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Market: AIM:WRES
52-week High/Low: 0.72p / 0.28p
Sector: Mining
Market Cap: 22.73M
W Resources PLC (LON:WRES)

W Resources PLC

W Resources strategy is to build a European mining company focussed on delivering long term production of tungsten, a key strategic metal with strong market fundamentals.
With five projects  in Spain and Portugal, W has three tungsten projects:  La Parrilla in Spain, Régua and Tarouca in Portugal; the  CAA Portalegre gold/copper project in Portugal and the Monforte-Tinoca copper project...

W Resources PLC

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Michael Masterman, chairman of W Resources PLC (LON:WRES), pitches the company to investors. For more information visit

Big picture - Why invest in W Resources PLC

W Resources PLC Snapshot

W Resources Plc (AIM:WRES) is a tungsten exploration and development company with a portfolio including the La Parrilla tungsten mine and tailings project in the Southwest of Spain.

The Company’s deposit and tungsten mine development offer a low cost, high margin resource development opportunity due to a strong market following for Tungsten, increased trading and a forecast shortage of supply. The price of tungsten has more than doubled in past three years and is in the top 5 critical metals list.

The Board is focused to explore further opportunities in the region with a view to building a mid tier minor metal producer.

The Company was incorporated in England and Wales in 2004.


Location Provinces of Caceres-Badajoz in the Extremadura region of southwest Spain approximately 310km southwest of Madrid
Commodity Tungsten trioxide and tin
Mine type Mining licence. Open pit mine initially
Development Production commenced in September 2016 with the FTM scaling up in 2017.
Resource JORC resource estimate of 49 million tonnes at 0.10% WO3 and 0.011% Sn (April 2017)
Project Life 11 years
Ownership 100% owned by W Resources and acquired in 2013

La Parrilla is one of the largest tungsten deposits in the western world and is scalable at low cost. The mineral resource estimated by Golder Associates in April 2017 at 0.04% WO3 cut-off grade is 49 million tonnes at 0.10% WO3 and 0.011% Sn.

With its core infrastructure in place, the site is accessed directly from the highway along a 3km asphalt road and is serviced by electricity and water. Importantly, the mine is located within a short trucking distance from both the Atlantic and Mediterranean ports.



Location Municipality of Armamar in the Viseu region of North-East Portugal approximately 400km North of Lisbon and 95km East of Porto
Commodity Tungsten
Mine type Trial Mining licence. Underground mine
Development Stoping methods to be tested in early 2017. Mining licence and production scheduled for 2019
Resource JORC resource estimate of 5.46 Mt at a grade of 0.28% WO3, with a C.O.G. of 0.1% WO3 (October 2015)
Project Life 7 to 10 years
Ownership 100% owned by W Resources and acquired in 2012

Régua is a significant high-grade tungsten deposit which is scalable at low cost and requires limited capital. The mineral resource estimate, produced by Golder Associates in October 2015, is 5.46 million tonnes at 0.28% WO3, based on a cut-off grade of 0.1% WO3.

The Mine is on-track to start production in 2019 targeting production of 1,300 tonnes of tungsten per annum.  Régua will be a low cost Mine as W is able to utilise existing adits and the crushing plant which is already in place. This will increase W Resources tungsten production profile to over 3,800 tpa.

Trial mine development planning is now advanced and completion is expected during 2017. Metallurgical and pilot plant design work for an initial mine design with two initial portals and a trial stope has been approved and on track. A second phase plan for a larger scale high-grade underground operation is also in progress and will benefit from the acquired experience.

The Régua deposit remains open at depth and on all sides, with significant potential to boost tungsten production by 35% to 3,700 tpa. r more information please click here 

For more information please click here 


Location Municipalities of Alter do Chão, Arronches, Crato, Fronteira, Monforte and Portalegre in the North Alentejo region of East Portugal approximately 200km East of Lisbon
Commodity Gold
Mine type Exploration Licence
Development On-going drill programme to further delineate resource
Resource JORC resource estimate of 3mt at a grade of 1.04 g/t gold (June 2016) on the São Martinho Gold Deposit, which forms part of the CAA/Portalegre licence
Project Life 6.5 years
Ownership 100% owned by W Resources and acquired in 2012

CAA / Portalegre covers a total of 289.75km², and includes the São Martinho Gold Deposit, the Mosteiros gold project and the Assumar gold prospect. In September 2015, W signed an agreement with the Portuguese Department of Energy and Geology (DGEG) to increase its CAA / Portalegre exploration licence by 101.7km to include the highly prospective São Martinho Gold Project.

A maiden JORC resource on São Martinho was completed by Golder Associates in June 2016 which confirmed a resource estimate is 3Mt at 1.04g/t gold, which equates to 111,987oz in contained gold.

W’s geological evaluation of the project indicates the potential to increase the size of the indicated resource and delineate additional high-grade zones. A targeted drill programme is planned to be completed in the second half of 2016.

This project adds further strength to W’s five-project portfolio and generates options for a high value farm-in or potential sale of the project.

