Tungsten West Plc · LSE:TUN
Tungsten West — Investor Presentation (February 2026)
33 slides from Tungsten West's investor presentation, February 2026
Slide 1: Restarting Hemerdon Corporate Presentation
Restarting Hemerdon Corporate Presentation February 2026
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: Tungsten West – Overview
TUNGSTEN WEST – OVERVIEW ▪ Fully permitted, shovel-ready brownfield open-pit tungsten mine (Devon, UK) ▪ Low strip ratio with established infrastructure Hemerdon Mine ▪ Resources = 327 Mt @ 0.12% WO3+ 0.03% Sn (JORC compliant) ▪ Reserves = 70.7 Mt @ 0.15% WO3 + 0.03% Sn ▪ Mine life = 11 years primar
Slide 4: Economic Snapshot
ECONOMIC SNAPSHOT US$190M 29% 3,320 tonnes Feasibility post-tax real NPV7.5% Feasibility post-tax ungeared real IRR WO3 production average during steady state (10 @ US$400/mtu index price @ US$400/mtu index price years) US$1,693M 197% Tungsten – 91% Tin – 7% Recent pricing – Post-tax ungeared real N
Slide 5: Near Term Impact of Market Pricing
NEAR TERM IMPACT OF MARKET PRICING Field Units(1) Feasibility Study 2025 (FS25) 2026 Forecast Pricing Recent Market Pricing(4) APT Price (88.5% WO3) US$/mtu 400 1,025(2) 1,313 Tin Price US$/t 32,500 36,655(3) 55,953 Net revenue Y2 production (3.1 kt)(5) US$mm 117 267 346 EBITDA Y2 production (0.6 kt
Slide 6: Tungsten – A Growing Critical Metal
TUNGSTEN – A GROWING CRITICAL METAL Overview Tungsten Price (US$/mtu) 1,400 » Historically, ~80% of global tungsten production has been sourced from China Rotterdam Tungsten APT 88.5% (US$/mtu) The West’s focus on 1,300 securing critical China Tungsten APT 88.5% (US$/mtu) » Recently, China has reduc
Slide 7: China's 2025 Export Restrictions
CHINA’S 2025 EXPORT RESTRICTIONS Reduced Supply Increased Demand China’s net tungsten exports Mineral Resource Law 2025 Photovoltaic / Solar Panel Manufacturing China flipped from 15 kt exporter to 3 kt importer » Until 2025, China was producing close to 80% of » Globally, PV installations have been
Slide 8: FS25: Ore Feed and Capital Cost Breakdown
FS25: ORE FEED AND CAPITAL COST BREAKDOWN Capex Breakdown (US$mm) (1) Refurbishment & Compliance Security set-off, property 9 New MPF additions & bonds 12 9 5 9 9 93 11 64 11 19 Front End Ore Sorters New MPF MPF Other LFN (MPF) Non MPF costs Plant and Commitments Working / Mining Net Opex Total Modu
Slide 9: Project Finance Process
PROJECT FINANCE PROCESS Current progress Peak Funding Uses (1) US$m Processing Capex 91.0 » Hemerdon’s pre-production costs are estimated to be US$93 million, and Tungsten West is seeking to raise of up to US$125 million to de-risk the start- Vendor Payments 12.9 up and cover additional working capi
Slide 10: Hemerdon Site Layout
HEMERDON SITE LAYOUT Approximately US$300M in pre-invested capital Years of mine and process plant development have already occurred Shaker Tables Refinery Trial Production November 2025 Tailings Storage Facility Mine Waste Facility China Clay Operations (Other Owner) Hemerdon Pit Processing Plant G
Slide 11: Hemerdon – Targeting First Quartile Cash Costs
HEMERDON – TARGETING FIRST QUARTILE CASH COSTS At 39.7 Mmtu contained WO3, Hemerdon is one of the world’s largest tungsten resources (1) 39.7 Mmtu 37.4Mmtu 35.3Mmtu 29.0Mmtu Early-Stage Greenfield Early-Stage Greenfield 25.9Mmtu Prefeasibility 9.4Mmtu 7.0Mmtu 4.7Mmtu 4.1Mmtu 3.4Mmtu 2.5Mmtu 2.1Mmtu
Slide 12: Asset Benchmarking
ASSET BENCHMARKING WO3 Resource (1) WO3 grade Rank Deposit Country Contained Status Company 0.90% (Mt) (%) (Mmtu) Mactung 1 Hemerdon United 327.0 0.12% 39.7 Construction Tungsten West Kingdom 0.80% 2 Mactung Canada 53.7 0.70% 37.4 Prefeasibility Fireweed Northcliff 0.70% 3 Sisson Canada 574.0 0.06%
Slide 13: Market Comps
MARKET COMPS (1) 2025 WO3 2028E WO3 EV/2028E Market Cap EV WO3 Resources WO3 Reserves NAV Total Resources Total Reserves EV/Tot. Resources (2) EV/Tot. Reserves (2) P/NAV Company Ticker Production Production Production (US$mm) (US$mm) (Mmtu) (Mmtu) (US$mm) (Mmtu WO3 Eq) (Mmtu WO3 Eq) (US$/mtu WO3 Eq)
Slide 14: Near Term Production and Recent Developments
