Business
Financial Results & Lifting of Trading Suspension
Financial Results & Lifting of Trading Suspension.
About this update from Tungsten West Plc
[{"type":"text","content":"\n\n2 October 2024\nTungsten West Plc\n(\"Tungsten West\", the \"Company\" or the \"Group\")\n \nFinancial Results for the Year Ended 31 March 2024, Availability of Annual Report,\nand Lifting of Trading Suspension\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 2024.\nCopies of the Company's full Annual Report and Financial Statements for the financial year to 31 March 2024 are available to download from the Company's website at www.tungstenwest.com and will shortly be posted to shareholders.\nAs a result of the publication of these results, trading in the Company's ordinary shares on AIM will be restored with effect from 12:00pm today.\nHighlights for the Period\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· Approval of the Section 73 application (variation of a condition of existing permission) to vary the tonnage cap on truck movements from site.\n· Strengthening the board with the appointment of new Non-Executive Directors, Mr Guy Edwards, Mr Adrian Bougourd, and Mr Kevin Ross.\n· Mr. Alistair Stobie appointed as Chief Financial Officer. \n· £10.35 million convertible loan notes issued over four tranches.\n \nPost Period Highlights \n· The Environment Agency granted the Company a permit to operate its Mineral Processing Facility, the last of the key permits required to further progress the Project.\n· £2.9 million convertible loan notes issued by way of adding an additional tranche.\n· Appointment of Mr Jeffery Court as Chief Executive Officer.\n \nAt the year-end, the Group had £1.6 million in cash reserves and £0.04 million at the end of September 2024. The Group is in the process of finalising the documentation in respect of a £2.0 million Tranche F funding round with its existing CLN holders. The Group h...