London, July 5, 2026, 20:05 BST
- Tungsten West last traded at 36.10p on July 3, up 4.64%, with AIM shut on Sunday.
- The stock rose 11.08% last week and 213.91% year to date, but remains down 21.7% over five years.
- A US$25 million bridge loan funds the Q3 fines-gravity restart; US$85 million of longer debt is still in final documents.
- Friday’s close was 100.6% above the 18p retail-offer price set in February.
Tungsten West Plc (LON:TUN) goes into Monday with a stronger tape than its operating record. The Devon tungsten-tin developer last traded at 36.10p on Friday, up 4.64%, while AJ Bell data showed volume of 2.30 million shares and the FTSE AIM 100 down 0.28% on the same July 3 session. AIM trades in London from Monday to Friday, 0800-1630 local time, so Sunday puts the focus on last week and the next open.
The less obvious point is the shape of the move. LSE/FTSE Russell’s July 3 tear sheet put Tungsten West up 11.08% for the week and 213.91% year to date, but still down 21.7% over five years against a 44.3% rise for the FTSE 350. The same sheet put the share price at 0.98 times its 50-day average and 1.51 times its 200-day average, with a relative strength index of 52.23.
| Period to July 3 | Tungsten West | FTSE 350 | Gap |
|---|---|---|---|
| 1 day | +4.64% | +0.27% | +4.37 pts |
| 1 week | +11.08% | +1.63% | +9.45 pts |
| 4 weeks | -3.73% | +2.90% | -6.63 pts |
| 52 weeks | +261.00% | +19.61% | +241.39 pts |
| Year to date | +213.91% | +7.21% | +206.70 pts |
| 5 years | -21.7% | +44.3% | -66.0 pts |
FTSE 350 figures for short periods are derived from LSE/FTSE Russell’s stated performance gaps.
Why it matters: this is still a restart valuation, not an earnings story. Public market data list Tungsten West with a £450.41 million market value, 1.25 billion shares in issue, no price/earnings ratio and no dividend yield. For 2025, the data show revenue at £0.00, net income at a loss of £21.91 million and net debt at £23.86 million.
| Metric | Latest listed figure |
|---|---|
| Market value | £450.41 mln |
| Shares in issue | 1.25 bln |
| 2025 revenue | £0.00 |
| 2025 net income | -£21.91 mln |
| Net debt | £23.86 mln |
| P/E ratio | Not listed |
| Dividend yield | 0.00% |
The asset is Hemerdon, not a spread of mines. Tungsten West says it owns 100% of the mine near Plymouth and that Hemerdon holds one of the world’s largest tungsten resources. The company also says its Hemerdon futures plan could give the mine a life of more than 40 years, with tungsten, tin and aggregates sales in the plan.
The May funding update set the near-term test. Tungsten West entered a binding US$25 million bridge loan with an entity controlled by Gregory Coffey at SOFR plus 4.5%, with the rate rising by 1 percentage point each quarter. The company said final due diligence on a larger US$85 million facility was complete and loan documents were being finalised. Chief Executive Jeff Court said the funding should help the company “deliver tungsten and tin concentrate into the market from Q3 2026.” Investegate
| Restart item | Company target or term |
|---|---|
| US$25 mln bridge loan | 366-day term; unsecured; SOFR + 4.5%, rising by 1 percentage point each quarter |
| Fines gravity circuit | Q3 2026 commissioning; initial run up to 100 tonnes/hour |
| Installed fines capacity | About 200 tonnes/hour |
| Coarse gravity circuit | Q4 2026 commissioning; about 150 tonnes/hour |
| Full project | Q1 2027 commissioning; ramp toward 500 tonnes/hour in 2027 |
| Staffing/equipment | More than 120 new personnel expected by end-June; six heavy mobile units onsite |
The April update showed why the equity market kept paying attention before production. Tungsten West put March 31 ammonium paratungstate at about US$2,995 per mtu and tin above US$46,000 per tonne, against feasibility-study assumptions of US$400 per mtu for APT and US$32,500 per tonne for tin. It also reported unaudited cash reserves of £25.5 million and tungsten sales revenue of £0.6 million. Court said: “We are rapidly bringing Hemerdon back into production.” Investegate
The supply backdrop is real. Reuters reported in January that APT prices had hit records after tighter inventories, Chinese export controls and industrial demand, and cited Chinese export volumes down about 40% year on year. That gives Western production scarcity value. It does not settle build cost or commissioning risk.
UK mining finance remains hard. Jeremy Wrathall, Cornish Lithium’s founder and executive chairman, told the June UK Mining Conference that “it remains exceptionally challenging to raise finance for critical minerals projects in the UK.” Tungsten West said its chief financial officer, Phil Povey, used the same week to present Hemerdon restart progress to investors. Global Mining Review
The sell-side frame is thin but positive. Investors Chronicle data from LSEG show two analysts with 12-month targets on Tungsten West: a median of 70.10p, a high of 78.00p and a low of 62.20p. The same page shows one recommendation dated July 2, at Outperform.
February’s retail cash call is the cleaner price marker. Retail investors were offered shares at 18p, about a 39% discount to the Feb. 4 closing mid-price, with proceeds earmarked to support financing costs, repay bridge funding and fast-track production. Friday’s 36.10p close is 100.6% above that issue price.
The week ahead is narrow. The exchange feed listed a June 23 holdings notice as the latest Tungsten West RNS, after the June conference item and May funding update. The next price tests are final US$85 million debt documents, offtake terms and proof that the fines-gravity circuit starts in Q3.
