Tungsten West has issued a financing update for its Hemerdon Project in Devon, outlining new funding arrangements and progress toward a staged restart of operations focused on fines gravity processing. The company confirmed a binding US$25 million bridge facility, structured with a 366-day term, unsecured terms, and an interest rate of SOFR plus 4.5%. The funding is directed toward activities leading to the first restart phase, which is scheduled for Q3 2026 and will focus on fines gravity processing operations.
Alongside the bridge facility, Tungsten West reported that due diligence has been completed for a larger financing arrangement of up to US$85 million, with final documentation now being finalized. The company stated that the project remains on schedule and within budget. The initial restart phase is planned to incorporate third-party mobile crushing and washing equipment, supported by processing of existing ore stockpiles already on site at Hemerdon.
Tungsten market and industrial demand context
Tungsten is described as a commodity with applications in defence, industrial manufacturing, and hard-metals production, contributing to its sensitivity within supply chains. The material is used in sectors including munitions, aerospace, machining, and advanced manufacturing.
As a result, policy interest in tungsten within the UK and Europe remains elevated due to its role in strategically significant industrial supply chains.
Staged restart approach and project financing pathway
The restart plan at Hemerdon is structured in phases, with the initial focus on fines gravity processing ahead of broader development steps. The approach is intended to align near-term operational activity with ongoing financing requirements while progressing toward a larger development framework.
The company noted that the bridge facility addresses short-term funding needs, while completion of the larger US$85 million debt package, commissioning of the restart phase, and confirmation of processing performance remain key requirements for advancing the project to sustained operations and achieving expected recovery and cost outcomes.
