Grant of Awards under Long Term Incentive Plan
Tungsten West Plc has granted 5,000,000 conditional options under its Long Term Incentive Plan to Chief Operating Officer Ronald Day, exercisable at 1 pence, and an additional 1,494,685 awards to other senior managers. These awards are contingent on achieving specific commercial production, operational milestones, and key performance indicators, with vesting subject to determination by the Remuneration Committee and potential acceleration upon a change of control. The options are valid for fifteen years from the grant date of 23 August 2026.
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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 Ronald Day, Chief Operating Officer, and other senior managers, pursuant to the Company's Long Term Incentive Plan (the "LTIP").
The Company's shareholders passed resolutions to grant options and/or allot and issue new Ordinary Shares pursuant to the LTIP at the General Meeting held on 30 January 2026, with further subsequent share authority resolutions passed at the General Meeting held on 26 February 2026, and the LTIP 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 granted to a Person Displaying Management Responsibility ("PDMR") are set out below:
| PDMR | Number of total Awards granted under LTIP | Total Awards exercisable at 1p |
|---|---|---|
| Ronald Day (Chief Operating Officer) | 5,000,000 | 5,000,000 |
Additionally, the Company has granted Awards over 1,494,685 shares to senior management.
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. The extent to which performance conditions have been satisfied will be determined by the Remuneration Committee.
The Awards 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) | Price: 1 pence Volumes: 5,000,000 |
| d) | Aggregated information | |
| - Aggregated volume | N/A - Single Transaction | |
| - Price | ||
| e) | Date of the transaction | 23 August 2026 |
| f) | Place of the transaction | Outside of a trading venue |
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