REG - Tungsten West PLC - LoI from Export-Import Bank of the United States

Tungsten WestAnnouncement

28/08/2025 07:00

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RNS Number : 9418W  Tungsten West PLC  28 August 2025

28 August 2025

Tungsten West Plc

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

 

Letter of Interest from Export-Import Bank of the United States

 

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 it has received a non-binding Letter of Interest
("LOI") from the Export-Import Bank of the United States ("EXIM"), the
official export credit agency of the U.S., outlining its capacity to provide
financial support to the Company and Project.

 

Under the EXIM's new Supply Chain Resilience Initiative ("SCRI"), EXIM is able
to consider financing up to US$95 million for a maximum repayment term of 15
years. The anticipated financing would not be tied to specific equipment
purchases, and is predicated upon the Project's offtake agreement with U.S.
buyers.

 

The contemplated funding package would form a significant part of the debt
financing required to bring Hemerdon back into production.

 

According to the LOI,  the SCRI aims to help secure supply chains of critical
minerals for U.S. businesses, helping them better compete in the global
marketplace. EXIM has also identified the Project's potential tie in with its
China and Transformational Exports Program ("CTEP"), which directs EXIM to
take steps to mitigate the competitive impact of export support provided by
the People's Republic of China and other covered countries, and to advance the
comparative leadership of the United States in key export areas. In line with
these initiatives, Hemerdon is a candidate for financing predicated upon its
offtake sales of material to U.S. buyers.

 

The LOI does not represent a financing commitment to Tungsten West, it
indicates that EXIM would be able to consider funding of up to US$95 million
for the Project.

 

 

 

To find out more about EXIM and its SCRI and CTEP initiatives, click here:
https://www.exim.gov/ (https://www.exim.gov/)

 

Jeff Court, CEO of Tungsten West, commented:

"The Letter of Interest from EXIM underlines Hemerdon's global critical
minerals supply credentials and is reflective of its extensive potential. The
Project is poised to produce approximately 20% of global supply of primary
tungsten from outside China, representing a strong opportunity to establish
supply chain security in the many sectors that are reliant on tungsten.

 

"Whilst there are no assurances that this LOI will result in a financing
commitment, it is a strong display of confidence in our investment case as we
proceed with various funding discussions. I'd like to thank EXIM for their
positive engagement to date, and I look forward to updating shareholders with
progress on these conversations."

 

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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