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Tungsten West

TUN · AIM · Basic Resources · mcap £621m · 34.0p 6 open situations →

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Project milestones

Hemerdon Project Financing

Production under way; offtake signed

Hemerdon restart funding was assembled from December 2025: £41.4m equity in February, US$25m bridge on 21 May 2026, NWF terms for up to £71m on 25 Aug 2026. Production began on 15 Sep 2026. On 23 Sep 2026 the company signed an eight-year Elmet offtake, giving the ramp-up a contracted buyer for 1,000t WO₃ a year.

Cash
£25.5m at 31 March 2026, before NWF funds 3 Sep 2026 ↗
Production
Fines gravity circuit operating; tungsten and tin concentrate produced 3 Sep 2026 ↗
Next milestone
Progressive ramp-up towards targeted steady-state production; no date given in this announcement 15 Sep 2026 ↗
Next event
AGM on 29 September 2026 23 Sep 2026 ↗
Status
Hemerdon in production since 15 Sep 2026; ramp-up to steady state, no date given 23 Sep 2026 ↗
Earlier timetable
Coarse gravity circuit Q4 2026; full commissioning end Q1 2027 23 Sep 2026 ↗

Next: Progressive ramp-up towards targeted steady-state production

  1. 23 Sep 2026 Production under way; offtake signed
  2. 15 Sep 2026 Ore processing started; ramp-up under way
  3. 3 Sep 2026 Funded; fines circuit running, commissioning under way
  4. 25 Aug 2026 NWF equity and debt terms agreed; funding package completed
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Transformational contract / build-out

Elmet tungsten offtake agreement

Binding eight-year agreement signed

Tungsten West announced on 23 Sep 2026 a binding eight-year offtake with Elmet for 1,000t a year of contained WO₃ from Hemerdon, indicatively worth over £1.4bn at current prices. Pricing floats with European APT, so revenue is not guaranteed. It follows production start on 15 Sep 2026 and the NWF funding.

Volume
1,000 tonnes (100,000 mtu) per annum contained WO₃, eight years 23 Sep 2026 ↗
Indicative value
Over £1.4 billion nominal at prevailing prices and FX; not guaranteed revenue 23 Sep 2026 ↗
Pricing
Variable, referenced to European APT pricing 23 Sep 2026 ↗
UK option
Additional 500tpa processed by Elmet on request, commercial and delivery terms still to be agreed 23 Sep 2026 ↗
Counterparty
Elmet Technologies LLC, US-based vertically integrated tungsten producer 23 Sep 2026 ↗

Next: Deliveries to Elmet as Hemerdon ramps up; UK 500tpa terms to be agreed

  1. 23 Sep 2026 Binding eight-year agreement signed
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Dilutive fundraise

Equity fundraise and general meeting

Bookbuild done, 2.5x oversubscribed; GM pending

Fundraise launched 5 February at 18p, a 39% discount to the last close. The bookbuild is done: £10.8m Placing plus £29.3m Subscription, over 2.5x oversubscribed, and £41.4m gross in total. The first tranche is admitted on 11 February; the second needs shareholder approval at the 26 February meeting. The Retail Offer result is still to come.

Size
£41,369,718 gross: Placing £10,754,300, Subscription £29,288,296, plus directors' £351,522
Price
18p, a 9.9% premium to the 30-day VWAP of 16.38p
Discount
About 39.0% to the 29.50p close on 4 February 2026
Dilution
Placing and Subscription shares are about 17.6% of issued share capital (including B Shares) before the fundraise
Next milestone
First Admission 11 February 2026; General Meeting 26 February; Second Admission 27 February
Related party
Lansdowne took 40,678,189 shares for £7.32m; independent director Martin Wood considers terms fair and reasonable
  1. 6 Feb 2026 Bookbuild done, 2.5x oversubscribed; GM pending
  2. 5 Feb 2026 Retail offer open, closes 6 February
  3. 5 Feb 2026 Bookbuild launched; retail offer open
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Capital return

Convertible note conversion and B-Shares

Conversion approved; B Shares issued

Next: Lansdowne to convert B Shares to keep 29.9% after Fundraise

  1. 5 Feb 2026 Conversion approved; B Shares issued
  2. 24 Dec 2025 Binding conversion agreement; approval pending
  3. 9 Dec 2025 Terms conditionally agreed; shareholder approval pending
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Balance-sheet stress / refinancing

Bridge loan and funding dependence

Repayment planned from Fundraise proceeds
  1. 5 Feb 2026 Repayment planned from Fundraise proceeds
  2. 5 Feb 2026 £2m drawn; repayment planned from raise
  3. 24 Dec 2025 Bridge partly deployed; going-concern uncertainty stated
  4. 9 Dec 2025 Bridge facility agreed, first tranche available
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Stake building towards control

Lansdowne Partners (UK) LLP towards control

29.9% (from 0%)

Next: a 30% holder must bid (Rule 9)

  1. 8 Jan 2026 29.9%
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Closed · 2

OverhangDrakewood Capital Management Limited selling down selling stopped · 9 Feb 2026 – 12 Feb 2026 +38% OverhangHenry Maxey selling down selling stopped · 9 Feb 2026 – 11 Feb 2026 +38%

Company filings. Not investment advice.

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