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Tungsten West Plc ( (GB:TUN) ) has provided an update.
Tungsten West has secured a binding US$25 million unsecured bridging loan from an entity controlled by major shareholder Gregory Coffey to fund the Hemerdon mine through the first-phase restart of fines gravity processing in the third quarter of 2026. The facility, carrying interest of SOFR plus 4.5% and a 366‑day term, precedes a larger debt package of up to US$85 million now in final documentation, part of which will refinance the short-term loan.
Operationally, refurbishment of the fines and coarse gravity circuits is progressing on schedule, with commissioning slated for the third and fourth quarters of 2026 and full project commissioning expected in early 2027, enabling a ramp-up to 500 tonnes per hour. Against a strong tungsten concentrate price backdrop, the company is advancing offtake talks, ramping up recruitment to more than 120 new hires by end-June, expanding production capacity, and bringing in new Komatsu equipment, steps that collectively strengthen Hemerdon’s restart trajectory despite the related-party nature of the bridge financing.
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’s primary output will be tungsten and tin concentrates, targeting a strong global market where European tungsten prices are currently elevated. Its strategy centres on phased commissioning of gravity circuits to reach a nameplate processing capacity of 500 tonnes per hour during 2027.
Average Trading Volume: 3,858,454
Technical Sentiment Signal: Buy
Current Market Cap: £481.6M
See more data about TUN stock on TipRanks’ Stock Analysis page.