Added to YB: 2026-05-14
Pitch date: 2026-05-12
TUN.L [bullish]
Tungsten West PLC
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 442.9M
Pitch Price
N/A
Price Target
1.00
Dividend
N/A
EV/EBITDA
-113.17
P/E
-1.38
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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