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Tungsten West Plc
(LSE:TUN)
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Rating:53Neutral
Price Target:
40.00 p
▲(15.94% Upside)
Action:Reiterated
Date:04/03/26
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.
Positive Factors
Onsite beneficiation
Owning both mining and onsite beneficiation gives the company control of metallurgical recovery, concentrate quality and processing margin capture. Over months this vertical control can stabilize recoveries, improve realized product consistency and protect long-term gross margins versus raw-ore sellers.
Negative Factors
Negative shareholders' equity
The shift to negative equity and materially higher debt sharply weakens the capital structure. This raises refinancing and covenant risk, limits ability to absorb operational shocks, forces reliance on dilutive or costly financing, and reduces strategic optionality for executing the mine restart plan.
Read all positive and negative factors
Positive Factors
Negative Factors
Onsite beneficiation
Owning both mining and onsite beneficiation gives the company control of metallurgical recovery, concentrate quality and processing margin capture. Over months this vertical control can stabilize recoveries, improve realized product consistency and protect long-term gross margins versus raw-ore sellers.
Read all positive factors
Tungsten West Plc (TUN) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£524.02M
Dividend YieldN/A
Average Volume (3M)976.51K
Price to Earnings (P/E)―
Beta (1Y)1.62
Revenue GrowthN/A
EPS Growth-232.99%
CountryUK
Employees27
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-0.25
Shares Outstanding1,247,673,000
10 Day Avg. Volume1,296,117
30 Day Avg. Volume976,507
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)-13.15
Price to Sales (P/S)0.00
P/FCF Ratio-0.82
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)£19.90M
Tungsten West Plc Business Overview & Revenue Model
Company Description
Tungsten West PLC functions as a mining entity based in the United Kingdom. The company holds ownership and manages the Hemerdon mine, a facility situated in Devon, England, near the village of Plympton, which is dedicated to the extraction of tun...
How the Company Makes Money
Tungsten West’s primary revenue model is the sale of mineral products derived from the Hemerdon mine. In practice, the company seeks to generate revenue by (1) mining tungsten- and tin-bearing ore, (2) processing the ore through onsite beneficiati...
Tungsten West Plc Financial Statement Overview
Summary
Income Statement
14
Very Negative
Balance Sheet
18
Very Negative
Cash Flow
22
Negative
| 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
Positive
34.50
Price Trends
36.10
Positive
37.26
Positive
27.97
Positive
Market Momentum
1.81
Negative
64.89
Neutral
65.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:TUN, the sentiment is Positive. The current price of 34.5 is below the 20-day moving average (MA) of 37.39, below the 50-day MA of 36.10, and above the 200-day MA of 27.97, indicating a bullish trend. The MACD of 1.81 indicates Negative momentum. The RSI at 64.89 is Neutral, neither overbought nor oversold. The STOCH value of 65.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:TUN.
Tungsten West Plc Peers Comparison
UnderperformOutperform
Sector (61)
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% | |
58 Neutral | £170.68M | -29.16 | -67.90% | ― | ― | -37.29% | |
53 Neutral | £524.02M | -1.66 | 233.54% | ― | ― | -232.99% | |
53 Neutral | £177.31M | -0.74 | -34.92% | 8.74% | -22.99% | -583.84% | |
49 Neutral | £70.44M | -12.23 | -6.97% | ― | ― | ― | |
44 Neutral | £49.98M | -0.19 | 602.92% | ― | ― | ― | |
43 Neutral | £27.19M | -3.10 | 283.86% | ― | -7.00% | 20.39% |
* Basic Materials Sector Average
GB:TUN
Tungsten West Plc
42.00
32.50
342.11%
GB:KMR
Kenmare Resources
201.00
-128.17
-38.94%
GB:RBW
Rainbow Rare Earths
23.50
8.00
51.61%
GB:FAR
Ferro-Alloy Resources Ltd.
3.80
-6.00
-61.22%
GB:CRTM
Critical Metals Plc
6.50
2.90
80.56%
GB:1SN
First Tin Plc
13.20
7.10
116.39%
Tungsten West Plc Corporate Events
Business Operations and StrategyExecutive/Board Changes
Tungsten West Ties Executive Options to Hemerdon Mine Performance
Positive
Jul 22, 2026
Tungsten West Plc, the AIM-listed mining company working to restart the Hemerdon tungsten and tin mine in Devon, has introduced a long-term incentive framework that ties executive rewards to delivery of key commercial and operational goals. The co...
Business Operations and Strategy
Tungsten West to Begin Phased Commissioning at Hemerdon Mine
Positive
Jul 8, 2026
Tungsten West said it will begin commissioning a phased production ramp-up at the Hemerdon tungsten and tin mine later this month, in line with its previously stated timeline. The company has launched an enhanced engagement programme with local co...
Business Operations and Strategy
Tungsten West highlights Hemerdon restart plans at UK Mining Conference
Positive
Jun 9, 2026
Tungsten West said its chief financial officer, Phil Povey, will present at the UK Mining Conference in Cornwall, including a pre-conference Investors’ Congress and a main conference session, to update investors on progress at the Hemerdon t...
Business Operations and StrategyPrivate Placements and Financing
Tungsten West secures US$25m bridge loan as Hemerdon restart stays on track
Positive
May 21, 2026
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 2...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.