REG - Tungsten West PLC - Results for the six months ended 30 September 2025
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RNS Number : 7230M Tungsten West PLC 24 December 2025
24 December 2025
Tungsten West Plc
("Tungsten West", the "Company" or the "Group")
Half Year Results for the six months ended 30 September 2025
Tungsten West (LON:TUN), the mining company focused on restarting production
at the Hemerdon tungsten and tin mine in Devon, UK ("Hemerdon" or the
"Project"), is pleased to announce its half year results for the six months
ended 30 September 2025 (the "Period").
Period Overview:
• Completion of an updated feasibility study demonstrating
strong economic returns using pricing assumptions of US$400 per metric tonne
unit ("MTU") for tungsten and US$32,500 per tonne for tin, both now materially
below prevailing spot prices.
• Tungsten and tin market prices now are tracking above
US$800/MTU and US$40,000 per tonne, well above pricing levels used in the
feasibility study.
• Commencement of the project financing process to secure
debt and equity funding to re-start operations.
• Continued investor support, with £5.2 million raised
through the issuance of convertible loan notes ("CLNs") across two tranches.
• Alistair Stobie stepped down as Chief Financial Officer
and resigned as a Board member. Phil Povey was appointed Interim Chief
Financial Officer of the Company.
• Cash reserves of £1.0 million at 30 September 2025.
• Operating loss for the Period of £3.8 million.
• With the backdrop of the positive feasibility study
results and favourable tungsten and tin market conditions, the Company's share
price increased from 3.625p on 1 April 2025 to 8.75p on 30 September 2025.
Given the expected exercise price of 3p per share for the CLNs, this increased
share price over the period resulted in a £37.0 million non-cash fair value
adjustment to the CLNs, leading to a total loss for the Period of £40.4
million.
Post Period Overview:
• The Company successfully completed a safe and highly
encouraging processing trial, demonstrating strong performance across key
sections of the mineral processing facility. The trial produced over 1,400 MTU
of WO₃ in concentrate, with grades exceeding target levels.
• The Company entered into an EPC agreement relating to the
new build crushing, screening and ore sorter facility, representing a key
milestone in preparation for the restart of operations.
• Phil Povey was appointed Chief Financial Officer and
Director of the Company.
• A £4.0 million Bridge Facility was agreed with strategic
investors, a portion of which has already been deployed to advance key
engineering works and secure long-lead items required for the restart of
production.
• Good progress has been made on project funding across both
debt and equity streams, with expected completion of the project financing in
Q1 2026.
• The Company entered a binding agreement for full
conversion of the CLNs, subject to shareholder approval. The Board considers
this a significant step forward in the Company's project financing strategy.
Management
On 23 September 2025, Alistair Stobie stepped down as Chief Financial Officer
of the Company. In addition, Alistair resigned from his position as a Director
of all associated companies. Phil Povey was appointed interim CFO.
Post Period, the Board appointed Mr Povey as CFO, and a Director of the
Company. Mr Povey was previously Head of Commercial & Corporate
Development at Tungsten West.
Funding
The CLN facility to date has raised £22.3 million. No further amounts will be
raised under the facility, with agreements in place to convert the debt plus
accrued interest to equity (subject to shareholder approval).
The Company entered into a £4 million bridging loan facility with key
investors.
As set out in Note 2 Going Concern, there remains material uncertainty
regarding further funding which would have an impact on the Group's ability to
continue as a going concern. At the Period end, the Group had £1 million in
cash reserves and £0.4 million as at 30 November 2025.
Outlook
The Board remains positive for the long-term prospects for the Hemerdon mine.
Commodity markets are strong, and the board is committed to delivering the
Project and recommencing operations.
The principal risks and uncertainties are outlined in the Company's most
recent audited annual report and accounts which can be found at
www.tungstenwest.com (http://www.tungstenwest.com/) .
