After acquiring the Hemerdon mine in 2019, investors set out to revive an asset that had previously collapsed. Despite more than £200 million of infrastructure investment, the site had been placed into receivership in 2018.
When Tungsten West relisted on AIM in 2021 and raised £36 million, expectations were high. As the business moved into its next phase, the Board recognised the need to review the leadership capability and ensure the right CEO was in place to support a complex turnaround and rebuild momentum.
The assignment began with a focused market mapping exercise to clarify the leadership profile and benchmark options within a highly constrained talent pool of mining sector CEOs who were open to embracing the challenge.
As the needs of this transformation came into sharper focus, the board concluded the business would benefit from a CEO capable of inspiring confidence, operating effectively with limited resources, scope a comprehensive review and lead a demanding turnaround in a specialist and complex mining environment.
The appointed leader, with a background spanning both owner mining, mining contracting and operations, brought a strong mix of technical depth, executional rigour, commercial discipline, access to the asset and an entrepreneurial mindset. Crucially, he set out a clear and credible plan, defining what success would look like, how it would be achieved, and over what timeframe. That clarity proved instrumental in securing the confidence of both the board and investors.
The new CEO quickly reviewed and refined the business plan, surfaced key risks, and strengthened confidence across the board, investors and the market. His pragmatic leadership brought stability to a volatile environment and created the conditions for renewed momentum. With market for Tungsten rapidly growing, the company is now preparing for its next major capital raise, a key step on its path toward production by 2027. In a recent development, Tungsten West has successfully generated its first tungsten concentrate from the ongoing mineral processing trials.
Overall, the stock has moved from 2.75p in November 2024 when the new CEO was appointed to 11.52p as of January 7, 2026, an increase of over 318%.
