Tungsten West Plc · LSE:TUN
Tungsten West — Investor Presentation (October 2026)
33 slides from Tungsten West's investor presentation, October 2026
Slide 1: Unlocking Hemerdon
Corporate Presentation Unlocking Hemerdon
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by, and is the responsibility of, Tungsten West Plc Neither receipt of the presentation by any person, nor any information contained in the All information presented or contained in this presentation is subject to verification, ("Tungsten West") and its
Slide 3: Hemerdon Mine
01 Hemerdon Mine A fully funded, de-risked restart of a world-scale tungsten asset WWW.TUNGSTENWEST.COM
Slide 4: Tungsten West overview
Tungsten West overview Hemerdon is a fully funded, strategic tungsten asset, with strong growth prospects and commissioning underway at near record prices 01 02 03 World-scale, low cost resource in UK Fully Funded and commissioning underway Licence to operate ■ Global resources of 39.7 Mmtu containe
Slide 5: The Hemerdon tungsten mine
The Hemerdon tungsten mine The Hemerdon tungsten and tin mine is located 7 miles from Plymouth, Devon, United Kingdom History Location 1867 to 1944 Discovery and Discovered in 1867, with production in 1915 to 1919 and again from 1930 to 1944 production Mid-1980s Further drilling and a 50tph pilot pl
Slide 6: Team and Focus
02 Team and Focus Leaders who have taken mines from start-up to steady state WWW.TUNGSTENWEST.COM
Slide 7: Executive and operating team
Executive and operating team Leaders who have taken mines from start-up to steady state, including at a world-scale tungsten operation Jeff Court Phil Povey Ron Day Chief Executive Officer Chief Financial Officer Chief Operating Officer ■ 30+ years: feasibility, start-up, EPC/EPCM and processing pla
Slide 8: Non-executive directors
Non-executive directors A Board with mine development, capital markets and governance experience Stephen Harrison David Cather Kathy Callaghan Non-Executive Chairman Non-Executive Director Non-Executive Director Appointed December 2024 Appointed September 2021 Appointed October 2026 ■ Chief Executiv
Slide 9: Managing our licence to operate
Managing our licence to operate Environmental, community and safety performance underpin the restart SAFETY ENVIRONMENT NOISE Health and safety Restoration and permits Noise mitigation ■ Zero lost time injuries since restart ■ Restoration Escrow account balance of £16m ■ Audible noise controls on ne
Slide 10: Project Update
03 Project Update Structurally constrained supply, and a team built to deliver WWW.TUNGSTENWEST.COM
Slide 11: Project improvements
Project improvements Tungsten West’s plan has been built around learnings from the prior operating experience, substantial further test work and process redesign, all building upon the extensive foundation and infrastructure put in place by Wolf Minerals Issue Under Wolf Minerals (2015 to 2018) Tung
Slide 12: Processing capability: Feasibility Study
Processing capability: Feasibility Study Feasibility Study single-stream processing circuit with ore sorters, in-line pressure jigs and single-stage DMS New Build Front-End Mineral Processing Plant Premium aggregate Primary and Crushed ore Ore sorters Tertiary crushing Coarse gravity Roasting second
Slide 13: Processing capability: expansion
Processing capability: expansion Modular Front-End de-risks the fines and coarse gravity circuits, ahead of a permanent soft ore circuit and recommissioned two-stage DMS New Build Front-End Mineral Processing Plant Premium aggregate EXPANSION Primary and Crushed ore Ore sorters Tertiary crushing Coa
Slide 14: Processing capability: sodium tungstate
Processing capability: sodium tungstate Adding a sodium tungstate processing step to increase recovery and produce a higher value product New build front end Mineral Processing Plant Premium aggregate EXPANSION Primary and Crushed ore Ore sorters Tertiary crushing Coarse gravity Roasting secondary F
Slide 15: Delivering against plan
Delivering against plan Restart milestones: Targets we’ve set and delivered Milestone Target Position at October 2026 Status Refinery trial produces tungsten concentrate Q4 2025 Achieved November 2025 Achieved Financing optimised and Project financing Q1 2026 Achieved aligned with project schedule C
Slide 16: Re-start status and path to steady state
Re-start status and path to steady state Phased restart: production through the Modular Front End while the permanent plant is completed Workstream Q3-26 Q4-26 Q1-27 Q2-27 Q3-27 Q4-27 Q1-28 Q2-28 Soft Ore Modular Front End (MFE) Commission Production Screening and tertiary crushing Fines Circuit Com
Slide 17: Permanent front-end: construction progress on time and within budget
Permanent front-end: construction progress on time and within budget Primary and secondary crushing, ore sorters and coarse circuit, on track for completion in Q1 2027 and within project budget Existing MPF Existing MPF New ROM pad New build New build Planned construction to foreground of existing m
