Grant of Awards under Long Term Incentive Plan
Tungsten West Plc has granted options under its Long Term Incentive Plan to three Directors, including Non-Executive Chairman Stephen Harrison, CEO Jeffery Court, and CFO Philip Povey. Stephen Harrison received 30,260,695 awards exercisable at 3 pence. Jeffery Court was granted a total of 75,651,737 awards, with 60,521,388 exercisable at 3 pence and 15,130,349 exercisable at 18 pence. Philip Povey received 37,825,868 awards, with 30,260,695 exercisable at 3 pence and 7,565,173 exercisable at 18 pence. These awards are subject to performance conditions related to commercial production, operational milestones, and key performance indicators, with approximately 20% of the CEO and CFO awards vesting only upon meeting significant 'stretch' targets.
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Tungsten West (AIM: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 granted options (the "Awards") over ordinary shares of 1 pence each in the capital of the Company ("Ordinary Shares") to three Directors of the Company, pursuant to the Company's Long Term Incentive Plan (the "LTIP").
The Company's LTIP was approved by shareholders at the General Meeting held on 30 January 2026, with further subsequent approvals provided at the General Meeting held on 26 February 2026, and has been implemented by the Board in line with the description provided in the circulars published on 14 January 2026 and 9 February 2026 respectively.
Details of the Awards are set out below:
| Director | Number of total Awards granted under LTIP | Total Awards exercisable at 3p | Total Awards exercisable at 18p* |
|---|---|---|---|
| Stephen Harrison (Non-Executive Chairman) | 30,260,695 | 30,260,695 | - |
| Jeffery Court (Chief Executive Officer) | 75,651,737 | 60,521,388 | 15,130,349 |
| Philip Povey (Chief Financial Officer) | 37,825,868 | 30,260,695 | 7,565,173 |
* Options with 'stretch' targets as set out below
The Awards issued are subject to certain performance conditions, including in relation to achieving key commercial production and/or operational milestones and other key performance indicators. In respect of the Awards issued to the CEO and CFO, approximately 20% will only vest once certain 'stretch' targets are met, which represent performance that is significantly in excess of the Group's current base case business plan assumptions. The extent to which those performance conditions have been satisfied will be determined by the Remuneration Committee.
The Awards have different exercise prices depending on the applicable performance conditions as set out the table above and, will lapse by the fifteenth anniversary of the date of grant, unless they lapse earlier in accordance with their terms.
The option agreements also provide for the acceleration of vesting on a change of control, subject to the terms of the LTIP and the relevant option agreement.
| a) | Name | TUNGSTEN WEST PLC |
| b) | LEI | 213800QNV72HX3JAFC56 |
| a) | Description of the financial instrument, type of instrument | Conditional options over ordinary shares granted under the Company's LTIP |
| Identification code | GB00BP6QM557 | |
| b) | Nature of the transaction | Grant of conditional options under the Company's LTIP |
| c) | Price(s) and volume(s) | Name Price(s) Volume(s) Stephen Harrison 3 pence 30,260,695 Jeffery Court 3 pence 60,521,388 Philip Povey 3 pence 30,260, 695 |
| d) | Aggregated information | |
| - Aggregated volume | N/A | |
| - Price | ||
| e) | Date of the transaction | 21 July 2026 |
| f) | Place of the transaction | Outside of a trading venue |
| 1 | Details of the person discharging board responsibilities | |
| a) | Name | i) Jeffery Court ii) Philip Povey |
| 2 | Reason for the notification | |
| a) | Position/status | i) CEO ii) CFO |
| b) | Initial notification /Amendment | Initial notification |
| a) | Name | TUNGSTEN WEST PLC |
| b) | LEI | 213800QNV72HX3JAFC56 |
| a) | Description of the financial instrument, type of instrument | Conditional options over ordinary shares granted under the Company's LTIP |
| Identification code | GB00BP6QM557 | |
| b) | Nature of the transaction | Grant of conditional options under the Company's LTIP |
| c) | Price(s) and volume(s) | Name Price(s) Volume(s) Jeffery Court 18 pence 15,130,349 Philip Povey 18 pence 7,565,173 |
| d) | Aggregated information | |
| - Aggregated volume | N/A | |
| - Price | ||
| e) | Date of the transaction | 21 July 2026 |
| f) | Place of the transaction | Outside of a trading venue |
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