REG - Tungsten West PLC - Project Update

Tungsten WestAnnouncement

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RNS Number : 2766R  Tungsten West PLC  02 February 2026

2 February 2026

Tungsten West Plc

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

 

Project 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 provide an update on its Project Financing initiatives and
operational activities, against the backdrop of favourable market conditions
for the Company's primary commodities.

 

Highlights

·      Debt funding progressing well, with a number of potential lenders
advanced into term sheet stage

·      Long-lead orders for key equipment and detailed engineering work
advanced

·      Onboarding of key Project resources to commence the refurbishment
and start-up process

·      Multiple offtake term sheets and letters of intent being
progressed

·      Uplift in Project economics calculated using recent tungsten and
tin market pricing:

o  The Project's forecast Net Present Value 7.5% ("NPV") increases from
US$190 million to US$1.7 billion

o  The Project's Internal Rate of Return ("IRR") increases from 29% to 197%

o  Near term EBITDA estimates increase over fourfold

·      Publication of updated Corporate Presentation

 

Jeff Court, CEO of Tungsten West, commented:

"The structural shift in the tungsten market that we have seen since the end
of 2024 reflects the ever growing need to provide critical mineral
diversification and supply chain resilience to Western economies. The Project
Updated Feasibility Study released in August 2025 demonstrated solid financial
returns from the Company's approach to restarting activities at Hemerdon with
a greatly improved and robust mineral process flow sheet, plant modifications
and access to high quality ore in the pre-existing open pit mine. In the
relatively short time since releasing the Updated Feasibility Study, tungsten
prices have increased over 200% and tin prices over 70%. As the Company is
fully leveraged to market prices, the Project's economics have vastly
improved, underlining the importance of advancing the Project rapidly.

 

"To this end, in addition to the well-advanced Project Financing, we have
accelerated Project re-commissioning work, including ordering long-lead items
and engaging key project resources for the refurbishment works. This work
programme will have the Company producing tungsten concentrate within 12
months of funding. I look forward to further updating shareholders on our
progress across these areas in due course."

 

 

Project Financing update

Debt funding is progressing well, with a number of potential lenders advanced
into term sheet stage. These are in addition to the Expression of Interest
from the US EXIM bank previously announced on 28 August 2025. Timelines for
these work streams are aligned with the Project Financing requirements. The
Company will update the market on developments before the end of Q1 2026.

 

Operational activities

In parallel with ongoing Project Financing, Tungsten West is continuing
momentum on workstreams required for project recommissioning. The Company has
progressed long-lead orders for key equipment, detailed engineering work, and
has begun on-boarding key Project resources to commence the refurbishment and
start-up process whilst simultaneously advancing the operational
pre-conditions required to recommence operations.

 

The Company's efforts have been bolstered by buoyant tungsten and tin markets,
which have further brought into focus Tungsten West's ability to bring online
a globally significant, fully permitted, shovel ready tungsten and tin
resource, with high production levels forecasted for both critical minerals.
Tungsten West is well positioned to capitalise on a relatively low capital
cost and a short lead time to commercial production of less than 12 months
from the commencement of construction. Commissioning activities and
preliminary concentrate generation are targeted to begin within nine months of
concluding Project Financing.

 

Further to this, the Company has progressed multiple offtake term sheets and
letters of intent, in addition to holding advanced stage negotiations in
relation to offtake agreements, accounting for over 300% of the Company's peak
production levels for tungsten concentrate.

 

Project economics update

Current market conditions have had a very favourable impact on the Project's
economics. The Company's Feasibility Study released on 5 August 2025 was based
on the market pricing of tungsten (APT) of US$400/mtu and tin at US$32,500/t.
 The prevailing market prices as of 28 January 2026 were US$1,313/mtu for APT
and US$55,953/t for tin. The impact of this on the Project economics are
summarised below:

·      The Project's forecast NPV7.5% increases from US$190 million to
US$1.7 billion;

·      The Project's IRR increases from 29% to 197%; and

·      Near term EBITDA estimates increase over fourfold

 

Corporate Presentation

The Company has updated its Corporate Presentation, including the updated
Project economics for both the long-range commodity price forecasts and
current spot levels, which is significant for Hemerdon given the rapid restart
timeline that can be achieved post concluding the Project Financing process.
The updated Corporate Presentation can be viewed here:
https://www.tungstenwest.com/ (https://www.tungstenwest.com/)

 

This announcement contains inside information for the purposes of Article 7 of
Regulation 596/2014 as amended by the Market Abuse (Amendment) (EU Exit)
Regulations 2019.

 

Ends

 

For further information, please contact:

 

Enquiries

 Tungsten West                          Strand Hanson

 Jeff Court, Chief Executive Officer    (Nominated Adviser and Financial Adviser)

 Phil Povey, Chief Financial Officer    James Spinney / James Dance / Abigail Wennington

 Tel: +44 (0) 1752 278500               Tel: +44 (0) 207 409 3494

 BlytheRay                              Hannam & Partners

 (Financial PR)                         (Broker)

 Megan Ray / Rachael Brooks             Andrew Chubb / Matt Hasson / Jay Ashfield

 Tel: +44(0) 20 7138 3204               Tel: +44 (0)20 7907 8500

 Email:  tungstenwest@blytheray.com

Follow us on X @TungstenWest

 

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