22 July 2026

Tungsten West Plc

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

Grant of Awards under Long Term Incentive Plan

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 announces that it has granted options (the "Awards") over ordinary shares of 1 pence each in the capital of the Company ("Ordinary Shares") to three Directors of the Company, pursuant to the Company's Long Term Incentive Plan (the "LTIP").

The Company's LTIP was approved by shareholders at the General Meeting held on 30 January 2026, with further subsequent approvals provided at the General Meeting held on 26 February 2026, and has been implemented by the Board in line with the description provided in the circulars published on 14 January 2026 and 9 February 2026 respectively.

Details of the Awards are set out below:

* Options with 'stretch' targets as set out below

The Awards issued are subject to certain performance conditions, including in relation to achieving key commercial production and/or operational milestones and other key performance indicators. In respect of the Awards issued to the CEO and CFO, approximately 20% will only vest once certain 'stretch' targets are met, which represent performance that is significantly in excess of the Group's current base case business plan assumptions. The extent to which those performance conditions have been satisfied will be determined by the Remuneration Committee.

The Awards have different exercise prices depending on the applicable performance conditions as set out the table above and, will lapse by the fifteenth anniversary of the date of grant, unless they lapse earlier in accordance with their terms.

The option agreements also provide for the acceleration of vesting on a change of control, subject to the terms of the LTIP and the relevant option agreement.

Ends

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