First Day of Dealings on AIM
21 October 2021
Tungsten West Plc
("Tungsten West", the "Company" or the "Group")
First Day of Dealings on AIM
Tungsten West, the mining Company focussed on recommencing production at the Hemerdon tungsten and tin mine ("Hemerdon" or the "Project") in Devon, England is pleased to announce that Admission will take place, and dealings in its Ordinary Shares on AIM will commence, at 8:00am today under the TIDM code "TUN". The ISIN of the Ordinary Shares is GB00BP6QM557 and the SEDOL is BP6QM55.
The total number of ordinary shares with voting rights in the Company with effect from Admission is 177,071,571 at a nominal value of £0.01 each.
Strand Hanson is acting as Nominated Adviser and Financial Adviser to the Company. Hannam & Partners and VSA Capital are acting as Joint Brokers to the Company. The Company's AIM admission document can be viewed at: https://www.tungstenwest.com/.
Max Denning, CEO of Tungsten West, commented:
"We are delighted to commence trading on AIM, following an extremely successful IPO and fundraise. Today marks a milestone for Tungsten West, as we move into the final stages of development of the Hemerdon mine and look ahead to restarting production.
The Hemerdon mine is the third largest tungsten resource in the world and will be producing strategically important materials that are vital for the manufacturing of new technology, including those that will aid the UK in its net-zero goals. It is for this reason that the mine represents a hugely strategic project for the UK and the Western Hemisphere.
We are pleased to welcome new investors and stakeholders to the business and look forward to updating the market with exciting newsflow from site in due course."
Tel: +44 (0) 203 178 7385
(Nominated Adviser and Financial Adviser)
James Spinney / James Dance / Abigail Wennington
Tel: +44 (0) 207 409 3494
Gordon Poole / Nick Hennis / Emily Hall
Tel: +44(0) 20 3757 4980
Email: [email protected]
Hannam & Partners
Andrew Chubb / Nilesh Patel
+44 (0)20 7907 8500
Andrew Monk / Andrew Raca
+44 (0)20 3005 5000
Follow us on twitter @TungstenWest
Overview of Tungsten West
Tungsten West is the 100 per cent owner and operator of the formerly producing Hemerdon tungsten and tin mine, located near Plymouth in southern Devon, England. The Hemerdon mine is currently the world's third largest tungsten resource, with a JORC (2012) compliant Mineral Resource Estimate of approximately 325Mt at 0.12 per cent. WO3. The Company acquired the mine out of a receivership process in 2019 after its most recent operators, Wolf Minerals ("Wolf"), stopped production in 2018. While it was operator, Wolf invested over £170 million into the development of the site, including significant infrastructure and processing facilities.
The Company is focussed on updating the existing infrastructure and, in the near-term, restarting the Hemerdon mine at a low cost. Following the restart, Hemerdon is expected to produce significant volumes of tungsten and tin, both of which are strategically important materials, particularly in the development of new technology.