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Tungsten West Plc
(LSE:TUN)
Tungsten West Plc (TUN) vs. iShares MSCI United Kingdom ETF (EWC)
Tungsten West Plc Business Overview & Revenue Model
Tungsten West Plc Financial Statement Overview
| Breakdown | TTM | Mar 2025 | Sep 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 722.04K | 626.46K | 673.51K | 40.17K |
| Gross Profit | -1.27M | -1.24M | -1.38M | -1.38M | -3.35M | -4.39M |
| EBITDA | -4.10M | -6.11M | -6.58M | -10.21M | -11.87M | -6.64M |
| Net Income | -48.39M | -21.91M | -9.70M | -10.29M | -12.99M | -7.98M |
Balance Sheet | ||||||
| Total Assets | 35.34M | 34.07M | 43.08M | 42.42M | 57.71M | 26.07M |
| Cash, Cash Equivalents and Short-Term Investments | 996.28K | 2.78M | 1.58M | 3.44M | 28.76M | 3.50M |
| Total Debt | 68.60M | 26.64M | 13.50M | 2.02M | 1.63M | 11.81M |
| Total Liabilities | 76.26M | 34.59M | 21.77M | 11.44M | 16.85M | 24.33M |
| Stockholders Equity | -40.92M | -520.41K | 21.31M | 30.98M | 40.87M | 1.74M |
Cash Flow | ||||||
| Free Cash Flow | -8.15M | -8.37M | -11.01M | -25.18M | -15.74M | -6.19M |
| Operating Cash Flow | -8.13M | -8.35M | -8.26M | -14.10M | -11.46M | -6.06M |
| Investing Cash Flow | -14.45K | -16.29K | -2.73M | -11.08M | -4.28M | -135.44K |
| Financing Cash Flow | 8.83M | 6.53M | 9.14M | -136.86K | 41.00M | 6.97M |
Tungsten West Plc Technical Analysis
Tungsten West Plc Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
56 Neutral | £254.25M | -6.59 | -4.64% | 7.30% | 6.65% | -159.09% | |
53 Neutral | £412.71M | -1.33 | -210.78% | ― | -100.00% | -121.52% | |
50 Neutral | £92.12M | -56.67 | -10.01% | ― | ― | ― | |
46 Neutral | £142.38M | -58.16 | -21.81% | ― | ― | 28.30% | |
43 Neutral | £45.85M | -5.77 | -695.40% | ― | 9.40% | -11.81% | |
42 Neutral | £88.43M | -0.29 | -481.01% | ― | ― | -0.59% |
Tungsten West Plc Corporate Events
Tungsten West shareholders have approved all resolutions at a general meeting, allowing the company to move ahead with the next phase of its equity raise to support the restart of the Hemerdon tungsten and tin mine in Devon. The vote clears the way for the allotment and issue of Second Tranche Placing and Subscription Shares, as well as Retail Offer Shares, underpinning the group’s financing efforts for its flagship project.
Admission has been granted for 139,125,536 new ordinary shares to begin trading on AIM on 27 February 2026, expanding Tungsten West’s ordinary share count to 1,213,866,637 alongside 290,882,119 B shares. The fully paid new shares will rank pari passu with existing ordinary stock, consolidating the company’s capital structure and providing a more substantial equity base for investors as it advances its mine redevelopment plans.
The most recent analyst rating on (GB:TUN) stock is a Hold with a £31.00 price target. To see the full list of analyst forecasts on Tungsten West Plc stock, see the GB:TUN Stock Forecast page.
Tungsten West Plc has received conversion notices from Drakewood Capital Management, Henry Maxey and Lansdowne Partners to convert a total of 199,520,870 B Shares into new Ordinary Shares on a one-to-one basis. Following this partial conversion, 290,882,119 B Shares will remain outstanding and unconverted.
Applications have been made for the new Ordinary Shares to be admitted to trading on AIM, with admission expected on 24 February 2026. After admission, Tungsten West’s issued ordinary share capital is expected to total 1,074,741,101 Ordinary Shares, a change that will affect shareholder voting rights and disclosure thresholds under FCA transparency rules.
