Press Releases

PRESS RELEASE

London, October 30^th, 2026 – Abenójar Tungsten, S.A. (“ABT” or the “Company”) has today opened the London Stock Exchange as it celebrates its successful initial public offering (“IPO”) and joining the Main Market of the London Stock Exchange under the ticker “ABT”. The Company successfully raised €170M through the IPO which will be applied towards project development costs alongside potential export credit backed debt finance.

The ceremony, which took place at 08:00 GMT and signifies the opening of the day’s trading, was attended by Gonzalo García San Miguel, CEO of Abenójar Tungsten, Dame Julia Hoggett, CEO of the London Stock Exchange, the ABT Board, and the Company’s advisers, as well as friends, family members and colleagues.

Abenójar Tungsten is a Spanish critical minerals developer building one of Europe’s largest and highest-grade tungsten projects, a metal essential to the aerospace, defence, energy transition and advanced manufacturing sectors.

The company’s flagship asset is the El Moto tungsten and gold project in Ciudad Real, central Spain. Designated a Strategic Project under the EU Critical Raw Materials Act in March 2025, El Moto is a large, high-grade, near-surface deposit expected to produce approximately 4,227 tonnes of contained WO₃ per year in concentrate at steady state.

Construction began in June 2026, with first production targeted for the first quarter of 2029, and the mine has an initial 18-year mine life based on existing reserves. The project benefits from regional government support and a long-term exclusive offtake agreement with Traxys for the mine production.

In October, ABT’s proposed APT plant was also designated an EU Strategic Project, recognising ABT’s potential role across the European tungsten value chain from extraction and concentrate production at El Moto to downstream processing.

Abenójar Tungsten is led by the García San Miguel family, a fourth-generation Spanish mining family with over five decades of experience building, operating and rehabilitating mining projects across Spain. The company is seeking to establish a secure and responsibly-sourced European supply of tungsten at a time when global production remains heavily concentrated in China. At planned production rates, the El Moto Project would contribute up to 20% of Europe’s tungsten demand.

CITY OF LONDON, LONDON, UK, FRIDAY 30TH OCTOBER 2026; Spanish mining company Abenojar Tungsten opens The Market at the London Stock Exchange hosted by Dame Julia Hoggett DBE CEO. (Photos by Lewis Patrick)

Gonzalo García San Miguel, Chief Executive Officer of Abenójar Tungsten, S.A., commented, “Today marks a truly significant milestone for ABT as we join the Main Market of the London Stock Exchange. For me personally, and for everyone who has been part of this journey, it is an incredibly proud and emotional moment. Over the past 14 years, an enormous amount of hard work, investment and determination has gone into transforming El Moto from an exploration project into a mine now under construction.

Today is not the end of our journey, it is the beginning of a new chapter. The IPO is not an end in itself. It is a means to achieve what we have been working towards for so many years: building a magnificent tungsten mine in Abenójar.

“Our investors have entrusted us with their capital for one clear purpose: to build this mine. And that is exactly what we intend to do. Construction is already underway, and our absolute priority is now to accelerate the development of El Moto as efficiently and responsibly as possible, with first commercial production targeted for Q1 2029.

“El Moto has the potential to become one of Europe’s most important sources of tungsten, contributing to the continent’s security of supply of this critical mineral while creating jobs and long-term opportunities for the people of Abenójar and Castilla-La Mancha.

“I would like to express my heartfelt gratitude to our shareholders, our team, our partners and advisers, and to the people and institutions of Castilla-La Mancha, whose trust and support have made this moment possible.

“We are proud of how far we have come, but we know that our greatest achievement still lies ahead of us: delivering the mine we have promised.

“Now, it’s time to deliver.”

