Tungsten West Plc · LSE:TUN
Tungsten West — Investor Presentation (2025)
28 slides from Tungsten West's investor presentation, 2025
Slide 1: Restarting Hemerdon Corporate Presentation
Restarting Hemerdon Corporate Presentation STRICTLY CONFIDENTIAL
Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared by, and is the responsibility of, Tungsten West Plc ("Tungsten West") and its group, including its parent and parent undertakings, subsidiaries and subsidiary undertakings (the "TW Group"), its business and industry, and has been prepared for background
Slide 3: Investment Highlights
INVESTMENT HIGHLIGHTS One of the world’s largest tungsten resources (39.7Mmtu of WO3) Large scale production with 1st quartile cash costs Dual critical use for new technology and defence Capital improvement programme engineering underway 84kt tin resource & premium aggregates Located in a stable jur
Slide 4: Restarting a World Class Tungsten Resource
RESTARTING A WORLD CLASS TUNGSTEN RESOURCE Overview Share Price & Capital Structure (1) » 100 per cent owner and operator of the Hemerdon tungsten and tin mine Volume (RHS) Price (LHS) GBp #mm near Plymouth in southern Devon, England 8 8 » One of the largest tungsten mineral resources, with a JORC C
Slide 5: Strengthened Executive Team
STRENGTHENED EXECUTIVE TEAM Jeff Court – Chief Executive Officer » Appointed October 2024 » Over 30 years’ experience in the minerals sector » Prior roles included Rio Tinto (Lihir Gold, Century Zinc), Orica, FLSmidth, Perenti (African Mining Services) and most recently CEO – Mining Services at Capi
Slide 6: Tungsten – A Growing Critical Metal
TUNGSTEN – A GROWING CRITICAL METAL Overview Tungsten Price Forecast (US$/mtu) (1) $450 » With over 80% of global production sourced from China, the diversification $400 of tungsten supply chains has become a key consideration for western policymakers $350 » It is recognised as a critical mineral by
Slide 7: Hemerdon Site Layout – Approximately US$300M in Pre-Invested Capital
HEMERDON SITE LAYOUT – APPROXIMATELY US$300M IN PRE-INVESTED CAPITAL Tailings Storage Facility Mine Waste Facility Hemerdon Pit Processing Plant WWW.TUNGSTENWEST.COM 7
Slide 8: Hemerdon – Targeting First Quartile Cash Costs
HEMERDON – TARGETING FIRST QUARTILE CASH COSTS At 39.7Mmtu, Hemerdon is one of the world’s largest tungsten resources (1) Contained (Mmtu) Early-stage greenfield deposits 45 40 35 30 Hemerdon 25 20 15 10 5 -- Hemerdon Mactung Sission Sandong Panasquiera Barruecopardo Pilot Mountain Wolfram Camp The
Slide 9: Benefits for All Stakeholders
BENEFITS FOR ALL STAKEHOLDERS Socially, strategically and economically important for the UK Establishing a regional laboratory and research hub specialising in Securing supply of critical & strategic minerals (tungsten and tin for the UK and its tungsten partners) Creating new direct and indirect jo
Slide 10: Development Timeline
DEVELOPMENT TIMELINE 2025 2026 2027 Feasibility Funding Funding Options » Short term funding package for H2 2025 » Major fundraising Capital improvement works package for capital improvement works Phased Pre-Production Production WWW.TUNGSTENWEST.COM 10 1 0
Slide 11: Project Improvements
PROJECT IMPROVEMENTS 1. Direct access to better quality ore feed 2. A fundamental “ground-up” review of process flow by independent industry experts 3. A new build front-end crushing and screening plant 4. Addition of new proven technology (ore sorters, jigs and ultrafines recovery) into the flowshe
Slide 12: New Build Front-End
NEW BUILD FRONT-END Overview New Build Front-End Visualisation » The front-end will be newly built as Remove scrubber New IPJ & Refurbishment program for from circuit ultra-fines existing processing plant part of Tungsten West’s optimisation plan Increased ROM Ore COS capacity for feed » In conjunct
Slide 13: New and Significantly Improved Flowsheet
NEW AND SIGNIFICANTLY IMPROVED FLOWSHEET New Build Front End Premium Inline Aggregate Pressure Jigs Stockpile Primary & Coarse Circuit Secondary Ore Sorters Tertiary Screening DMS Crushing & 10-80mm Crushing 1 stage only Screening LIMS Roasting Flotation & (KILN) HIMS Fines Circuit Tungsten Tables &
Slide 14: Low Frequency Noise
LOW FREQUENCY NOISE Overview Design schematics » Low frequency noise (“LFN”) caused significant disruption to operational performance and adjoining neighbours during prior operations » This is a relatively new issue associated with vibrating equipment (typically screens that vibrate at a certain fre
