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 29th May, 2014

MARKET UPDATE

The Board of Tungsten is delighted to announce that it has received approval from the UK's Prudential Regulation Authority for the formal change of control in relation to the acquisition of FIBI Bank (UK) plc ("Bank").

The fully UK authorised Bank will be re-named Tungsten Bank and commence offering supply chain finance.

Moreover, Tungsten has today begun providing invoice discounting services to selected US customers.

Edmund Truell, Chairman of the Bank, said : "We look forward to an exciting future, as Tungsten Corporation builds up a disruptive force in supply chain finance on a global basis. The combination of enormous flows of invoices; simple and transparent finance offers; and high grade credit risks should enable us to advance billions of pounds, dollars, euros and francs to suppliers on the Tungsten Network."

LONDON, 29 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