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Tungsten West Plc ( (GB:TUN) ) has shared an update.
Tungsten West has reported strong progress at its Hemerdon tungsten and tin project in Q1 2026, driven by sharply higher market prices that have materially improved project economics. The company is targeting a first-phase restart of fines gravity processing in the third quarter of 2026, ahead of full plant commissioning in the first quarter of 2027.
Key project works are accelerating, with major subcontractors appointed, refurbishment and earthworks underway on processing and waste facilities, and a new Chief Operating Officer and senior leaders hired across processing, mining, maintenance and ESG. The company has ended its mining services contract with Hargreaves Services and plans to self-perform mining, backed by a £22.3 million Komatsu equipment finance deal.
Project funding is advancing, with final due diligence in progress on a debt package of up to US$85 million and an indicated US$25 million first tranche aligned to the restart schedule. Tungsten West closed its financial year with unaudited cash reserves of £25.5 million and initial tungsten sales revenue, supporting its push to bring Hemerdon back into production and narrow the supply gap for strategic tungsten concentrate.
The most recent analyst rating on (GB:TUN) stock is a Hold with a £37.00 price target. To see the full list of analyst forecasts on Tungsten West Plc stock, see the GB:TUN Stock Forecast page.
Spark’s Take on TUN Stock
According to Spark, TipRanks’ AI Analyst, TUN is a Neutral.
The score is held down primarily by high financial risk—ongoing losses, continued cash burn, and FY2025 negative equity with increased debt—despite strong recent technical momentum. Valuation is only moderately supportive because the negative P/E reflects unprofitable operations and there is no dividend yield data.
To see Spark’s full report on TUN stock, click here.
More about Tungsten West Plc
Tungsten West Plc is a UK-based mining company focused on restarting production at the Hemerdon tungsten and tin mine in Devon. The group aims to supply strategic tungsten concentrate and tin into a buoyant global market, leveraging new processing facilities and an experienced operational leadership team to position Hemerdon as a significant European source of critical minerals.
Average Trading Volume: 3,460,302
Technical Sentiment Signal: Buy
Current Market Cap: £449.2M
Find detailed analytics on TUN stock on TipRanks’ Stock Analysis page.