Owner Tungsten West says it could become one of the Western world’s most important sources of tungsten

A mine in Devon that holds one of the “most significant” deposits of tungsten in the Western world has entered production. Tungsten West, the owner and operator of the Hemerdon tungsten and tin mine near Plymouth, told investors on Tuesday (September 15) that ore was now being processed through the plant.

The mine – formerly known as Drakelands – ceased operations in October 2018 following the liquidation of its previous operator, Australian company Wolf Minerals. Aim-listed Tungsten West took ownership of the site in 2019 and has been working to revive production.

Jeffery Court, chief executive of Tungsten West, described the moment as a “landmark” one for his company.

“[The mine entering production] represents the culmination of an enormous effort by our team and partners to bring this strategically important mine back into operation,” he said.

“At a time when governments and industry are increasingly focused on security of critical mineral supply, Hemerdon has the potential to become one of the Western world’s most important sources of tungsten.

“Our focus now turns to safely ramping up operations and establishing Hemerdon as a reliable, long-term supplier of tungsten concentrate to the UK and its international partners.”

It is understood that Hemerdon could produce up to 20 per cent of the global supply of primary tungsten outside of China once fully operational. Tungsten is used within many industries, including in the automotive and defence sectors.

Following the start of processing, Tungsten West says it will now “progressively ramp up” operations towards targeted steady-state production.

Emma Reynolds, chief secretary to the Treasury, said: “Tungsten West is a great success story for Devon and demonstrates our vision to drive growth in every postcode and the reindustrialisation we need for good jobs across the UK.”

The news comes less than a month after the government announced its National Wealth Fund would inject £71m into the project. The funding comprises a £36m share acquisition, which will hand the government a 7.4 per cent stake in Tungsten and a seat on the board of directors, alongside a £25m loan facility.

Oliver Holbourn, chief executive of the National Wealth Fund, added: “Just a few weeks on from our investment, and we’re already seeing the first tungsten ore being processed at site.

“Through our investment, we want to unlock this strategic asset for the UK, secure a domestic supply of tungsten for our industry and bring jobs and opportunity to local communities. With today’s news, Tungsten West is delivering on the first step in that ambition.”

The Hemerdon project is expected to provide a significant boost to the West’s economy, including generating 350 direct jobs.

Operator

Good day, and thank you for standing by. Welcome to Aeluma’s Q4 Fiscal Year 2026 Earnings Conference Call. [Operator Instructions] Please be advised that today’s conference call is being recorded.

At this time, I would like to turn the call over to Moira Conlon, Investor Relations for Aeluma. Please go ahead.

Moira Conlon
Financial Profiles, Inc.

Good afternoon, and welcome to Aeluma’s Fourth Quarter Fiscal 2026 Earnings Call. I’m here today with Founder and CEO, Dr. Jonathan Klamkin; and CFO, Christopher Stewart.

Today’s discussions and responses to questions may include forward-looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. These risks and uncertainties are detailed in the earnings press release issued today, along with the reports filed with the United States Securities and Exchange Commission. These reports, along with today’s earnings release and fourth quarter presentation that we will reference during this conference call can be found under the Investors section of our website.

Aeluma assumes no obligation to update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this call. Throughout the discussion, the company will refer to non-GAAP financial measures, including EBITDA and adjusted EBITDA. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures is included in our earnings press release and SEC filings.

Now I’ll turn the call over

A total of 23 staff have been made redundant

A Devon engineering business which had been manufacturing for more than 75 years has ceased trading, with the loss of 23 jobs. Witon Engineering was established in 1948 and developed and made precision-turned parts for use in a wide range of industries.

At its peak, the family-owned company employed more than 60 people at its Barnstaple headquarters.

But in recent years, the firm had faced financial difficulties caused by economic uncertainties linked to Brexit, the Covid pandemic and the war in Ukraine. It is understood that significant increases in energy and operational costs also put pressure on margins.

Witon Engineering entered creditors’ voluntary liquidation on Thursday, September 10, following sustained financial challenges, exacerbated by a fall in customer confidence and sales in recent months after a strong start to the year, the business said.

Business Live understands the directors decided “there was no reasonable prospect” of the company returning to sustainable profitability and as the firm was unable to meet its liabilities – the money it owed – the board agreed to cease trading.

