21 May 2026

Tungsten West Plc

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

Q1 2026 Project Funding and Debt Update

Tungsten West (AIM:TUN), the mining company focused on restarting production at the Hemerdon tungsten and tin mine ("Hemerdon" or the "Project") in Devon, UK, is pleased to provide a Project Funding and debt update.

Project Funding Update

The Company has entered into a binding US$25.0 million bridging loan facility (the "Short-Term Loan Facility") with  an entity controlled by Gregory Coffey.  As previously announced, the Short-Term Loan Facility will fund the Project up to the first phase restart of fines gravity processing in Q3 2026.

The key terms of the Short-Term Loan Facility are:

·    US$25.0 million;

·    Interest Rate of SOFR + 4.5% (approximately 8% per annum), increasing by 1% per quarter;

·    Term of 366 days; and

·    Unsecured and repayable at any time, without penalty or make whole fee.

Final stage due diligence of the larger debt package of up to US$85.0 million (the "Facility") is complete, and definitive documentation for the Facility is being finalised with the lender, which will be partially utilised to repay any funds provided under the Short-Term Loan Facility.

Project and Market Update

·    The Company remains on track to deliver the restart of the Project within budget on the previously announced timelines: 

o  Fines gravity circuit refurbishment is well progressed, and commissioning is expected in Q3 2026. Fines will be generated using a third-party mobile crushing and wash plant solution, with feedstock sourced from the previous operators' ore stockpiles. The fines gravity circuit will initially be run at up to 100 tonnes ("t") per hour (fines gravity installed capacity is approximately 200t per hour). The Company has entered into an Agreement with Duo Operations Limited to provide mobile crushing and wash plant services on a variable cost basis.

o  Coarse gravity circuit refurbishment is progressing well, with commissioning expected in Q4 2026. The initial flow sheet will consist of pre-concentration using a mobile in line pressure jig system and the previously installed Dense Media Separation ("DMS") system. Feedstock will be sourced from exposed ore, with minimal stripping. Although initial throughput will be lower, in this configuration, the coarse gravity circuit will be capable of processing approximately 150t per hour.

o  Full project commissioning is expected in Q1 2027. This will allow the Company to ramp up to nameplate capacity of 500t per hour over the course of 2027.

·    The tungsten concentrates market remains very strong, with pricing by the European market index pricing ("APT") consistently above US$3,000/metric tonne unit. In relation to offtakes, the Company has well progressed discussions with multiple parties. 

·    A recruitment programme is ongoing, with over 120 new personnel expected to have been onboarded by the end of June 2026.

·    Six pieces of Komatsu heavy mobile equipment are currently onsite and conducting preparatory mining works. The first fleet of Komatsu primary earth moving equipment is expected to arrive at site in June 2026.

·    In response to recent market conditions, the Company has commenced a project to materially increase the production capacity of the operation, including significant additional capacity in the new build programme currently underway.

Related party transaction

As the entity is controlled by Gregory Coffey, a substantial shareholder of the Company, the transaction will constitute a related party transaction under Rule 13 of the AIM Rules for Companies.

The Company's Directors consider, having consulted with Strand Hanson Limited, acting in its capacity as the Company's Nominated Adviser, that the terms of the Short-Term Loan Facility are fair and reasonable insofar as the Company's shareholders are concerned.

Jeff Court, CEO of Tungsten West, commented:

"We are thankful for the support of our shareholder, who has provided the bridging loan facility on favourable terms. Over the coming weeks, we look forward to concluding our remaining debt financing package, which will allow us to maintain our rapid development pace and deliver tungsten and tin concentrate into the market from Q3 2026."

Mineral Processing Facility project works underway at Hemerdon with the mining operation in the background.

Ends

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