Exercise of Options & TVR
1 October 2026
Tungsten West Plc
("Tungsten West" or the "Company")
Exercise of Options & TVR
Tungsten West (AIM:TUN), the owner and operator of the Hemerdon tungsten and tin mine ("Hemerdon" or the "Project") in Devon, UK, announces that, further to the announcements dated 16 September and 24 September, it has received a notice of exercise in respect of founder options over 3,314,391 new ordinary shares of £0.01 each in the capital of the Company ("Ordinary Shares") (the "Founder Option Exercise"). The Founder Option Exercise will provide £33,314.91 of additional funding to the Company, which will be used for general working capital purposes.
The founder options were granted in October 2021 and are exercisable upon certain milestones being achieved. The Founder Option Exercise is pursuant to the Company having raised sufficient finance (whether in the form of debt or equity or otherwise) to recommence mining operations at the Hemerdon Mine for a mine restart. The founder options are set out in full in the Company’s admission document dated 15 October 2021.
The 3,314,391 new Ordinary Shares to be issued to pursuant to the Founder Option Exercise will rank pari passu with the existing Ordinary Shares and application will be made for the new Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings in the new Ordinary Shares will commence at 8.00 a.m. on or around 6 October 2026.
Total Voting Rights
Upon Admission, the Company's issued ordinary share capital will consist of 1,355,958,899 Ordinary Shares and 257,075,833 B shares. Each Ordinary Share has one voting right each. The Company does not hold any Ordinary Shares in treasury, therefore the total number of Ordinary Shares and voting rights in the Company on Admission will be 1,355,958,899. With effect from Admission, this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
Ends
For further information, please contact:
Enquiries
Tungsten West
Jeff Court, Chief Executive Officer
Phil Povey, Chief Financial Officer
Tel: +44 (0) 1752 278500
Strand Hanson
(Nominated Adviser and Financial Adviser)
James Spinney / James Dance / Abigail Wennington
Tel: +44 (0) 207 409 3494
BlytheRay
(Financial PR)
Megan Ray / Rachael Brooks
Tel: +44(0) 20 7138 3204
Email: tungstenwest@blytheray.com
Hannam & Partners
(Joint Broker)
Andrew Chubb / Matt Hasson
+44 (0)20 7907 8500
Zeus Capital Limited
(Joint Broker)
Harry Ansell / Katy Mitchell
Tel: +44 (0) 20 3829 5000
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