British Government Commits Up to GBP71 Million for Tungsten West's Hemerdon Tungsten-tin Project Restart

03:46 AM EDT, 08/25/2026 (MT Newswires) -- Tungsten West (TUN.L) said Tuesday it secured a proposed investment of up to 71 million pounds sterling from the UK government's National Wealth Fund to support the restart of its Hemerdon tungsten-tin mine in Devon, UK. The package includes a 36 million-pound equity investment through the subscription of 100 million new shares at 0.36 pound each, an up to 25 million-pound debt facility, and a non-committed 10 million-pound accordion facility. The UK-listed miner will use the proceeds to fund the Hemerdon restart and repay a short-term loan facility. The British government will also have a limited period to negotiate an offtake agreement covering up to 50% of the project's tungsten production outlined in its 2025 feasibility study.