The Watershed Project is an advanced critical minerals development located about 130km north of Cairns and roughly 35km north-west of the Mount Carbine tungsten mine.

The project is owned by Tungsten Mining, which acquired the asset from Vital Metals in 2018 as part of its strategy to develop major tungsten resources in Australia.

Watershed hosts one of the largest undeveloped tungsten deposits in Australia, with a JORC-compliant mineral resource of approximately 49.3Mt grading around 0.14 per cent tungsten trioxide (WO₃).

The mineralisation occurs mainly as scheelite within altered sedimentary rocks, extending along a several-kilometre geological structure.

Development plans have focused on an open-pit mining operation supported by a processing plant to produce tungsten concentrate, which would then be transported for export to international markets used in steel alloys, cutting tools and high-strength industrial applications.

Feasibility studies have examined a project capable of processing several million tonnes of ore per year over an estimated mine life of around a decade.

With granted mining leases and environmental approvals already in place, Watershed is considered a development-ready tungsten project and could become a significant supplier of the critical mineral if brought into production.