CITY OF LONDON, LONDON, UK, FRIDAY 30TH OCTOBER 2026; Spanish mining company Abenojar Tungsten opens The Market at the London Stock Exchange hosted by Dame Julia Hoggett DBE CEO. (Photos by Lewis Patrick)

Dame Julia Hoggett, CEO of the London Stock Exchange, added: “We are delighted to welcome Abenójar Tungsten to the London Stock Exchange. At a time when secure and resilient supply chains for critical minerals are increasingly important, Abenójar’s admission demonstrates the vital role public markets can play in connecting strategically important businesses with the capital they need to grow. London has a long history of supporting family-owned, European businesses and we look forward to seeing Abenójar’s next chapter on our markets.”

Blair McDougall, Minister for Reindustrialisation said: “Abenójar Tungsten’s listing is a strong vote of confidence in the UK economy and our world-leading capital markets, reinforcing Britain’s position as a global destination for investment in critical minerals and mining.

“This investment shows our Critical Minerals Strategy in action: forging ambitious international partnerships that strengthen our industrial resilience and attracting investment to help build secure minerals supply chains.”

About Abenójar Tungsten, S.A.:

Abenójar Tungsten S.A. is a private Spanish company established in 2023 to develop the El Moto tungsten and gold project in Ciudad Real, Spain.

It is majority owned by Promotora de Minas de Carbón, a company controlled by the García San Miguel family, which has multi-generational experience developing and operating mines in Spain. The family mining contracting business was founded in 1967, and the group has more than 40 years of contracting experience across 18 mining operations, direct experience in 25 operations in Spain and three in South America, and equity interests in nine mines.

Its record as an owner and operator includes the full rehabilitation of mines at the end of their operating lives, including the San Antonio mine in Espiel, whose land is today an olive grove.

Construction of the underground operation at El Moto began in 2026, with first production targeted for the first quarter of 2029.

El Moto was designated a European Strategic Project under the Critical Raw Materials Act in March 2025 and is being developed with a focus on creating long-term value for all stakeholders.

CITY OF LONDON, LONDON, UK, FRIDAY 30TH OCTOBER 2026; Spanish mining company Abenojar Tungsten opens The Market at the London Stock Exchange hosted by Dame Julia Hoggett DBE CEO. (Photos by Lewis Patrick)

PRESS RELEASE

Luxembourg and Madrid, October 7^th, 2026 – Traxys Europe S.A. (“Traxys”), a member of the Traxys Group, a physical commodity trader and merchant in the metals and natural resources sectors, and Abenójar Tungsten S.A. (“ABT”) today announce the signing of a definitive, long-term exclusive offtake agreement for the tungsten concentrate to be produced at ABT’s El Moto tungsten project, located near Abenójar in the province of Ciudad Real, Spain (“El Moto” or the “Project”).

Under the terms of the agreement, Traxys has been appointed the exclusive offtaker for ABT’s tungsten concentrate produced at El Moto for a minimum term of ten years from the commencement of commercial production. Traxys will be responsible for the marketing, logistics and distribution of the concentrate to industrial consumers across the world. Pricing is market-based and linked to the internationally recognized ammonium paratungstate (APT) price index.

Tungsten is recognised by the European Union and allied nations as a critical and strategic raw material, indispensable to the aerospace, defence, energy transition and precision industrial tooling sectors. With China accounting for around 80% of global supply and having tightened its export controls, secure sources of tungsten from outside China have become a priority for Western industrial consumers.

El Moto has been designated a Strategic Project under the EU Critical Raw Materials Act and is one of the largest tungsten development projects outside China. Construction of El Moto commenced in 2026, with first production targeted for the first quarter of 2029. Based on its 2026 Definitive Feasibility Study, the Project is expected to produce in excess of 4,000 tonnes of contained WO₃ per year in concentrate at steady state. Should ABT develop downstream processing capacity in the future, it has flexibility to carve out certain production from the agreement to directly supply this operation.

Mark Kristoff, Chief Executive Officer of Traxys, said: “This long-term agreement with Abenójar Tungsten reinforces Traxys’ commitment to securing responsibly sourced critical raw materials for our global industrial customer base. By partnering with a high-quality European deposit such as El Moto, we are ensuring that our customers in critical manufacturing, energy and superalloy applications have dependable, long-term access to tungsten supply from secure, stable jurisdictions such as Spain.”

