• Prospect Ridge Magnesite Project progressing with assay results and metallurgical testwork
• Tungsten Mining NL investment provides exposure to critical mineral with rising prices
• Royalty interests in Wiluna West Iron Ore and Gold assets
• Disciplined approach to potential acquisitions, with substantial due diligence undertaken

GWR Group Ltd provided an update on its quarterly activities and cash flow report. The company continued to progress its Prospect Ridge Magnesite Project, with assay results from the Phase 2 drilling program at the Arthur River deposit currently being undertaken and a material characterisation and resource modelling program underway. GWR holds a 70% interest in the Prospect Ridge project, which contains a large high-grade magnesium deposit. The company also highlighted its investment in Tungsten Mining NL (ASX:TGN), noting that tungsten prices have risen significantly during the quarter due to increased US defence spending and Chinese export restrictions, underscoring the strategic relevance of Tungsten Mining's large resource base outside China. GWR holds 177.5 million shares in Tungsten Mining, valued at $14.7 million. Additionally, the company holds royalty interests in the Wiluna West Iron Ore and Gold assets. During the quarter, GWR undertook substantial due diligence on a potential acquisition opportunity that featured established infrastructure and near-term revenue potential, but ultimately decided not to proceed as the opportunity did not meet the company's criteria. GWR remains focused on identifying and executing strategic transactions that can deliver transformational value to shareholders, while maintaining financial discipline.

GWR remains steadfast in identifying and executing strategic transactions that can deliver transformational value to shareholders. Ongoing efforts to secure advanced-stage projects across key commodities will remain a core priority, with financial strength and capital discipline remaining fundamental pillars of the company's corporate strategy.