Tungsten West Seeks Shareholder Backing to Complete £43m Equity Raise

Tungsten West Plc ( (GB:TUN) ) just unveiled an announcement.

Tungsten West has circulated a shareholder circular and convened a general meeting on 26 February 2026 in London to secure authority for directors to issue new shares without pre-emption rights. The board is unanimously backing the resolutions, which are required to complete a previously announced multi-part equity fundraising.

The company has conditionally raised £43.04 million before expenses via a two-tranche subscription, placing and UK retail offer at 18 pence per share. Completion of the second tranches and retail offer, which together with the first tranches would account for about 23.57% of enlarged share capital, depends on shareholder approval, with failure to pass the fundraising resolutions preventing issue of the remaining new shares and potentially constraining funding for the Hemerdon project.

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. Listed on AIM under the ticker TUN, the group aims to develop Hemerdon as a significant domestic source of tungsten and tin, supplying industrial and technology markets that rely on these critical minerals.

Average Trading Volume: 2,221,255

Technical Sentiment Signal: Buy

Current Market Cap: £224.8M

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