Gonzalo García San Miguel, Chief Executive Officer of Abenójar Tungsten S.A., said: “Partnering with a leading global trading house such as Traxys provides El Moto with clear commercial validation and direct access to a global network of concentrate consumers and industrial end users of tungsten products. This exclusive, long-term offtake is a cornerstone of our commercial strategy as we advance construction and financing of the Project towards first production in 2029 and demonstrates to all stakeholders that El Moto will be a vital domestic pillar of Europe’s critical raw materials security.”

About Traxys Group:

Traxys is a physical commodity trader and merchant in the metals and natural resources sectors. Its logistics, marketing, distribution, supply chain management, and trading activities are conducted by over 600 employees in over 20 offices worldwide, with annual turnover in excess of USD 10 billion. Headquartered in Luxembourg, Traxys is engaged in sourcing, trading, marketing, and distributing non-ferrous metals, ferro-alloys, minerals, industrial raw materials, and energy products.

Traxys has been selected as one of a small number of authorized commodities trading firms to participate in Project Vault, the U.S. Government-backed strategic critical minerals reserve program. Traxys is committed to the highest internationally recognized principles for responsible business conduct, and to ensuring that its operations are equitable, sustainable, and transparent.

Please visit www.traxys.com for more information.

About Abenójar Tungsten S.A.:

Abenójar Tungsten S.A. is a Spanish mining company building the El Moto underground tungsten and gold mine in Ciudad Real, Spain. The El Moto project hosts one of the largest and highest-grade undeveloped tungsten projects globally. The Project, designated a Strategic Project under the EU Critical Raw Materials Act, aims to establish a safe, sustainable and major domestic source of tungsten for the European market.

Abenójar Tungsten is led by the García San Miguel family, a fourth-generation Spanish mining family that has deep credibility and a strong social license, having successfully built, operated and rehabilitated mining projects across Spain. El Moto, with EU CRMA Strategic Project designation, is being developed with a clear focus on establishing long-term benefits for all stakeholders.

Please visit abtungsten.es/en/ for more information.

Press Contacts:

Traxys: FGS Global – traxys-global@fgsglobal.com

Abenójar Tungsten S.A.: abt@tavistock.co.uk

A new underground mine in Ciudad Real, designated an EU Strategic Project, brings 400 direct jobs to a region facing rural depopulation

• • 400 direct jobs and further indirect employment in a rural region of Castilla-La Mancha, with hiring priority for local workers.
• • Designated an EU Strategic Project under the Critical Raw Materials Act in March 2025, one of 47 projects selected across the Union, and one of 7 in Spain.
• • An underground mine with paste backfill and dry-stacked tailings, designed for a low surface footprint.
• • Construction underway since 2026; first production targeted for the first quarter of 2029.

Abenójar, Ciudad Real, 18 September 2026 — Abenójar Tungsten, S.A. (“ABT”) today held the official inauguration of the El Moto tungsten and gold mine in Abenójar, Ciudad Real. The ceremony was attended by the President of Castilla-La Mancha, Emiliano García-Page, together with regional and local authorities, the company’s partners and directors, and residents of Abenójar.

El Moto is the first new mine to be built from the ground up in the region in decades. It has been in preparation since 2012 and construction began in 2026, with mine ramp development following in July.

A mine for the people of the region

El Moto will create 400 direct jobs once in operation, alongside further indirect employment in contractors, haulage, workshops, maintenance, services and local businesses. Abenójar has around 1,375 inhabitants and lives mainly from the primary sector; the region has experienced a steady population decline over the years.

The company’s commitment is to train, hire and buy locally wherever possible. Mining work in Spain requires formally regulated qualifications that must be recognised by the mining authority and which a company cannot deliver on its own. ABT has therefore asked the Junta de Comunidades de Castilla-La Mancha to establish accredited vocational mining courses in the region, offering the mine for practical training, its own technicians to support it, and a commitment to hire those who qualify.

