Business
Project Update
Tungsten West Plc has provided a project update indicating significant progress in debt funding, with several potential lenders advancing to the term sheet stage, alongside advancements in long-lead equipment orders and detailed engineering. Favourable market conditions have dramatically improved project economics, with the forecast Net Present Value increasing from US$190 million to US$1.7 billion and the Internal Rate of Return rising from 29% to 197%, alongside a fourfold increase in near-term EBITDA estimates. The company is also onboarding key resources to commence refurbishment and start-up, with production targeted within 12 months of funding, and has progressed multiple offtake term sheets and letters of intent representing over 300% of peak production. Disclaimer*
About this update from Tungsten West Plc
[{"type":"text","content":"\n\n2 February 2026\nTungsten West Plc\n(\"Tungsten West\", the \"Company\" or the \"Group\")\n \nProject Update\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 provide an update on its Project Financing initiatives and operational activities, against the backdrop of favourable market conditions for the Company's primary commodities.\n \nHighlights\n· Debt funding progressing well, with a number of potential lenders advanced into term sheet stage\n· Long-lead orders for key equipment and detailed engineering work advanced\n· Onboarding of key Project resources to commence the refurbishment and start-up process\n· Multiple offtake term sheets and letters of intent being progressed\n· Uplift in Project economics calculated using recent tungsten and tin market pricing:\no The Project's forecast Net Present Value 7.5% (\"NPV\") increases from US$190 million to US$1.7 billion\no The Project's Internal Rate of Return (\"IRR\") increases from 29% to 197%\no Near term EBITDA estimates increase over fourfold\n· Publication of updated Corporate Presentation\n \nJeff Court, CEO of Tungsten West, commented:\n\"The structural shift in the tungsten market that we have seen since the end of 2024 reflects the ever growing need to provide critical mineral diversification and supply chain resilience to Western economies. The Project Updated Feasibility Study released in August 2025 demonstrated solid financial returns from the Company's approach to restarting activities at Hemerdon with a greatly improved and robust mineral process flow sheet, plant modifications and access to high quality ore in the pre-existing open pit mine. In the relatively short time since releasing the Updated Feasibility Study, tungsten prices have increased over 200% and tin prices over 70%. As the Company is fully leveraged to market prices, the Project's economics have vastly improved, underlining the importance of advancing the Project rapidly.\n \n\"To this end, in addition to the well-advanced Project Financing, we h...