Tungsten West Raises £44.4m After Oversubscribed Retail Offer

Tungsten West Plc ( (GB:TUN) ) has provided an update.

Tungsten West has successfully closed a substantially oversubscribed retail offer, raising approximately £3 million through the issue of 16,666,666 new shares at 18 pence each, as part of a wider fundraising initiative. Including the placing and subscription, the company has conditionally secured about £44.37 million in gross proceeds and will issue a total of 239,125,536 new shares, subject to shareholder approval at a general meeting on 26 February 2026 and admission of the new shares to trading on AIM on 27 February 2026. Following admission, Tungsten West’s issued share capital is expected to rise to 1,014,345,767 ordinary shares, increasing the company’s equity base as it advances its strategy to restart production at the Hemerdon mine, with implications for existing shareholders’ voting positions and dilution levels.

The most recent analyst rating on (GB:TUN) stock is a Hold with a £26.00 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 primarily constrained by weak financial performance (ongoing losses, cash burn, and FY2025 move to negative equity with higher debt). Technicals are supportive due to a strong uptrend, but overbought indicators raise near-term risk. Valuation is unfavorable/opaque because the company is loss-making and no dividend support is indicated.

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 and targets the supply of strategic metals, particularly tungsten and tin, which are critical for industrial and technology applications.

Average Trading Volume: 1,798,791

Technical Sentiment Signal: Buy

Current Market Cap: £231.8M

See more data about TUN stock on TipRanks’ Stock Analysis page.