On current reserves the mine has an 18-year life, extendable with the resources already identified. The company operates a zero-incident safety policy: not zero accidents, but zero incidents, on the principle that an incident is the step before an accident and that is where it must be stopped.

A strategic project for Europe

In March 2025 the European Commission designated El Moto an EU Strategic Project under the Critical Raw Materials Act, as one of 47 projects selected across the Union. El Moto’s average annual production of 4,227 tonnes of WO₃ per year in concentrate, will match a significant portion of Europe’s annual demand.

Tungsten has the highest melting point of any metal, at around 3,422 °C, and a density close to that of gold. Those properties make it very difficult to substitute in hard metals and industrial tooling, automotive and energy applications, electronics, and aerospace and defence. China accounts for approximately 79% of global mine production of tungsten concentrate, refines all of its own concentrate and restricts exports; less than 5% of internationally traded concentrate is imported into Europe.

Built underground, with a low surface footprint

El Moto is an underground operation, chosen over open-pit mining for its lower environmental and surface impact. Access is by ramp from a surface portal, with mining from around 50 metres below surface to a maximum depth of 350 metres.

The voids left by extraction are backfilled with paste made from the tailings themselves, which keeps the ground stable and minimises material left on surface. The remaining plant tailings are filtered and dry-stacked together with mine waste rock on a lined and drained facility; there is no slurry tailings pond.

Water is recovered and reused, with the operation largely self-supplied from mine dewatering, rainfall and site run-off and an on-site treatment plant designed to Spanish discharge standards. In production, discharge is zero. A Rehabilitation Plan has been approved within the Mining Concession since 2015.

Quotes

Gonzalo García San Miguel, Chief Executive Officer of Abenójar Tungsten, S.A., said: “Above all, this is a mine for the people who live here. Construction has already begun, the machinery is here, and El Moto will provide direct employment for 400 people, and many more jobs among contractors, hauliers, workshops, service providers and local businesses. Our commitment is simple: wherever possible, we will train, hire and buy locally. Europe needs tungsten and depends almost entirely on others to obtain it. Here, in Abenójar, we have part of the answer. And this is the project of a lifetime for my family: we have come to stay.”

Emiliano García-Page, President of Castilla-La Mancha, said: “Mina El Moto is a strategic project for Abenójar, Ciudad Real, Spain and Europe. Today, we are inaugurating a mine that is responsible towards its surroundings, where the minerals extracted will be processed locally. This project will create jobs and new opportunities for the region.”

Verónica García Sánchez, Mayor of Abenójar, said: “The opening of the El Moto mine marks a milestone for our municipality and a promising opportunity for the future of Abenójar. We are talking about secure, high-quality jobs, training for our young people, and new prospects for businesses, self-employed workers, and suppliers throughout the region and the province. Over the years, the Town Council has worked hand in hand with ABT and other authorities, maintaining open and transparent dialogue with our residents. The social acceptance of the project demonstrates that it is possible to promote an initiative of this scale based on closeness, respect, and responsibility, always with a firm commitment to protecting the environment and caring for our surroundings”.

José Manuel Caballero Serrano, Deputy President, said: “Today is a special day, as it has been 50 years since a mine was last opened in the area. Mina El Moto will become a hub for economic, tourism and population growth. Today, we are reviving an activity that forms part of Abenójar’s history and identity, marking a return to our roots and highlighting a mining tradition that has been part of our municipality for decades.”

Notes to editors

Abenójar, Ciudad Real, Castilla-La Mancha, Spain
Underground tungsten and gold mine with an on-site processing plant

Technical figures are taken from the El Moto 2026 Definitive Feasibility Study. Mineral resources are inclusive of mineral reserves; contained metal figures are not recoverable metal. Market data: International Tungsten Industry Association and Argus, Tungsten Market Due Diligence IMC Report, 12 June 2026.

About Abenójar Tungsten, S.A.

