TUN Tungsten West Plc

TIDMTUN

Tungsten West PLC

12 June 2023

12 June 2023

Tungsten West Plc

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

Fusion Energy Collaboration

Tungsten West (AIM:TUN), the mining company focused on restarting production at the Hemerdon tungsten and tin mine ("Hemerdon" or the "Project") in Devon, in the UK, is pleased to announce that it has entered into a strategic collaboration with Oxford Sigma, a fusion energy company based in Oxfordshire, UK, to explore and establish critical supply pathway options enabling the use of the critical material, tungsten, for fusion energy deployment.

Fusion energy is potentially a near-limitless source of carbon-free energy for the future, and tungsten will be a key component in the process, required for radiation shielding and plasma-facing components within fusion energy devices. Fusion energy is actively being developed to reach commercialisation with over US$5 billion of private investment worldwide. However, without a viable commercial pathway for the supply of tungsten from raw materials to the fusion community, the commercialisation of fusion energy faces significant delays.

The strategic collaboration with Oxford Sigma will provide a mutual combination of skills and assets in order to secure the source of raw tungsten material in the UK, with the goal of deploying these tungsten-based components across the globe.

Neil Gawthorpe, CEO of Tungsten West, commented: "We are excited to enter into this collaboration agreement with Oxford Sigma which represents a significant step forward in advancing the development of sustainable and clean energy solutions. Tungsten is a key material required in fusion energy, essential in several key application areas within the reactors and, as we progress to production at Hemerdon, we are in a position to supply tungsten globally.

By leveraging our combined expertise and resources with Oxford Sigma, we are proud to be at the forefront of, and are poised to unlock, the full potential of tungsten for fusion energy deployment, a potentially limitless carbon free energy source for the future."

Dr Thomas Davis, CTO of Oxford Sigma, commented: "Commercial fusion power stations are enroute to become the ultimate energy source. We are excited to partner with Tungsten West to connect the UK fusion community with the raw materials necessary to make fusion work. Most of the approaches to fusion that Oxford Sigma develops depend on large quantities of raw tungsten for various applications (radiation shielding, plasma-facing components, and liquid metal resistance coatings). By collaborating with Tungsten West, the door is open to secure this critical material supply to ensure that the country, and the world, can deploy the fusion reactors of the future."

About Oxford Sigma

Oxford Sigma tackles energy security and climate change by accelerating the commercialisation of fusion energy. Oxford Sigma's mission is to deliver materials technology, materials solutions, and fusion design services in order to accelerate the commercialisation of fusion energy. Oxford Sigma is internationally recognised as a key fusion materials and technological leader within the market. The company operates in the United States, United Kingdom, European Union, Canada, and Japan.

Ends

For further information, please contact:

Enquiries

 
   Tungsten West                        Strand Hanson 
    Neil Gawthorpe/ Nigel Widdowson      (Nominated Adviser and Financial 
    Tel: +44 (0) 1752 278500             Adviser) 
                                         James Spinney / James Dance / 
                                         Abigail Wennington 
                                         Tel: +44 (0) 207 409 3494 
   BlytheRay                            VSA Capital Limited 
    (Financial PR)                       (Financial Adviser and Joint 
    Tim Blythe / Megan Ray               Broker) 
    Tel: +44(0) 20 7138 3204             Andrew Raca / Andrew Monk 
    Email: tungstenwest@blytheray.com    +44 (0)20 3005 5000 
 
                                         Hannam & Partners 
                                         (Joint Broker) 
                                         Andrew Chubb / Matt Hasson / 
                                         Jay Ashfield 
                                         +44 (0)20 7907 8500 
 

Follow us on twitter @TungstenWest

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June 12, 2023 02:00 ET (06:00 GMT)

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