The Tungsten West share price (LSE: TUN) currently trades at 30.50p as of March 17, 2026, reflecting a significant 643% increase from its 2025 lows as the company nears a final investment decision for the Hemerdon mine. Following a volatile period of permitting and refinancing, the stock has recently consolidated near the 30p mark after reaching a 52-week high of 40.00p. Investors are currently focused on the targeted completion of the full project financing package in Q1 2026 and the anticipated commencement of main construction works at the Devon-based site. The company’s valuation has been dramatically re-rated due to a “super-cycle” in tungsten prices, which have risen over 200% since mid-2025, pushing the Hemerdon project’s forecast Net Present Value (NPV) to a staggering US$1.7 billion. With first production now targeted for early 2027, the market is pricing in Tungsten West’s potential to become the largest producer of this critical defense metal in the Western world.
Current Market Position 2026
As of March 2026, Tungsten West (LSE: TUN) has transformed from a penny stock into a significant mid-cap mining play. The share price has maintained strong momentum above its 200-day moving average, signaling a structural re-rating by institutional investors.
Trading Metrics and Volatility
The stock’s 52-week range of 3.00p to 40.00p highlights the extreme “risk-on” sentiment surrounding the project’s de-risking milestones. Daily volumes frequently exceed 3 million shares, providing ample liquidity for both retail and institutional participants as the company prepares for its next phase of growth.
Technical Indicators
Current technical analysis shows a Relative Strength Index (RSI) of 56.08, suggesting the stock is in neutral territory after its February 2026 surge. The 50-day simple moving average currently sits at 24.00p, acting as a critical support level for the current uptrend.
Hemerdon Mine: 2026 Operational Update
The Hemerdon mine in Devon, England, is the world’s second-largest tungsten resource. In early 2026, the company accelerated its re-commissioning work, focusing on plant refurbishment and infrastructure readiness.
Processing Trials and Results
In late 2025, Tungsten West successfully generated its first tungsten concentrate during advanced processing trials. These trials confirmed the effectiveness of the updated flow sheet, which utilizes X-ray transmission (XRT) ore sorting to improve efficiency and reduce environmental impact.
Construction and Engineering
Detailed engineering works are approximately 90% complete as of March 2026. The company has already placed orders for “long-lead” items, including specialized crushing equipment, to ensure that once full project financing is secured, production can commence within a 12-month window.
Project Economics and Metal Prices
A pivotal update in February 2026 revealed a massive uplift in the Hemerdon project’s economics. This update was the primary catalyst for the share price breakout from the mid-teens into the 30p range.
Updated Feasibility Metrics
Using spot prices of US$1,313/mtu for tungsten (APT) and US$55,953/t for tin, the project’s economics have been revised upward significantly.
NPV (7.5%): Increased from US$190 million to US$1.7 billion.
Internal Rate of Return (IRR): Surged from 29% to 197%.
Global Supply Constraints
Tungsten is classified as a “critical mineral” by the UK, US, and EU due to its indispensability in aerospace, defense, and electronics. With China controlling over 80% of global supply, Hemerdon is viewed as a strategic asset for Western supply chain security.
2026 Financial Strategy and Funding
While the share price is buoyant, Tungsten West remains in a pre-revenue, capital-intensive phase. The company’s financial results reflect the high costs of maintaining a “shovel-ready” status.
Interim Financial Results
In March 2026, the company reported a widened interim pretax loss of £40.4 million. This was largely attributed to surging finance costs and the aggressive scale-up of project resources in anticipation of the full mine restart.
Q1 2026 Funding Target
The board is currently in advanced negotiations with several offtake partners and institutional lenders. The goal is to finalize a comprehensive project financing package by the end of March 2026, which would cover the remaining capital expenditure required for full-scale production.
Environmental and Regulatory Permits
A major hurdle for the Hemerdon restart was the acquisition of revised environmental permits, particularly regarding noise and air quality management.
Permitting Status
As of March 2026, the company has cleared most major regulatory hurdles with the Environment Agency. The implementation of “Low Impact” mining techniques, including the use of modern sorting technology, has been key to securing local support and regulatory approval.
Community Engagement
Tungsten West maintains an active community liaison group in Plympton and Sparkwell. The project is expected to create over 300 direct jobs and significantly boost the local Devon economy during its 18+ year mine life.
Practical Information for Shareholders
Trading Platform: Tungsten West is listed on the London Stock Exchange (AIM) under the ticker TUN.
Market Hours: 08:00 AM to 04:30 PM GMT, Monday through Friday.
Investment Type: Development-stage mining (High risk/High reward).
Currency: Quoted in Pence (GBX).
ISA/SIPP Eligibility: Generally eligible for UK tax-wrapped accounts as an AIM-listed stock.
FAQs
What is the current Tungsten West share price?
As of March 17, 2026, the Tungsten West share price (LSE: TUN) is 30.50p.
When will the Hemerdon mine start production?
The company targets first tungsten concentrate production in early 2027, following a 12-month construction and refurbishment phase.
Why did the share price rise so much in early 2026?
The rally was driven by an updated feasibility study that increased the project’s NPV to US$1.7 billion, fueled by record-high tungsten and tin prices.
Is Tungsten West a profitable company?
No, it is currently a pre-production mining company. It reported a loss of £40.4 million in its most recent interim results due to restart costs.
What is the 52-week high for TUN shares?
The 52-week high for Tungsten West is 40.00p.
How much tungsten does the Hemerdon mine hold?
Hemerdon is the second-largest tungsten resource globally outside of China, with a JORC-compliant resource of over 320,000 tonnes of contained tungsten.
Does Tungsten West have the permits to mine?
The company is fully permitted for most activities and has received favorable Environmental Impact Declarations, allowing it to move into final construction.
Who is the CEO of Tungsten West?
The company is currently led by CEO Jeff Court, who has focused on de-risking the project’s technical flow sheet.
What is the main use for tungsten?
Tungsten is a hard, dense metal used in armour-piercing ammunition, aerospace engines, semiconductors, and industrial cutting tools.
Where is the Tungsten West mine located?
The Hemerdon mine is located 11km northeast of Plymouth, Devon, near the village of Plympton.
How many people will the mine employ?
At full capacity, the mine is expected to provide approximately 300 direct jobs and support many more in the regional supply chain.
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