03 Nov 2021

PKF Francis Clark acts on Tungsten West IPO

PKF Francis Clark acts on Tungsten West IPO

We were delighted to support Tungsten West Plc’s successful flotation on the London Stock Exchange by acting as reporting accountants for the company’s initial public offering (IPO).

Tungsten West raised approximately £39 million from investors on admission to the Alternative Investment Market (AIM), giving it a market capitalisation of £106.2 million on its first day of trading. This initial investment will help to fund its plans to restart mining at Hemerdon, near Plymouth.

We appreciated Duncan and his team’s dedication and professionalism over what was an intense but ultimately extremely successful process.

The company was incorporated in 2019 as a special purpose vehicle to purchase the Hemerdon Project out of receivership. It is focused on rebuilding and restarting the mine to supply two critically important strategic minerals – tungsten and tin – to the Western hemisphere. Hemerdon mine is the world’s third largest tungsten resource.

Tungsten West’s flotation raised new investment to restart operations at the Hemerdon mine near Plymouth

Duncan Leslie, managing partner at the Plymouth office of PKF Francis Clark, said: “Working with Tungsten West, we are well aware of the business’s potential to be a driver of economic growth in our city and region over the coming years, so we were delighted to be asked to support our clients in delivering their IPO.

“As reporting accountants, we worked closely with our colleagues at PKF Littlejohn in London to provide comfort to investors on Tungsten West’s historical financial information and are pleased that the flotation was such a great success in raising the finance needed to drive forward their ambitious plans.

“This was an exciting project to be involved in on a number of levels. Restarting mining at Hemerdon has huge potential for job creation, and seeing Tungsten West listed on the London Stock Exchange helps to put the South West on the map for international investors. We look forward to seeing Tungsten West bring the mine back into full production in the near future and wish them every success.”

The Tungsten West team celebrating the company’s admission to AIM at the London Stock Exchange

Nigel Widdowson, CFO of Tungsten West, said: “We were grateful for the services provided by PKF Francis Clark during the preparation for admission to AIM. We appreciated Duncan and his team’s dedication and professionalism over what was an intense but ultimately extremely successful process. We look forward to working with PKF Francis Clark over the next phase of Tungsten West’s development, as we move towards restarting Hemerdon, a significant project both for the UK and globally due to its substantial tungsten resource.”

Proceeds of the share offer, together with a £36 million project financing facility, will be used to fund planned capital expenditure of £44.6 million on plant rebuild and refurbishment, enabling Tungsten West to bring the Hemerdon mine back into commercial production by the end of 2022.

Read about more deals supported by PKF Francis Clark here.

Get in touch

Related insights

Rob Gear, corporate finance partner at PKF Francis Clark

Rob Gear promoted to partner in our corporate finance team

1 October 2025

Read

A summary guide to agricultural property relief (APR)

29 September 2025

Read
path leading to farm

Landwise: farming and estates magazine

24 September 2025

Read
A man is looking at his accounts on a computer screen.

Making Tax Digital for Income Tax: All you need to know

24 September 2025

Read
A group of six people in a modern office setting having a meeting around a glass conference table. One person is standing and speaking, while the others are seated and listening attentively.

When and how to prepare for a business exit

23 September 2025

Read
A family business owner with his two adult sons. The man has his arms around his two adult sons who are holding a pint of cider each. They are all smiling and chatting. The setting is in a brewery.

Succession planning tips for family businesses

17 September 2025

Read
A female construction worker if safety gear stands on scaffolding, smiling as she holds on to to a metal bar.

Construction industry scheme and IR35: are you compliant or at risk?

17 September 2025

Read
business people sit around a table and one, a man stands talking, they are in a modern office and all wearing smart suits

Corporate criminal offence (CCO): As enforcement activity ramps up, is your business ready?

16 September 2025

Read

Will planning ahead of APR / BPR changes: Understanding the tax implications

15 September 2025

Read
The full PKF Francis Clark accounting and tax trainee intake

Welcome to our latest accountancy and tax trainees

10 September 2025

Read
Two colleagues deep in thought discussing what they see on a laptop

Understanding PAYE settlement agreements

10 September 2025

Read

Case study: The impact of inheritance tax on pensions after April 2027

8 September 2025

Read