Grant of Awards under Long Term Incentive Plan
25 August 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 Ronald Day, Chief Operating Officer, and other senior managers, pursuant to the Company's Long Term Incentive Plan (the "LTIP").
The Company's shareholders passed resolutions to grant options and/or allot and issue new Ordinary Shares pursuant to the LTIP at the General Meeting held on 30 January 2026, with further subsequent share authority resolutions passed at the General Meeting held on 26 February 2026, and the LTIP 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 granted to a Person Displaying Management Responsibility ("PDMR") are set out below:
PDMR
Number of total Awards granted under LTIP
Total Awards exercisable at 1p
Ronald Day
(Chief Operating Officer)
5,000,000
5,000,000
Additionally, the Company has granted Awards over 1,494,685 shares to senior management.
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. The extent to which performance conditions have been satisfied will be determined by the Remuneration Committee.
The Awards 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
PDMR Dealings Notification
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
Ronald Day
2
Reason for the notification
a)
Position/status
Chief Operating Officer
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)
Price: 1 pence
Volumes: 5,000,000
d)
Aggregated information
- Aggregated volume
N/A - Single Transaction
- Price
e)
Date of the transaction
23 August 2026
f)
Place of the transaction
Outside of a trading venue
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