Tungsten West (LSE:TUN) reported significant progress during the first quarter of 2026 toward restarting operations at its Hemerdon tungsten and tin mine in Devon. The development comes as higher market prices for tungsten and tin have strengthened the project’s underlying economics. The company is targeting the restart of fines gravity processing in the third quarter of 2026, with full plant commissioning planned for the first quarter of 2027.
Work on the project is moving forward rapidly, with major subcontractors now appointed and refurbishment activities and earthworks underway on site. The company has also reinforced its operational leadership team, appointing a new chief operating officer alongside senior managers overseeing processing, mining, maintenance and environmental, social and governance functions.
In a shift to its operating strategy, Tungsten West has ended its mining services agreement with Hargreaves and intends to bring mining operations in-house. To support this approach, the company has secured a £22.3 million equipment financing arrangement with Komatsu. On the funding side, advanced due diligence is ongoing for up to US$85 million in project debt, with lenders indicating support for an initial US$25 million tranche. Together with approximately £25.5 million in existing cash reserves, this funding is expected to support the pathway to restarting production.
Despite operational progress, the company’s outlook remains constrained by financial risk factors, including ongoing losses, continued cash burn and negative equity reported in FY2025 alongside increased debt levels. Technical indicators for the stock have recently strengthened, but valuation metrics offer only moderate support as the negative price-to-earnings ratio reflects the company’s current lack of profitability and there is no dividend yield.
More about Tungsten West Plc
Tungsten West Plc is a UK-based mining company focused on restarting production at the Hemerdon tungsten and tin project in Devon. The company aims to re-establish the site as a major Western supplier of tungsten concentrate and tin, both considered strategically important metals, at a time when global demand for critical minerals is rising.
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