Grant of Awards under Long Term Incentive Plan
22 July 2026
Tungsten West Plc
("Tungsten West", the "Company" or the "Group")
Grant of Awards under Long Term Incentive Plan
Tungsten West (AIM:TUN), the mining company focused on restarting production at the Hemerdon tungsten and tin mine ("Hemerdon" or the "Project") in Devon, UK announces that it has granted options (the "Awards") over ordinary shares of 1 pence each in the capital of the Company ("Ordinary Shares") to three Directors of the Company, pursuant to the Company's Long Term Incentive Plan (the "LTIP").
The Company's LTIP was approved by shareholders at the General Meeting held on 30 January 2026, with further subsequent approvals provided at the General Meeting held on 26 February 2026, and has been implemented by the Board in line with the description provided in the circulars published on 14 January 2026 and 9 February 2026 respectively.
Details of the Awards are set out below:
Director
Number of total Awards granted under LTIP
Total Awards exercisable at 3p
Total Awards exercisable at 18p*
Stephen Harrison
(Non-Executive Chairman)
30,260,695
30,260,695
-
Jeffery Court
(Chief Executive Officer)
75,651,737
60,521,388
15,130,349
Philip Povey
(Chief Financial Officer)
37,825,868
30,260,695
7,565,173
* Options with 'stretch' targets as set out below
The Awards issued are subject to certain performance conditions, including in relation to achieving key commercial production and/or operational milestones and other key performance indicators. In respect of the Awards issued to the CEO and CFO, approximately 20% will only vest once certain 'stretch' targets are met, which represent performance that is significantly in excess of the Group's current base case business plan assumptions. The extent to which those performance conditions have been satisfied will be determined by the Remuneration Committee.
The Awards have different exercise prices depending on the applicable performance conditions as set out the table above and, will lapse by the fifteenth anniversary of the date of grant, unless they lapse earlier in accordance with their terms.
The option agreements also provide for the acceleration of vesting on a change of control, subject to the terms of the LTIP and the relevant option agreement.
Ends
For further information, please contact:
Tungsten West
Jeff Court, Chief Executive Officer
Phil Povey, Chief Financial Officer
Tel: +44 (0) 1752 278500
Strand Hanson Limited
(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
(Broker)
Andrew Chubb / Matt Hasson / Jay Ashfield
Tel: +44 (0)20 7907 8500
1
Details of the person discharging board responsibilities
a)
Name
i) Stephen Harrison
ii) Jeffery Court
iii) Philip Povey
2
Reason for the notification
a)
Position/status
i) Non-executive Chairman
ii) CEO
iii) CFO
b)
Initial notification /Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
TUNGSTEN WEST PLC
b)
LEI
213800QNV72HX3JAFC56
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Conditional options over ordinary shares granted under the Company's LTIP
Identification code
GB00BP6QM557
b)
Nature of the transaction
Grant of conditional options under the Company's LTIP
c)
Price(s) and volume(s)
Name
Price(s)
Volume(s)
Stephen Harrison
3 pence
30,260,695
Jeffery Court
3 pence
60,521,388
Philip Povey
3 pence
30,260,695
d)
Aggregated information
- Aggregated volume
N/A
- Price
e)
Date of the transaction
21 July 2026
f)
Place of the transaction
Outside of a trading venue
1
Details of the person discharging board responsibilities
a)
Name
i) Jeffery Court
ii) Philip Povey
2
Reason for the notification
a)
Position/status
i) CEO
ii) CFO
b)
Initial notification /Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
TUNGSTEN WEST PLC
b)
LEI
213800QNV72HX3JAFC56
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Conditional options over ordinary shares granted under the Company's LTIP
Identification code
GB00BP6QM557
b)
Nature of the transaction
Grant of conditional options under the Company's LTIP
c)
Price(s) and volume(s)
Name
Price(s)
Volume(s)
Jeffery Court
18 pence
15,130,349
Philip Povey
18 pence
7,565,173
d)
Aggregated information
- Aggregated volume
N/A
- Price
e)
Date of the transaction
21 July 2026
f)
Place of the transaction
Outside of a trading venue
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