22 December 2021

Tungsten West Plc

("Tungsten West", the "Company" or the "Group")

Exercise of Options

Tungsten West, the mining Company focussed on recommencing production at the Hemerdon tungsten and tin mine ("Hemerdon" or the "Project") in Devon, England, announces that it has received notices to exercise options to subscribe for 1,854,422 new ordinary shares of one penny each in the capital of the Company ("Ordinary Shares") at an exercise price of one penny each per Ordinary Share (the "Option Exercises"). The Option Exercise provides £18,544.22 of additional funding to the Company, which will be used for general working capital purposes.

Pursuant to the Option Exercise, Baker Steel Resources Trust Limited ("Baker Steel") will be issued with 1,657,196 new Ordinary Shares, increasing Baker Steel's holding to 28,846,515 Ordinary Shares, representing approximately 16.1 per cent of the Company's enlarged share capital. The balance of the new Ordinary Shares will be issued to an employee of the Company.

The 1,854,422 new Ordinary Shares to be issued to pursuant to the Option Exercise will rank pari passu with the existing Ordinary Shares and application will be made for the New Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings in the new Ordinary Shares will commence at 8.00 a.m. on 23 December 2021.

Total Voting Rights

Upon Admission, the Company's issued ordinary share capital will consist of 179,168,215 Ordinary Shares with one voting right each. The Company does not hold any Ordinary Shares in treasury, therefore the total number of Ordinary Shares and voting rights in the Company on Admission will be 179,168,215. With effect from Admission, this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

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Overview of Tungsten West

Tungsten West is the 100 per cent owner and operator of the past producing Hemerdon tungsten and tin mine, located near Plymouth in southern Devon, England. The Hemerdon mine is currently the world's third largest tungsten resource, with a JORC (2012) compliant Mineral Resource Estimate of approximately 325Mt at 0.12 per cent. WO₃. The Company acquired the mine out of a receivership process in 2019 after its most recent operators, Wolf Minerals ("Wolf"), stopped production in 2018. While it was operator, Wolf invested over £170 million into the development of the site, the development of significant infrastructure and processing facilities. Hemerdon was producing tungsten and tin materials, under Wolf, between 2015 and 2018, before the company entered administration and placed the mine into receivership due to a number of issues that have since been identified and rectified by Tungsten West.

The Company is focussed on updating the existing infrastructure and, in the near-term, restarting the Hemerdon mine at a low cost. Following the restart, Hemerdon is expected to produce significant volumes of tungsten and tin, both of which are strategically important materials, particularly in the development of new technology.