Zeus Capital initiated coverage of Tungsten West (AIM:TUN), the UK-based AIM-quoted mine developer, with a Buy recommendation as it advances the Hemerdon restart.
Analyst Andy Hanson reckons improving tungsten market dynamics, well‑advanced offtake talks, and a planned intake of roughly 120 staff by the end of June materially de‑risk the restart case for the pre‑revenue miner.
The broker, in a note, highlights that a binding US$25m, 366‑day bridge facility agreed on 21 May to fund a mine restart up to first‑phase fines gravity processing, set the scene for a staged commissioning timetable - with fines gravity slated for Q3 2026, coarse gravity Q4 2026 and full commissioning Q1 2027.
Hanson says the close of the anticipated up‑to‑US$85 million longer‑term facility, for which final due diligence is complete, is the next material milestone for the small-cap mine developer.
