Tungsten West (TUN) H1 2025 earnings summary

Executive summary

• Completed updated feasibility study showing strong economic returns at conservative price assumptions; actual market prices for tungsten and tin are now significantly higher than those used in the study.

• Commenced project financing process to secure debt and equity for restarting operations at the Hemerdon mine.

• Raised £5.2 million via convertible loan notes and agreed a £4.0 million bridge facility post-period.

• Completed a successful processing trial post-period, producing over 1,400 MTU of WO3 concentrate above target grades.

• Entered into an EPC agreement for new crushing, screening, and ore sorter facility, advancing restart preparations.

Financial highlights

• Operating loss for the six months ended 30 September 2025 was £3.8 million, compared to £5.4 million in the prior year period.

• Total loss for the period was £40.4 million, driven by a £37.0 million non-cash fair value adjustment on convertible loan notes due to share price increase.

• Cash reserves at period end were £1.0 million, declining to £0.4 million by 30 November 2025.

• Basic and diluted loss per share was £0.214, compared to £0.074 in the prior year period.

Outlook and guidance

• Board remains positive on long-term prospects for the Hemerdon mine, citing strong commodity markets and commitment to recommence operations.

• Project financing expected to complete in Q1 2026, with both debt and equity streams progressing.