Potential Global Market Player

Background:

Tungsten West Plc is a United Kingdom-based mining company focused on restarting production at the Hemerdon tungsten and tin mine (Hemerdon) in Devon, United Kingdom.  Located seven miles north-east (NE) of Plymouth, near the village of Plympton, in Devon, England, the mine has been categorized as a world class deposit due to it’s scale within a global context.  It is potentially the second largest tungsten deposit in the world and could see the UK become a major player in the global market. The Hemerdon mine site retains a partially developed open pit, a complete processing plant, an integrated mine waste facility, workshops, administration offices and all associated mine site infrastructure.

AIM - WINNER JUNE 2024 - Tungsten West PLC, up 46% at 6.20p, 12-month 1.05p-7.00p. The Environment Agency has granted the company a permit to operate its mineral processing facility, within the limits previously agreed between the company and the Environment Agency. This is the last of the key permits required to further progress the Hemerdon tungsten and tin mine project in Devon, UK. Chief Financial Officer & Interim CEO says: "The issuing of the permit to operate the mineral processing facility is another significant step in de-risking the recommencement of production at Hemerdon. It allows the company to progress its financing discussions and fast track its updated feasibility study, with the target of restarting operations in 2026."

Geology:

The Hemerdon deposit is centered upon a sub vertical, NNE-SSW striking, 100+ m wide Early Permian granite dyke hosted by Devonian metasedimentary and metavolcanic rocks.

 Mineralisation is overwhelmingly associated with moderately to steeply NW-dipping greisen-bordered quartz-ferberite± cassiterite sheeted veins. The resource size and dyke host are, to date, unique in SW England.

Mineral Resource Estimate:

 An update to the the Hemerdon Mineral Resource Estimate has been released by Tungsten West as an update to the 2021 MRE prepared by Mining Plus UK in accordance with the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (The JORC Code 2012 Edition.) The Mineral Resource (Measured, Indicated and Inferred) for the Hemerdon deposit is 347.7Mt at 0.12% WO₃and 0.03% Sn, reported at a cut-off grade of 0.064% WO₃ Eq (equivalent*) for the granite and 0.062% WO₃ Eq for the killas. In addition the Mineral Resource Estimate includes 0.6Mt at 0.20% WO₃ and 0.06% Sn in previously mined stockpiles at site and this material is classified within the Measured category.

Mineral Resource reporting has an effective date of 11th October 2022.

 In addition Mining Plus have prepared an inferred mineral resource for the tailings from the former operation of 3.2Mt at 0.18% WO₃ and 0.02% Sn.

The summary of the combined Mineral Resource Estimate for the Hemerdon Project shows that Hemerdon is amongst the world’s largest CRIRSCO compliant tungsten resources.

Ore Reserve Estimate:

 The Ore Reserve Estimate for the Hemerdon deposit has been prepared by Mining Plus UK in accordance with the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (The JORC Code) 2012 Edition. The Ore Reserve (Proved and Probable) for Hemerdon is 100.6Mt at 0.14% WO₃ and 0.03% Sn, reported above an Ore Reserve cut-off grade of 0.0742% WO₃ Eq (equivalent*) for the Granite and 0.0689% WO₃ Eq for the Killas. This Ore Reserve includes 0.6Mt of existing stockpiles remaining from the previous open pit mining operations (2015-2018) and it should be noted that the Measured and Indicated Mineral Resources reported above are inclusive of those Mineral Resources modified to produce Ore Reserves.

Ore Reserve reporting has an effective date of 15th November 2022.