Tungsten West Plc has secured a $25 million bridge loan to restart the Hemerdon tungsten and tin mine in Devon, UK.
The loan facility, provided by an entity controlled by substantial shareholder Gregory Coffey, carries interest at SOFR plus 4.5% (approximately 8% per annum), increasing by 1% per quarter.
The 366-day unsecured loan is repayable without penalty and will fund the project until the first phase restart of fines gravity processing in Q3 2026.
The company also finalizing a larger debt package of up to $85 million, partly to repay the bridge loan.
Refurbishment of the fines gravity circuit is progressing, with commissioning expected in Q3 2026, initially at up to 100 tonnes per hour.
