27 September 2022
Tungsten West Plc
("Tungsten West", the "Company" or the "Group")
Grant of Options
Tungsten West (AIM: TUN), the mining company focussed on recommencing production at the Hemerdon tungsten and tin mine in Devon, United Kingdom, announces that a total of 2,799,982 options over ordinary shares of £0.01 each in the capital of the Company ("Ordinary Shares") were granted to the Chief Financial Officer, Managing Director, Executive Vice Chairman and other employees (the "Options") pursuant to the Company Share Option Plan ("2022 CSOP") and Employee Share Option Plan ("2022 ESOP").
The Options are exercisable at a price of £0.275 per Ordinary Share, being mid-market closing price on 21 September 2022, in accordance with the conditions of the 2022 CSOP and 2022 ESOP. The Options will vest three years from the date of grant.
Following the grant of Options, the interest of the Directors and PDMRs in the share capital of the Company are as follows:
| Directors and PDMR | Options granted | Total number of share options following this notification | Total beneficial holding of shares following this notification | Total beneficial holding (options + ordinary shares) as % of Company's fully diluted issued share capital |
| Anthony Nigel Widdowson, Chief Financial Officer | 100,000 | 400,000 | Nil | 0.19 |
| James McFarlane, Managing Director (non-board position) | 100,000 | 933,333 | Nil | 0.45 |
| Mark Thompson, Executive Vice Chairman | 150,000 | 5,121,586 | 4,317,238 | 4.53 |
Following this grant, the Company has a total of 25,016,885 options in issue to date representing approximately 13.9 per cent. of the Company's current issued share capital.
Enquiries
| Tungsten West Mark Thompson Tel: +44 (0) 203 178 7385
| Strand Hanson (Nominated Adviser and Financial Adviser) James Spinney / James Dance / Abigail Wennington Tel: +44 (0) 207 409 3494 |
| Camarco (Financial PR) Gordon Poole / Emily Hall Tel: +44(0) 20 3757 4980 Email: tungstenwest@camarco.co.uk | Hannam & Partners (Joint Broker) Andrew Chubb / Nilesh Patel +44 (0)20 7907 8500
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| VSA Capital (Joint Broker) Andrew Raca / Andrew Monk +44 (0)20 3005 5000 |
Follow us on twitter @TungstenWest
Overview of Tungsten West
Tungsten West is the 100 per cent owner and operator of the past producing Hemerdon tungsten and tin mine, located near Plymouth in southern Devon, England. The Hemerdon mine is currently the world's third largest tungsten resource, with a JORC (2012) compliant Mineral Resource Estimate of approximately 325Mt at 0.12 per cent. WO3. The Company acquired the mine out of a receivership process in 2019 after its most recent operators, Wolf Minerals ("Wolf"), stopped production in 2018. While it was operator, Wolf invested over £170 million into the development of the site, the development of significant infrastructure and processing facilities. Hemerdon was producing tungsten and tin materials, under Wolf, between 2015 and 2018, before the company entered administration and placed the mine into receivership due to a number of issues that have since been identified and rectified by Tungsten West.
The Company is focussed on updating the existing infrastructure and, in the near-term, restarting the Hemerdon mine at a low cost. Following the restart, Hemerdon is expected to produce significant volumes of tungsten and tin, both of which are strategically important materials, particularly in the development of new technology.
The notifications set out below are provided in accordance with the requirements of the EU Market Abuse Regulation.
| 1 | Details of the persons discharging managerial responsibilities | |||||
| a) | Name | Anthony Nigel Widdowson
| ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Chief Financial Officer | ||||
| b) | Initial notification /Amendment | Initial notification | ||||
| 3 | Details of the issuer | |||||
| a) | Name | Tungsten West Plc | ||||
| b) | LEI | 213800QNV72HX3JAFC56 | ||||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
| a) | Description of the financial instrument, type of instrument
| Options over Ordinary Shares of 1p | ||||
| Identification code | ISIN for Ordinary Shares: GB00BP6QM557
| |||||
| b) | Nature of the transaction | Grant of options | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information - Aggregated volume - Price
| - Options over 100,000 shares - 27.5p per share (exercise price) | ||||
| e) | Date of the transaction | 22 September 2022 | ||||
| f) | Place of the transaction | Outside a trading venue. New Ordinary Shares issued on exercise of options will be admitted to trading on AIM, London Stock Exchange
| ||||
| 1 | Details of the persons discharging managerial responsibilities | |||||
| a) | Name | James McFarlane | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Managing Director (non-board position) | ||||
| b) | Initial notification /Amendment | Initial notification | ||||
| 3 | Details of the issuer | |||||
| a) | Name | Tungsten West Plc | ||||
| b) | LEI | 213800QNV72HX3JAFC56 | ||||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
| a) | Description of the financial instrument, type of instrument
| Options over Ordinary Shares of 1p | ||||
| Identification code | ISIN for Ordinary Shares: GB00BP6QM557
| |||||
| b) | Nature of the transaction | Grant of options | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information - Aggregated volume - Price
| - Options over 100,000 shares - 27.5p per share (exercise price) | ||||
| e) | Date of the transaction | 22 September 2022 | ||||
| f) | Place of the transaction | Outside a trading venue. New Ordinary Shares issued on exercise of options will be admitted to trading on AIM, London Stock Exchange
| ||||
| 1 | Details of the persons discharging managerial responsibilities | |||||
| a) | Name | Mark Thompson | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Executive Vice Chairman | ||||
| b) | Initial notification /Amendment | Initial notification | ||||
| 3 | Details of the issuer | |||||
| a) | Name | Tungsten West Plc | ||||
| b) | LEI | 213800QNV72HX3JAFC56 | ||||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
| a) | Description of the financial instrument, type of instrument
| Options over Ordinary Shares of 1p | ||||
| Identification code | ISIN for Ordinary Shares: GB00BP6QM557
| |||||
| b) | Nature of the transaction | Grant of options | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information - Aggregated volume - Price
| - Options over 150,000 shares - 27.5p per share (exercise price) | ||||
| e) | Date of the transaction | 22 September 2022 | ||||
| f) | Place of the transaction | Outside a trading venue. New Ordinary Shares issued on exercise of options will be admitted to trading on AIM, London Stock Exchange
| ||||
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