Tungsten West Plc shares surged up to 17% to a four-year high after securing up to £71 million ($97 million) from the UK's National Wealth Fund for the restart of the historic Hemerdon mine in Devon. The London-listed firm announced the equity and debt investment package on August 25, 2026, marking a significant milestone for the southwest England project. The Hemerdon mine was once a major producer of tin, primarily used as solder in electronics, and tungsten, a critical metal for tool steels and defense applications.

The government backing underscores the strategic importance of domestic critical mineral supply chains. The funding will accelerate the mine's restart, positioning Tungsten West as a key player in the UK's efforts to secure essential raw materials for technology and defense sectors.