Grant of Awards under Long Term Incentive Plan

Tungsten West PLC

22 July 2026

 

22 July 2026

Tungsten West Plc

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

Grant of Awards under Long Term Incentive Plan

Tungsten West (AIM:TUN), the mining company focused on restarting production at the Hemerdon tungsten and tin mine ("Hemerdon" or the "Project") in Devon, UK announces that it has granted options (the "Awards") over ordinary shares of 1 pence each in the capital of the Company ("Ordinary Shares") to three Directors of the Company, pursuant to the Company's Long Term Incentive Plan (the "LTIP").

The Company's LTIP was approved by shareholders at the General Meeting held on 30 January 2026, with further subsequent approvals provided at the General Meeting held on 26 February 2026, and has been implemented by the Board in line with the description provided in the circulars published on 14 January 2026 and 9 February 2026 respectively.

Details of the Awards are set out below:

Director	Number of total Awards granted under LTIP	Total Awards exercisable at 3p	Total Awards exercisable at 18p*
Stephen Harrison (Non-Executive Chairman)	30,260,695	30,260,695	-
Jeffery Court (Chief Executive Officer)	75,651,737	60,521,388	15,130,349
Philip Povey (Chief Financial Officer)	37,825,868	30,260,695	7,565,173

* Options with 'stretch' targets as set out below

The Awards issued are subject to certain performance conditions, including in relation to achieving key commercial production and/or operational milestones and other key performance indicators. In respect of the Awards issued to the CEO and CFO, approximately 20% will only vest once certain 'stretch' targets are met, which represent performance that is significantly in excess of the Group's current base case business plan assumptions. The extent to which those performance conditions have been satisfied will be determined by the Remuneration Committee.

The Awards have different exercise prices depending on the applicable performance conditions as set out the table above and, will lapse by the fifteenth anniversary of the date of grant, unless they lapse earlier in accordance with their terms.

The option agreements also provide for the acceleration of vesting on a change of control, subject to the terms of the LTIP and the relevant option agreement.

Ends

For further information, please contact:

Tungsten West Jeff Court, Chief Executive Officer Phil Povey, Chief Financial Officer Tel: [phone]	Strand Hanson Limited (Nominated Adviser and Financial Adviser) James Spinney / James Dance / Abigail Wennington Tel: [phone]
BlytheRay (Financial PR) Megan Ray / Rachael Brooks Tel: [phone] Email:  [e-mail]	Hannam & Partners (Broker) Andrew Chubb / Matt Hasson / Jay Ashfield Tel: [phone]

1	Details of the person discharging board responsibilities
a)	Name	i)          Stephen Harrison ii)         Jeffery Court iii)        Philip Povey
2	Reason for the notification
a)	Position/status	i)          Non-executive Chairman ii)         CEO iii)        CFO
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	TUNGSTEN WEST PLC
b)	LEI	213800QNV72HX3JAFC56
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Conditional options over ordinary shares granted under the Company's LTIP
	Identification code	GB00BP6QM557
b)	Nature of the transaction	Grant of conditional options under the Company's LTIP
c)	Price(s) and volume(s)	Name  Price(s) Volume(s) Stephen Harrison 3 pence 30,260,695 Jeffery Court 3 pence 60,521,388 Philip Povey 3 pence 30,260,695
d)	Aggregated information
	- Aggregated volume	N/A
	- Price
e)	Date of the transaction	21 July 2026
f)	Place of the transaction	Outside of a trading venue

1	Details of the person discharging board responsibilities
a)	Name	i)          Jeffery Court ii)         Philip Povey
2	Reason for the notification
a)	Position/status	i)          CEO ii)         CFO
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	TUNGSTEN WEST PLC
b)	LEI	213800QNV72HX3JAFC56
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Conditional options over ordinary shares granted under the Company's LTIP
	Identification code	GB00BP6QM557
b)	Nature of the transaction	Grant of conditional options under the Company's LTIP
c)	Price(s) and volume(s)	Name  Price(s) Volume(s) Jeffery Court 18 pence 15,130,349 Philip Povey 18 pence 7,565,173
d)	Aggregated information
	- Aggregated volume	N/A
	- Price
e)	Date of the transaction	21 July 2026
f)	Place of the transaction	Outside of a trading venue

 

END