Tungsten West (AIM:TUN) (LSE: TUN) has accelerated its Hemerdon restart programme, announcing the appointment of Ron Day as chief operating officer and a timetable that targets first-phase fines gravity processing in Q3 2026 and full plant commissioning in Q1 2027.
"We are rapidly bringing Hemerdon back into production to address the ever-increasing supply gap for strategic tungsten concentrate. The Project's advancement is going well across all fronts, with first phase production targeted in Q3 2026." said Jeff Court, Chief Executive Officer.
Day brings over 35 years of international mining experience, with recent roles including General Manager for Operations at Perenti Ltd's African Mining Services division and Project Director for Thiess in Botswana, alongside numerous project-management and operational leadership positions.
Tungsten West also named a tranche of senior hires during Q1: Stephen Taylor as Director of Processing (a qualified metallurgist with 18 years' experience who will join in May 2026 subject to a UK work visa), John Roberts as Director of Maintenance (27 years' maintenance and start‑up experience), Henry Chalcraft as Director of Mining (22 years, including prior Hemerdon postings) and Barnaby Hudson as Manager ESG (23 years, including prior Hemerdon sustainability work).
The company said market conditions have materially improved since its 5 August 2025 Feasibility Study pricing base. The study used APT at US$400/mtu and tin at US$32,500/t; prevailing prices as at 31 March 2026 are about US$2,995/mtu for APT and over US$46,000/t for tin, which the company says strengthens project economics.
On site, Tungsten West said major sub-contractors have been appointed and refurbishment work on the existing Mineral Processing Facility (MPF) has started, including early works to enable the first-phase fines gravity processing. Preparatory earthworks have also begun on the new-build MPF and re-commissioning civil works on the Mine Waste Facility are well advanced.
The group has agreed terms to terminate its mining services contract with Hargreaves Services plc. Under the agreement the company will pay £3.0m in April, after which security over the mineral lease will be released, and a further £7.0m by 15 May 2027; Tungsten West said discussions with Hargreaves on future opportunities are ongoing.
Following the contract termination, Tungsten West said it will self-perform mining operations and has concluded a binding equipment finance agreement with McHale Komatsu for £22.3m. First deliveries are expected in April 2026, with major mining fleet commissioning at site from August 2026.
Debt funding for the project is "well advanced", the company said. Final-stage due diligence on a Facility of up to US$85.0m is being completed with a report expected during April 2026 and definitive documentation being negotiated. A major existing shareholder has indicated willingness to provide a US$25.0m first tranche if the Facility is not concluded; that tranche is expected to be drawn prior to the end of May 2026 and, the company says, would fully fund the project through the first-phase fines gravity re-commissioning in Q3 2026.
As at the end of the financial year to 31 March 2026, Tungsten West reported unaudited cash reserves of £25.5m (excluding restoration funds held in escrow) and unaudited tungsten sales revenue of £0.6m, the company said.