NEAR TERM PRODUCTION AND RECENT DEVELOPMENTS Q4 2025 Refinery trial re-commissioning in Q4 2025 produced tungsten concentrate Q3 2026 Fine gravity circuit wet commissioning with slurry targeted for Q3 2026 Q4 2026 Coarse circuit commissioning/concentrate generation targeted to commence in Q4 2026 20
Slide 15: Development Timeline
DEVELOPMENT TIMELINE Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q4-26 Q1-27 Q2-27 Revised FS Current Progress Updated Feasibility Study Published in June (Complete) 2025 Project Finance: Funding Debt process coupled with a concurrent major equity funding package for Q1-26 – Project financing process
Slide 16: Prior Issues and Subsequent Project Improvements
PRIOR ISSUES AND SUBSEQUENT PROJECT IMPROVEMENTS Prior Operational Issues Resolutions » Wolf Mineral’s operation of the MPF failed for two primary reasons ➢ Lower than target plant production and throughput Direct access to better quality ore feed ➢ Lower than targeted tungsten and tin recoveries A
Slide 17: Better Quality Ore Feed
BETTER QUALITY ORE FEED The Deposit is Open Along Strike The Deposit is Extends at Depth Current Surface Topography Fresh Ore Contact Stage 3 Pit Limit Granite Ore Zone Cross Section A-A Advancing into fresh granite ore: enhancing feed quality beyond historical oxide and transitional material Source
Slide 18: New Build Front-End
NEW BUILD FRONT-END Overview New Build Front-End Visualisation » A 500t/h processing plant was constructed by Wolf Minerals in 2014 and was operated from 2015 to 2018 Remove scrubber New IPJ & Refurbishment program for from circuit ultra-fines existing processing plant » Tungsten West’s improvement
Slide 19: 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 20: 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 21: 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 22: 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 over 300 new direct jobs a
Slide 23: Hemerdon Futures
HEMERDON FUTURES Key assumptions Hemerdon Futures envisaged pit extensions » The Hemerdon Project has the potential to increase its revenue and LoM through optimisation and project work over key identified areas: 1» Expansion of the Hemerdon Pit: The updated 2024 MRE indicates there is potential to
Slide 24: Shareholders & Market Data
SHAREHOLDERS & MARKET DATA pence Market Cap (RHS) Share Price (LHS) GBP millions » Tungsten West benefits from a highly credible shareholder base 25 180 28-Jan-2026 that is motivated to support Hemerdon’s development and Pro-forma Market Cap: £272.1mm (3) 160 brings extensive industry knowledge and
Slide 25: Strengthened Executive & Director Team
STRENGTHENED EXECUTIVE & DIRECTOR TEAM Jeff Court – Chief Executive Officer Stephen Harrison – Chair Phil Povey – Chief Financial Officer » Appointed October 2024 » Appointed December 2024 » Appointed October 2024 » Over 30 years’ experience in the » Chair of Epwin Group and former » 18 years’ exper
Slide 26: 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 27: Appendix
APPENDIX WWW.TUNGSTENWEST.COM
Slide 28: The Hemerdon Tungsten Mine
THE HEMERDON TUNGSTEN MINE History Location The Hemerdon tungsten and tin mine is located 7 miles from Plymouth, Devon, United Kingdom » Discovered in 1867 » The project has experienced periods of production in 1915-1919 as well as from 1930- 1944 The asset would be further drilled by AMAX in the mi
Slide 29: 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 30: Drivers for Tungsten Demand
DRIVERS FOR TUNGSTEN DEMAND Traditional Industrial Base Demand » Tungsten foundational demand continues to come from cemented carbides, cutting tools, drilling and wear parts used in mining, construction, automotives and the aerospace sector » These sectors rely on tungsten for its high hardness, he
Slide 31: Mineral Resource Estimate
MINERAL RESOURCE ESTIMATE Hemerdon Reserves Contained Tungsten Mmtu (Resources) Proven Probable Total Tailings Ore Type Tonnes WO3 Tonnes WO3 Tonnes WO3 Sn (%) Sn (%) Sn (%) Inferred 0.6 Mmtu (0.18% WO3) (Mt) (%) (Mt) (%) (Mt) (%) 1.5% 16.3 Mmtu (0.10% WO3) Granite Oxide 0.7 0.12 0.06 0.0 0.12 0.01
Slide 32: 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
Slide 33: 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
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