Tungsten West PLC (AIM:TUN, OTC:TNGWF) has raised £1.6 million, setting in motion a process that it envisages will lead to restarting production at the Hemerdon tungsten and tin mine.
The proceeds will be used to begin work on an updated feasibility study on the mine, which it expects to complete by September.
Completion of the study will lead to a financing round in the second half of the year, the group said, "which will enable the company to recommence production of tungsten and tin in early 2026".
Earlier this week, the company said the Environment Agency has begun a public consultation regarding a mineral processing facility (MPF) permit, following the award of the draft permit last month.
The new funds have been raised by adding a fourth tranche to its 2023 convertible loan notes. Tranche D had been added on mostly the same terms as the A, B and C tranches announced last May and December, though the maturity date of all tranches has been extended to 31 January 2025.