GWR Group Limited GWR Group Ltd (ASX:GWR) is an Australia-based resource company focused on mineral exploration, development, and production, primarily targeting iron ore, gold, tungsten, and magnesite deposits. The company holds interests in high-quality projects including royalties on the Wiluna West Iron Ore Project and Wiluna West Gold Project in Western Australia; a 70% stake in the Prospect Ridge Magnesite Project in Tasmania; and significant equity investments in ASX-listed entities such as Tungsten Mining NL (ASX:TGN), where it maintains a substantial holding of approximately 177.5 million shares, and smaller positions in EMetals Limited (ASX:EMT). Its operations span direct ownership, joint ventures, and indirect investments, with a primary geographic focus on Australia including Western Australia, Tasmania, and the Northern Territory, generating revenue from royalties, mining rights agreements, and portfolio investments while serving markets in Asia and global commodity buyers. Founded in 2002 and headquartered in West Perth, Western Australia, GWR Group listed on the ASX in 2004, initially emphasizing gold exploration before expanding into iron ore production starting in 2021 and strategic minerals. In recent developments, the company completed the sale of its Wiluna West Iron Ore Project assets to GV in March 2024 and divested the Hatches Creek Tungsten Project to Tungsten Mining NL in December 2024, bolstering its debt-free balance sheet with over $53 million in cash and investments as of late 2024; it advanced the Prospect Ridge Magnesite Project through phase two drilling, metallurgical studies with the University of Tasmania, and expressions of interest from refractory manufacturers, while lodging a non-binding indicative offer for a major Western Australian acquisition under due diligence as of early 2025 and appointing a new CFO and Company Secretary in December 2024.