(http://www.tungstenwest.com/)
Phil Povey
Chief Financial Officer
Cautionary statement
This document contains certain forward-looking statements in respect of the
financial condition, results, operations, and business of the Group. Whilst
these statements are made in good faith based on information available at the
time of approval, these statements and forecasts inherently involve risk and
uncertainty because they relate to events and depend on circumstances that
will occur in the future. There are several factors that could cause the
actual results of developments to differ materially from those expressed or
implied by these forward-looking statements and forecasts. Nothing in this
document should be construed as a profit forecast.
Enquiries
Tungsten West Strand Hanson
Jeff Court (Nominated Adviser and Financial Adviser)
Tel: +44 (0) 1752 278500 James Spinney / James Dance / Abigail Wennington
Tel: +44 (0) 207 409 3494
Phil Povey
Tel: +44 (0) 1752 278500
BlytheRay
(Financial PR)
Tim Blythe / Megan Ray
Tel: +44(0) 20 7138 3204
Email: tungstenwest@blytheray.com (mailto:tungstenwest@blytheray.com)
Hannam & Partners
(Broker)
Andrew Chubb / Matt Hasson / Jay Ashfield
Tel: +44 (0)20 7907 8500
Further information on Tungsten West Limited can be found at
www.tungstenwest.com (http://www.tungstenwest.com/)
Overview of Tungsten West
Tungsten West is the owner and operator of the Hemerdon tungsten and tin mine,
located near Plymouth in southern Devon, England. Hemerdon hosts one of the
world's largest tungsten resources, with a JORC (2012) compliant Mineral
Resource Estimate of approximately 323.8 million tonnes at a grade of 0.12 per
cent WO₃.
The Company acquired the mine through a receivership process in 2019 following
the cessation of production by the previous operator, Wolf Minerals, in 2018.
During its period of ownership, Wolf Minerals invested in excess of £170
million in the development of the site, including substantial infrastructure
and processing facilities.
Wolf Minerals produced tungsten and tin at Hemerdon between 2015 and 2018,
before subsequently entering administration and placing the mine into
receivership due to a number of operational and structural issues, which
Tungsten West has since identified and addressed.
Consolidated Income Statement
Unaudited Unaudited Audited
Six months to Six months to Year ended
30-Sep-25 30-Sep-24 31-Mar-25
Note £ £ £
Revenue - - -
Cost of sales (1,161,070) (1,137,426) (1,244,174)
Gross loss (1,161,070) (1,137,426) (1,244,174)
Administrative expenses (2,625,047) (4,291,391) (8,268,993)
Other operating income - 1,800 6,235
Other gains/(losses) - - (6,432,801)
Operating loss 4 (3,786,117) (5,427,017) (15,939,733)
Finance income 370,245 269,257 579,880
Finance costs (36,986,381) (8,766,277) (6,816,977)
Net finance cost (36,616,136) (8,497,020) (6,237,097)
Loss before tax (40,402,253) (13,924,037) (22,176,830)
Income tax credit - - 264,572
Loss for the Period (40,402,253) (13,924,037) (21,912,258)
Loss attributable to:
Owners of the Company (40,402,253) (13,924,037) (21,912,258)
Audited
Unaudited Unaudited
£ £ £
Basic and diluted loss per share 11 (0.214) (0.074) (0.120)
There were no items of other comprehensive income in any period presented.
