Tungsten West

TUN · AIM · Basic Resources · mcap £615m · 38.2p

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Financials · balance sheet 31 Mar 26 · last twelve months · today’s market value

Source: results 03 Sep 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £518.0m
Owner’s net cash: £23.6m
Net cash / market cap: 5%
EV ex leases: £494.3m
Revenue: £0.6m
Operating profit: −£7.9m
Free cash flow after leases: −£20.9m
FCF yield: -4.0%
Price / tangible book: 8.89×
ROCE: -12%
Net income (owners): −£175.4m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: FY Mar 26 (twelve months to 31 Mar 26), published 03 Sep 26 · read the results ↗

Source ↗

	2026 £ Restated*	2025 £ Restated*
Revenue	601,550	-
Cost of sales	(152,053)	(244,174)
Gross profit / (loss)	449,497	(244,174)
Administrative expenses	(8,809,815)	(9,268,993)
Other operating income	420,000	6,235
Other gains/(losses)	35,000	(9,506,522)
Operating loss	(7,905,318)	(19,013,454)
Finance income	297,031	898,195
Finance costs	(167,972,454)	(6,842,326)
Net finance cost	(167,675,423)	(5,944,131)
Loss before tax	(175,580,741)	(24,957,585)
Income tax credit	134,470	264,572
Loss for the year	(175,446,271)	(24,693,013)
Total comprehensive loss	(175,446,271)	(24,693,013)
Loss attributable to
Owners of the Company	(175,446,271)	(24,693,013)

Source ↗

	31 March 2026 £	31 March 2025 £ Restated*	1 April 2024 £ Restated*
Assets
Non-current assets
Property, plant and equipment	14,640,161	9,455,736	19,266,279
Right-of-use assets	1,869,677	1,984,419	1,895,584
Intangible assets	8,850	64,760	138,832
Mining rights assets	2,272,784	2,306,715	4,189,431
Deferred tax assets	406,931	406,931	421,818
Escrow Cash	14,912,042	14,633,857	13,740,012
Total non-current assets	34,110,445	28,852,418	39,651,956
Current assets
Inventories	29,850	29,850	29,850
Trade and other receivables	12,574,406	2,986,872	2,809,893
Cash and cash equivalents	25,485,511	18,442	1,581,535
Total current assets	38,089,767	3,035,164	4,421,278
Total assets	72,200,212	31,887,582	44,073,234
Equity and liabilities
Equity
Share capital	15,047,487	1,887,313	1,870,741
Share premium	277,030,598	51,949,078	51,949,078
Share option reserve	226,999	319,526	256,278
Retained earnings	(234,036,348)	(58,590,077)	(33,897,064)
Equity attributable to owners of the Company	58,268,736	(4,434,160)	20,179,033
Non-current liabilities
Loans and borrowings	1,742,223	1,870,366	1,803,533
Provisions	7,029,253	6,703,821	8,221,081
Deferred tax liabilities	406,931	406,931	421,818
Total non-current liabilities	9,178,407	8,981,118	10,446,432
Current liabilities
Trade and other payables	4,648,342	2,570,049	1,754,903
Loans and borrowings	104,727	24,770,575	11,692,866
Total current liabilities	4,753,069	27,340,624	13,447,769
Total liabilities	13,931,476	36,321,742	23,894,201
Total equity and liabilities	72,200,212	31,887,582	44,073,234

Source ↗

	2026 £ Restated*	2025 £ Restated*
Cash flows from operating activities
Loss for the year	(175,446,271)	(24,693,013)
Adjustments to cash flows from non-cash items
Depreciation and amortisation	374,943	470,036
(Gain)/Loss on disposal of tangible fixed assets	(35,000)	5,181
Impairment of asset under construction	-	9,506,522
Finance income	(297,031)	(898,195)
Finance costs	167,972,454	6,842,326
share options charge'	(92,527)	63,248
Impact of foreign exchange	(25,746)	(12,734)
Income tax credit	(134,470)	(264,572)
Total adjustments to cash flows from non-cash items	(7,683,648)	(8,981,201)
Working capital adjustments
Decrease in trade and other receivables	(9,587,534)	(176,981)
Increase in trade and other payables	2,212,763	1,079,720
Net cash outflow from operating activities	(15,058,419)	(8,078,462)
Cash flows from investing activities
Interest received	18,846	4,350
Acquisitions of property, plant and equipment	(5,633,715)	(19,885)
Proceeds from property, plant and equipment	280,000	-
Acquisitions of intangibles	-	(750)
Net cash outflows from investing activities	(5,334,869)	(16,285)
Cash flows from financing activities
Interest paid	(155,154)	(5,766)
Proceeds from issue of ordinary shares, net of issue costs	41,029,253	16,572
Proceeds from the issue of convertible loan notes, net of issue costs	5,205,000	6,751,000
Proceeds from the issue of bridging loans, net of issues costs	2,000,000	-
Repayment of bridging loans	(2,000,000)	-
Payments to hire purchase	(6,397)	(31,873)
Payments to lease liabilities	(212,345)	(198,279)
Net cash inflows from financing activities	45,860,357	6,531,654
Net increase/(decrease) in cash and cash equivalents	25,467,069	(1,563,093)
Cash and cash equivalents at 1 April	18,442	1,581,535
Cash and cash equivalents at 31 March	25,485,511	18,442

Source ↗

	30-Sep-25 £	30-Sep-24 £	31-Mar-25 £
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	(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)
Basic and diluted loss per share	(0.214)	(0.074)	(0.120)

