Tungsten West Plc (GB:TUN)
LSE:TUN
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Tungsten West Plc
(LSE:TUN)
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Select Model
Rating:53Neutral
Price Target:
38.00 p
▲(270.73% Upside)
Action:ReiteratedDate: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
Asset-backed mining model (Hemerdon mine)
Owning and redeveloping the Hemerdon mine gives the company a tangible asset base and a clear production pathway. Over months this underpins potential volumetric upside, buildable cash flow from concentrates and negotiating leverage with offtakers once metallurgical performance is proven.
Negative Factors
Negative shareholders' equity and higher debt
Negative equity and rising debt are structural constraints that materially reduce financial flexibility. They increase refinancing risk, limit borrowing capacity, and often force dilutive equity raises or costly restructurings, complicating the path to funding mine redevelopment and stable operations.
Read all positive and negative factors
Positive Factors
Negative Factors
Asset-backed mining model (Hemerdon mine)
Owning and redeveloping the Hemerdon mine gives the company a tangible asset base and a clear production pathway. Over months this underpins potential volumetric upside, buildable cash flow from concentrates and negotiating leverage with offtakers once metallurgical performance is proven.
Read all positive factors
Tungsten West Plc (TUN) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£486.59M
Dividend YieldN/A
Average Volume (3M)976.51K
Price to Earnings (P/E)―
Beta (1Y)1.60
Revenue Growth-100.00%
EPS Growth-121.52%
CountryUK
Employees49
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-0.21
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 operates as a mining company in the United Kingdom. It owns and operates a Hemerdon tungsten and tin mine located near the village of Plympton, in Devon, England. The company was incorporated in 2018 and is based in London, the U...
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
10.25
Price Trends
31.03
Positive
21.12
Positive
15.45
Positive
Market Momentum
2.03
Negative
68.94
Neutral
89.83
Negative
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 10.25 is below the 20-day moving average (MA) of 32.63, below the 50-day MA of 31.03, and below the 200-day MA of 15.45, indicating a bullish trend. The MACD of 2.03 indicates Negative momentum. The RSI at 68.94 is Neutral, neither overbought nor oversold. The STOCH value of 89.83 is Negative, 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% | |
53 Neutral | £486.59M | -0.10 | 233.54% | ― | -100.00% | -121.52% | |
53 Neutral | £148.18M | ― | -9.67% | ― | ― | 28.30% | |
52 Neutral | £196.32M | -0.89 | -4.54% | 7.30% | 6.65% | -159.09% | |
44 Neutral | £67.73M | -15.47 | -6.85% | ― | ― | ― | |
43 Neutral | £36.44M | -7.71 | 279.54% | ― | 9.40% | -11.81% | |
41 Neutral | £61.51M | 13.30 | -76.15% | ― | ― | -0.59% |
* Basic Materials Sector Average
GB:TUN
Tungsten West Plc
39.00
35.63
1055.56%
GB:KMR
Kenmare Resources
222.00
-112.46
-33.62%
GB:RBW
Rainbow Rare Earths
23.00
13.25
135.90%
GB:FAR
Ferro-Alloy Resources Ltd.
6.20
0.25
4.20%
GB:CRTM
Critical Metals Plc
8.00
-1.75
-17.95%
GB:1SN
First Tin Plc
12.50
7.12
132.34%
Tungsten West Plc Corporate Events
Business Operations and StrategyExecutive/Board ChangesPrivate Placements and Financing
Tungsten West accelerates Hemerdon restart as prices boost project economics
Positive
Apr 8, 2026
Tungsten West reported strong progress in the first quarter of 2026 on restarting its Hemerdon mine, supported by sharply higher tungsten and tin prices that have improved project economics. The company is targeting a first-phase restart of fines ...
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresPrivate Placements and Financing
Tungsten West Accelerates Hemerdon Restart as Prices Boost Project Economics
Positive
Apr 8, 2026
Tungsten West has reported strong progress at its Hemerdon tungsten and tin project in Q1 2026, driven by sharply higher market prices that have materially improved project economics. The company is targeting a first-phase restart of fines gravity...
Business Operations and StrategyDelistings and Listing ChangesRegulatory Filings and Compliance
Tungsten West Converts B Shares as Hemerdon Restart Advances
Positive
Mar 12, 2026
Tungsten West Plc has received notices from Drakewood Capital Management and investor Henry Maxey to partially convert a combined 33,806,286 B Shares into new Ordinary Shares on a one-to-one basis. Following these conversions, 257,075,833 B Shares...
Business Operations and StrategyPrivate Placements and FinancingShareholder Meetings
Tungsten West Wins Shareholder Backing for Major Equity Issuance
Positive
Feb 26, 2026
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 wa...
Business Operations and StrategyDelistings and Listing ChangesRegulatory Filings and Compliance
Tungsten West Expands Ordinary Share Capital After Major B Share Conversions
Neutral
Feb 23, 2026
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, 2...
Business Operations and Strategy
Tungsten West Secures Key Plant Contracts for Hemerdon Restart
Positive
Feb 16, 2026
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 sort...
Private Placements and FinancingShareholder Meetings
Tungsten West Seeks Shareholder Backing to Complete £43m Equity Raise
Neutral
Feb 9, 2026
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, wh...
Business Operations and StrategyPrivate Placements and FinancingShareholder Meetings
Tungsten West Raises £44.4m After Oversubscribed Retail Offer
Positive
Feb 6, 2026
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 ...
Business Operations and StrategyPrivate Placements and Financing
Tungsten West Raises £41m to Accelerate Hemerdon Mine Restart
Positive
Feb 6, 2026
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...
Business Operations and StrategyPrivate Placements and Financing
Tungsten West Launches Discounted Retail Share Offer to Back Hemerdon Restart
Positive
Feb 5, 2026
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 a...
Business Operations and StrategyPrivate Placements and FinancingShareholder Meetings
Tungsten West launches £43m equity raise to fast‑track Hemerdon restart
Positive
Feb 5, 2026
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 accele...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Tungsten West Rides Metal Price Surge as Hemerdon Restart Economics Soar
Positive
Feb 2, 2026
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 ...
Business Operations and StrategyShareholder Meetings
Tungsten West Secures Shareholder Backing for B Shares and Incentive Plan
Positive
Jan 30, 2026
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 in...
Business Operations and StrategyPrivate Placements and FinancingShareholder Meetings
Tungsten West Seeks Shareholder Backing for New B Shares and Governance Changes
Positive
Jan 15, 2026
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 ...
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.