Consolidated Statement of Financial Position
Unaudited Six months to 30-Sep-25 Unaudited Six months to 30-Sep-24 Audited
Note £ £ Year ended
31-Mar-25
£
Non-current assets
Property, plant and equipment 5 9,328,178 19,080,121 9,455,736
Right-of-use assets 6 1,928,301 1,781,187 1,984,419
Intangible assets 7 4,949,621 5,022,067 4,984,614
Deferred tax assets 1,368,014 1,390,346 1,368,014
Escrow funds receivable 8 13,602,937 11,329,495 13,237,420
31,177,051 38,603,216 31,030,203
Current assets
Trade and other receivables 3,140,727 3,350,737 2,986,872
Inventories 29,850 29,850 29,850
Cash and cash equivalents 996,281 43,357 18,442
4,166,858 3,423,944 3,035,164
Total assets 35,343,909 42,027,160 34,065,367
Equity and liabilities
Equity
Share capital 12 1,887,313 1,887,313 1,887,313
Share premium 51,949,078 51,949,078 51,949,078
Share option reserve 321,740 219,413 319,526
Retained earnings (95,078,578) (46,688,104) (54,676,325)
Equity attributable to the owners of the (40,920,447) 7,367,700 (520,408)
parent
Non-current liabilities
Loans and borrowings 10 1,861,683 1,806,049 1,870,366
Provisions 9 4,148,508 5,299,502 4,006,771
Deferred tax liabilities 1,368,014 1,390,346 1,368,014
7,378,205 8,495,897 7,245,151
Current liabilities
Trade and other payables 2,149,908 3,038,618 2,570,049
Loans and borrowings 10 66,736,243 23,124,945 24,770,575
68,886,151 26,163,563 27,340,624
Total liabilities 76,264,356 34,659,460 34,585,775
Total equity and liabilities 35,343,909 42,027,160 34,065,367
Consolidated Statement of Changes in Equity
Share
Share Share premium option Retained earnings
capital reserve Total
£ £ £ £ £
Unaudited
At 1 April 2024 1,870,741 51,949,078 256,278 (32,764,067) 21,312,030
Loss for the period - - - (13,924,037) (13,924,037)
New shares subscribed 16,572 - - - 16,572
Forfeiture of share options - - (46,573) - (46,573)
Share options charge - - 9,708 - 9,708
At 30 September 2024 1,887,313 51,949,078 219,413 (46,688,104) 7,367,700
Audited
At 1 April 2024 1,870,741 51,949,078 256,278 (32,764,067) 21,312,030
Loss for the year - - - (21,912,258) (21,912,258)
New shares subscribed 16,572 - - - 16,572
Share options charge - - 63,248 - 63,248
At 31 March 2025 1,887,313 51,949,078 319,526 (54,676,325) (520,408)
Unaudited
At 1 April 2025 1,887,313 51,949,078 319,526 (54,676,325) (520,408)
Loss for the period - - - (40,402,253) (40,402,253)
Share options charge - - 2,214 - 2,214
At 30 September 2025 1,887,313 51,949,078 321,740 (95,078,578) (40,920,447)
Consolidated Statement of Cash Flows
Unaudited Unaudited Audited
30-Sep 30-Sep 31-Mar
2025 2024 2025
Note £ £ £
Cash flows from operating activities
Loss for the period (40,402,253) (13,924,037) (21,912,258)
Adjustments to cash flows from non-cash items
Depreciation and amortisation 5,6 218,669 332,743 470,036
Loss on disposal of tangible asset - - 5,181
Impairment of asset under construction 5 - - 9,506,522
Fair value gains on escrow account - - (1,602,739)
Fair value gains/(losses) on restoration provision - - (1,470,982)
Finance income (377,472) (269,257) (579,880)
Finance costs 37,128,118 8,766,277 6,816,977
Share based payment transactions - (36,865) 63,248
Impact of foreign exchange 7,227 (7,453) (12,734)
Income tax credit - - (264,572)
(3,425,711) (5,138,592) (8,981,201)
Working capital adjustments
Decrease in trade and other receivables (148,183) (540,843) (176,981)
(Decrease)/increase in trade and other payables (565,335) 1,283,718 1,079,720
Net cash outflow from operating activities (4,139,229) (4,395,717) (8,078,462)
Cash flows from investing activities (1,088)
Interest received 4,728 4,350
Acquisitions of property plant and equipment - - (19,885)
Acquisitions of intangibles - (750) (750)
Net cash inflow/(outflow) from investing activities 4,728 (1,838) (16,285)
Cash flows from financing activities
Interest paid (44,808) (938) (5,766)
Proceeds from the issue of Ordinary Shares, net of issue costs - 16,572 16,572
Proceeds from convertible debt 5,205,000 2,901,000 6,751,000
Payments to hire purchase (742) (14,757) (31,873)
Payment of lease liabilities (47,110) (42,500) (198,279)
Net cash inflow from financing activities 5,112,340 2,859,377 6,531,654
Net increase/(decrease) in cash and cash equivalents 977,839 (1,538,178) (1,563,093)
Opening cash and cash equivalents 18,442 1,581,535 1,581,535
Closing cash and cash equivalents 996,281 43,357 18,442
Notes to the
interim accounts
1. Basis of Preparation
These unaudited condensed consolidated interim accounts have been prepared in
accordance with the recognition and measurement principles of International
Accounting Standards as adopted in the United Kingdom ("UK-adopted IAS") using
the accounting policies that are expected to apply in the Company's next
annual report.
