Tungsten West PLC (AIM:TUN, OTC:TNGWF) has received a draft permit from the Environment Agency for a Mineral Processing Facility (MPF) at the Hemerdon mine near Plymouth.
The draft permit is "a significant step towards securing further financing for the project", it added, and a "gateway" to updating the feasibility study, something that will lead into the main financing round.
An internal review of the draft is underway to ensure all aspects are aligned with the operational requirements of the MPF, Tungsten West said.
After this, a public consultation will be held where the Environment Agency will identify that they are "minded to" grant this permit.
This is the final step before the Environment Agency can issue the permit.
Neil Gawthorpe, chief executive, commented he was delighted to receive the draft permit.
It "represents a major step forward in our goal of bringing Hemerdon back into production by the end of 2025, providing an ethical and sustainable domestic supply of critical minerals".