

The offer may close early and the 'Pay By' dates may change. Duplicate bids under the same investment profile, investor name or residential address may be cancelled.