LONDON: Tungsten West Plc (LON:TUN) on Thursday released its audited financial results for the year ended March 31, 2025, underscoring significant operational and strategic milestones at its Hemerdon tungsten and tin project in Devon, UK.
The Company published its Annual Report and Financial Statements on its website, detailing a robust Development and Economic Plan and the completion of a Feasibility Study for Hemerdon. The study outlines a restart strategy with an internal rate of return of 29%, a net present value of US$190 million, and projected post-tax cash flows of US$456 million over the life of mine.
Production capacity is expected to reach 3.5 million tonnes of ore annually, yielding an average of 3,320 tonnes of tungsten trioxide (WO₃) and 462 tonnes of tin concentrate.
The Company noted that global tungsten supply has tightened following China’s export restrictions in February 2025, driving ammonium paratungstate (APT) prices above $500/mtu—enhancing Hemerdon’s economics.
Hemerdon was recently designated a Strategic Project under the European Union’s Critical Raw Materials Act. Tungsten West also received a non-binding Letter of Interest from the Export-Import Bank of the United States, indicating potential financial support of up to US$95 million.
During the year, the Company raised £12 million through convertible loan notes and secured its final operational permit from the UK Environment Agency. Leadership changes included the appointment of Jeffery Court as CEO, Alistair Stobie as CFO and board member, and Stephen Harrison as Non-Executive Chairman.