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Tungsten West Plc ( (GB:TUN) ) has provided an update.
Tungsten West reported interim results for the six months to 30 September 2025 with no revenue, an operating loss of £3.8m and a headline loss of £40.4m, largely driven by a £37.0m non-cash fair value adjustment on its convertible loan notes as the share price more than doubled during the period. The company completed an updated feasibility study indicating strong economic returns at commodity price assumptions well below current tungsten and tin spot levels, initiated a formal project financing process, raised £5.2m via convertible loan notes and later secured a further £4m bridge facility from strategic investors to advance engineering work and long‑lead items ahead of a planned restart of Hemerdon. Operationally, Tungsten West conducted a successful processing trial that produced over 1,400 MTU of WO₃ concentrate at above-target grades and signed an EPC contract for a new crushing, screening and ore sorting facility, marking key milestones toward recommissioning the mine. Despite these advances and favourable market conditions that support management’s positive outlook, the group remains in a precarious financial position with just £1.0m of cash at period end, £0.4m as of 30 November, high short-term borrowings and a going-concern warning linked to the need to complete its debt and equity project financing, expected in the first quarter of 2026, and to convert its £22.3m of convertible loan note funding into equity, subject to shareholder approval. Board changes over the half saw CFO Alistair Stobie step down and former Head of Commercial & Corporate Development Phil Povey promoted first to interim and then permanent chief financial officer and director, as the company reshapes its leadership to navigate the critical funding and restart phase at Hemerdon.
Spark’s Take on GB:TUN Stock
According to Spark, TipRanks’ AI Analyst, GB:TUN is a Underperform.
Tungsten West Plc faces considerable financial instability, with negative income and cash flow issues, and high leverage. Technical indicators are mixed, showing volatility but no strong directional momentum. The negative P/E ratio reflects weak valuation fundamentals. Overall, the stock presents a high-risk profile with limited immediate upside potential.
To see Spark’s full report on GB:TUN stock, click here.
More about Tungsten West Plc
Tungsten West Plc is a UK-listed mining company that owns and operates the Hemerdon tungsten and tin mine near Plymouth in Devon, one of the world’s largest tungsten resources with a JORC-compliant mineral resource of about 323.8 million tonnes at 0.12% WO₃. The company acquired the project out of receivership in 2019 after previous operator Wolf Minerals, which had invested more than £170 million in site infrastructure and processing facilities, ceased production in 2018 due to operational and structural issues that Tungsten West says it has since identified and addressed. The group’s strategic focus is on restarting tungsten and tin production at Hemerdon to benefit from strong global prices for these critical metals.
Average Trading Volume: 665,992
Technical Sentiment Signal: Buy
Current Market Cap: £19.06M
For a thorough assessment of TUN stock, go to TipRanks’ Stock Analysis page.