Slide 18: Modular front end: soft ore circuit
Modular front end: soft ore circuit Soft ore screening and crushing at 200 t/h, feeding the fines, magnetics and tin circuits while the permanent plant is completed Coarse ore feed stockpile Modular Jig Soft ore feed washplant Modular Front End Screening and wash plant facilities commissioned for fe
Slide 19: Owner-operated mining fleet
Owner-operated mining fleet Mining brought in house: excavators, haul trucks, dozers and loaders operated by Tungsten West The fleet The fleet Komatsu HD785 haul trucks and WA700 front end loader at site commissioned and operating First Komatsu PC2000 commissioned at site and operating WWW.TUNGSTENW
Slide 20: Hemerdon restart project
Hemerdon restart project Re-start project cash flows: forecast vs budget, and remaining spend Project capex (£m) Forecast Budget Over / (under) Remaining project spend (£m) Rebuild project: original scope / capacity 67 72 (5) Financial Year to March 2027 25–35 Mining equipment 33 36 (3) Property, Bo
Slide 21: Plan and Outlook
04 Plan and Outlook Why Hemerdon is now positioned for success WWW.TUNGSTENWEST.COM
Slide 22: Reserves, resources and mine plan
Reserves, resources and mine plan A large, well-defined orebody supporting an 11-year base case and a 15-year processing life, with significant resource to reserves up-side in contained WO3 Ore reserves 2025 Feasibility Study Metrics Ore type Proven (Mt) Probable (Mt) Total (Mt) WO3 (%) 3.5Mtpa of o
Slide 23: Outlook: financial year ending March 2028
Outlook: financial year ending March 2028 Latest estimates are ahead of the Feasibility Study for both tungsten and tin. Metric FY2028 Production 3,300+ WO3 Estimated Production (t) Exit run rate expected to be 4,000+ tonnes per year Sn Estimated Production (t) 600+ Costs and cash commitments (estim
Slide 24: Capital allocation framework
Capital allocation framework A clear order of priorities for cash generated at Hemerdon At all times the Company will consider value-enhancing opportunities for the Hemerdon Project FOCUS ■ Lowering our all in sustaining cost Organic growth at Hemerdon, on a ■ Improving recoveries and production eff
Slide 25: Tungsten Market
05 Tungsten Market From APT price to free cash flow WWW.TUNGSTENWEST.COM
Slide 26: Tungsten: a critical, hard-to-substitute metal
Tungsten: a critical, hard-to-substitute metal Price-inelastic end markets with growing strategic demand INDUSTRIAL DEFENCE Why tungsten matters Carbides and wear parts Armour, munitions, stockpiles ■ Highest melting point of any element (3,422°C), density Cutting tools, drill bits and wear parts fo
Slide 27: Diverse end-use demand
Diverse end-use demand No single sector dominates usage: transport (the largest) is only a quarter of demand and defence is growing fastest Global tungsten demand by end-use sector, 2026E (159kt WO3) LARGEST SECTOR Transport 25% | 39kt Defence Construction 25% Light vehicles Aviation 12% 10% 4% Tran
Slide 28: China: from tungsten exporter to net importer
China: from tungsten exporter to net importer China’s net importer status is accelerating China net exports (+ve) are now net imports (-ve) - W Content (kt) China net exports have become net imports - W Content (kt) 1.0 20.0 0.5 15 15 15.0 - 10.0 9 8 (0.5) 5.0 4 (1.0) - (1.5) (5.0) (3) (2.0) (10.0)
Slide 29: Supply, demand and price
Supply, demand and price Market analyst prices forecast to stay elevated for an extended period before returning to a “new normal” APT price (Europe) since January 2025, US$/mtu 1 Global supply and demand, kt 2 180 3,500 160 3,000 140 2,500 120 2,000 100 1,500 80 1,000 60 500 40 0 20 Mar Jun Sep Dec
Slide 30: Asset benchmarking - excluding China and China+ countries
Asset benchmarking - excluding China and China+ countries(1) Hemerdon is mining an Ore Reserve grade of 0.15% WO3, well above its 0.12% overall resource grade Grade vs tonnage: Mineral Resources2 and Hemerdon Ore Reserve3 # Deposit Country Mt WO3 Mmtu Status Company 0.9% 1 Hemerdon UK 327.0 0.12% 39
Slide 31: Offtake and routes to market
Offtake and routes to market Contracted, APT-linked sales into the Western defence and industrial supply chain Counterparty Volume Pricing Status WHY IT MATTERS Strategic customers Elmet Technologies (US) 1,000t pa WO3; 8,000t over 8 years APT-referenced Binding ■ Volumes contracted with a US defenc
Slide 32: Corporate Overview
06 Corporate Overview WWW.TUNGSTENWEST.COM
Slide 33: Corporate and capital structure
Corporate and capital structure A simple group structure, a supportive register and an NWF-backed debt facility Group structure Major shareholders Voting 1 Economic Lansdowne Developed Markets Master Fund 26.0% 37.8% Tungsten West plc Greg Coffey 15.8% 13.3% AIM: TUN Baker Steel Resources Trust 7.8%