Tungsten West PLC (AIM:TUN) said it booked revenue from the sale of tungsten and aggregates of £208,000 during the six months to September 2022, and delivered a loss before tax of £5.1mln.
During the period, the owner and operator of the Hemerdon mine in South West England re-optimised the project, with plant commissioning starting in the first half of 2023. A new chief executive, Mark Thompson, was also put in place.
Mining operations are scheduled to recommence in the second half of 2023.
The company had cash reserves of £14.9mln as of 30 September 2022, and had agreed a non-binding term sheet for a US$30mln royalty sale.