Member Info for Denziiil

-Market cap £220M.

Net cash at 30 June 2026 of $96.7 million

 Average received copper price of $13,181 per tonne.

Going to be a beautiful day.

 

The Company confirms that it will begin commissioning of its phased production ramp-up later this month.

Plans to hire 350 people.

Queue the rockets.

31st December net debt $21.8 million.

31st June net cash of $28.4 million.

 Not bad AET. Not bad at all.

So nearly net debt free bar $40M.

Could have chosen to take a smaller bond.

Look at the incredible amount of cash sitting at hand right now.

Andrew is going shopping again isn't he. Lol.

New shares in issue pricing company at £28M is shares trade at 1p.

I can see us dipping significantly under 1p in the short term until some real revenue arrives

What happened? ATM machine broken?

Its been a while since i checked how .uch had been drawn down on the ATM, but i would imagine keeping the lights on with the team in place must be burning £2-3M a year.

Sadly a woefully poor amount of contract revenue coming in.

Not sure I am in favour of becoming the new ATM.

£212k at 31.5p.

Still offloading then.

I think the same sentiments all around pj70.

You are not missing anything.

I think the market will price cashflow when production is proven, and I guess there is our risk opportunity.

Project Update in Feb is the best indication that they have re-engineered everything properly.

Also looking to increase nameplate production to 700t/day in 2027, from a startup of 100t/day in 2026.

Fingers crossed no snags.

16 Feb 2026 07:00

RNS Number : 0616T

Tungsten West PLC

16 February 2026

16 February 2026

Tungsten West Plc

("Tungsten West", the "Company" or the "Group")

Project Update

Tungsten West (LON:TUN), the mining company focused on restarting production at the Hemerdon tungsten and tin mine ("Hemerdon" or the "Project") in Devon, UK, is pleased to provide an update on its Project development activities.

Highlights

· The Company has executed two supply agreements that cover the major additions for the improvement plan to re-start the Hemerdon Mineral Processing Facility ("MPF"):

o An agreement with Duo Group PLC ("Duo") for the Engineering Procurement and Construction ("EPC") works package for the New Build Crushing, Screening and Ore Sorter Facility ("New Build Construction").

o An agreement with Gekko Systems Pty Limited ("Gekko") for the supply of an In Line Pressure Jigs ("IPJ") system and associated infrastructure.

· These two agreements encompass all major new additions required to complete the improvement programme to the process flow sheet via the installation of:

o A new primary jaw crusher and secondary cone crusher to replace the pre-existing legacy hybrid rolls crushers at site, offering greater reliability, efficiency, improved crushing performance and better compliance with environmental regulations.

o A crushed ore stockpile that will provide buffer capacity and greatly improve reliability of supply.

o An ore sorting facility utilising advanced particle scanning to separate recoverable, higher quality material from waste rock, reducing the amount of material required to be processed in the MPF by around 70%.

o IPJ system to further upgrade the coarse particles feed material, further reducing the amount of coarse material needed to be processed inside the pre-existing MPF by a further 75%.

· All fines material (<0.8mm) and significantly upgraded coarse material (0.8mm to 7mm) will then be processed in the pre-existing MPF which is currently undergoing a refurbishment programme to produce saleable tungsten and tin concentrate.

Jeff Court, CEO of Tungsten West, commented:

"I am extremely pleased to partner with Duo and Gekko, two well established and highly regarded suppliers, on these important work packages as we reach another critical stage in restarting Hemerdon. These supply agreements will ensure that we have all the major processing additions in place to implement the improvement plan at the MPF.

Difficult to make too many assumptions based on offtake agreements. Have only used investor presentation to date.

Patience.

A year from Tun will be well into production. I have crunched the numbers a few times. If everything goes to plan Tun will be making more fcf p/annum than the current mcap at these prices.

Fingers crossed they have retooled correctly.

Funding is in place.

Offtake is in place.

Soung mitigation messures in place.

Its coming.

Well at least it looks like no further raise incoming with regards to the remaining $85M fund raise.

