Tungsten West Plc

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

Increase in Mineral Resource and Ore Reserve Estimates for the Hemerdon Project

Tungsten West plc (LON: TUN), the mining company focussed on restarting production at the Hemerdon tungsten and tin mine ("Hemerdon" or the "Project") in Devon in the UK, is pleased to provide this update on the JORC (2012) compliant Ore Reserve Estimate ("ORE") and internal Mineral Resource Estimate ("MRE"), as part of the work completed for its updated Feasibility Study for its flagship Hemerdon Project.

Hemerdon Ore Reserve Estimate Highlights:

·    60% increase in ore tonnage and 10% increase in contained metal from previous 2021 ORE

·    The 2022 Hemerdon Ore Reserve is now 101.2Mt at 0.14% WO₃ and 0.03% Sn

·    The Hemerdon deposit is estimated to be the second largest reported CRIRSCO standard tungsten reserve globally

Hemerdon Mineral Resource Estimate Highlights:

·    7% increase in tonnage and 1% increase in contained metal from previous 2021 MRE

·    The 2022 Hemerdon Global Mineral resource is 351.5Mt at 0.12% WO₃ and 0.03% Sn

·    The Hemerdon deposit is now estimated to be the second largest reported CRIRSCO standard tungsten resource globally

Mark Thompson, Executive Vice-Chairman, commented: "The increase in both the Ore Reserve and Mineral Resource at Hemerdon further highlights the world class nature of the deposit we have in Devon, which now hosts the second largest tungsten reserve and resource, globally.

"The lift in both the Ore Reserve and Mineral Resource is a reflection on the work that has been undertaken this year as part of our cost saving initiative and improvement to operating efficiencies across the business. This will also be realised in our updated Feasibility Study, a summary of which we expect to release shortly.

"Within a year of acquiring the Project, we undertook the first exploration drilling programmes in almost 30 years. These programmes had significant success in growing the Mineral Resources and we have complemented that with the development of an enhanced mineral beneficiation flowsheet and energy saving initiatives to reduce our processing costs. These initiatives, in turn, have had a positive impact of the Ore Reserves.

"We intend to continue to build on this world class asset and continue the trend of adding value through reserve and resource growth through future drilling campaigns as indicated by the scale of the proposed exploration target."

Further information

2022 Hemerdon Ore Reserve Estimate

This Ore Reserve Estimate is based on the MRE update completed in January 2021 by independent mining consultants Mining Plus UK Ltd ("MPUK") and is underpinned by a pit optimisation study conducted by MPUK during October 2022, followed by detailed pit design, pushback design, Life of Mine scheduling and financial modelling. All reserves are reported in accordance with the 2012 edition of the JORC code.

The total updated Ore Reserve Estimate (Proved and Probable) for Hemerdon is 101.2 Mt at 0.14% WO3 and 0.03% Sn, reported above an Ore Reserve cut-off grade of 0.0742% WO₃ Equivalent ("WO₃Eq") for the granite and 0.0689% WO₃Eq for the killas. This Ore Reserve includes 0.6 Mt of existing stockpiles remaining from the previous site operator, Wolf Minerals, open pit mining operations (2015-2018).

Both the Hemerdon granite and the host metasedimentary material (locally known as "killas") within the final pit design are included in this Ore Reserve. To maximise project Net Present Value ("NPV") the Project plans to stockpile the lower grade (but still economic) killas material until completion of the mining phase, at which time the killas stockpiles will be reclaimed and fed through the mineral processing facility ("MPF").

Table of Ore Reserve Estimates

Notes to accompany Ore Reserves table:

1. The Qualified Person for the estimate is Mr. Adriano Carneiro, fellow AusIMM, a MPUK employee. The estimate has an effective date of 15 November 2022.

2. Ore Reserves are reported using the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (The JORC Code) 2012 Edition.

3. Numbers may not add up due to rounding. Rounding as required by reporting guidelines may result in apparent differences between tonnes, grade and contained metal content.

4. All tonnages reported are dry metric tonnes.

5. WO₃Eq calculated as WO₃Eq = WO₃ + (0.4942*Sn) for granite and WO₃Eq = WO₃ + (0.3794*Sn) for killas.

2022 Hemerdon Mineral Resource Estimate

The Updated Hemerdon Mineral Resource Estimate, prepared internally by the Company, includes the in-situ mineralised granite and killas domains alongside stockpile and tailings material generated as a result of the former mining operations between 2015 and 2018. All Mineral Resources are reported in accordance with the 2012 edition of the JORC code.

The 2022 MRE update is based on the 2021 estimate produced by MPUK that has been re-reported with updated cost and processing assumptions as a result of the operational redevelopment undertaken as part of the 2022 Feasibility Study. There have been no material differences in geological interpretation or data used to support the estimation since 2021. This is to ensure alignment with the updated mineral reserve and has resulted in a reduction in the breakeven ("BE") cut-off grade ("CoG"). The updated 2022 Hemerdon Mineral Resource is therefore reported above a WO₃ Eq BE CoG of 0.064% for granite and 0.062% for killas within an optimised pit shell generated using the same economic parameters used to calculate the BE CoG.

