Tungsten West (TUN) Corporate presentation summary

Investment highlights and strategic positioning

• Hemerdon hosts one of the world's largest tungsten resources, with 39.7Mmtu WO3 and significant tin and aggregate byproducts.

• Fully permitted, shovel-ready mine with over $300 million in pre-invested capital and extensive infrastructure.

• Positioned to supply critical minerals to the UK and Western markets amid tightening Chinese export controls.

• Project targets first quartile cash costs and has a projected operating life exceeding 40 years.

• London AIM listing provides access to capital and investor visibility.

Project economics and feasibility

• Base case NPV7.5% is $190M at $400/mtu WO3, with upside NPV of $342M at $500/mtu.

• Post-tax IRR ranges from 29% (base) to 48% (upside), with steady-state annual WO3 production of 3,320 tonnes.

• All-in sustaining cash cost targeted at $144/mtu during steady state.

• Capex and pre-production opex estimated at $93M, leveraging existing infrastructure.

• Diversified revenue streams: 82% tungsten, 12% tin, 7% premium aggregates.

Technical improvements and operational readiness

• New build front-end and process plant refurbishment to enhance ore quality and throughput.

• Incorporation of ore sorters, jigs, and ultrafines recovery for improved efficiency.

• Environmental permitting completed in 2024, with robust LFN abatement measures.

• Updated feasibility study signed off by independent experts.

• Project timeline targets production restart by end of 2026, with phased pre-production and capital improvement works.