Development and Economic Plan for Hemerdon

Key Design and Operational Improvements

The Company and its internal and external consultants, including a specialist metallurgical peer review team of Gary Patrick, James Turner and Mike Hallewell, have focussed heavily on addressing the risks identified from prior operations at Hemerdon, whilst looking to optimise the process from the previous feasibility studies of the Company. A summary of the key improvements incorporated into the Plan are:

·      Advancing pit design stages to target fresh granite ore as a priority to ensure a better quality and more consistent ore feed

·      More flexibility for in-pit ore sourcing, with an increased number of smaller excavators

·      Increased run-of-mine ("ROM") blending capability and stockpile rehandle to ensure a stable feed for the MPF

·      Addition of a new-build front-end crushing and screening facility using standard jaw and cone crushers, replacing the not fit-for-purpose hybrid rolls crushers originally installed

·      Buffer crushed ore stockpile to increase the flexibility within the MPF to minimise downtime

·      Removal of the redundant historic scrubber from the circuit which generated excess fines material

·      Integration of new technologies of ore sorters and In-line Pressure Jigs ("IPJs") to significantly reduce the required throughput and provide an uplift of the mined head grade prior to down-stream processing

·      Material not accepted for further down-stream processing by the ore sorters is made available for sale as premium aggregates to the construction market

·      Refurbishment of the existing fines circuit and inclusion of an ultra-fines recovery module to further improve recovery prior to tailings disposal

·      Full refurbishment of the utilised components of the existing MPF facility

·      Significantly reduced dependency on previously installed three stage Dense Media Separation ("DMS") units to a single stage through use of ore-sorters and IPJs to pre-concentrate ore

·      Inclusion of environmental noise mitigation buildings and custom enclosures on all potential LFN generating equipment as part of the MPF Environmental Permit issued in June 2024, and removal of higher propensity LFN equipment from the MPF

·      Incorporation of sunken crushing and screening units, reduced mine and front-end crushing operating hours and utilisation of lower noise generating mining truck trays and other ancillary equipment to further mitigate the impact on the local community

Various risk mitigation initiatives have also been employed to manage project execution risk, including advanced discussions with an experienced UK engineering procurement and construction ("EPC") contractor on a guaranteed maximum price basis to build and commission the new front end-crushing and ore sorting facility. An announcement on this development is expected in due course.

In addition to this, the Company will run a phased pre-production commissioning process, enabling various sections of the MPF to be commissioned and tested in phases, from the back end of the circuit forward to the new-build front end. To this end, the Company has received approval from the Environment Agency for limited trial running of select components of the refinery and the fines gravity circuit, with approval to recover and re- process a significant quantity (2,500t) of pre-deposited tailings from the tailings storage facility. The Company also intends to process a further 100t of fines material as part of this initiative, included in the 2,500t trial quantity.

The Company remains fully engaged with the Environment Agency on several facets of the project advancement, and management strongly welcomes the collaborative and supportive approach and engagement it has received at all levels within the Environment Agency.

At fully permitted production, the mine has the capacity to process 3.5Mtpa of primary ore feed and produce, on average over the primary mining period, approximately 332,000mtu of WO3 and 462kt of Sn per annum. Installed name-plate capacity for the operation will be in excess of 500,000mtu of WO3 per annum, which can be realised with minimal capital spend, providing further expansion and optimisation potential in the future.

The Company is progressing discussions with a number of pre-existing and new offtake customers to provide enhanced security of supply and further optimising the project risk and overall economics.

Mineral Resources & Ore Reserves

The updated Mineral Resource Estimate ("MRE") is summarised below. This is for a total contained quantity of tungsten of 39.7Mmtu including in-pit, granite stockpiles and tailings.

The Hemerdon project is one of the largest, if not the largest, CRIRSCO compliant tungsten resource globally with an active advancement plan. In addition to this, Hemerdon also has significant quantities of co-product tin, also a critical metal.

Hemerdon Mineral Resources

·           The Qualified Person for the MRE up to Sub-Total (1) is Zoe Scannell BSc (Hons), MSc, MCSM, FGS, QMR MIMMM, MAusIMM who was working for Mining Plus (UK) during the preparation of the MRE and currently an employee of Bara Consulting Ltd. The MRE has an effective date of 30th August 2024.

·           Tailings MRE listed as Mine Waste Facility, as per note (2), in the MRE summary table and was carried out by Dr Matthew Field of Mining Plus in 2021. NOTE: the Qualified Person for the non-Mine Waste Facility items, Zoe Scannell, was not involved with the Mine Waste Facility MRE reporting.

·           The preceding statements of Mineral Resources DOESconform to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition.

·           All tonnages reported are dry metric tonnes.

·           Rounding as required by reporting guidelines may result in apparent differences between tonnes, grade and contained metal content.

·           MRE tonnes reported is that material which sits within a conceptual pit shell used to support RPEEE, generated using the following assumptions and parameters; WO3 MTU price of USD$500, payability (78%), royalty (2.25%), transport cost (£211), recovery (55.6% - Granite, 50.5% Killas), mining cost (£3.06/t - Granite, £4.26/t - Killas), processing cost (£6.50/t - Granite, £4.60/t - Killas), G&A (£2.24/t - Granite, £1.58/t Killas) above a cut-off grade of 0.064% WO3 EQ (equivalent) for Granite and 0.063% for Killas. (WO3_EQ is calculated as [(Sn*0.379)+WO3]).

Hemerdon Ore Reserves

·           The Competent Person for the Ore Reserves is Alan Turner BSc, MSc, MIMMM, CEng of AMC Consultants. The mineral reserves have an effective date of 1^st May 2025.

·           The preceding statements of Ore Reserves DOES conform to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition. Ore Reserves are estimated using an APT price of US$350/mtu WO3 and tin price of US$30,000/t Sn.

·           All tonnages reported are dry metric tonnes.

·           Minor discrepancies may occur due to rounding to appropriate significant figures.

Competent Persons statements

The information in this RNS that relates to Mineral Resources (excluding Tailings Mineral Resources) is based on information compiled by Ms Zoe Scannell, a Competent Person who is a Member of the Australian Institute of Geoscientists, Fellow of the Geological Society of London and Member of the IOM3 (QMR). Ms Scannell is employed by Bara Consulting Limited, and independent of Tungsten West. Ms Scannell has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being 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'. Ms Scannell consents to the inclusion in this RNS of the matters based on her information in the form and context in which it appears.

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.

Ends