The most recent analyst rating on (GB:TUN) stock is a Hold with a £30.00 price target. To see the full list of analyst forecasts on Tungsten West Plc stock, see the GB:TUN Stock Forecast page.
Tungsten West has signed two key supply agreements to advance the restart of its Hemerdon mineral processing facility in Devon. Duo Group will deliver the engineering, procurement and construction package for a new crushing, screening and ore sorting facility, while Gekko Systems will supply an In Line Pressure Jigs system and associated infrastructure.
The new primary and secondary crushers, crushed ore stockpile, ore sorter and IPJ system are designed to boost reliability, efficiency and environmental compliance at Hemerdon. By pre-concentrating ore and reducing the volume of material entering the existing plant, the upgrades are expected to cut processing loads sharply and support a more robust, lower-cost path back to tungsten and tin concentrate production, marking a critical step in the project’s redevelopment.
The most recent analyst rating on (GB:TUN) stock is a Hold with a £27.00 price target. To see the full list of analyst forecasts on Tungsten West Plc stock, see the GB:TUN Stock Forecast page.
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.
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.
Tungsten West has raised approximately £41.37m in gross proceeds through an oversubscribed equity fundraise comprising a placing with institutional investors and a large direct subscription by a prominent international investor, all priced at 18 pence per share, a small premium to the 30-day VWAP but a discount to the last closing price. The capital injection, which includes £351,522 of director participation and substantial support from major shareholder Lansdowne, will strengthen the company’s balance sheet and underpin the restart and accelerated recommissioning of the Hemerdon tungsten and tin mine, broaden its institutional shareholder base, and potentially enhance its market standing as it progresses project debt financing and brings the mine back into production amid strong commodity prices.
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.
Tungsten West has launched a conditional retail offer of new ordinary shares via platform provider RetailBook at 18 pence per share, a roughly 39% discount to its 4 February closing price, with a minimum subscription of £1,000 and a maximum aggregate raise of £3m. The retail offer, which runs alongside a placing to institutional investors and a direct subscription by an international investor, is contingent on shareholder approval and admission of the new shares to trading on AIM later in February, and forms part of a wider fundraising package that will be used, alongside debt, to complete the 2025 feasibility study, cover financing and transaction costs, repay a bridge facility and accelerate the restart of production at Hemerdon, including commissioning of the fines gravity circuit expected in Q3 2026, thereby broadening participation among retail investors while supporting the project’s development timetable.
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.
Tungsten West Plc has launched a non‑pre-emptive equity fundraising of up to about £43.3m through a £29.29m direct subscription by a new prominent international investor, an institutional placing of up to £10.98m via an accelerated bookbuild, and a retail offer of up to £3m, all at 18p per new ordinary share. The proceeds, to be raised in two tranches subject in part to new shareholder authorities at a 26 February general meeting, will be used alongside planned project debt financing to complete the 2025 feasibility study, cover financing and transaction costs, repay a £4m bridge facility and fast‑track the restart of production at the Hemerdon mine, with commissioning of the fine gravity circuit targeted for the third quarter of 2026; if fully executed and combined with the expected debt package, the financing would leave Tungsten West fully funded to recommence operations, though neither the placing nor the retail offer is underwritten and the second tranche remains conditional.
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.
Tungsten West has reported strong progress on financing and recommissioning its Hemerdon mine, with several potential debt providers now at term-sheet stage, long-lead equipment ordered, key project staff being onboarded and multiple offtake term sheets and letters of intent under negotiation, covering more than three times projected peak tungsten concentrate output. Buoyant tungsten and tin markets have transformed Hemerdon’s economics, with forecast NPV jumping from US$190m to US$1.7bn, IRR rising from 29% to 197% and near-term EBITDA estimates more than quadrupling, reinforcing the strategic value of a rapid restart, which the company says could see commissioning and initial concentrate production begin within nine months of completing project financing and full production within 12 months of funding.
The most recent analyst rating on (GB:TUN) stock is a Hold with a £21.00 price target. To see the full list of analyst forecasts on Tungsten West Plc stock, see the GB:TUN Stock Forecast page.
