Tungsten West AIM:TUN
- Founded
- Plymouth, England
- Incorporated
- United Kingdom
- Chief executive
- Jeffery Arnold Court
- Employees
- 32
- Reports in
- GBP
- Companies House
- 11310159
Mining company seeking to restart the Hemerdon tungsten and tin mine in Devon, one of the largest tungsten resources in the Western world, previously operated by Wolf Minerals. Pre-production; the investment case rests on financing the restart amid Western strategic demand for non-Chinese tungsten.
Read straight from the annual reports
43.7p at close on 2 Oct 2026 · 7 reported years, 2020–2026
| Line | FY202003/20 | FY202103/21 | FY202203/22 | FY202303/23 | FY202403/24 | FY202503/25 | FY202603/26 | FY2027unreported |
|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||
| Gross profit | later (3.2) | later (0.24) | ||||||
| Operating profit | later (19.0) | |||||||
| Adjusted operating profit | — | — | — | |||||
| Exceptional items | — | — | — | — | — | |||
| Net finance cost | later 5.9 | |||||||
| Profit before tax | later (25.0) | |||||||
| Tax charge | ||||||||
| Profit for the year | later (24.7) | |||||||
| EBITDA | ||||||||
| Basic EPS | — | |||||||
| Diluted EPS | — | |||||||
| Dividend per share | — | — |
GBP millions, negatives in brackets. Per-share lines in pence, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
7 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
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Restart of tungsten and tin production at Hemerdon Mine (targeted late 2026)
Our long-term strategy is to bring the Hemerdon mine back into production in late 2026
page 3Sale of aggregates as secondary product
The Group's business plan also includes the selling of high-quality aggregates that are produced as a secondary product from the mineral processing facility
page 2Inflationary pressure on reagents, energy and diesel costs
Operating Cost Risk: the core materials required for operations, mainly being reagents, energy and diesel costs, are exposed to inflationary pressures
page 18Design/process flow improvements from updated Feasibility Study (new crushing/screening front-end, ore sorters, gravity separation modules)
revised plans include a new crushing, screening and ore sorting front-end...to enhance performance, cost and recovery
page 4£9.5m charge: Impairment of assets under construction (PP&E) - obsolete front-end crushing circuit design/consulting costs
page 48We expect to restart mining and processing operations in late 2026, following completion of a new Feasibility Study announced in August 2025.
page 48 May 2025: conditions precedent of CLN Tranche G Part B achieved, drawing down £0.9m
page 60Material uncertainty related to going concern: the Group had £0.02m cash at 31 March 2025 (and £2.1m at late August 2025), is in the pre-production phase, and is reliant on further funding by late 2025 without which it would be unable to pay liabilities as they fall due. Auditor PKF Francis Clark issued an unmodified (unqualified) audit opinion but drew attention to the material uncertainty relating to going concern; opinion not modified in respect of this matter. Key audit matters: management override of controls, impairment of PP&E/intangibles, restoration provision, and convertible loan notes.
page 25- Key Personnel Risk - ability to attract and retain qualified management/technical personnel; risk elevated in year due to high staff turnoverp.15
- Geopolitical Risk - events outside Company's control could impact business plan, cost of materials, FX volatilityp.15
- Access to Capital - risk of withdrawal or no access to finance to complete the project and restart productionp.16
- Development Risk - unexpected problems at site/plant enhancements increasing costs, delaying revenues and eroding project returnsp.16
Read from C001349-AR-2026-website.
6 annual reports read, FY2021 to FY2026
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (5), Company website (1)
FY2027Next report expected 11 Sept 2027