Tungsten West (TUN) H1 2024 earnings summary

Executive summary

• Granted permit to operate the Mineral Processing Facility, advancing restart plans for the Hemerdon mine.

• Appointed ADP Marine & Modular for MPF engineering and Mining Plus for feasibility study sections.

• CEO and Chairman transitions post-period, with Jeff Court and Stephen Harrison assuming leadership roles.

• Focus remains on updating the economic assessment and securing funding for project restart.

Financial highlights

• Revenue for the six months ended 30 September 2024 was £722,036, unchanged year-over-year.

• Loss for the period widened to £13.9 million from £9.1 million in the prior year period.

• Gross loss of £1.1 million, compared to a gross profit of £0.7 million in the prior year.

• Cash reserves at period end were £0.04 million, down from £1.6 million at March 2024.

• Convertible loan notes outstanding at fair value of £23.0 million, up from £6.7 million a year ago.

Outlook and guidance

• Board remains positive on long-term prospects for Hemerdon and its commodities.

• Completion of feasibility study and major capital raise targeted for early 2025.

• Ongoing focus on de-risking the project and securing additional funding.