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The latest update is out from Tungsten West Plc ( (GB:TUN) ).
Tungsten West has completed a partial conversion of its 2023 convertible loan notes, issuing 584,831,728 new ordinary shares at 3 pence each, primarily to Lansdowne Partners and members of the Drakewood Concert Party, while ensuring neither investor group exceeds roughly 29.9% of the company’s voting rights to avoid triggering UK takeover rules. Following the transaction, £12.9 million of notes, held by Lansdowne, Drakewood Investments and Henry Maxey, remain outstanding but will accrue no further interest and are intended to be settled via a new non‑voting B-share class subject to shareholder approval, a step that reshapes Tungsten West’s capital structure ahead of its planned Hemerdon restart and leaves the company with 775,220,231 ordinary shares in issue once the new shares are admitted to trading on AIM on or around 6 January 2026.
The most recent analyst rating on (GB:TUN) stock is a Hold with a £10.00 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 held back by weak financial performance—ongoing losses and cash burn, plus the shift to negative equity and higher debt. Technical indicators are neutral-to-mildly positive, and recent corporate developments show execution progress and interim financing, but valuation remains constrained by losses and no dividend support.
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, one of the few significant sources of these critical industrial metals in Europe, positioning the group within the strategic raw materials supply chain.
Average Trading Volume: 702,661
Technical Sentiment Signal: Buy
Current Market Cap: £21.89M
For a thorough assessment of TUN stock, go to TipRanks’ Stock Analysis page.