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Buy Day today: Neutral (52) Mixed market breadth · no major macro event
TUN.LSE

Tungsten West PLC

Basic Materials · Other Industrial Metals & Mining · listed since 2021

0.34£ -4.2% vs. previous close Closing price · As of: Oct 26, 2026
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Assessment

Our Rating

A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.

Open questions

The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.

Why this colour

The restart is funded, equity is positive again and the auditor no longer sees a going-concern risk — so not red. But operations are unproven: the only revenue so far came from limited processing of lower-grade material, one operator has already failed at the same plant, and the government loan has to be repaid from production or extended in 2027. Yellow, because the decisive operational question is still open. The decision is yours.

What the thesis turns on

Assessment: Opportunities & Risks

Tungsten West shows how the second-chance trap works: Wolf Minerals failed at the Hemerdon mine in 2018, and in 2026 it is restarting with new technology, government money and a U.S. buyer. The annual report also shows a share count up more than eightfold, conversions at 3 pence, options at 3 pence for the top floor, a 366-day loan and four restated accounting errors. Buyers are betting on a smooth ramp-up and a high tungsten price. Not investment advice.

Deposit & project status

Per the annual report, one of the world's largest tungsten deposits (39.7 million mtu of tungsten trioxide), fully permitted; ore has been running through the plant since 9/15/2026, with the full plant scheduled for the first quarter of 2027.

Funding & balance sheet

Equity of £58.3 million and cash of £25.5 million (3/31/2026), then £36 million from the government fund; against that, a 366-day £25 million loan at a rising rate and £7 million owed to Hargreaves by 5/15/2027.

Dilution

Ordinary and B shares up from 188.7 million (3/31/2025) to 1,613.0 million (October 2026); conversion at 3 pence; another 143.7 million director options at 3 and 18 pence (7/22/2026).

Accounting & governance

Four errors in the prior-year accounts restated, change of auditor, breaches of the convertible note terms in 2023, trading suspension in October 2024; performance options even for the non-executive chairman.

Tungsten market

Chinese export controls since February 2025; reference price about $2,995 per mtu at the end of March 2026 versus $400 in the feasibility study; eight-year offtake agreement with Elmet.

Worth Noting

Hook: list of the most-discussed stocks in the wallstreet-online.de forum on 10/26/2026. Price references (closing prices in pence, fundamental data): 60 (IPO October 2021, admission document), 1.25 (12/27/2023), 11.5 (12/31/2025), 35 (7/22/2026), 51.6 (8/25/2026), 32.8 (10/26/2026).

Tungsten West is not an SEC filer (EDGAR company search: no match, 10/26/2026). The basis is the audited annual report for FY2026 (year ended 3/31/2026, published 9/3/2026) and all RNS announcements through 10/26/2026. The interim report for the six months to 9/30/2026 was not yet available (AIM deadline 12/31/2026). No company row in our own database: a stock quoted in pence would distort scanner thresholds built for U.S. listings.

Own calculations: market value from 1,613,034,732 ordinary and B shares or 1,355,958,899 ordinary shares × 32.8 pence (10/26/2026); option share 143,738,300 / 1,613,034,732 ≈ 8.9%; Elmet indicative value £1.4B / 8 years ≈ £175M per year; Elmet share 1,000 t / 3,320 t ≈ 30%. Not to be confused with Almonty Industries or other tungsten names.

Read the Full Deep Dive Tungsten West and the Second-Chance Trap: Same Tungsten Mine, More Than Eight Times the Shares One operator has already failed at the Hemerdon mine in Devon: Wolf Minerals entered administration in October 2018. Since September 15, 2026, ore has been running through the plant again, the UK government's National Wealth Fund has put in £36 million of equity, and a U.S. buyer has signed up for eight years. The annual report also shows that there are now more than eight times as many shares as in March 2025, some issued at 3 pence, and that the government loan runs for just 366 days. The question is not whether the mine works this time, but who ends up owning what it earns. Read the analysis →

Stock Watch

This analysis is as of October 26, 2026. Stock Watch will tell you what's changed at TUN.LSE since then.

