Blake Morgan advises AIM-quoted Tungsten West Plc on £71 million fundraising

Blake Morgan’s Equity Capital Markets team has advised AIM‑quoted Tungsten West Plc (Tungsten West), the mining company focused on restarting production at the Hemerdon tungsten and tin mine in Devon U.K., on a £71 million fundraising. The fundraising comprises a £36 million subscription (the Subscription) and up to £35 million in debt (Debt Facility). The fundraising was a strategic investment by the UK Government’s National Wealth Fund (NWF).

Blake Morgan advised Tungsten West on the Subscription, with Mayer Brown advising on the Debt Facility and Stephens Scown advising on the Title Opinion required for the transaction.

The transaction includes:

• An equity Subscription of £36.0 million via the subscription of 100 million new ordinary shares of £0.01 each in the capital of the Company (“Ordinary Shares“) at a subscription price of 36 pence per share resulting in NWF holding approximately 7.42 per cent. of the voting rights of the enlarged issued ordinary share capital of Tungsten West; and
• a proposed Debt Facility of up to £25 million plus a non-committed £10 million accordion facility (the Subscription and the Debt Facility together, the “Fundraising“).

The proceeds of the Fundraising are to be used to support the restart of the Hemerdon project and to repay a short-term loan facility – that was announced on 21 May 2026. See quotes in Tungsten West’s RNS endorsing the strategic investment from John Healey the Chancellor of the Exchequer and Jonathan Reynolds the Secretary of State for Business and Trade of the UK.

The Blake Morgan team was led by Partner Joan Yu, supported by Senior Associate Cameron Sutton.

Commenting on the transaction, Phil Povey, Chief Financial Officer of Tungsten West said:

Blake Morgan has a nationally recognised Corporate and Equity Capital Markets practice with deep experience advising listed and privately owned companies, investors, and financial institutions. The team provides comprehensive support across the full spectrum of corporate activity, including fundraisings, IPOs, secondary issues, M&A transactions, joint ventures, restructurings and ongoing corporate governance.