The accounting policies applied are consistent with those disclosed in the
Company's last statutory financial statements.
The interim accounts are in compliance with IAS 34, Interim Financial
Reporting.
The interim accounts do not comprise the Company's statutory accounts. The
information for the year ended 31 March 2025 is not the Company's statutory
accounts. The Company's financial statements for that year have been filed
with the registrar of companies. The independent auditor's report on those
financial statements was unqualified but drew attention to a material
uncertainty relating to going concern. The independent auditor's report did
not contain statements under s498(2) or s498(3) of the Companies Act 2006.
2. Going concern
The Group is still in the pre-production phase of operations and meets its
day-to-day working capital requirements by utilising cash reserves from
investment made in the Group. Over the last year, the company has raised funds
from issues of CLNs and the bridging loan, supplemented by revenue from
non-recurring sales events. The Group previously notified CLN holders of
multiple defaults of on the terms of the CLN agreement. A waiver has been
agreed in respect of all defaults and remains in place until 31 December 2025.
The company has reached an agreement for all CLN holders to convert their
notes into equity, subject to shareholder approval for the issue of a new
class of non-voting shares.
At the Period end, the Group had £1.0 million in cash reserves and £0.4
million at the end of November 2025. During December, the Group agreed to a
£4.0 million bridging loan. If the Group did not receive the latest
funding, cash reserves were forecasted to be exhausted during December 2025.
The company expects funds from the bridging loan to be sufficient until the
development project is fully financed in Q1 2026.
The Group continues to require additional funding to complete the MPF rebuild
and is in active discussions with potential financing partners to secure the
required capital.
These conditions indicate the existence of a material uncertainty that may
cast significant doubt on the Group's ability to continue as a going concern.
Nevertheless, the Board considers it appropriate to prepare the financial
statements on a going concern basis, having regard to the funding arrangements
in place and the ongoing discussions with financing partners.
3. Asset and liabilities held at fair value Escrow funds
These funds are held with a third party to be released to the Group as it
settles its obligation to restore the mining site once operations cease. The
debtor has been discounted to present value assuming the funds will be
receivable in 28 years' time, which assumes one year of set up and a 28-year
useful life of mining operations. The key assumptions that would lead to
significant changes in the escrow account fair value are the discount rate and
the useful life of the mine.
Provisions
Provisions are recognised when the Group has a present obligation (legal or
constructive) as a result of a past event, it is probable that the Group will
be required to settle that obligation and a reliable estimate can be made of
the amount of the obligation.
Provisions are measured at the Directors' best estimate of the expenditure
required to settle the obligation at the reporting date and are discounted to
present value where the effect is material. This includes a provision for the
obligation to restore the mining site once mining ceases.
The restoration provision is the contractual obligation to restore the mining
site back to its original state once mining ceases. The provision is equal to
the expected outflows that will be incurred at the end of the mine's useful
life discounted to present value. As the restoration work will predominantly
be completed at the end of the mine's useful life, these calculations are
subject to a high degree of estimation uncertainty. The key assumptions that
would lead to significant changes in the provision are the discount rate,
useful life of the mine and the estimate of the restoration costs.
