Tungsten West (TUN): Hemerdon Project Financing

This situation live

TUN Tungsten West

£621m · 34.0p · +238% since the first step

9 Dec 2025 · Advanced discussions; bridge loan agreed · +33% until the next step The Company is advancing discussions with certain parties regarding both the debt and equity funding required to recommence production at Hemerdon.

24 Dec 2025 · Good progress; completion expected Q1 2026 · +110% until the next step Good progress has been made on project funding across both debt and equity streams, with expected completion of the project financing in Q1 2026.

2 Feb 2026 · Several lenders at term sheet stage; EXIM EOI · +29% until the next step Debt funding is progressing well, with a number of potential lenders advanced into term sheet stage.

5 Feb 2026 · Equity raise launched; debt talks advancing · +0% until the next step the Company is advancing discussions with certain parties regarding debt element of the Project Financing which will be required to recommence production at Hemerdon

5 Feb 2026 · Equity raise under way; commissioning targeted Q3 2026 · +0% until the next step fast track production, with the fines gravity circuit commissioning expected to begin in Q3 2026.

6 Feb 2026 · Equity raised; debt package being concluded · +34% until the next step These funds are a cornerstone for the re-start of operations at Hemerdon in a time of very buoyant commodity prices.

8 Apr 2026 · Hargreaves contract terminated; fleet financed · +1% until the next step With the termination of the existing mining services contract, the Company is now advancing plans to self-perform mining operations with the conclusion of a binding finance agreement with McHale Komat

21 May 2026 · Bridge signed; debt due diligence complete, documents pending · −10% until the next step Final stage due diligence of the larger debt package of up to US$85.0 million (the "Facility") is complete, and definitive documentation for the Facility is being finalised with the lender, which will

8 Jul 2026 · Restart commissioning to begin later in July 2026 · +47% until the next step The Company confirms that it will begin commissioning of its phased production ramp-up later this month.

25 Aug 2026 · NWF equity and debt terms agreed; funding package completed · −8% until the next step is pleased to announce that it has agreed terms with the National Wealth Fund ("NWF"), a wholly owned entity of the UK Government, regarding a proposed investment of up to £71 million, completing the

3 Sep 2026 · Funded; fines circuit running, commissioning under way · +4% until the next step The Company has commenced operation of the fines gravity circuit and has produced tungsten and tin concentrate as part of the Company's restart plans.

15 Sep 2026 · Ore processing started; ramp-up under way · −5% until the next step Following the commencement of processing, the Company will progressively ramp up operations towards targeted steady-state production.

23 Sep 2026 · Production under way; offtake signed · −27% since With production now underway, the support of the UK Government through the National Wealth Fund and this long-term commercial agreement with Elmet, we are building a mine-to-market supply chain capabl

Project milestones

Hemerdon Project Financing

Production under way; offtake signed

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

Every step · 13

9 Dec 2025 Advanced discussions; bridge loan agreed – The Company is advancing discussions with certain parties regarding both the debt and equity funding required to recommence production at Hemerdon. ↗
24 Dec 2025 Good progress; completion expected Q1 2026 – Good progress has been made on project funding across both debt and equity streams, with expected completion of the project financing in Q1 2026. ↗
2 Feb 2026 Several lenders at term sheet stage; EXIM EOI – Debt funding is progressing well, with a number of potential lenders advanced into term sheet stage. ↗
5 Feb 2026 Equity raise launched; debt talks advancing – the Company is advancing discussions with certain parties regarding debt element of the Project Financing which will be required to recommence production at Hemerdon ↗
5 Feb 2026 Equity raise under way; commissioning targeted Q3 2026 – fast track production, with the fines gravity circuit commissioning expected to begin in Q3 2026. ↗
6 Feb 2026 Equity raised; debt package being concluded – These funds are a cornerstone for the re-start of operations at Hemerdon in a time of very buoyant commodity prices. ↗
8 Apr 2026 Hargreaves contract terminated; fleet financed – With the termination of the existing mining services contract, the Company is now advancing plans to self-perform mining operations with the conclusion of a... ↗
21 May 2026 Bridge signed; debt due diligence complete, documents pending – Final stage due diligence of the larger debt package of up to US$85.0 million (the "Facility") is complete, and definitive documentation for the Facility is... ↗
8 Jul 2026 Restart commissioning to begin later in July 2026 – The Company confirms that it will begin commissioning of its phased production ramp-up later this month. ↗
25 Aug 2026 NWF equity and debt terms agreed; funding package completed – is pleased to announce that it has agreed terms with the National Wealth Fund ("NWF"), a wholly owned entity of the UK Government, regarding a proposed... ↗
3 Sep 2026 Funded; fines circuit running, commissioning under way – The Company has commenced operation of the fines gravity circuit and has produced tungsten and tin concentrate as part of the Company's restart plans. ↗
15 Sep 2026 Ore processing started; ramp-up under way – Following the commencement of processing, the Company will progressively ramp up operations towards targeted steady-state production. ↗
23 Sep 2026 Production under way; offtake signed – With production now underway, the support of the UK Government through the National Wealth Fund and this long-term commercial agreement with Elmet, we are... ↗

What is happening

Tungsten West: Hemerdon Project Financing – Production under way; offtake signed. ['Production under way; offtake signed']

In short: 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.
Announced: 9 Dec 2025 · Advanced discussions; bridge loan agreed
Latest: 23 Sep 2026 · Production under way; offtake signed
Cash: £25.5m at 31 March 2026, before NWF funds
Production: Fines gravity circuit operating; tungsten and tin concentrate produced
Next milestone: Progressive ramp-up towards targeted steady-state production; no date given in this announcement
Next event: AGM on 29 September 2026
Status: Hemerdon in production since 15 Sep 2026; ramp-up to steady state, no date given
Earlier timetable: Coarse gravity circuit Q4 2026; full commissioning end Q1 2027
Offtake: Elmet eight-year agreement for 1,000t WO₃ a year, announced 23 Sep 2026
UK Government: Negotiation period to procure up to 50% of annual production

What comes next

Progressive ramp-up towards targeted steady-state production.

Briefing Pro

New to Tungsten West? Get up to speed in 2 minutes.

What it does, how it got here, what management promised and delivered – written from its own announcements.

Get the TUN briefing →

From the company's own announcements. Not investment advice.

Also at Tungsten West 5 open

Transformational contract / build-outElmet tungsten offtake agreement – Binding eight-year agreement signed Dilutive fundraiseEquity fundraise and general meeting – Bookbuild done, 2.5x oversubscribed; GM pending Capital returnConvertible note conversion and B-Shares – Conversion approved; B Shares issued Balance-sheet stress / refinancingBridge loan and funding dependence – Repayment planned from Fundraise proceeds Stake building towards controlLansdowne Partners (UK) LLP towards control – 29.9% (from 0%) Tungsten West – company page →