The US$85.0 million package is strictly a loan (debt package) rather than equity.It works alongside a separate equity round that was raised earlier to complete the total restart financing for the Hemerdon mine.Financing Structure SummaryThe US$85.0 Million Facility: This is entirely a project debt package, being finalised with a lender. It is structured in tranches, including an initial US$25.0 million first tranche tailored specifically to the project development schedule.The Equity Component: Prior to finalising this loan, the company separately secured its equity foundation, which included a £44.4 million equity raise.Combined, this blend of equity and structured project debt provides the total capital requirement to target first-phase production at the site.

Not much info kicking around, but looks good.

I guess it depends how they handle the debt package.

Hopefully will loan finance it and not dilute. Anyone any wiser, without me digging?

If I was Antonio, I would be smashing that share buyback right now. Make them pay for them if they want them.

This afternoon.

What happened?, I didn't hear a mention in the King's speech. Any ideas?

Cah build. Doh.

Net debt of $78M at 31 Mar.

Company is producing free cashflow of c$100M with oil at $100, and spot is currently higher/ $104 or thereabouts. I don't want to jinx it, but Kist will be net cash +ve by mid November.

BRENT TO STAY ABOVE $100 INTO 2026 AS SUPPLY BOTTLENECKS PERSIST

JPMorgan expects Brent crude to hold in the low-$100s through much of 2026, even if the Strait of Hormuz reopens in June, citing tight inventories and logistical constraints.

The bank says rapid stock draws and seasonal demand will push OECD inventories toward stress levels by August, keeping markets tight despite any reopening. It forecasts Brent averaging $96 in 2026, with peaks above $100 in mid-year quarters.

Analysts also warn that bottlenecks may shift to tanker capacity and refining limits, delaying normalization. Saudi Aramco’s CEO has separately called the current disruption the most severe ever, warning recovery could slip into 2027.

Sorry Thursday hammering. Im a day ahead with the long weekend.

Genuine assessment is that broker recommendation seems to be couting as if that proposal was in place. It isnt.

I think this has more to do with the bond market weighing in energy price effects on the uk plus election hammering tomorrow. Possibility of Labour moving even further left.

That being said. Hopefully sub 240p would be my entry.

Currently waiting as sold 2 days before April div as last 5 years gives you a better entry.

Average 9% drop.

If I had to put my money down. Buy on Friday morning.

Agreed Birdsong,

Funded reinsurance turbo-charges the UK BPA market. UK life insurer writes a £2bn bulk annuity deal, immediately offloads the longevity and asset risk to a reinsurer, Athora, Athene, paying a big upfront premium. The reinsurer holds the assets, pays the insurer back over time, and the UK insurer books the deal with very little capital tied up.

Currently you hold 2–4% capital against funded re exposure. Hold the same risk on your own balance sheet as direct investments and you'd hold 11–15%. The PRA wants to push funded re to ~10%. That's roughly a 3 to 4x increase in capital intensity for new funded re business from 1 October.

Bad for LGEN?

LGEN's Institutional Retirement (the BPA business) is the engine of the group, growing fastest and that management leans on hardest in the strategy update. Funded re is a major lever for writing big deals capital-efficiently — so making it 3–4x more capital-hungry directly hits the unit economics of new BPA deals.

Pressure points:

1. Solvency surplus generation. Remember Jefferies' core complaint — "solvency surplus is being fully consumed by the dividend." This rule change reduces the surplus that new BPA deals will generate (because they consume more capital up front), which makes Jefferies' argument stronger.

2. BPA growth runway. LGEN has guided the market to expect continued BPA market leadership. If each deal needs 3x more capital, you can write fewer deals for a given capital base — or you have to raise more capital, or do less reinsurance and accept lower returns. None of those are good for the growth narrative.

3. The "no buybacks through 2028" Jefferies thesis. Anything that increases capital consumption makes it harder to argue for excess capital returns. The PRA proposal directly feeds that argument.

Note: It is a proposal. Expect strong lobbying against and a lower outcome.