Convertible loan notes
Convertible loan notes issued by the group have been assessed as a host
liability contract with the conversion option meeting the recognition criteria
for an embedded derivative financial liability. The group has taken the option
available under IFRS to designate the entire instrument at fair value through
profit and loss. The instrument is initially recognised at transaction price
net of directly attributable costs incurred. The instrument is remeasured to
fair value at each reporting point with the resulting gain or loss recognised
in profit and loss.
Under the terms of the convertible loan notes, if the Group breaches the terms
of the agreement or an exit event occurs, the initial capital can be called in
for repayment at a premium of 100%. As Management judge this unlikely and it
has been factored into the fair valuation of the instrument at period end.
Were this clause to be enacted, the capital repayment due, on loan notes drawn
to Period end, would be increased from £22 million to £44 million.
Notes to the interim accounts (continued)
4. Operating loss
Operating loss is stated after the following:
Unaudited Unaudited Audited
Six months to Six months to Year ended
30 September 30 September 31 March
2025 2024 2025
£ £ £
Depreciation of property, plant and equipment 127,558 180,977 318,725
Depreciation of right of use assets 56,118 114,397 76,489
Loss on disposal of tangible fixed assets - 5,181 5,181
Impairments of assets under construction and deposits - - 9,506,522
Amortisation of intangibles 34,993 37,369 74,822
Staff costs 1,148,466 1,181,481 2,481,436
Notes to the interim accounts (continued)
5. Property, plant and equipment
Land and Furniture, fittings and equipment Computer equipment Motor Other property, plant and equipment Asset under construction Total
buildings
£
£
vehicles
£
£
£
£
£
Unaudited
Cost or valuation
At 1 April 2025 5,189,361 114,762 288,885 141,500 251,181 16,430,917 22,416,606
Additions - - - - - - -
Disposals - - - - - - -
At 30 September 2025 5,189,361 114,762 288,885 141,500 251,181 16,430,917 22,416,606
Depreciation
At 1 April 2025 550,545 58,249 254,653 128,825 195,206 11,773,392 12,960,870
Charge for Period 67,603 11,375 22,634 11,699 14,247 - 127,558
At 30 September 2025 618,148 69,624 277,287 140,524 209,453 11,773,392 13,088,428
Unaudited
Cost or valuation
At 1 April 2024 5,189,361 114,762 312,363 141,500 251,181 16,411,032 22,420,199
Additions - - - - - - -
Disposals - - (23,478) - - - (23,478)
At 30 September 2024 5,189,361 114,762 288,885 141,500 251,181 16,411,032 22,396,721
Depreciation
At 1 April 2024 445,117 35,298 183,574 82,130 140,931 2,266,870 3,153,920
Charge for Period 67,602 10,481 51,673 23,349 27,872 - 180,977
Disposal - - (18,297) - - - (18,297)
At 30 September 2024 512,719 45,779 216,950 105,479 168,803 2,266,870 3,316,600
Audited
Cost or valuation
At 1 April 2024 5,189,361 114,762 312,363 141,500 251,181 16,411,032 22,420,199
Additions - - - - - 19,885 19,885
Disposal - - (23,478) - - - (23,478)
At 31 March 2025 5,189,361 114,762 288,885 141,500 251,181 16,430,917 22,416,606
Depreciation
At 1 April 2024 445,117 35,298 183,574 82,130 140,931 2,266,870 3,153,920
Charge for the year 105,428 22,951 89,376 46,695 54,275 - 318,725
Disposal - - (18,297) - - - (18,297)
Impairment - - - - - 9,506,522 9,506,522
At 31 March 2025 550,545 58,249 254,653 128,825 195,206 11,773,392 12,960,870
Carrying amount
At 30 September 2025 4,571,213 45,138 11,598 976 41,728 4,657,525 9,328,178
At 30 September 2024 4,676,642 68,983 71,935 36,021 82,378 14,144,162 19,080,121
At 31 March 2025 4,638,816 56,513 34,232 12,675 55,975 4,657,525 9,455,736
Notes to the interim accounts (continued)
6. Right-of-use asset
Unaudited Unaudited Audited
Six months to Six months to Year ended
