Strategic Tungsten Supply and Offtake Agreement

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR").

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN, ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, CANADA OR JAPAN.

23 September 2026

Tungsten West Plc

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

Strategic Tungsten Supply and Offtake Agreement with The Elmet Group

Eight-year agreement establishes major UK – US tungsten supply relationship

Tungsten West (AIM: TUN), the owner and operator of the Hemerdon tungsten and tin mine ("Hemerdon") in Devon, UK, is pleased to announce that it has entered into a binding eight-year supply and offtake agreement (the "Agreement") with Elmet Technologies LLC ("Elmet"), a member of The Elmet Group, a US-based vertically integrated producer of tungsten products and advanced materials.

Highlights

• Eight-year supply and offtake agreement with Elmet for 1,000 tonnes (100,000 metric tonne units “mtu”) per annum of contained WO₃ from Hemerdon.
• Over £1.4 billion indicative nominal value at prevailing market commodity prices and foreign exchange rates.
• At Tungsten West’s request, Elmet will use commercially reasonable endeavours to process an additional 500 tonnes per annum of contained WO₃ to support UK Government strategic requirements and UK industry.
• Establishes a substantial long-term route for Hemerdon tungsten into US and UK tungsten processing and manufacturing supply chains.
• Complements the UK Government's strategic interest in Hemerdon following the National Wealth Fund's investment of up to £71 million in Tungsten West and the associated exclusive negotiation period for the UK Government to procure up to 50% of Hemerdon's annual tungsten production.
• Positions Hemerdon as an increasingly important source of secure, Western-produced tungsten for defence, aerospace, advanced manufacturing and other strategic industries.
• Elmet is a global producer of tungsten and molybdenum materials and products, providing precision machining and engineering solutions for industrial markets. It is also a leading US owned producer of pure tungsten and molybdenum.

Blair McDougall, Minister for Reindustrialisation for the United Kingdom, said:

“This announcement builds on our partnership with the United States, working together in areas like mining and processing, helping crucial sectors like defence and clean energy in both countries get the minerals they need. 

"This is our Critical Minerals Strategy in action - forging ambitious international partnerships that strengthen our economic security and help build more resilient, sustainable critical minerals supply chains."

Jeffery Court, CEO of Tungsten West, commented:

"This is a landmark commercial agreement for Tungsten West and represents a major step in establishing Hemerdon as a strategically important source of tungsten for the Western world.

"The eight-year agreement outlines the supply of 1,000 tonnes of contained WO₃ annually and at current tungsten market prices, has an indicative nominal value of over £1.4 billion.

"More importantly, it establishes a long-term supply relationship between Hemerdon and one of America's leading vertically integrated tungsten businesses at a time when both the United States and United Kingdom are placing increasing strategic importance on securing resilient supplies of critical minerals.

"The structure of the Agreement also creates the opportunity to provide an additional 500 tonnes annually in support of UK Government strategic priorities and industrial demand.

"Hemerdon is uniquely positioned to provide substantial, long-term tungsten production from within the United Kingdom. With production now underway, the support of the UK Government through the National Wealth Fund and this long-term commercial agreement with Elmet, we are building a mine-to-market supply chain capable of supporting the critical mineral requirements of the UK, US and their allies."

Peter V. Anania, CEO and Chairman of The Elmet Group, commented:

“Our agreement with Tungsten West further builds upon the landmark investment we received from the Department of War and advances our strategy to build a resilient supply chain for the U.S. and allied nations.

“The Elmet Group and Tungsten West are firmly aligned in our commitment to securing domestic and allied production, supply, and consistency for customers across the full breadth of critical end markets.”

Further information

Under the Agreement, Tungsten West will supply Elmet with 1,000 tonnes per annum of contained WO₃ over the eight-year term of the Agreement.

Pricing is variable and referenced to European Ammonium Paratungstate (APT) pricing. Based on the prevailing reference price and the prevailing USD:GBP exchange rate, the Agreement represents an indicative nominal value of over £1.4 billion during its eight-year term. This figure is indicative and does not represent guaranteed revenue to Tungsten West. Actual revenue will depend upon, amongst other things, prevailing tungsten prices, foreign exchange rates, product specifications, quantities delivered and the pricing mechanism contained within the Agreement.

The Agreement also provides that, at Tungsten West’s request, Elmet will use commercially reasonable endeavours to process up to an additional 500 tonnes per annum of contained WO₃ for processing into down-stream tungsten products to support UK Government strategic requirements and UK industry, subject to the applicable commercial and delivery terms being agreed between the parties.

Strategic significance

The Agreement represents a significant commercial milestone for Tungsten West and establishes a long-term supply relationship between one of the world's largest tungsten deposits and one of the United States' leading vertically integrated tungsten businesses.

Elmet is building a vertically integrated US and allied tungsten supply chain, supported by a US$450 million committed investment from the US Department of War, and has separately secured an up to US$2 billion DLA contract to supply tungsten materials to the US National Defense Stockpile. Elmet has identified long-term mine offtakes as an integral part of securing the incremental tungsten feedstock required to support its expanded processing capacity and future stockpile deliveries. This Agreement is a key cornerstone of tungsten concentrate supply to enable this strategy.

UK strategic supply

The Agreement has been structured to preserve the ability for additional Hemerdon production to support UK strategic requirements.

In August 2026, the National Wealth Fund announced an investment of up to £71 million in Tungsten West. The investment also provides the UK Government with a negotiation period for the right to procure up to 50% of the mine's tungsten production as stated in the Company's 2025 Feasibility Study.

The additional 500 tonnes per annum WO₃ option under the Elmet Agreement provides further flexibility to support UK Government strategic tungsten requirements and UK industry while maintaining the Company's long-term commercial relationship with Elmet.

The combination of Hemerdon's scale, its location in the United Kingdom and the establishment of long-term commercial relationships with major Western tungsten processors positions the mine as an important component of UK and US critical-mineral supply-chain resilience.

ENDS

About The Elmet Group

The Elmet Group is a U.S.-based provider of precision-engineered components and advanced high-energy systems for the Aerospace, Defense and Government, Industrial, Medical, Semiconductor and Electronics, and Energy industries. The Elmet Group operates through three segments: Critical Materials Components (CMC), Engineered Microwave Products (EMP), and Elmet Refining & Trading (ERT), leveraging materials science and precision engineering expertise to deliver high-performance solutions. The Elmet Group is dedicated to strengthening domestic manufacturing capabilities to support the U.S. and its allies’ needs in both critical materials and advanced high-power microwave systems.

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