Tungsten West (LSE:TUN) reported audited results for the year ended 31 March 2026, with a year-end cash position of £25.5 million following equity fundraising and the conversion of convertible loan notes.
The company raised £43 million in equity during the period and recorded its first sales of tungsten concentrate from the recommissioned processing facility.
Tungsten West reported an operating loss of £7.9 million for the year. Its results also included a non-cash finance charge associated with the conversion of loan notes.
The company reported no lost-time injuries during the period and continued construction activities at its Hemerdon tungsten and tin mine in Devon, including the installation of equipment and appointments to its management team.
Tungsten and Tin Concentrate Production Begins
Following the end of the financial year, Tungsten West began producing tungsten and tin concentrates from the fines gravity circuit at Hemerdon.
The company said construction associated with the mine restart remains on schedule and within budget, with completion targeted for the first quarter of 2027.
The project is backed by funding of up to £71 million from the UK National Wealth Fund.
Tungsten West has recruited more than 150 employees as it prepares for the planned ramp-up of operations.
Hemerdon Restart Targets Q1 2027 Construction Completion
Management said tungsten market prices have increased, with Chinese export controls identified by the company as one factor affecting the market.
Tungsten West views Hemerdon as a potential Western source of tungsten and tin and said the project is funded through to production. The company continues to target completion of restart construction during the first quarter of 2027.
Tungsten West Operations
Tungsten West Plc is a UK-listed mining company focused on restarting the Hemerdon tungsten and tin mine in Devon.
The project uses existing mining and processing infrastructure and is intended to produce tungsten and tin for industrial markets. The company is currently progressing construction and commissioning activities ahead of the planned restart of operations.
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