30 September 30 September 31 March
2025 2024 2025
Opening net book value £ £ £
1,984,419 1,895,584 1,895,584
Additions - - 165,324
Depreciation (56,118) (114,397) (76,489)
Closing net book value 1,928,301 1,781,187 1,984,419
7. Intangible assets (net book value)
Unaudited Six months to Unaudited Six months to Audited Year ended
30 September 30 September 31 March
2025 2024 2025
Goodwill £ £ £ 1,075,520
1,075,520 1,075,520
Mining rights 3,844,333 3,844,333 3,844,333
Software 29,768 102,214 64,761
Closing net book value 4,949,621 5,022,067 4,984,614
8. Escrow Funds
Unaudited Unaudited Audited
Six months to Six months to Year ended
30 September 30 September 31 March
2025 2024 2025
Carrying amount £ £ 11,329,495 £
13,602,937 £13,237,420
The funds held in escrow with a third party will be released back to the
Company on the cessation of mining once restoration works have been completed.
The amounts have been discounted to present value over the expected useful
life of the mine. During the Period, there was no change in the discount rate
(30 September 2024: 4.4%) (31 March 2025: 5.2%) resulting in a gain of £Nil
in the six months to September 2025 (30 September 2024: £0.2 million gain)
(31 March 2025: £1.6 million gain). The actual funds held in escrow at the
Period end were £14,676,378 (30 September 2024: £14,067,911) (31 March 2025:
£14,633,857).
Notes to the interim accounts (continued)
9. Provisions
Unaudited Unaudited Audited
Six months to Six months to Year ended
Restoration provision 30 September 30 September 31 March
2025 2024 2025
£ £ £
Carrying amount brought forward 4,006,771 5,137,646 5,137,646
Change in inflation and discount rate - - (1,470,982)
Unwinding of discount 141,737 161,856 340,107
Closing net book value 4,148,508 5,299,502 4,006,771
This provision is for the obligation to restore the mine to its original state
once mining operations cease, discounted back to present value based on the
estimated life of the mine. Prior to discounting, the Directors estimate the
provision at current costs to be £13.2 million (30 September 2024: £13.2
million) (31 March 2025: £13.2 million).
The provision has been discounted using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific
to the asset. The ultimate costs to restore the mine are uncertain, and cost
estimates can vary in response to many factors, including estimates of the
extent and costs of rehabilitation activities, technological changes,
regulatory changes, cost increases as compared to the inflation rates and
changes in discount rates.
Management has considered these risks and used a discount rate of 7.2% (30
September 2024: 6.4%) (31 March 2025: 7.0%), an inflation rate of 2% to 7.5%
over the life of the Project (30 September 2024: 2% to 7.5%) (31 March 2025:
2% to 7.5%) and an estimated mining period of 27 years (30 September 2024: 27
years) (31 March 2025: 27 years).
10. Borrowings
Borrowings comprised:
Unaudited Unaudited Six months to Audited Year ended
Six months to 30 September 30 September 31 March
2025 2024 2025
£ £ £
Current
Lease liabilities 100,051 103,031 87,475
Convertible debt 66,636,192 23,021,914 24,683,100
66,736,243 23,124,945 24,770,575
Non-current
Lease liabilities 1,861,683 1,806,049 1,870,366
The Group issued convertible loan notes in two tranches as follows:
£0.920 million of Tranche G Part B notes
On 04 July 2025 £4.285 the Company issued a further tranche of the CLN -
£4.285 million of Tranche H notes
IFRS 13 requires the provision of information about how the Company
establishes the fair values of financial instruments. Valuation techniques are
divided into three levels based on the quality of inputs:
· Level 1 inputs are quoted prices (unadjusted) in active markets
for identical assets or liabilities.