Source ↗

	Unaudited Six months to 30-Sep-25 Note £	Unaudited Six months to 30-Sep-24 £	Audited Year ended 31-Mar-25 £
Non-current assets
Property, plant and equipment	9,328,178	19,080,121	9,455,736
Right-of-use assets	1,928,301	1,781,187	1,984,419
Intangible assets	4,949,621	5,022,067	4,984,614
Deferred tax assets	1,368,014	1,390,346	1,368,014
Escrow funds receivable	13,602,937	11,329,495	13,237,420
Total non-current assets	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
Total current assets	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	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 parent	(40,920,447)	7,367,700	(520,408)
Non-current liabilities
Loans and borrowings	1,861,683	1,806,049	1,870,366
Provisions	4,148,508	5,299,502	4,006,771
Deferred tax liabilities	1,368,014	1,390,346	1,368,014
Total non-current liabilities	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	66,736,243	23,124,945	24,770,575
Total current liabilities	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

Source ↗

	Unaudited 30- Sep 2025 £	Unaudited 30- Sep 2024 £	Audited 31- Mar 2025 £
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	218,669	332,743	470,036
Loss on disposal of tangible asset	-	-	5,181
Impairment of asset under construction	-	-	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)
Total adjustments to cash flows from non-cash items	(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 Interest received	4,728	(1,088)	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

	FY Mar 26	FY Mar 25
Revenue to operating profit
Revenue	0.6	0.0
Gross profit	0.4	(0.2)^r
Operating profit	(7.9)	(19.0)^r
Depreciation (owned assets)	–	0.3
Depreciation (right-of-use)	–	0.1
Share-based payments	(0.1)	0.1
Operating profit to net income
Finance costs	(168.0)	(6.8)
Profit before tax	(175.6)	(25.0)^r
Tax	0.1	0.3
Net income (owners)	(175.4)	(24.7)^r
Per share
EPS basic	(12.0p)	(13.0p)
EPS diluted	(12.0p)	(13.0p)

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Revenue to operating profit
Revenue	0.6	0.0	0.0	0.0
Gross profit	1.6	(1.2)	0.9	(1.1)
Operating profit	(4.1)	(3.8)	(13.6)	(5.4)
Depreciation (owned assets)	–	0.1	0.1	0.2
Depreciation (right-of-use)	–	0.1	(0.0)	0.1
Share-based payments	(0.1)	0.0	0.1	(0.0)
Operating profit to net income
Finance costs	(131.0)	(37.0)	1.9	(8.8)
Profit before tax	(135.2)	(40.4)	(11.0)	(13.9)
Tax	0.1	0.0	0.3	0.0
Net income (owners)	(135.0)	(40.4)	(10.8)	(13.9)
Per share
EPS basic	(11.8p)	(0.2p)	(12.9p)	(0.1p)

	FY Mar 26	FY Mar 25
Operating activities
Cash from operations	(15.1)	(8.1)
Interest paid	(0.2)	(0.0)
Investing activities
Capex (PP&E)	(5.6)	(0.0)
Capex (intangibles)	–	(0.0)
Financing activities
Lease principal paid	(0.2)	(0.2)
Shares issued	41.0	0.0

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Operating activities
Cash from operations	(10.9)	(4.1)	(3.7)	(4.4)
Interest paid	(0.1)	(0.0)	(0.0)	(0.0)
Investing activities
Capex (PP&E)	(5.6)	0.0	(0.0)	0.0
Capex (intangibles)	–	0.0	0.0	(0.0)
Financing activities
Lease principal paid	(0.2)	(0.0)	(0.2)	(0.0)
Shares issued	41.0	0.0	0.0	0.0

	31 Mar 26	31 Mar 25
Non-current assets
Property, plant & equipment	14.6	9.5
Non-current assets	34.1	28.9
Current assets
Inventories	0.0	0.0
Trade receivables	12.6	3.0
Cash	25.5	0.0
Current assets	38.1	3.0
Total assets	72.2	31.9^r
Current liabilities
Trade payables	4.6	2.6
Borrowings, current	0.1	24.8
Lease liabilities, current	0.1	0.1
Current liabilities	4.8	27.3
Non-current liabilities
Borrowings, non-current	1.7	1.9
Lease liabilities, non-current	1.7	1.9
Non-current liabilities	9.2	9.0
Total liabilities	13.9	36.3^r
Equity
Total equity	58.3	(4.4)^r

	31 Mar 26	30 Sep 25	31 Mar 25	30 Sep 24
Non-current assets
Property, plant & equipment	14.6	9.3	9.5	19.1
Non-current assets	34.1	31.2	28.9	38.6
Current assets
Inventories	0.0	0.0	0.0	0.0
Trade receivables	12.6	3.1	3.0	3.4
Cash	25.5	1.0	0.0	0.0
Current assets	38.1	4.2	3.0	3.4
Total assets	72.2	35.3	31.9^r	42.0
Current liabilities
Trade payables	4.6	2.1	2.6	3.0
Borrowings, current	0.1	66.7	24.8	23.1
Lease liabilities, current	0.1	–	0.1	–
Current liabilities	4.8	68.9	27.3	26.2
Non-current liabilities
Borrowings, non-current	1.7	1.9	1.9	1.8
Lease liabilities, non-current	1.7	–	1.9	–
Non-current liabilities	9.2	7.4	9.0	8.5
Total liabilities	13.9	76.3	36.3^r	34.7
Equity
Total equity	58.3	(40.9)	(4.4)^r	7.4

Read automatically from each results announcement. Check the source before relying on a figure.

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Company filings. Not investment advice.