Tungsten West (TUN) H2 2023 earnings summary

Executive summary

• Restart of Hemerdon tungsten and tin mine targeted for 2026, with key permits secured and feasibility studies underway.

• Significant board changes, including new CEO and CFO appointments, to strengthen leadership for project execution.

• Strategic collaborations and regulatory approvals achieved, including a partnership with Oxford Sigma and increased truck movement capacity.

Financial highlights

• Revenue increased to £722,036 for the year ended 31 March 2024, up from £626,460 year-over-year.

• Operating loss reduced to £7.25 million from £10.79 million year-over-year.

• Net loss for the year was £9.7 million, compared to £10.3 million in the prior year.

• Cash reserves at year-end were £1.6 million, dropping to £0.04 million by September 2024.

• £10.35 million in convertible loan notes issued during the year, with an additional £2.9 million post year-end.

Outlook and guidance

• Mining and processing operations expected to restart in 2026, contingent on successful capital raising and completion of engineering studies.

• Ongoing feasibility and engineering studies to be completed by end of 2024, informing final project design and capex requirements.

• Going concern status is dependent on securing Tranche F funding and further capital by December 2024.