· Level 2 inputs are inputs other than quoted prices included in
level 1 that are observable, directly or indirectly.
· Level 3 inputs are unobservable.
Notes to the interim accounts (continued)
10. Borrowings (continued)
Fair value of financial assets and financial liabilities that are measured at
fair value on a recurring basis.
The group's Escrow funds receivable is measured at fair value of £13,602,937
(September 2024: £11,329,495) (March 2025: £13,237,420). These are
classified as level 3. They are valued based on discounted cash-flows. A
number of inputs such as the risk-free rate are observable inputs but there
are also significant unobservable inputs such as the expected interest yield.
The Group's convertible loan notes are measured at fair value of £66,636,192
(September 2024: £23,021,914) (March 2025: £24,683,100). These are
classified as level 3. They are valued based on a scenario pricing model. A
number of inputs, such as the market value of shares, are observable inputs
but there are also significant unobservable inputs such as the discount rate
and the probabilities assessed for each scenario.
Interest on the convertible loan notes in the form of payment in kind notes
(PIK notes) is 20%. The final termination date of the convertible loan notes
is 31 December 2025. The normal conversion price of the loan notes is £0.03
per share however under an equity raise (excluding equity raised to certain
qualifying shareholders, on a normal conversion of the loan notes or on an
issue of shares in relation to warrants and share options) the conversion
price is equal to the issue price on the equity raise less a discount of 50%.
Under the terms of the convertible loan notes, if the Company breaches the
terms of the agreement or an exit event occurs, the initial capital can be
called in for repayment at a premium of 100%.
The Company was at Period end and remains in breach of the terms of the CLN
Agreement. In each case the Note Holders have placed a waiver until 31/12 such
that the Company was not in breach of the Agreement.
11. Basic and diluted loss per share
Unaudited Unaudited Audited
Six months to Six months to Year ended
30 September 30 September 31 March
2025 2024 2025
£ £ £
Loss for the year (40,402,253) (13,924,037) (21,912,258)
Number Number Number
Weighted average number of ordinary shares in issue 188,731,307 188,266,298 188,495,213
(0.214) (0.074)
Basic and diluted loss per share (0.120)
The diluted loss per share calculations excludes the effects of share options,
warrants and convertible debt on the basis that such future potential share
transactions are anti-dilutive.
Were the Company's options and warrants to be converted, a potential further
17,305,284 ordinary shares of between £0.01 to £0.60 would be issued.
Information on share options and warrants is disclosed in Note 13. This figure
excludes the conversion of any CLN's in Note 10.
There were no shares issued subsequent to the end of the interim period.
Notes to the interim accounts (continued)
12. Share capital
Unaudited Unaudited Audited
Six months to Six months to Year ended
30 September 30 September 31 March
2025 2024 2025
Nominal value £ £ £
Ordinary Shares of £0.01 1,887,313 1,887,313 1,887,313
each
Number of shares allotted 188,731,307 188,731,307 188,731,307
13. Share options and warrants
Founder share incentives
The founder shareholders have a right to receive shares at a nominal value
once certain milestones are met.
The movements in the number of incentives during the year were as follows:
Unaudited Unaudited Audited
Six months to Six months to Year ended
30 September 30 September 31 March
2025 2024 2025
Outstanding at beginning of Period 16,571,952 18,229,148 18,229,148
Exercised during the year - (1,657,196) (1,657,196)
Outstanding at end of Period 16,571,952 16,571,952 16,571,952
The founder options meet the definition of equity in the financial statements
of the Company on the basis that the 'fixed for fixed' condition is met. No
consideration was received for the founder options at grant date, therefore no
accounting for the issue of the equity instruments is required under IFRS. On
exercise, the shares are recognised at the fair value of consideration
received, being the option price of £0.01.
Share Options - Employees
EMI and ESOP
Share options have been issued to key employees as an incentive to stay with
the Company. These options can be exercised within one and ten years following
the grant date once the option has vested.