Nick Harris and Lucinda Coleman, partners in the restructuring team at PKF Francis Clark, were appointed joint liquidators and are now seeking buyers for Witon’s assets.

A total of 23 employees were made redundant after the company closed its doors in July.

Mr Harris said: “It’s always sad when a longstanding and well-regarded business like Witon Engineering is unable to continue trading. Despite the directors’ efforts to control expenditure, improve efficiencies and pursue new business opportunities over recent years, unfortunately there was no viable alternative to liquidation in the circumstances.

“Our focus now is on realising the assets of the company in order to deliver a return to creditors. We expect a high level of interest in the company’s assets, especially the large amount of engineering plant and machinery.

“We will also be supporting former employees in making claims for any amounts they are entitled to from the company through the Redundancy Payments Service.”

Specialist agent Simon Cornelius-Light, of commercial property firm Lambert Smith Hampton, is assisting the liquidators with the sale of the assets.

“We are delighted to be offering a range of high-quality machine tools for sale, which are already generating significant interest both across the UK and internationally,” he said. “The machinery will be available to purchase via online auction in the coming weeks.”

Creditors and interested parties are being advised to contact Lucy Roberts at PKF Francis Clark on 01392 302643 or lucy.roberts@pkf-francisclark.co.uk.

NEW YORK — Medici Brands, Inc. is launching its David Protein brand into the beverage category with a line of protein milkshakes.

The ready-to-drink beverages are formulated with ultrafiltered milk and contain 30 grams of protein, 140 calories to 150 calories and less than 1 gram of sugar.

The milkshakes are available in vanilla and chocolate flavors.

The protein shakes may be purchased online through the company’s website and select retailers in New York City. 

Of course, knowing what you’re supposed to do is one thing but actually walking up to a stranger and starting a conversation, or even messaging someone out of the blue online, is another.

Taylor Crow who works in sales says she’s “fairly good” at networking as it was something she prioritised at university.

“I sent over 200 cold DMs on LinkedIn and reached out to people in the companies I wanted to work at while I was studying.”

She admits it was “so awkward” but it was something she had to do to land the job she wanted.

Her colleague Vicky Peterlin, 24, agrees. “It’s not about being good at networking but more about not being afraid to reach out to people.

“I had thoughts about how I’m not qualified to have these conversations but then you realise there are no rules and sending out emails and messages are free and easy.

“The worst that can happen is that they say no and that’s ok.”

Katherine Leopold, a tutor at Greenwich Business School, echoes this. She says the biggest hurdle is making the first move but if you don’t take the step you are “ruling yourself out”.

The number of applications that organisations are dealing with is “absolutely enormous” so try to meet employers in person and show them your total authentic story, she advises.

“Ensure you say to them, ‘I have this skill, I have this piece of knowledge, so I’m confident that your team is stronger with me in it.’”

For Natalie Fratto, putting on her dark green jumper from US microchip giant Nvidia is like wearing the kit from a favourite sports team.

On the front of the $178 (£132) woollen garment is a cartoonish image of the tech company’s boss Jensen Huang.

Fratto doesn’t work for Nvidia. Instead, she’s a fan of the company.

“I have a New Zealand All Blacks rugby jersey, and I think of my Jensen sweater in kind of the same way,” says New York-based Fratto, who runs a tech start-up.

She explains that it’s a representation of a team and ethos “that I am impressed by and root for”, and she proudly wears the jumper in videos she posts on social media., external

Nvidia certainly plays in the top league of global tech firms. Under Huang’s leadership, it has capitalised on the AI boom to become one of the world’s most valuable companies.

While it sells tens of millions of its chips per year, its clothing is far more exclusive. The lines, which also include t-shirts, hoodies and hats, are typically only available to buy from pop-up stalls at its conferences, and for very limited periods or “drops” via an online store and sell out very quickly.

And while it might seem odd that such a tech company is selling clothing, others are getting in on the act too – and also focusing on exclusivity.

OpenAI, the operator of ChatGPT, usually only offers its branded fashion to employees, but occasionally it goes on general sale for a few days via its website.

Meanwhile, Anthropic, the maker of the Claude chatbot, last year opened a temporary, pop-up coffee shop in Manhattan’s West Village. For just one week it gave away free baseball hats with the word “thinking” embroidered on the front.

