Abenójar Tungsten, S.A. (“ABT or the “Company”) is pleased to provide an update on key development workstreams at the El Moto Tungsten Project (“El Moto” or the “Project”) in Abenójar, Ciudad Real, Spain, ahead of initial construction works planned for H1 2026.
Highlights
· Commencement of initial construction works remain on track for H1 2026, with commercial production from El Moto targeted for Q1 2029.
· El Moto optimised Definitive Feasibility Study (“DFS”) nearing completion, reinforcing the project’s status as a long-life, high margin tungsten and gold asset in Europe
· ABT is targeting an optimal financing structure amidst project financing discussions
Gonzalo Garcia San Miguel, Chief Executive Officer of Abenójar Tungsten, S.A., commented:
“El Moto is now entering the most important phase in its development. The commencement of initial construction works, on track for the first half of this year, constitutes a significant development for reinforcing European tungsten supply chains and building critical mineral resilience. As one of the largest and highest grade tungsten deposits globally, with a clearly defined and de-risked path to near-term commercialisation, El Moto is uniquely positioned to support Europe’s tungsten needs.
Once in operation, El Moto will generate over 300 direct and over 500 indirect jobs, supporting the region’s active push to increase employment levels and address the rural depopulation. As we progress through these critical development stages, we remain committed to ensuring El Moto creates lasting value for all our stakeholders.”
A strategic project for Europe
Tungsten is classified as a critical raw material by the European Union, reflecting its essential role across demanding industrial and technological sectors including defence, aerospace and advanced manufacturing. In 2025, El Moto was designated a Strategic Project by E.U. CRMA. El Moto is fully aligned with the EU’s strategy to strengthen industrial autonomy and reduce dependence on external sources of supply.
The project’s objective is to make a significant contribution to European tungsten supply, reinforcing the security of critical industrial value chains at a time of heightened geopolitical uncertainty.
Early works
Building on the over €15m invested in the Project to date, an additional €12.2m budget has been proposed for 2026 project expenditure, supporting early works on the mine. This includes capital allocated for initial construction on the mine, due to start in H1 2026, including earthworks and portal development. Mine ramp development is targeted for commencement in H2 2026.
Optimised DFS
The updated DFS for El Moto, conducted in part due to the high tungsten price environment, will build on the 2024 Study that confirms the Project’s potential to serve as a low-cost, long-life secure source of tungsten for Europe. Combined with further operational optimisations, the DFS is expected to reaffirm El Moto’s cost competitiveness in relation to peers.
Financing structure and upcoming milestones
ABT is advancing a financing structure that combines debt and equity, supported by specialist advisors, to provide the project with a robust financial foundation and maintain momentum against its development timeline.
Commitment to the region
Beyond its strategic industrial significance, El Moto is designed to deliver lasting benefits to the local community, generating employment, supporting economic development and fostering long-term collaboration with the region
Once in operation, El Moto will generate over 300 direct and over 500 indirect jobs, supporting the region’s active push to increase employment levels and address the rural depopulation.
