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Tungsten West Plc
(LSE:TUN)
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Rating:54Neutral
Price Target:
44.00 p
▼(-13.73% Downside)
Action:Reiterated
Date:09/06/26
The score is held back primarily by weak financial performance—small/inconsistent revenue, large ongoing losses, and continued cash burn—despite some gross-level improvement and a less-leveraged 2026 balance sheet. Technical indicators are notably stronger (price above key moving averages and positive MACD), which offsets some fundamental risk, while valuation remains constrained by negative earnings and no dividend support.
Positive Factors
Strategic tungsten and tin assets
Ownership and development of a dedicated tungsten and tin asset base gives Tungsten West exposure to industrial mineral demand through a focused operating platform. If execution improves, the mine provides a foundation for building recurring production and customer relationships over multiple quarters.
Negative Factors
Small and inconsistent revenue base
A minimal and irregular revenue base limits operating leverage and makes financial performance highly sensitive to production and sales execution. Without consistent mineral revenue, the company has less ability to absorb fixed costs or demonstrate repeatable commercial performance over the coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Strategic tungsten and tin assets
Ownership and development of a dedicated tungsten and tin asset base gives Tungsten West exposure to industrial mineral demand through a focused operating platform. If execution improves, the mine provides a foundation for building recurring production and customer relationships over multiple quarters.
Read all positive factors
Tungsten West Plc (TUN) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£705.06M
Dividend YieldN/A
Average Volume (3M)5.89M
Price to Earnings (P/E)―
Beta (1Y)1.45
Revenue GrowthN/A
EPS Growth-161.22%
CountryUK
Employees33
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-0.30
Shares Outstanding1,352,644,500
10 Day Avg. Volume3,092,642
30 Day Avg. Volume5,888,092
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)9.17
Price to Sales (P/S)888.02
P/FCF Ratio-25.65
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)£19.90M
Tungsten West Plc Business Overview & Revenue Model
Company Description
Tungsten West PLC functions as a mining entity based in the United Kingdom. The company holds ownership and manages the Hemerdon mine, a facility situated in Devon, England, near the village of Plympton, which is dedicated to the extraction of tun...
How the Company Makes Money
Tungsten West Plc makes money primarily by producing and selling mineral products derived from its mining operations. Its core revenue model is the extraction and processing of ore to produce saleable tungsten and tin products, which are then sold...
Tungsten West Plc Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
46
Neutral
Cash Flow
24
Negative
| Breakdown | Mar 2026 | Mar 2025 | Sep 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 601.55K | 0.00 | 722.04K | 626.46K | 673.51K |
| Gross Profit | 103.31K | -1.24M | -1.38M | -1.38M | -3.35M |
| EBITDA | -7.99M | -6.11M | -6.58M | -10.21M | -11.87M |
| Net Income | -175.45M | -21.91M | -9.70M | -10.29M | -12.99M |
Balance Sheet | |||||
| Total Assets | 72.20M | 34.07M | 43.08M | 42.42M | 57.71M |
| Cash, Cash Equivalents and Short-Term Investments | 25.49M | 2.78M | 1.58M | 3.44M | 28.76M |
| Total Debt | 1.85M | 26.64M | 13.50M | 2.02M | 1.63M |
| Total Liabilities | 13.93M | 34.59M | 21.77M | 11.44M | 16.85M |
| Stockholders Equity | 58.27M | -520.41K | 21.31M | 30.98M | 40.87M |
Cash Flow | |||||
| Free Cash Flow | -20.83M | -8.37M | -11.01M | -25.18M | -15.74M |
| Operating Cash Flow | -15.19M | -8.35M | -8.26M | -14.10M | -11.46M |
| Investing Cash Flow | -5.35M | -16.29K | -2.73M | -11.08M | -4.28M |
| Financing Cash Flow | 46.02M | 6.53M | 9.14M | -136.86K | 41.00M |
Tungsten West Plc Technical Analysis
Neutral
51.00
Price Trends
44.38
Negative
40.28
Positive
34.49
Positive
Market Momentum
-0.57
Positive
39.04
Neutral
16.15
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:TUN, the sentiment is Neutral. The current price of 51 is above the 20-day moving average (MA) of 46.57, above the 50-day MA of 44.38, and above the 200-day MA of 34.49, indicating a neutral trend. The MACD of -0.57 indicates Positive momentum. The RSI at 39.04 is Neutral, neither overbought nor oversold. The STOCH value of 16.15 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GB:TUN.
Tungsten West Plc Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
54 Neutral | £705.06M | -1.43 | -2022.63% | ― | ― | -161.22% | |
53 Neutral | £160.42M | -0.98 | -33.21% | 11.04% | -28.42% | -411.33% | |
52 Neutral | £161.55M | -26.53 | -67.90% | ― | ― | -37.29% | |
49 Neutral | £65.02M | -11.31 | -6.97% | ― | ― | ― | |
45 Neutral | £30.22M | -4.31 | 230.99% | ― | -28.05% | 24.65% | |
41 Neutral | £212.22M | -1.80 | -76.30% | ― | ― | ― |
* Basic Materials Sector Average
GB:TUN
Tungsten West Plc
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34.74
420.58%
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GB:RBW
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GB:CRTM
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GB:1SN
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69.44%
Tungsten West Plc Corporate Events
Business Operations and Strategy
Tungsten West Adds Investec as Joint Corporate Broker to Support Hemerdon Ramp-Up
Positive
Oct 7, 2026
Tungsten West has appointed Investec Bank plc as a Joint Corporate Broker, expanding its roster of financial advisers alongside existing brokers and nominated advisers. The move brings Investec’s natural resources expertise and global instit...
