REG - Tungsten West PLC - Convertible Loan Note Update

Tungsten WestAnnouncement

08/05/2025 07:01

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RNS Number : 7796H  Tungsten West PLC  08 May 2025

 

8 May 2025

Tungsten West Plc

("Tungsten West", the "Company" or the "Group")

 

 Convertible Loan Note Update

 

Tungsten West (LON:TUN), the mining company focused on restarting production
at the Hemerdon tungsten and tin mine ("Hemerdon" or the "Project") in Devon,
UK, is pleased to announce that the Company has satisfied the conditions in
respect Part B, for the sum of £0.9 million, of Tranche G in accordance with
the terms of the Amended CLN announced on 13 January 2025. The proceeds have
been received by the Company.

 

The proceeds of Tranche G will be used to continue work on the studies
required to build a robust plan and economic model, which the Company has
substantially completed. The full feasibility study, if required, will be
published in Q2 2025. This will lead to a financing round in H2 2025 which
will enable the Company to ramp up towards the recommencement of tungsten and
tin production in H2 2026.

 

Jeff Court, CEO of Tungsten West, said:

 

"I would like to thank our key stakeholders who have continued to support the
Company as we move towards restarting mining and processing operations at
Hemerdon.

 

"As a result of the export restrictions imposed by China, the price of Ammonia
Paratungstate in Rotterdam has reached $400 per metric tonne unit (mtu).
Whilst these restrictions are in place, the price of tungsten is expected to
continue to rise, further underpinning the value of Hemerdon as a strategic
resource. Tungsten West is well-placed to capitalise on these increasingly
favourable market conditions, providing a western tungsten supply that can
help satisfy demand across domestic and international markets once production
recommences in late 2026."

 

Terms and definitions used in this announcement shall have the same meaning as
ascribed to them in the Company's announcement dated 13 January 2025.

 

Ends

 

For further information, please contact:

 

Enquiries

 Tungsten West                               Strand Hanson

 Alistair Stobie                             (Nominated Adviser and Financial Adviser)

 Tel: +44 (0) 1752 278500                    James Spinney / James Dance / Abigail Wennington

                                             Tel: +44 (0) 207 409 3494
 BlytheRay

 (Financial PR)

 Tim Blythe / Megan Ray

 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

 

Follow us on X @TungstenWest

 

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