Member Info for Denziiil

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.

The potential now, is that the UK30yr was last at 5.75 on 3rd September. Lgen SP was at 232p.

Big resistance level, but can see Lgen getting there in short order.

Having an absolute mare.

US coming off the highs slightly.

Meanwhile

UK10 5.09 +2.78%.

UK5 4.62 +3%

UK30 5.79 +2.57%.

AV having some pain too.

Agreed Nick. I cannot believe these Broker Recs get released sometimes. Yep yep. Sell the house on that one.

rheinmettal up 6.85% this morning.

both down 30% from the highs.

come on bab****, a little bounce please.

Down 2% today, tells me the market is not buying that, and the slight drop has more to do with the bond market.

Investing.com -- Jefferies downgraded Aviva and Legal & General on Sunday, taking a more cautious stance on two of the U.K.’s largest listed insurers amid concerns over capital returns and earnings growth.

The broker cut Aviva to Hold from Buy, while raising its price target to 637 pence from 560 pence, while Legal & General was moved from Hold to Underperform and its target price to 185 from 230 pence.

On Aviva, Jefferies analysts said the stock’s rating now “fairly reflects” its transformed business profile following the acquisition of Direct Line, with management’s guidance through 2028 already embedded in consensus estimates.

They see the risk/reward as balanced, arguing that while upside is limited, an all-in capital return yield of around 9% per year, combining dividends and buybacks, provides a floor of support, particularly for U.K. income investors.

Cumulative total yield over 2026-28 is seen at around 27%, on par with Legal & General but backed by stronger solvency and lower debt leverage.

Jefferies flagged UK general insurance and pension risk transfer as the key risks for Aviva. With UK general insurance now accounting for nearly half of group earnings following the Direct Line acquisition, the bank cited execution risk around the integration and pricing pressure in commercial lines.

The broker’s call on Legal & General was more bearish. Analysts said that the insurer’s income story “is deteriorating,” with net surplus generation — its preferred free cash flow proxy — expected to stay roughly flat at around £1.2 billion through 2028, barely covering the annual dividend cost.

"Solvency surplus generation is fully consumed by dividends, capital optionality is effectively zero, and returns rely increasingly on contingent management actions," they wrote.

A key point of difference with consensus is Jefferies’ more cautious view on management actions, which it models at just under £400 million per year against a market assumption of around £500 million.

The firm also forecasts no share buybacks through 2028, while consensus still prices in £150-200 million annually. With solvency drifting lower and debt leverage above 30%, Jefferies said the equity risk premium looked too low.

"With credible income alternatives available elsewhere in the sector, this increases the risk of investor rotation away from the stock," the analysts said.

Jefferies cuts Aviva to 'hold' (buy) - price target 637 (560) pence

Jefferies cuts Legal & General to 'underperform' - price target 185 (230) pence

Ok two things, A price target of 185p? Would love to see the explanation there. A 25% haircut?

You are talking Covid lows. Even during the inflationary explosion due to the Ukraine invasion and Trumps April tariff announcements we bottomed around 210p.

Then put that alongside Aviva and an increase to loosely where they are now.. There is talking your own book, but still.

Given that Aviva and Lgen are not drastically different business models, if anyone has an idea on the disparity I would appreciate any thoughts.

(Div would be 13% lol.)

It was a miss, but 5% down?.

What am i missing.