Tungsten West Plc has confirmed that all resolutions put to shareholders at its latest General Meeting were approved, clearing the way for the company to proceed with the allotment and issue of B Shares and the implementation of a new long-term incentive plan. The measures, previously outlined in a January circular, are designed to support the company’s capital structure and management incentives as it advances plans to bring the Hemerdon tungsten and tin mine back into production, a key step in strengthening its operational and financial position within the strategic metals sector.
The most recent analyst rating on (GB:TUN) stock is a Sell with a £20.00 price target. To see the full list of analyst forecasts on Tungsten West Plc stock, see the GB:TUN Stock Forecast page.
Tungsten West has published a circular convening a 30 January 2026 general meeting at which shareholders will be asked to approve amendments to its articles of association, the creation and allotment of a new non-voting class of B Shares, and the establishment of share option and incentive schemes. The B Shares are designed to settle around £12.9 million of outstanding convertible loan notes held by major investors Lansdowne, Drakewood and Henry Maxey without triggering a mandatory takeover offer under the UK Takeover Code, while giving those investors economic rights equivalent to ordinary shares but without voting rights until conversion conditions are met; the board argues the move will remove an expensive financing overhang, ease restrictions on future fundraising, and is unanimously recommending shareholders vote in favour of the resolutions.
The most recent analyst rating on (GB:TUN) stock is a Hold with a £11.50 price target. To see the full list of analyst forecasts on Tungsten West Plc stock, see the GB:TUN Stock Forecast page.
Tungsten West has disclosed that non-executive director Richard Maxey has acquired 366,210 ordinary shares in the company through the mandatory conversion of £10,986.30 of convertible loan notes at 3 pence per share, giving him a 0.05% stake. The conversion also updates the position of the Drakewood Concert Party, whose members now collectively hold 232.16 million shares, representing 29.95% of Tungsten West’s total voting rights, consolidating a significant bloc of influence on the company’s shareholder register.
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.
Tungsten West has disclosed that its CFO and director, Philip Povey, has increased his stake in the company following the mandatory conversion of £109,863.01 of convertible loan notes into equity at 3 pence per share. Through Umbrella Mountain Limited, a vehicle he controls, Povey has become interested in 3,662,100 ordinary shares, of which he is the ultimate beneficial owner of 2,995,305 shares, representing approximately 0.39% of the company’s issued share capital. The transaction, carried out on 31 December 2025 on AIM, marginally boosts insider ownership and may be interpreted by investors as a sign of management alignment with shareholders as Tungsten West works to restart production at its Hemerdon mine.
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.
Tungsten West has disclosed a director dealing in its shares following the mandatory conversion of convertible loan notes. Chief financial officer and director Philip Povey, through his controlled vehicle Umbrella Mountain Limited, has become interested in 3,662,100 ordinary shares after the conversion of £109,863.01 of loan notes at 3 pence per share, of which he is the ultimate beneficial owner of 2,995,305 shares. His resulting beneficial holding represents approximately 0.39% of the company, a development that modestly increases insider ownership and may be seen by investors as a sign of management’s alignment with shareholders’ interests as the company works to restart production at Hemerdon.
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.
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.
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.
Tungsten West has received a notice to exercise founder options over 1,657,196 new ordinary shares, raising £16,572 in additional funding for general working capital as it works toward restarting production at the Hemerdon mine. The new shares, which will rank pari passu with existing stock, are expected to be admitted to trading on AIM around 24 December 2025, taking the company’s issued share capital to 190,388,503 ordinary shares and resetting the total voting rights benchmark for shareholders’ disclosure obligations under UK transparency rules.
Tungsten West Plc has secured a £4 million bridge loan from existing investors and agreed to convert its 2023 Convertible Loan Notes, facilitating the advancement of its project financing. This financial maneuver aims to expedite the restart of production at the Hemerdon mine, leveraging improved tungsten market prices and strong investor support. The company’s strategic moves are expected to enhance its market position and operational capacity, with project financing anticipated to conclude in the first quarter of 2026.
Tungsten West Plc has appointed Phil Povey as the permanent Chief Financial Officer and Executive Director, following his interim role. Povey’s extensive experience in the mining sector and his previous contributions to the Hemerdon project are expected to strengthen the company’s management team as it progresses with key financing discussions and advances towards restarting the mine.