Tungsten West
TUN · AIM · Basic Resources · mcap £621m · 34.0p 6 open situations →
Open · 6
Hemerdon Project Financing
Follows from Bridge loan and funding dependence – Repayment planned from Fundraise proceedsIncludes Convertible note conversion and B-Shares – Conversion approved; B Shares issuedIncludes Elmet tungsten offtake agreement – Binding eight-year agreement 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
- 23 Sep 2026 Production under way; offtake signed
- 15 Sep 2026 Ore processing started; ramp-up under way
- 3 Sep 2026 Funded; fines circuit running, commissioning under way
- 25 Aug 2026 NWF equity and debt terms agreed; funding package completed
Elmet tungsten offtake agreement
Part of Hemerdon Project Financing – Production under way; offtake 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
- 23 Sep 2026 Binding eight-year agreement signed
Equity fundraise and general meeting
Led to Lansdowne Partners (UK) LLP towards control – 29.9% (from 0%)Led to Bridge loan and funding dependence – Repayment planned from Fundraise proceeds
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
- 6 Feb 2026 Bookbuild done, 2.5x oversubscribed; GM pending
- 5 Feb 2026 Retail offer open, closes 6 February
- 5 Feb 2026 Bookbuild launched; retail offer open
Convertible note conversion and B-Shares
Part of Hemerdon Project Financing – Production under way; offtake signed
Next: Lansdowne to convert B Shares to keep 29.9% after Fundraise
- 5 Feb 2026 Conversion approved; B Shares issued
- 24 Dec 2025 Binding conversion agreement; approval pending
- 9 Dec 2025 Terms conditionally agreed; shareholder approval pending
Bridge loan and funding dependence
Led to Hemerdon Project Financing – Production under way; offtake signedFollows from Equity fundraise and general meeting – Bookbuild done, 2.5x oversubscribed; GM pending
- 5 Feb 2026 Repayment planned from Fundraise proceeds
- 5 Feb 2026 £2m drawn; repayment planned from raise
- 24 Dec 2025 Bridge partly deployed; going-concern uncertainty stated
- 9 Dec 2025 Bridge facility agreed, first tranche available
Lansdowne Partners (UK) LLP towards control
Follows from Equity fundraise and general meeting – Bookbuild done, 2.5x oversubscribed; GM pending
Next: a 30% holder must bid (Rule 9)
- 8 Jan 2026 29.9%
Closed · 2
Company filings. Not investment advice.