Tungsten West Expands Ordinary Share Capital After Major B Share Conversions

The latest update is out from Tungsten West Plc ( (GB:TUN) ).

Tungsten West Plc has received conversion notices from Drakewood Capital Management, Henry Maxey and Lansdowne Partners to convert a total of 199,520,870 B Shares into new Ordinary Shares on a one-to-one basis. Following this partial conversion, 290,882,119 B Shares will remain outstanding and unconverted.

Applications have been made for the new Ordinary Shares to be admitted to trading on AIM, with admission expected on 24 February 2026. After admission, Tungsten West’s issued ordinary share capital is expected to total 1,074,741,101 Ordinary Shares, a change that will affect shareholder voting rights and disclosure thresholds under FCA transparency rules.

The most recent analyst rating on (GB:TUN) stock is a Hold with a £30.00 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 GB:TUN Stock

According to Spark, TipRanks’ AI Analyst, GB:TUN is a Neutral.

The score is constrained primarily by weak financial performance (ongoing losses, zero FY2025 revenue, negative equity, and continued cash burn). Technicals are a meaningful offset, with the stock in a clear uptrend and positive momentum indicators. Valuation remains pressured by the company’s loss-making status and lack of dividend yield data.

To see Spark’s full report on GB: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 company is listed on AIM under the ticker TUN and targets critical metal markets, supplying tungsten and tin, which are key inputs for industrial, technology, and manufacturing applications.

Average Trading Volume: 2,798,708

Technical Sentiment Signal: Buy

Current Market Cap: £275.7M

For an in-depth examination of TUN stock, go to TipRanks’ Overview page.