For more information please click here 


Location Municipalities of Castro d’Aire, Lamego and Tarouca in the Viseu region of North-East Portugal approximately 400km North of Lisbon and 75km East of Porto
Commodity Tungsten and tin
Mine type Exploration Licence
Development Further drilling under review for late 2016
Resource tbc
Project Life tbc
Ownership 100% owned by W Resources and acquired in 2012

Tarouca tungsten and tin exploration licence is a former scheelite mine covering 5.7km².

In 2015, trench sampling at the Tarouca project showed high-grade tungsten results with 15 out of 126 samples exceeding 0.5% WO3, including 0.8 m at 11.4% WO3 (TTR063). Together with the 15 holes drilled in 2014, this confirms an outstanding exploration target in the north eastern area of the licence.

For more information please click here


Location Municipalities of Monforte, Arronches, Elvas and Campo Maior in the Northern Alentejo region of East Portugal approximately 230km East of Lisbon
Commodity Copper, Gold, Tin and Tungsten
Mine type Exploration Licence
Development Initial review of copper, gold, tungsten and tin targets will be carried out and drilling activities are planned for late 2017
Resource tbc
Project Life 5 years
Ownership 100% owned by W Resources. Licence granted in July 2016

W was granted the Monforte-Tinoca Portuguese exploration licence, containing the Tinoca and Azeiteiros copper mines by the Portuguese Direction General for Energy & Geology (DGEG) under the Ministry of Economy & the Secretary of State for Energy in July 2016.

Located close to W’s CAA / Portalegre copper-gold project, the Monforte-Tinoca exploration licence covers 496.19km² and is highly prospective for copper, gold, tin and tungsten exploration and development.

Monforte-Tinoca was a successful small copper mine operation and this area and its surrounding structures provides a significant and potentially high-grade copper prospect to W’s Tungsten, Tin, Copper and Gold portfolio.

Initial review of copper, tungsten and tin targets will be carried out and drilling activities are planned for late 2017.



Michael Masterman - Chairman

Mr Masterman has an exceptional track record in establishing and financing new resources companies. He is currently CEO of Fortescue Metal Groups, FMG Iron Bridge iron ore company and recently completed the US$1.15bn sale of a 31% interest in the project to Formosa Plastics Group. Following 9 years at McKinsey, and 8 as Executive Director of Anaconda Nickel, he has been a founding shareholder at Fortescue, Po Valley Energy and Atacama Metals.


Byron Pirola - Non-Executive Director

Director of Port Jackson Partners Limited, a Sydney based strategy management consulting firm. Prior to joining Port Jackson Partners in 1992, Byron spent six years with McKinsey & Company working out of the Sydney, New York and London Offices and across the Asian Region. He has extensive experience in advising CEOs and boards of both large public and small developing companies across a wide range of industries and geographies.  Byron is a Non-Executive Director of Po Valley Energy Limited.


David Garland - Non-Executive Director

David is the former General Counsel, Secretary and Chief Compliance Officer of Dominion Petroleum Limited (an oil and gas exploration company then listed on the LSE). Before joining Dominion, he had practiced as a barrister for 18 years from Brick Court Chambers, a leading commercial barristers’ chambers in London. David was a founder, and is currently General Counsel and a director, of Atacama Metals Holdings Limited, a private Hong Kong registered copper exploration company, with mining concessions and interests, in the Atacama Desert in Chile.


Fernando de la Fuente - Technical Advisor

Fernando holds a B.Sc. in Geology and a MSc in Geology from the University of Granada in Spain and has over than 38 years experience in the Exploration and Mining Geology industry in Europe, Africa and North America and Latin America. He is also a member of the Spanish College of Geologists (Number 49), the Spanish Society of Mineralogy, founder member of the Spanish Society of Geology, member of the Spanish Association of Applied Geology to Mineral Deposits, member of the Society for Mining, Metallurgy and Exploration, Inc., member of PDAC. He is Managing Director and main shareholder of Fernando de la Fuente Consultores, S.L. a mining exploration and geological consulting company with projects in Burkina Faso, Canada, Mozambique, Morocco, Portugal, Dominican Republic and in Spain for several international and Spanish companies and for gold, PGM, base metals, tungsten, tin, tantalum-lithium-caesium, uranium, industrial minerals, dimension stones. Hydrogeological projects. Geotechnical studies. He was the Regional Manager for Anglo American Corporation of South Africa in West Africa and has also worked for Rio Algom and Phelps Dodge. Fernando is a “qualified technical person” in respect of the AIM Rules for Companies.

W Resources Significant Shareholders (as at 31 October 2017)

Shareholder Shares %
M. Masterman* 909,998,782 17.65
Hansource Investments Ltd 333,333,333 6.88
Beronia Investments Pty Ltd (Dr B. Pirola)** 296,638,318 6.13
H. Masterman* 171,066,866 3.53
C. Scott 161,000,000 3.32
M. Garvie 156,000,000 3.03

*Related party
**Includes related party interests

W Resources Plc
27/28 Eastcastle Street
London, W1W 8DH
United Kingdom

[email protected]


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W Resources PLC Timeline

August 08 2018
July 31 2018
June 29 2018
June 01 2018

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