Business Operations and StrategyExecutive/Board Changes
Tungsten West Bolsters Board with HR Veteran Katherine Callaghan
Positive
Oct 1, 2026
Tungsten West Plc has strengthened its board by appointing experienced HR and governance specialist Katherine Callaghan as a Non-Executive Director and Chair of the Remuneration Committee, effective immediately. Callaghan brings extensive leadersh...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Tungsten West Founder Options Exercised as Hemerdon Restart Advances
Positive
Oct 1, 2026
Tungsten West has received a notice to exercise founder options over 3,314,391 new ordinary shares, raising about £33,315 in additional working capital. The options, granted in 2021, became exercisable after the company secured sufficient fin...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Tungsten West AGM Resolutions Passed as Two Non-Executive Directors Step Down
Positive
Sep 29, 2026
Tungsten West Plc reported that all resolutions were approved at its Annual General Meeting, reinforcing shareholder support for the company’s current strategy around the Hemerdon tungsten and tin project in Devon. The AGM outcome underlines...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Tungsten West Issues New Shares as Founder Options Exercised and Voting Rights Updated
Positive
Sep 24, 2026
Tungsten West has received a notice to exercise founder options over 828,597 new ordinary shares, raising £8,285.97 for general working capital and reflecting the achievement of financing milestones to restart mining at the Hemerdon project. ...
Business Operations and Strategy
Tungsten West seals £1.4bn US offtake deal to anchor Hemerdon in Western supply chains
Positive
Sep 23, 2026
Tungsten West has signed an eight-year offtake agreement with U.S.-based Elmet Technologies for 1,000 tonnes a year of contained WO₃ from its Hemerdon mine, a deal with an indicative nominal value of more than £1.4bn at current prices. ...
Business Operations and Strategy
Tungsten West appoints Zeus as joint broker to support Hemerdon ramp-up
Positive
Sep 18, 2026
Tungsten West has appointed Zeus Capital Limited as a joint broker alongside Hannam Partners, expanding its advisory and capital markets support as it develops the Hemerdon mine. Management highlighted Zeus’s natural resources expertise and...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Tungsten West Raises Capital via Founder Option Exercise as Hemerdon Restart Advances
Positive
Sep 16, 2026
Tungsten West has received a notice for the exercise of founder options over 4,142,988 new ordinary shares, raising £41,429.88 for general working capital. The options became exercisable after the company secured sufficient financing to resta...
Business Operations and StrategyPrivate Placements and Financing
Tungsten West starts ore processing at strategic Hemerdon tungsten mine
Positive
Sep 15, 2026
Tungsten West Plc has begun processing ore at its Hemerdon mine in Devon, marking the site’s entry into production and the next phase of its operational ramp-up. The move underscores Hemerdon’s role as a major tungsten deposit and an i...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Tungsten West Secures Funding and Progresses Hemerdon Mine Restart
Positive
Sep 3, 2026
Tungsten West reported audited results for the year to 31 March 2026, highlighting a markedly improved cash position of £25.5 million after raising £43 million in equity and converting convertible loan notes, alongside its first tungsten...
Business Operations and StrategyPrivate Placements and Financing
Tungsten West Repays Short-Term Loan as National Wealth Fund Facility Takes Effect
Positive
Aug 28, 2026
Tungsten West has fully repaid its previously announced short-term loan facility following the successful fundraising involving the UK’s National Wealth Fund. With this repayment completed, the new debt facility provided by the National Weal...
Business Operations and StrategyExecutive/Board Changes
Tungsten West Grants LTIP Share Options to COO and Senior Management
Positive
Aug 25, 2026
Tungsten West Plc has implemented its Long Term Incentive Plan by granting share options over ordinary shares to Chief Operating Officer Ronald Day and senior managers. The awards include 5,000,000 options for Day exercisable at 1 pence and a furt...
Business Operations and StrategyPrivate Placements and Financing
UK National Wealth Fund backs Tungsten West with £71m Hemerdon investment
Positive
Aug 25, 2026
Tungsten West has secured a proposed strategic investment of up to £71 million from the UK Government’s National Wealth Fund, comprising a £36 million equity subscription and a £25 million debt facility plus a £10 million...
Business Operations and StrategyExecutive/Board Changes
Tungsten West Ties Executive Options to Hemerdon Mine Performance
Positive
Jul 22, 2026
Tungsten West Plc, the AIM-listed mining company working to restart the Hemerdon tungsten and tin mine in Devon, has introduced a long-term incentive framework that ties executive rewards to delivery of key commercial and operational goals. The co...
Business Operations and Strategy
Tungsten West to Begin Phased Commissioning at Hemerdon Mine
Positive
Jul 8, 2026
Tungsten West said it will begin commissioning a phased production ramp-up at the Hemerdon tungsten and tin mine later this month, in line with its previously stated timeline. The company has launched an enhanced engagement programme with local co...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.