Conversion of B Shares

Tungsten West (AIM: TUN), the mining company focused on restarting production at the Hemerdon tungsten and tin mine in Devon in the UK, announces that on 6 and 11 March 2026, the Company received notices for the partial conversion of B Shares into new Ordinary Shares. The Company has received the following conversion notices from:

• Drakewood Capital Management Limited to convert 10,339,891 B Shares into new Ordinary Shares on a one-to-one basis; and
• Henry Maxey to convert 23,466,395 B Shares into new Ordinary Shares on a one-to-one basis.

Accordingly, the Company will issue an aggregate of 33,806,286 new Ordinary Shares on a one-to-one basis. Following the conversion, the number of outstanding B Shares not yet converted into Ordinary Shares will be 257,075,833.

Admission and Total Voting Rights

Applications have been made for the new Ordinary Shares to be admitted to trading on AIM ("Admission"). Admission is expected to become effective on 17 March 2026.

Immediately following Admission, the issued ordinary share capital of the Company is expected to comprise 1,247,672,923 Ordinary Shares and 257,075,833 B shares. Each Ordinary Share has one voting right and no Ordinary Shares are held in treasury. From Admission, this figure may be used by Shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.