Slide 15: Hemerdon Futures – Pit Extensions
HEMERDON FUTURES – PIT EXTENSIONS Overview Pit Limits » Current economics are run to the Stage 3 pit limits within the fully permitted and accessible boundary (Constrained Scenario – yellow outline) » Unconstrained optimisation extends the pit towards the northern and southern extensions, further be
Slide 16: Feasibility Economic Snapshot
FEASIBILITY ECONOMIC SNAPSHOT US$190M 29% 3,320 tonnes BASE CASE Post-tax ungeared real IRR @ WO3 production average during steady state NPV7.5% Real, US$400/MTU index price US$400/MTU (10 years) US$342M 48% Tungsten – 82% Tin – 12% UPSIDE - NPV7.5% Real, US$500/MTU index UPSIDE - Post-tax ungeared
Slide 17: Feasibility – Assumptions Snapshot
FEASIBILITY – ASSUMPTIONS SNAPSHOT Parameter Unit Updated Feasibility 2025 Macro Assumptions Tungsten Price US$/mtu 400 Tin Price US$/t 32,500 Fx Rate USD:GBP x 1.28 Corporate Income Tax % 25% Mining Assumptions Process Plant Feed Rate (peak) Mtpa 3.6 Project Life (1) Years 27 Average Yearly Product
Slide 18: Feasibility – Operating and Financial Metrics
FEASIBILITY – OPERATING AND FINANCIAL METRICS Capex Breakdown US$mm Refurbishment & 100 Compliance 90 Security set-off, property New MPF additions & bonds 80 70 60 50 93 40 30 20 10 -- Front End Ore Sorters New MPF MPF Other LFN (MPF) Non MPF costs Plant and Commitments Working / Mining Net Opex Tot
Slide 19: Environmental Social and Governance
ENVIRONMENTAL SOCIAL AND GOVERNANCE Business Plan Founded on ESG Principles Other Projects in the Region ENVIRONMENT SOCIAL GOVERNANCE » Licensing Requirements – » Health and Safety – Zero loss » Business Practices – Corporate The existing mining license time injuries since acquiring responsibility
Slide 20: Conclusion
CONCLUSION Tungsten West plc is a mining development company focused on restarting the Hemerdon mine, one of the largest tungsten deposits in the world Located in Devon, southwest England, the Hemerdon mine is Tungsten West’s wholly-owned flagship asset: Low-cost source of strategic materials
Slide 21: Appendix
APPENDIX WWW.TUNGSTENWEST.COM
Slide 22: Non-Executive Directors
NON-EXECUTIVE DIRECTORS STEPHEN HARRISON Non-Executive Chairman Stephen is Chair of Epwin Group plc and a Non-Executive Director of Castings plc. He was previously CEO of Forterra plc, leading its divestment from Heidelberg Materials and subsequent IPO. He has over a decade of senior leadership expe
Slide 23: Project Timeline
PROJECT TIMELINE DISCOVERY Second commercial Planning permission Third exploitation TW acquires the Recommencement Tungsten West exploitation granted, but AMAX – 3,735t of WO3 project for £5.4m, of operations relaunched – 85t of WO3 walk away post the produced with c.£US$300m in produced tin market
Slide 24: Tungsten Market Dynamics
TUNGSTEN MARKET DYNAMICS Overview Industrial Applications & Concentrate Production (2) Energy Medical » Highest melting point of all known elements (3,422OC), highest boiling point 6% 1% (5,930OC), and extremely high density of 19.2t/m3 comparable with gold and Consumer Durables uranium (much denser
Slide 25: Tungsten Value Chain
TUNGSTEN VALUE CHAIN Scrap Ammonium Tungsten Para- Tungsten Tungsten Tungsten Cemented Concentrate Tungstate Oxide Metal Powder Carbide Carbide (APT) Ferro Chemicals & Mill Products Tungstate Others Steel and Alloy WWW.TUNGSTENWEST.COM 25
Slide 26: Mineral Resource Estimate
MINERAL RESOURCE ESTIMATE Hemerdon Reserves Contained Tungsten Mmtu (Resources) Proven Probable Total Granite Stockpiles Ore Type Tonnes WO3 Tonnes WO3 Tonnes WO3 Tailings Sn (%) Sn (%) Sn (%) 0.1 Mmtu (0.18% WO3) (Mt) (%) (Mt) (%) (Mt) (%) 0.6 Mmtu (0.18% WO3) 0.3% 1.5% Granite Oxide 0.7 0.12 0.06
Slide 27: Better Quality Ore Feed
BETTER QUALITY ORE FEED The Deposit is Open Along Strike The Deposit is Extends at Depth Current Surface Topography A A Fresh Ore Contact Stage 3 Pit Limit Granite Ore Zone Advancing into fresh granite ore: enhancing feed quality beyond historical oxide and transitional material WWW.TUNGSTENWEST.COM
Slide 28: New Field Opportunities
NEW FIELD OPPORTUNITIES Overview Drill Area Visual » Mineralisation in host rock surrounding the granite ore is limited only by the extent of the drilling conducted within 200m of the granite contact » Economic grades have been located from soil trenching and drilling over 500m away from the granite