Business
Final Results for the year ended 31 March 2023
Final Results for the year ended 31 March 2023.
About this update from Tungsten West Plc
[{"type":"text","content":"\n\n14 September 2023\nTungsten West Plc\n(\"Tungsten West\", the \"Company\" or the \"Group\")\n \nFinal Results for the year ended 31 March 2023 and\nAvailability of Annual Report\n \nTungsten West (LON:TUN), the mining company focused on restarting production at the Hemerdon tungsten and tin mine (\"Hemerdon\" or the \"Project\") in Devon, UK, is pleased to announce its audited results for the year ended 31 March 2023.\n \nHighlights for the Period\n \n· Updated JORC compliant Ore Reserve Estimate to 101.2 million tonnes (\"Mt\"), making the Hemerdon deposit the second largest reported Committee for Mineral Reserves International Reporting Standards (\"CRIRSCO\") standard tungsten reserve globally\n· An updated Feasibility Study highlighted strong project economics, including:\no Average annual production of 2,900 tonnes of WO3 in concentrate and 310 tonnes of Tin (\"Sn\") in concentrate\no Life of Mine (\"LOM\") of 27 years and an annual average steady-state mining rate of 3.5 Mt per annum\n§ The LOM model assumes stockpiling lower grade killas ore for processing from Year 17 onwards, significantly extending the mine life\n· Key permits, including the Mining Waste Facility (\"MWF\") and Open Pit Water Abstraction Licence, granted by the Environment Agency\n· Following the draw down of the Tranche A and Tranche B convertible loan notes, £6.95 million in total, there is not any current commitment from existing or new noteholders to purchase any Tranche C notes. If the Group fails to find purchasers for the Tranche C notes, then, in the absence of other new sources of finance, it would no longer be able to meet its liabilities as they fall due in November 2023\no The Board continues to implement a cost reduction programme, is proactively engaging with loan note holders and is reviewing other sources of funding to address the short-term liquidity needs of the business\n \nPost Period Highlights\n \n· Production of legacy tungsten pre-concentrate and tin concentrate totalling 50 tonnes\n· The Company entered into a strategic collaboration with the fusion energy company, Oxford Sigma\n· Following the completion of Low Frequency Noise (\"LFN\") Trials, the Comp...