Zeus Capital has initiated coverage of Tungsten West (AIM:TUN), the AIM‑listed developer of the Hemerdon tungsten project, with a 'Buy' rating as the stockbroker profiled "the UK’s next mine."
The stockbroker reckons the Tungsten West investment case rests on execution progress at Hemerdon, supported by improving market dynamics for the strategic metal.
Zeus, in a note, highlighted the recently agreed US$25m, 366‑day bridge financing facility which is expected to enable restart works up to the mine's first‑phase processing as a clear sign of progress. It also pinpointed the planned intake of around 120 staff by the end of June, as another upcoming milestone.
Meanwhile, Zeus noted that offtake talks are so far described as "well progressed" and the commissioning timetable is laid out - targeting fines gravity in Q3 2026, coarse gravity in Q4 2026 and full project commissioning in Q1 2027.
Zeus flags execution and close of the up‑to‑US$85m financing, which would shore up the longer-term debt profile, as the next material milestone and primary catalyst for the stock.
