Top Page
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 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
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 | £217.10M | -5.63 | -4.64% | 7.30% | 6.65% | -159.09% | |
48 Neutral | £153.88M | -0.77 | -210.78% | ― | -100.00% | -121.52% | |
46 Neutral | £115.97M | -47.37 | -21.81% | ― | ― | 28.30% | |
46 Neutral | £14.25M | -0.36 | -481.01% | ― | ― | -0.59% | |
46 Neutral | £84.53M | -38.05 | -10.01% | ― | ― | ― | |
43 Neutral | £38.86M | -4.89 | -695.40% | ― | 9.40% | -11.81% |
Tungsten West Plc Corporate Events
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.
Tungsten West Plc has signed a preliminary agreement with Duo Group for the construction of a new crushing, screening, and ore sorter facility at the Hemerdon mine. This agreement marks a significant step in the project’s restart, with Duo providing innovative and sustainable solutions, and Metso supplying key equipment, highlighting the project’s importance to the UK’s critical minerals sector.
Tungsten West Plc has reported positive progress in its processing trial at the Hemerdon mine, marking a significant step towards restarting full-scale production. The successful trial, which produced the first trial tungsten concentrate, is part of the company’s strategy to de-risk operations and gather essential technical data, reinforcing Hemerdon’s status as a strategic asset amid increasing demand for diversified tungsten sources.