Market Update

TUNGSTEN CORPORATION PLC

("Tungsten")

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

For Immediate Release 27th May, 2014

MARKET UPDATE

The Board of Tungsten notes the recent rise in the share price.

Tungsten announced on 25th March, 2014 that the formal change of control request and accompanying documentation in relation to the acquisition of FIBI Bank (UK) plc ("Bank") had been submitted to the UK's Prudential Regulation Authority ("PRA") and to the Financial Conduct Authority.

Tungsten confirms that the change of control request is progressing well with the PRA. Following extensive discussions, the Board is confident of obtaining the required approval for Tungsten shortly so that Tungsten can complete the acquisition and the mobilisation of the Bank in the coming weeks.

LONDON, 27 May 2014

Enquiries:

Tungsten Corporation plc

Edmund Truell, Chief Executive Officer +44 20 3435 5680

Charles Stanley Securities(Nominated Adviser and Joint Broker)

Marc Milmo/Dugald Carlean/Laura White +44 20 7149 6000

Canaccord Genuity Limited(Joint Broker)

Simon Bridges/Peter Stewart/Cameron Duncan +44 20 7523 8000

Equus Group (Communications)

Piers Hooper / Sam Barton +44 20 7223 1100