Tungsten West (TUN) H2 2025 earnings summary

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.