Tungsten West plc posted a total loss of £40.4 million and cash reserves of £400,000 for its Hemerdon mine project in Devon.
POSITIVE
For the six months to 30 September 2025, operating losses of £3.8m added to a £37m non-cash fair value adjustment to convertible loan notes.
The adjustment followed a rise in share price rise from 3.625p on 1 April 2025 to 8.75p on 30 September 2025, and the expected exercise price of three pence per share for convertible loan notes.
Tungsten West has since agreed a bridge loan and full conversion of the loan notes, subject to shareholder approval, but reiterated that material uncertainty remained over further funding.
The company has started the project financing process to fund the restart of Hemerdon, adding: “The board remains positive for the long-term prospects for the Hemerdon mine.
“Commodity markets are strong, and the board is committed to delivering the project and recommencing operations.”
TVRs
The company also issued 1,657,196 new ordinary shares of 0.01 pence each, following notice to exercise founder options, for £16,572.
Granted in October 2021, the founder options are exercisable on certain milestones achieved.
On admission, Tungsten West’s issued ordinary share capital will consist of 190,388,503 ordinary shares, with one voting right each, and none of which is held in treasury.