Tungsten West (TUN) investor relations material

Project overview and economics

• Hemerdon is a fully permitted, shovel-ready open-pit tungsten mine in Devon, UK, with established infrastructure and a low strip ratio.

• Resources total 327 Mt at 0.12% WO3 and 0.03% Sn, with reserves of 70.7 Mt at 0.15% WO3 and 0.03% Sn, supporting an 11-year primary mine life and up to 40 years with expansion.

• Feasibility study (FS25) NPV7.5% is US$190M at US$400/mtu WO3, rising to US$1,693M at recent market prices (US$1,313/mtu WO3).

• Steady-state WO3 production is targeted at 3,320 tonnes per year, with all-in sustaining cash costs of US$135/mtu.

• US$93M pre-production spend is planned for plant upgrades, with a total funding requirement of up to US$125M.

Market dynamics and strategic context

• Tungsten is a critical mineral with unique properties, essential for defense, renewables, and semiconductors, and is recognized as strategic by major economies.

• China historically supplied ~80% of global tungsten but became a net importer in 2025 due to new export restrictions and rising domestic demand, especially from solar PV manufacturing.

• Western focus on critical mineral security has driven tungsten prices higher, with recent market prices significantly above feasibility study assumptions.

• Hemerdon could supply about 4.1% of global tungsten production, providing a strategic alternative to Chinese supply.

Project improvements and operational strategy

• Major plant upgrades include new primary and secondary crushers, ore sorters, inline pressure jigs, and an ultra-fines recovery module to address prior operational issues.

• Feed quality will improve by advancing into fresh granite ore, enhancing recoveries and throughput.

• Environmental permitting now addresses low frequency noise, with all vibrating equipment enclosed to meet regulatory standards.

• The project is fully permitted, with a restoration bond in place and robust ESG commitments, including local job creation and community engagement.