Alvear Tungsten: A$4.5m - A$7.5m ASX IPO

PAC Partners is pleased to be appointed Lead Manager to Alvear Tungsten Limited’s proposed A$4.5m–A$7.5m ASX IPO (proposed ASX: ATW), priced at A$0.20 per share. The offer is expected to close at 5pm (AEST) on 16 November 2026.

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The offer at a glance

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Raising: A$4.5m to A$7.5m (up to 37.5 million new shares)

Offer price: A$0.20 per share

Proposed ASX code: ATW

Market capitalisation at the offer price: ~A$19.2m (undiluted, at A$7.5m raised)

Minimum application: A$2,000

Offer closes: 5pm (AEST), 16 November 2026

Expected ASX listing: 26 November 2026

Lead Manager: PAC Partners
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Why tungsten
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Tungsten is a critical mineral for defence, advanced manufacturing and industry, and global attention is increasingly focused on diversifying supply beyond China. Alvear’s Board points to these supply constraints as support for the long-term outlook for the commodity.
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One project, ~16,677 ha
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Through its Argentine subsidiary, Alvear holds 100% of the contractual and beneficial rights in the five tenements that make up the Nueva Santa Clara Project. The project covers approximately 16,677 hectares in the Department of Belén, Catamarca Province, Argentina. Registration of the tenement transfers to Alvear S.A. is pending.
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Nueva Santa Clara
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The project is made up of four granted mining concessions and one granted exploration permit. These include the historic San Antonio tungsten mine, discovered in 1918 and reported to have been worked intermittently until the 1950s. Historical mining centred on a series of tungsten-bearing quartz veins accessed through underground workings, and there has been little modern exploration since.

After listing, Alvear plans to explore the project through geological validation, underground assessment, drilling and metallurgical studies. It will target a maiden JORC Mineral Resource and assess the potential to restart mining operations.

Leadership

Alvear’s Board brings experience in mining operations, project development and Argentina, including prior work on a tungsten project.
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Mark Ruston, Non-Executive Chairman: more than 35 years in mining, including as CEO of Bowen Coking Coal and Head of Mining at Newcrest.

Spencer Cole, Managing Director and CEO: more than 25 years in resources, most recently CDO and CFO of Xanadu Mines; managed the PFS for the O’Callaghan’s tungsten project while at Newcrest.

Aaron Revelle, Non-Executive Director: founder of Alvear, and Managing Director and CEO of Pursuit Minerals, with extensive experience operating in Argentina.

^{Alvear Tungsten Limited (ACN 700 070 417) lodged a prospectus dated 27 October 2026 with ASIC. Offers of shares are made in, or accompanied by, a copy of the prospectus. Investors should consider the prospectus in deciding whether to acquire shares, and anyone who wishes to apply must complete the application form in, or accompanying, the prospectus. The shares should be considered highly speculative; see Section 7 of the prospectus for key risks. Applications will not be accepted during the Exposure Period.}

^{Dates are indicative and may change. Statements about future exploration and listing are forward-looking and may not happen as described. Historical mining information is from historical reports and is not a Mineral Resource or Ore Reserve.}

^{PAC Partners Securities Pty Ltd (a Corporate Authorised Representative of PAC Asset Management Pty Ltd, AFSL 335 374) is Lead Manager to the offer and will receive fees and securities in that capacity. This page is general information only and does not take into account your objectives, financial situation or needs. Images are for illustration only. The offer is not available to persons in the United States.}

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