Why Is Tungsten West Plc Up on 11 Nov 2026?

Tungsten West Plc shares rose 6.08% on 11 Nov 2026, with LSE:TUN among the notable risers on the day. The move comes as the company progresses the phased restart of the Hemerdon tungsten and tin mine in Devon.

Commissioning of the production ramp-up began in July 2026, with the fines gravity circuit scheduled for the third quarter, the coarse gravity circuit for the fourth quarter and full project commissioning for the first quarter of 2027.

The CEO has described the start of recommissioning as another significant milestone towards full commissioning.

About Tungsten West Plc

Tungsten West Plc is developing the Hemerdon mine, one of the larger tungsten deposits in Europe, with tin as a by-product. Tungsten is used in tools, defence, electronics and industrial applications.

The company is focused on producing tungsten concentrates, and LSE:TUN is closely tied to the pace of the restart and the strength of the tungsten market.

Phased Commissioning Plan

The restart follows a phased approach: fines gravity processing first, then the coarse gravity circuit and finally full project commissioning.

The project is forecast to complete within budget and in line with the company's schedule.

Funding Arrangements

A binding US$25.0 million bridging Facility was arranged to fund the initial restart phase, with interest at SOFR plus 4.5% and a 366-day term.

Due diligence has been completed on a larger US$85.0 million Debt package, which is intended to repay the bridging loan.

Hiring and Operations

More than 100 employees have been recruited, with a target workforce of 350 by early 2027.

The mine is also an important local employer in Devon, supporting skilled jobs in Mining and processing.

Tungsten Market Backdrop

The company has noted that APT pricing is above US$3,000 per metric tonne unit, and offtake discussions are progressing.

Tungsten is classified as a critical raw material by several governments, which has increased interest in Supply from stable jurisdictions.

Why Tungsten Matters

Tungsten is among the hardest metals and is valued for its use in cutting tools, defence applications, electronics and industrial processes.

Supply is concentrated in a small number of countries, which has led several governments to highlight it as a critical raw material.

Business Overview and Financial Information

Tungsten West has arranged a binding US$25.0 million bridging facility, priced at SOFR plus 4.5% with a 366-day term, and has completed Due Diligence on a US$85.0 million debt package.

The company has recruited more than 100 employees and aims to reach 350 by early 2027 as the processing circuits are commissioned.

Strategy and Priorities

The company's plan is to restart Hemerdon in phases, bring each circuit online on schedule and move to full commissioning in the first quarter of 2027.

Offtake discussions are progressing, which could secure sales for tungsten concentrates once production ramps up.

Phased Restart Benefits

Restarting in phases allows the team to commission, test and optimise each circuit before moving to the next.

Starting with fines gravity processing then adding the coarse gravity circuit is intended to build output step by step.

Understanding the Update

A gravity circuit separates minerals based on their density, which is suitable for heavy minerals such as tungsten and tin.

Commissioning means bringing each circuit into operation step by step, testing it and increasing throughput towards the design level.

Timeline Ahead

Fines gravity commissioning is scheduled for the third quarter of 2026, coarse gravity for the fourth quarter and full project commissioning for the first quarter of 2027.

These dates give investors a clear calendar to follow.

What Investors Tend to Follow

Mining and exploration companies are typically followed through project milestones, permits, funding and the timing of studies or production. Updates on drilling, commissioning and offtake agreements help investors see how plans are advancing.

Key Themes to Watch

Commodity prices, operating costs and access to finance are the wider themes that shape sentiment. For developing projects, the achievement of each stage in the schedule is often as important as the headline financials.

Key Factors to Monitor

Investors may follow commissioning milestones, completion of the larger debt package, offtake agreements and the ramp-up to full production.

Tungsten price trends will also remain relevant.

Conclusion

Tungsten West's 6.08% advance on 11 Nov 2026 reflects interest in the phased restart of Hemerdon and the funding supporting it.

With commissioning under way, bridging finance in place and a supportive tungsten price backdrop, LSE:TUN has several developments to follow. Circuit commissioning and offtake updates are the next items to watch.