Tungsten West (TUN) H2 2024 earnings summary

Executive summary

• Completed a revised Development and Economic Plan and Feasibility Study for the Hemerdon mine, confirming robust project economics and a clear path to restart production, with positive market conditions due to global tungsten supply constraints.

• Designated as a Strategic Project by the European Commission and received a non-binding Letter of Interest from the US EXIM Bank for up to $95 million in financing.

• Raised £12.0 million in convertible loan notes, with £6.7 million during the year and £5.3 million post-year-end.

• Secured all key permits, including the Environment Agency permit for the Mineral Processing Facility.

• Strengthened leadership with new CEO, CFO, and Chairman appointments.

Financial highlights

• Revenue for the year ended 31 March 2025 was £722,036, primarily from sales of low-grade concentrate.

• Operating loss widened to £15.9 million (2024: £7.3 million), driven by a £9.5 million impairment on assets under construction.

• Net loss for the year was £21.9 million, compared to £9.7 million in the prior year.

• Cash and cash equivalents at year-end were £18,442, down from £1.58 million in 2024.

• Raised £6.7 million in convertible loan notes during the year and £5.3 million post-year-end.

Outlook and guidance

• Targeting restart of mining and processing operations in late 2026.

• Actively seeking to raise US$93 million in additional capital to fund the restart.

• Project economics further improved by APT prices rising above $500/mtu due to Chinese export restrictions.