RE: Funding11 Jun 2026 07:36
CFO Phil Povey presented at the Investors’ Congress on June 9th and at the main conference on June 10th. The core messages were:
The restart of the Hemerdon mine in Q3 2026 is fully on track, both in terms of timing and financing, thanks to the Coffey bridge loan.
The installation of the TOMRA XRT X-ray sorters is progressing according to plan.
The presentation clearly focused on positioning Hemerdon as by far the largest, immediately restartable tungsten asset in the West, aiming to secure long-term strategic offtake agreements with the European and US defense industries.
Is there resistance from the local population or from politicians?
No, quite the contrary—the political tailwind is stronger than ever before.
Politics: As shown by the debates in the British Parliament (Sub-Committee on Economic Security, Arms and Export Controls) at the end of May, tungsten is classified across all party lines as a cornerstone of the national security strategy. Politicians are even pushing for the government to actively support the development of refineries in Devon and Cornwall in order to decouple the defense industry from Chinese imports. There is absolutely no political opposition to the projects.
Population: Redmoor's operating company (Cornwall Resources) reported in its latest June update that the permitting processes for expanding the drilling programs are moving forward swiftly. The team is working closely with local authorities. Since the region in Southwest England is historically a mining district and hundreds of highly skilled, well-paid jobs are being created, local support is overwhelmingly positive. Furthermore, Tungsten West's environmentally friendly XRT sorting preserves nature (less truck traffic, lower CO₂ emissions, reduced water consumption), which takes the wind out of the sails of potential environmental critics.
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