27 September 2022

Tungsten West Plc

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

Grant of Options

Tungsten West (AIM: TUN), the mining company focussed on recommencing production at the Hemerdon tungsten and tin mine in Devon, United Kingdom, announces that a total of 2,799,982 options over ordinary shares of £0.01 each in the capital of the Company ("Ordinary Shares") were granted to the Chief Financial Officer, Managing Director, Executive Vice Chairman and other employees (the "Options") pursuant to the Company Share Option Plan ("2022 CSOP") and Employee Share Option Plan ("2022 ESOP").

The Options are exercisable at a price of £0.275 per Ordinary Share, being  mid-market closing price on 21 September 2022, in accordance with the conditions of the 2022 CSOP and 2022 ESOP. The Options will vest three years from the date of grant.

Following the grant of Options, the interest of the Directors and PDMRs in the share capital of the Company are as follows:

Following this grant, the Company has a total of 25,016,885 options in issue to date representing approximately 13.9 per cent. of the Company's current issued share capital.

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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.

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