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Price history

Chart

Too few trading days on record for a price history - here are the key figures.

Last price: 0.34 £ (As of: October 26, 2026)

Key figures

Key figures at a glance

Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.

Basics

Market Cap ?The value of the entire company on the market: share price times total shares outstanding. 0.5£B
Shares Outstanding ?Total number of shares issued. Price times share count gives market cap. –
Float ?Share of stock freely tradable on the market — not locked up in the hands of founders, insiders, or major shareholders. –
Beta ?Volatility versus the overall market: 1 = moves like the market, 2 = twice as much, under 1 = calmer than the market. –

Performance

Perf. 1M ?Price performance over the last month. -27.20%
Perf. 3M ?Price performance over the last 3 months. -1.40%
Perf. 6M ?Price performance over the last 6 months. -18.10%
YTD Performance (%) ?Price performance since the start of the year (Year to Date). 195.65%
52-Week-High Distance ?How far the price sits below its highest point over the last 52 weeks. 0% means the stock is at its year high. -35.4%

Valuation

P/E ?Price-to-earnings ratio: how many years of profit does the stock cost? The lower, the cheaper the valuation. No earnings means no P/E. –
Forward P/E ?P/E based on expected earnings for the next 12 months instead of past earnings — analysts' bet on the future. –
PEG ?P/E divided by expected earnings growth: puts valuation in relation to growth. Around 1 is considered fair, well above that is pricey. –
P/B ?Price-to-book ratio: market value relative to book equity. 7.9
P/S ?Price-to-sales ratio: market value divided by annual sales. Important for companies that aren't (yet) profitable. 307.3
EV/EBITDA ?Enterprise value including debt (EV) relative to operating profit before depreciation and amortization (EBITDA) — more comparable than P/E because debt counts too. Extreme values arise when EBITDA is near zero. –
Price/FCF ?Market value divided by free cash flow: how many years of freely available cash does the stock cost? More honest than P/E because cash flow is harder to dress up. –

Profitability

Gross Margin ?Gross margin: what's left of sales after only direct production costs are deducted — the product's pricing power. –
EBIT Margin ?EBIT margin: operating profit as a percentage of sales — the earning power of the core business before interest and taxes. –
Net Margin ?Net margin: what's left of sales as profit after ALL costs, interest, and taxes. –
Return on Equity ?Return on equity: how much profit does the company generate per year on shareholders' equity? –
Return on Assets ?Return on assets: how much profit the company generates from its total assets (equity and debt combined). –

Balance Sheet & Safety

Equity Ratio ?Equity ratio: equity as a share of total assets. The higher, the more resilient the balance sheet. 80.7%
Debt/Equity ?Leverage ratio: financial debt divided by equity. Under 1 is generally seen as solid; negative values mean negative equity. –
Altman Z″ ?Edward Altman's bankruptcy early-warning score. We use the Z″ variant, built from four balance-sheet ratios — it is designed for service companies and non-manufacturers and uses book value instead of market value. On that scale: below 1.1 = danger zone, 2.6 and up = safe zone, in between a grey area. Because the classic Altman Z is calculated differently, the two numbers are not directly comparable. The formula does not fit banks, insurers, or real-estate stocks. –
Piotroski ?Balance-sheet health check by Joseph Piotroski: 9 yes/no criteria on profit, cash flow, leverage, and efficiency. 7+ is very solid, under 3 is a red flag. –

Growth

Sales Growth Last Quarter ?Sales growth in the most recently reported quarter versus the same quarter a year ago (YoY). –
EPS Growth Last Quarter ?Growth in earnings per share in the most recently reported quarter versus the same quarter a year ago (YoY). 0.00%
Sales Growth (Year) ?Sales growth in the last fiscal year versus the year before. –
Forward Sales Growth ?Sales growth analysts expect over the next 12 months — an estimate, not a guarantee. –
Forward EPS Growth ?Earnings-per-share growth analysts expect over the next 12 months — an estimate, not a guarantee. –

Dividend

No dividend data is available for this stock yet.