Professor Hazel Clark, who teaches fashion at Parsons School of Design in New York, says that by limiting availability, tech firms have taken inspiration from the world of fashion. “It’s a very common strategy for brands to use. It elevates the desirability,” she says.

But why are such companies selling clothing in the first place? It is not as if they need the supplementary income streams.

Nvidia, OpenAI and Anthropic all declined to comment, but it appears to be about brand promotion and reputation management.

Take US software firm Palantir Technologies, which has faced criticism due to it work for the military and police, both in the US and overseas. Since launching its own clothing range last year, Palantir now calls itself a “lifestyle brand”.

Eliano Younes, Palantir’s head of strategic engagement, says: “A lifestyle brand isn’t defined by what you sell, it’s defined by what you stand for and whether people want to affiliate with it. I believe that the store’s success and the enthusiasm from our community proves this.”

Younes adds that “investors, customers, employees, and everyday people” in more than 60 countries have bought Palantir’s gear, which includes a cotton jacket.

Households feel the impact of a rising Bank rate through higher borrowing costs, but can benefit from more generous savings rates.

Given the global picture, and market expectations of a higher Bank rate, a host of major lenders have already increased the cost of new fixed-rate mortgages in recent days.

Andrew Montlake, chief executive of mortgage broker Coreco, said that the latest data showed that “the inflation dragon has not been fully slain”.

“If inflation proves sticky, lenders’ funding costs stay under pressure, which makes cheaper mortgages harder to deliver,” he said.

“We are already seeing lenders reprice upwards, so this will do little to calm things down. Borrowers should not panic, but anyone approaching the end of a fixed rate should start looking early, secure an option and keep reviewing it.”

The average two-year fixed residential mortgage rate is at its highest since 11 May, at 5.77%, while the average five-year is at its highest since 8 November 2023, at 5.83%, according to financial information service Moneyfacts.

Savers may be offered more generous returns, but the spending power of their savings could be eroded by the rising cost of living.

“It’s almost impossible to time things just right, so I would urge households to focus on what’s best for them now, in the medium term and in the longer term,” said Harriet Guevara, chief savings officer at Nottingham Building Society.

“For savers, regularly check that your savings are earning a competitive return and that you have the right balance between easy access and money you can afford to put away for longer.”

This article was written by

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It is the seventh outlet for the group and has created 50 jobs

A burger chain that has won multiple awards has opened a restaurant in Exeter, creating 50 jobs. The Beefy Boys’ new outlet is based in the former BrewDog bar at Guildhall Shopping Centre.

The new two-storey restaurant will sell the brand’s popular burgers as well as beer from craft brewers Powderkeg and non-alcoholic options from botanical drinks company Drinks Kitchen.

The restaurant has taken months to come to fruition, according to the company, which said internal works and “further investment” was needed at the shopping centre site.

Co-founder Anthony Murphy said: “Opening in Exeter has been something we’ve been looking forward to for a long time and seeing so many people come out to celebrate with us was incredible.

“The new restaurant has created almost 50 new local jobs and the team in Exeter are absolutely amazing. We’ve been overwhelmed by the support we’ve received from other local businesses across the city.”

Exeter is the seventh restaurant for The Beefy Boys which was established by four friends – Mr Murphy, Daniel Mayo-Evans, Christian Williams and Lee Symonds – after entering a burger into Bristol’s Grillstock Festival competition “for a laugh” and winning.

The quartet opened their first eatery in Hereford more than a decade ago and also have restaurants in Shrewsbury, Cheltenham, Bath, Oxford and Nottingham. The Bath restaurant opened last year, taking over the historic site of the former Milsom Hotel and Loch Fyne restaurant.

Since launching, The Beefy Boys have gained national recognition at the World Food Championships and earned multiple accolades and a legion of BBQ fans. The company sells its own merchandise including mugs, bandanas and DIY boxes.

The founders have appeared on BBC’s Saturday Kitchen collaborated with Fortnum & Mason and have released two cookbooks – ‘The Beefy Boys: From Backyard BBQ to World-Class Burgers’, which reached number one on Amazon’s Book Best Seller chart, and ‘The Beefy Boys’ Great British BBQ’ which was published in May this year.