The movement on the number of share options issued by the Company during each
period presented was as follows:
Unaudited Unaudited Audited
Six months to Six months to Year ended
30 September 30 September 31 March
2025 2024 2025
Outstanding at beginning of Period 400,002 400,002 400,002
Outstanding at end of Period 400,002 400,002 400,002
The exercise price of share options outstanding is £0.45 (30 September 2024:
£0.45) (31 March 2025: £0.45) and their remaining estimated time to vesting
was 18 months (30 September 2024: 15 months) (31 March 2025: 24 months).
Notes to the interim accounts (continued)
13. Share options and warrants (continued)
CSOP share options
Share options have been issued to key employees as an incentive to stay with
the Company. These options can be exercised within three and ten years
following the grant date once the option has vested.
Unaudited Unaudited Audited
Six months to Six months to Year ended
30 September 30 September 31 March
2025 2024 2025
Outstanding at beginning of Period 333,330 333,330 333,330
Outstanding at end of Period 333,330 333,330 333,330
The exercise price of share options outstanding at 30 September 2025 was
£0.275 and their remaining time to vesting was nil.
The exercise price of share options outstanding at 31 March 2025 was £0.275
and their remaining time to vesting was 6 months (30 September 2024: 1 year
and 6 months).
14. Commitments
Capital commitments
As at 30 September 2025, the Group had contracted to purchase property, plant
and machinery amounting to £1,178,774 (30 September 2024: £1,746,455) (31
March 2025: £1,178,774) An amount of £123,320 (30 September 2024: £Nil) (31
March 2025: £123,320) is contingent on the commencement of mining operations.
Other financial commitments
The total amount of other financial commitments not provided in the financial
statements was
£7,329,000 (30 September 2024: £8,329,000) (31 March 2025: £8,329,000)
payable on the commencement of mining operations and represented contractual
amounts due to the mining contractor and further committed payments to the
funds held in the escrow account under the escrow agreement.
Included within other financial commitments is £2,000,000 (30 September 2024:
£3,000,000) (31 March 2025: £3,000,000) which is considered to be payable
annually.
As at 30 September 2025, the Company may be liable for payment of any
withholding tax arising on convertible loan notes. On the basis that it
considers the likelihood of a withholding tax liability arising as unlikely,
no provision has been made in the financial statements. Based on interest
accrued to the year end were the liability to arise, the Company's estimate of
the contingent liability is £1,200,000 (31 March 2025: £1,000,000).
The Group had an obligation to dispose of waste materials found onsite. It is
the intention of management to dispose of the waste through the onsite Mine
Waste Facility. If external disposal is required the Company would incur third
party disposal fees estimated at £700,000 (2024: £700,000). As third party
costs were not deemed probable no provision is included in the financial
statements but are considered to represent a contingent liability at the year
end.
A contingent liability of £746,933 relating to the successful appeal of
business rates, may be liable for payment due to the appellant disputing the
outcome. The hearing is currently scheduled for Q1 2026. While we remain
confident that the outcome will not be overturned this remains a contingent
liability.
15. Events after the end of the interim reporting period
• The Company successfully completed a safe and highly
encouraging processing trial, demonstrating strong performance across key
sections of the mineral processing facility. The trial produced over 1,400 MTU
of WO₃ in concentrate, with grades exceeding target levels.
• The Company entered into an EPC agreement relating to the
new build crushing, screening and ore sorter facility, representing a key
milestone in preparation for the restart of operations
• Phil Povey was appointed Chief Financial Officer and
Director of the Company.
• A £4.0 million Bridge Facility was agreed with strategic
investors, a portion of which has already been deployed to advance key
engineering works and secure long-lead items required for the restart of
production.
• The Company entered a binding agreement for full
conversion of the CLNs, subject to shareholder approval. The Board considers
this a significant step forward in the Company's project financing strategy.
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Copyright 2019 Regulatory News Service, all rights reservedRecent news on Tungsten West
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