Quality & Screener

Stage ?Weinstein phases 1 through 4: 1 = basing, 2 = uptrend (the only buy phase), 3 = topping, 4 = downtrend. Measured against the 30-week line. –
RS Rating ?Relative strength from 1 to 99: an RS of 95 means the stock has outperformed 95% of all stocks. –
EPS Rating ?Earnings growth rating from 1 to 99 versus all stocks — high values mean above-average earnings growth. –
Fundamental Rating ?Our own Fundamental Rating: 0 to 100 points with an A+ to F grade. 50 points is the average across the universe, 100 the best possible score. It scores growth, earnings surprises, analyst estimates, margins, cash flow, and balance-sheet safety — every stock percentile-ranked against all others. Grades: A+ from 95, A from 75, B from 55, C from 45, D from 25, E from 5, F below. B (61 out of 100)

Quarters

Quarterly Figures

Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.

Revenue & Profit

Cash Flow

Balance Sheet

Margins

Per Share

Click the chart or tab into it, then use ← and → to step through the periods.

None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.

These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.

The figures could not be loaded right now.

Sales Per Quarter (£M)
H2 2021 · 0.2 £M H2 H1 2022 · 0.5 £M H1 H1 2022 · 0.1 £M H1 H2 2022 · 0.2 £M H2 H2 2022 · 0.2 £M H2 H1 2023 · 0.4 £M H1 H2 2023 · 0.7 £M H2

Source: fundamental data

Quarterly Figures
Quarter EPS (Earnings Per Share) EPS YoY (%) Sales (£M) Sales YoY (%) Net Margin (%) OCF (£M) FCF (£M)
H2 2021 – – 0 – -2,484.10 -4 -5
H1 2022 – – 1 1,076.60 -1,692.40 -7 -11
H1 2022 – – 0 – -2,462.00 -4 -7
H2 2022 – – 0 3.60 -2,462.00 -8 -14
H2 2022 – – 0 – -1,233.50 -3 -6
H1 2023 – – 0 -11.50 -1,233.50 -6 -11
H2 2023 – – 1 246.80 -1,264.80 -5 -8

What Do These Terms Mean?

EPS (Earnings Per Share):
Quarterly profit divided by the total share count — how much of the profit works out to a single share.
YoY (Year over Year):
Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
Sales:
All revenue for the quarter, before any costs are deducted — the top line of the income statement.
Net Margin:
What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
OCF (Operating Cash Flow):
The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
FCF (Free Cash Flow):
Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.

Compare with other stocks →

Screening

Appears in These Scanners

This stock currently matches 2 of our scanner strategies — each hit links to the scanner.

Quality & Balance Sheet

Research

Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners

AI classification

AI Rating

Not yet rated — we only show a category once an SEC-backed file with at least two cited passages is available.

How the Rating Is Built

The company

About the Company

Tungsten West plc (AIM: TUN) besitzt und betreibt die Wolfram- und Zinnmine Hemerdon bei Plympton nahe Plymouth in Devon, England, eine der größten bekannten Wolframlagerstätten der Welt. Der Vorbetreiber Wolf Minerals förderte dort von 2015 bis 2018 und ging dann in die Zwangsverwaltung; Tungsten West übernahm die Mine 2019 und hat sie seit September 2026 schrittweise wieder in Betrieb genommen. Nebenprodukte sind Zinn und Baustoffe (Zuschlagstoffe). Geschäftsjahr bis 31. März, Berichtswährung britisches Pfund.

IPO Year
2021
ISIN
GB00BP6QM557

Data as of: October 26, 2026 · symbol.source_foreign

Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.

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