Added to YB: 2026-05-14
Pitch date: 2026-05-12
TUN.L [bullish]
Tungsten West PLC
+11.9%
current return
Author Info
The Oak Bloke shares analysis of the UK stock market, particularly overlooked small caps. Sign up for the newsletter.
Company Info
Tungsten West PLC operates as a mining development company in the United Kingdom. It owns and operates a Hemerdon tungsten and tin mine located near the village of Plympton, in South Devon, England.
Market Cap
GBP 436.7M
Pitch Price
GBP 0.40
Price Target
1.00 (+126%)
Dividend
N/A
EV/EBITDA
-111.79
P/E
-1.37
EV/Sales
N/A
Sector
Metals and Mining
Category
value
Go south to Go North with Tungsten West
TUN.L: UK's only tungsten mine (3,320t WO3 + 462t Sn/yr) set for Phase 1 production Q3 26, full commissioning Q1 27. US NDAA bans Chinese tungsten from defense Jan 27, creating scramble for Western supply. Current prices $45k/t tungsten, $53k/t Sn vs $25k/$32.5k in FS. Est £3.5bn NPV vs £442M mkt cap (0.12x P/NPV). £22.3M fleet funded, $85M phase 2 debt in final DD ($25M committed). Risks: debt closure, price volatility. Demand drivers: defense replenishment, kinetic weapons, space (SpaceX/Blue Origin nozzles/shielding), fusion reactors. Comps trade 0.54x-0.74x. Target >100p on re-rate or M&A from BAE/Lockheed seeking supply chain integration.
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