Furthermore, the 2022 MRE reflects updated changes to the Hemerdon stockpile inventory following depletion of various stockpiles since the 2021 reported MRE as part of aggregate sales.

The 2021 MRE prepared by MPUK for the resource contained within the Mine Waste Facility ("MWF") generated through former operations remains unchanged as a component of the global Hemerdon Mineral Resource Estimate.

The changes to the updated 2022 MRE are minimal and can be summarised as a 7% overall increase in tonnes and a 1% increase in contained metal. The reason for the minor difference in overall ore tonnes due to the minor change to the granite BE CoG. Any increases to the overall tonnes can be attributed to the more noticeable reduction in the killas BE CoG.

Table of Global Mineral Resources Estimate

Notes to accompany Mineral Resource table

1. The Qualified Person for the estimate is Mr. James McFarlane, BSc (hons), MSc, MCSM, FGS, CEng FIMMM, RPGeo MAIG, FIQ, a Tungsten West employee. The estimate has an effective date of 11th October 2022.

2. Mineral Resources are reported using the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (The JORC Code) 2012 Edition.

3. Numbers may not add up due to rounding. Rounding as required by reporting guidelines may result in apparent differences between tonnes, grade and contained metal content.

4. All tonnages reported are dry metric tonnes.

5. WO₃ Eq calculated as [[Sn%*0.379]+WO₃%].

Exploration Target

The 2022 Hemerdon MRE retains the previously proposed exploration target from the 2021 MRE for Hemerdon of ~55.7 to 83.5 Mt of granite at a grade of ~0.09 to 0.13% WO₃ and ~272 to 408 Mt of killas at a grade of ~0.10 to 0.14% WO₃. In reporting the exploration target it should be made clear that the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to estimate a Mineral Resource and that it is uncertain if further exploration will result in the estimation of a Mineral Resource.

The exploration target is based on drilling data for the Hemerdon deposit which has been estimated within the Hemerdon block model above cut off grades but does not exhibit sufficient geological continuity to be classified as a Mineral Resource under the JORC Code 2012 edition. As such the exploration target is reported as a range of grade and tonnage to reflect this uncertainty based on an assessment of the grade-tonnage curves of this material whereby a range of +/-20% was deemed reasonable.

The scale of the exploration target exhibits the future potential for the Mineral Resources and Ore Reserve to continue to grow with future drilling campaigns, which will be undertaken regularly to further define the resource and explore for additional material as part of the operational strategy when in production.

Further Updates

The updated Mineral Resource and Ore Reserve Estimates form a fundamental aspect of the updated and independently reviewed Feasibility Study for which the Company expects to publish the summary result of in the coming days. The Company will also continue to provide further guidance on Project progress as milestones are completed.

Competent Persons Statements:

Information in this announcement pertaining to Reporting of Sampling Techniques and Data, Exploration Results and Estimation and Reporting of Mineral Resources has been reviewed and approved by Mr James McFarlane, BSc (Hons), MSc, MCSM, FGS, CEng FIMMM, RPGeo MAIG, FIQ . Mr McFarlane holds a BSc with Honours from The University of Wales, Aberystwyth in Environmental Earth Science and an MSc in Mining Geology from Camborne School of Mines, University of Exeter, he is also a Master of the Camborne School of Mines (MCSM). Mr McFarlane is a Fellow of the Geological Society of London (FGS), a Chartered Engineer (CEng) and Fellow of the Institute of Materials, Minerals and Mining (FIMMM) through which he is also a Registered Mineral Resources and Reserves Reporting Practitioner. Mr McFarlane is a Member of the Australian Institute of Geoscientists (MAIG) and through which is Registered Professional Geoscientist in the joint fields of Mining and Mineral Exploration (RPGeo). Mr McFarlane is also a Fellow of the Institute of Quarrying (FIQ). Mr McFarlane is an employee of the Company. Mr McFarlane has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and under the AIM Rules

- Note for Mining and Oil & Gas Companies, which outline standards of disclosure for mineral projects. Mr McFarlane consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears. Mr McFarlane confirms that the Company is not aware of any new information or data that materially affects the information included in the relevant market announcements, and that the form and context in which the information has been presented has not been materially modified.

The information in this release that relates to the Estimation and Reporting of Ore Reserves has been compiled by Mr Adriano Carneiro BEng (Mining) FAusIMM. Mr Carneiro is a full-time employee of Mining Plus UK Limited Ltd and has acted as the Competent Person on the Hemerdon deposit Ore Reserve Estimation. Mr Carneiro is a Fellow Professional of the Australasian Institute of Mining and Metallurgy and has sufficient experience with the commodity, style of mineralisation and deposit type under consideration and to the activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (The JORC Code).

- Note for Mining and Oil & Gas Companies, which outline standards of disclosure for mineral projects. Mr. Carneiro consents to the inclusion in this report of the contained technical information relating the Ore Reserve Estimation in the form and context in which it appears. Mr Carneiro confirms that the Company is not aware of any new information or data that materially affects the information included in the relevant market announcements, and that the form and context in which the information has been presented has not been materially modified.

For more information on the Project, including the JORC Table 1, please see the following page of the Company's website: https://www.tungstenwest.com/project  

This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014 as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019.

Enquiries

Follow us on twitter @TungstenWest