Tungsten West PLC (AIM:TUN, OTC:TNGWF), the owner and operator of the Hemerdon Mine in Southwest England, counted its strategic and operational highlights in today’s interim report for the six months ending 30 September.
The period saw significant developments, including the production of 50 tonnes of tin and tungsten concentrate.
A major step for Tungsten West was the completion of low-frequency noise trials and the submission of a Mineral Processing Facility Permit application, essential for the mine’s operation.
The company has paused certain projects pending the outcome of this permit application and subsequent funding activities.
During the period, the group issued £6.95 million in convertible loan notes, with an agreement for a further £1.8 million tranche.
Tungsten West jotted down a loss of £9.1 million and a capital expenditure of £2.8 million.
Under a strategic restructuring plan, capex was scaled back and headcount was reduced by 42%.
Post period, Alistair Stobie was appointed as chief financial officer following the resignation of Nigel Widdowson in August.
Chief executive Neil Gawthorpe acknowledged that “this period has seen some challenges for the company as we continue to navigate difficult market conditions”.
However, “there have been many positives to take from the last six months and progress has been made at Hemerdon”.
“Furthermore, the production of tin and tungsten from legacy material marked a significant milestone in the company's progress and is an indication of what can be achieved once the mine is re-opened.
"Tungsten and tin remain critical minerals and are essential to everyday living, as well as being crucial in future green and emerging technologies. Tungsten West aims to help provide a secure supply chain of these critical minerals."
The company had cash reserves of £1.4 million as of 30 September.