Retail Offer by RetailBook

• The Issue Price for the new Ordinary Shares is 18 pence per new Ordinary Share, representing a discount of approximately 39 per cent to the closing mid-price of the Company's existing Ordinary Shares on 4 February 2026;
• The Retail Offer is available to both existing shareholders and new investors;
• There is a minimum subscription of £1,000 per investor in the Retail Offer;
• No commission will be charged by RetailBook on applications to the Retail Offer.

The Retail Offer

Tungsten West (LON: TUN), the mining company focused on restarting production at the Hemerdon tungsten and tin mine ("Hemerdon" or the "Project") in Devon in the UK, announces a conditional retail offer of new ordinary shares in the capital of the Company ("Ordinary Shares") via RetailBook (the "Retail Offer") at an issue price of 18 pence per new Ordinary Share (the "Issue Price"), being a discount of approximately 39 per cent to the closing mid-price of the Company's existing Ordinary Shares on 4 February 2026 (the "Retail Offer Shares").

The Company is also conducting a placing of new Ordinary Shares ("Placing Shares") to institutional investors by way of an accelerated bookbuilding process (the "Placing") and direct subscription with the Company by a prominent international investor (the "Subscription", together with the Placing and Retail Offer, the "Fundraise") as announced by the Company earlier today. For the avoidance of doubt, the Retail Offer is not part of the Placing or Subscription.

The Retail Offer is conditional on the Company obtaining shareholder approval at a general meeting of the shareholders of the Company to be held on or about 26 February 2026. The Retail Offer is further conditional on the Retail Offer Shares being admitted to trading on AIM ("Admission"). Admission is expected to take place at 8:00 a.m. on or around 27 February 2026.

The Retail Offer will not be completed without all the Placing Shares also being issued.

The Company intends to use the net proceeds of the Fundraise, alongside debt financing, to deliver the 2025 Feasibility study, pay for financing and transaction costs, repay the Company's bridge facility (as announced on 9 December 2025), and fast track production, with the fines gravity circuit commissioning expected to begin in Q3 2026.

Reason for the Retail Offer

The Retail Offer is open to eligible investors resident and physically located in the United Kingdom following release of this announcement. The Retail Offer is expected to close at 4:30 p.m. on Friday 6 February 2026 and may close earlier at the discretion of the Company or if it is oversubscribed.

Eligibility for the Retail Offer

Some partners may only accept applications from existing shareholders and/or existing customers.

There is a minimum subscription of £1,000 per investor. The terms and conditions on which investors subscribe will be provided by the relevant financial intermediaries including relevant commission or fee charges. Note, no commission will be charged to investors by RetailBook in connection with the Retail Offer.

It is a term of the Retail Offer that the aggregate value of Retail Offer Shares sold pursuant to the Retail Offer does not exceed £3 million.