Director/PDMR Shareholding
Tungsten West plc announced that Non-Executive Director Richard Maxey acquired 366,210 ordinary shares at 3.00 pence per share, following the mandatory conversion of £10,986.30 of convertible loan notes, resulting in his beneficial holding of 366,210 shares, representing 0.05% of the company. This transaction also updates the Drakewood Concert Party's holdings, which collectively now represent 29.95% of the company's total voting rights after the issuance of 208,619,441 conversion shares.
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Tungsten West plc (LON:TUN), the mining company focused on restarting production at the Hemerdon tungsten and tin mine ("Hemerdon" or the "Project") in Devon, UK, announces that it has been informed of the following share dealing by a director in the Company.
Further to the Company's announcement on 2 January 2026, Tungsten West has been informed that Richard Maxey, Non-Executive Director, has become interested in a total of 366,210 ordinary shares of 1 pence each in the Company ("Ordinary Shares"), following the mandatory conversion of £10,986.30 of convertible loan notes at 3.00 pence per Ordinary Share.
Following the above acquisition, the beneficial holdings in Tungsten West of Mr Maxey are as follows:
| Director | Shares Acquired | Resulting Shareholding | % of the Company Held |
|---|---|---|---|
| Richard Maxey | 366,210 | 366,210 | 0.05% |
Update to the Drakewood Concert Party
The Drakewood Concert Party now comprises Drakewood Capital Management Limited, David Lilley, Henry Maxey, Rick Maxey, Godolphin Minerals Limited, Mark Thompson and Andrew Monk. Following the issuance of the Conversion Shares the shareholdings of the individual members of the Drakewood Concert Party is as follows:
| Shareholder | Ordinary Shares held prior to Conversion | Conversion Shares issued | Resultant holding of Ordinary Shares | % of total voting rights |
|---|---|---|---|---|
| Drakewood Capital Management Limited and David Lilley | 6,506,382 | 84,438,895 | 90,945,277 | 11.73% |
| Henry Maxey | 13,782,089 | 100,196,491 | 113,978,580 | 14.70% |
| Richard Maxey | - | 366,210 | 366,210 | 0.05% |
| Godolphin Minerals Limited | - | 18,310,502 | 18,310,502 | 2.36% |
| Mark Thompson | 3,249,148 | 3,662,100 | 6,911,248 | 0.89% |
| Andrew Monk | - | 1,645,243 | 1,645,243 | 0.21% |
| Total | 23,537,619 | 208,619,441 | 232,157,060 | 29.95% |
PDMR Notification Form:
The notification below is made in accordance with the requirements of MAR.
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Richard Maxey | ||||
| 2. | Reason for the Notification | |||||
| a) | Position/status | Non-Executive Director | ||||
| b) | Initial notification/amendment | Initial notification | ||||
| a) | Name | Tungsten West plc | ||||
| b) | LEI | 213800QNV72HX3JAFC56 | ||||
| a) | Description of the Financial instrument, type of instrument | Ordinary shares of 1 pence each in the share capital of Tungsten West plc | ||||
| Identification code | GB00BP6QM557 | |||||
| b) | Nature of the Transaction | Acquisition of Ordinary Shares via mandatory conversion of convertible loan notes | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information Aggregated volume Price | N/A (Single transaction) | ||||
| e) | Date of the transaction | 31 December 2025 | ||||
| f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.