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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Tungsten West
Tungsten West (TUN) investor relations material
Tungsten West H2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2026 earnings summary3 Sep, 2026
Executive summary
Advanced Hemerdon Mine towards restart, securing full funding and progressing technical, operational, and financial foundations for production by Q1 2027.
Completed conversion of convertible loan notes into equity and raised significant capital, including £43m in February 2026 and £36m post-year-end.
Strengthened team with over 150 new hires, focusing on local recruitment and ESG commitments.
Benefited from improved tungsten prices due to Chinese export controls, enhancing project economics.
Financial highlights
Net loss after tax of £175.4m (2025: £24.7m), mainly due to non-cash fair value movement on convertible loan notes.
Adjusted operating loss of £7.9m (2025: £9.5m), reflecting underlying performance.
Revenue of £0.6m from limited tungsten concentrate sales; cost of sales £152k.
Cash and cash equivalents at year-end: £25.5m (2025: £0.02m), driven by equity raises.
Share premium increased from £51.9m to £277.0m due to loan note conversion and new equity.
Outlook and guidance
Fully funded to reach full-scale production by Q1 2027, with phased commissioning underway.
Focus on safe ramp-up, operational readiness, and stakeholder engagement.
Ongoing recruitment and community investment as operations expand.
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Latest events from Tungsten West
- Hemerdon targets first quartile tungsten costs and a 40+ year mine life, restarting in 2026.TUN
Corporate presentation - Hemerdon targets first-quartile tungsten production costs and strategic UK supply by 2027.TUNCorporate presentation
- Net loss narrowed, revenue grew, and project restart hinges on critical near-term funding.TUNH2 2024
- Losses deepened and cash reserves fell sharply, with project restart dependent on urgent new funding.TUNH1 2025
- Net loss widened to £21.9m amid higher impairment and funding risks, despite improved project economics.TUNH2 2025
- Loss driven by non-cash CLN adjustment; project financing and restart preparations advancing.TUNH1 2026
Next Tungsten West earnings date
H1 202720 Nov, 2026
Tungsten West
Next Tungsten West earnings date
H1 202720 Nov, 2026
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