5 June 2024
Tungsten West Plc
("Tungsten West", the "Company" or the "Group")
Board Change
Tungsten West (LON:TUN), the mining company focused on restarting production at the Hemerdon tungsten and tin mine in Devon, UK, announces that Neil Gawthorpe has resigned as Chief Executive Officer ("CEO") with immediate effect. He remains a Director of the Board pending finalisation of his Settlement Agreement.
Mr. Alistair Stobie will retain the role of the Company's Chief Financial Officer and will additionally assume the position of Interim CEO and join the Company's Board of Directors, subject to completion of the customary due diligence required by the AIM Rules for Nominated Advisers to be undertaken by the Company's Nominated Adviser, Strand Hanson Limited. The Company has commenced the process of appointing a permanent CEO and further announcements, including the requisite Schedule 2(g) disclosures required under the AIM Rules for Companies, will be made in due course.
David Cather, Non-Executive Chairman of Tungsten West, commented: "I would like to thank Neil for the progress at the Hemerdon project that has been made under his leadership, especially in respect of right-sizing the project cost base whilst the updated Feasibility Study is finalised, obtaining the lifting of the tonnage cap for truck haulage of aggregates, and obtaining the draft Environmental Permit for the Mineral Processing Facility, the last outstanding permit required for the restart of mining operations. We wish Neil all the best with his future endeavours.
"The Company continues to focus on restarting production at the Hemerdon project, and we are pleased that Alistair Stobie will assume the position of Interim CEO whilst we commence the process of appointing a permanent CEO to help direct our collective efforts at Hemerdon."
This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014 as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019.
Ends
For further information, please contact:
Enquiries
| Tungsten West Alistair Stobie Tel: +44 (0) 1752 278500
| Strand Hanson (Nominated Adviser and Financial Adviser) James Spinney / James Dance / Abigail Wennington Tel: +44 (0) 207 409 3494 |
| BlytheRay (Financial PR) Tim Blythe / Megan Ray Tel: +44(0) 20 7138 3204 Email: tungstenwest@blytheray.com
Hannam & Partners (Broker) Andrew Chubb / Matt Hasson / Jay Ashfield Tel: +44 (0)20 7907 8500 | |
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