Abenójar Tungsten, S.A. is a private Spanish company established in 2023 to develop the El Moto tungsten and gold project in Ciudad Real, Spain. It is majority owned by Promotora de Minas de Carbón, a company controlled by the García San Miguel family, which has multi-generational experience developing and operating mines in Spain: the family mine contracting business was founded in 1967, and the group has more than 40 years in contracting across 18 mining operations, direct experience in 25 operations in Spain and three in South America, and equity interests in nine mines. Its record as an owner and operator includes the full rehabilitation of mines at the end of their working lives, among them the San Antonio mine in Espiel, whose land is today an olive grove.

Construction of the underground operation at El Moto began in 2026, with first production targeted for the first quarter of 2029. El Moto holds EU Strategic Project designation under the Critical Raw Materials Act and is being developed with a focus on long-term benefits for all stakeholders.

https://abtungsten.es/en/

Media contacts

Medios internacionales: (Tavistock ) abt@tavistock.co.uk

Medios en España: (KREAB) Laura Serrano lserrano-conde@kreab.com / +34 685 189 507

Forward looking statements

This announcement contains statements about future events and expectations that are forward-looking in nature, including statements regarding construction, production timing, employment and mine life. Such statements are based on the information available to Abenójar Tungsten, S.A. at the date of this announcement and are subject to risks and uncertainties, many of them outside the company’s control, which may cause actual results to differ materially. Mineral resource and reserve estimates are, by their nature, subject to uncertainty.

Nothing in this announcement constitutes, or forms part of, an offer to sell or the solicitation of an offer to purchase or subscribe for any securities, in any jurisdiction, nor does it constitute financial or investment advice. The company undertakes no obligation to update these statements.

Abenójar Tungsten, S.A. (“ABT” or the “Company”), is pleased to announce the initial results of the the 2026 Definitive Feasibility Study (“DFS”) on the El Moto tungsten mine (“El Moto” or the “Project”) in Abenójar, Ciudad Real, Spain.

Designated as a European Strategic Project under the EU Critical Raw Materials Act*, the El Moto tungsten mine is host to one of the largest and highest-grade undeveloped tungsten projects globally.

ABT commenced construction on El Moto in 2026 with first production targeted for Q1 2029.

*View full article

Highlights:

• The preliminary results of the DFS confirm El Moto as a long-life, high-margin tungsten operation at Base Case prices* with a Post-Tax IRR of 62%;

• El Moto is designed as an underground mining operation to extract tungsten and gold ore through a decline to surface for processing;

• The ore processing facilities to be built on site are designed to reach the ability to process 1.5 Mtpa at full capacity;

• The ore processing will take place over an 18-year life-of-mine (LOM) plan based on current Reserves to produce saleable Tungsten concentrate and a separate gold concentrate;

• The DFS follows the Canadian NI 43-101 standard, a recognised international mineral reporting standard ensuring quality of processes and validation of results;

• The Project incorporates high standards of environmental responsibility and seeks to reinforce long-lasting benefits to the region including the creation of ~400 local jobs at the operation;

* Economic model assumes Base Case of $1,415/mtu ($141,500/t) WO3 and $3,500/oz Au

• A summary of key operating and financial metrics from the DFS is presented below.

1. C1 Cash Costs exclusive of freight and royalty expenses.

• The Company is led by the García San Miguel family, a fourth-generation mining family with an established track record of successful construction, operation and rehabilitation of mining projects across Spain, establishing deep credibility and endorsing local stakeholder support;

• The Spanish Government recently approved the granting of €12.6 million in regional incentives for the project.

Gonzalo Garcia San Miguel, Chief Executive Officer of Abenójar Tungsten, S.A., commented:

“El Moto is a world-class tungsten project in a tier one jurisdiction. The deposit boasts very high grade, is located close to the surface, benefits from existing regional infrastructure and is backed by a strong social licence.

The DFS confirms the future mine as a low-cost tungsten operation, with the potential to meaningfully serve growing tungsten needs and support critical mineral supply chain resilience. The strategic importance of tungsten, as a critical component in sectors that underpin modern society, is increasingly apparent and is reflected in the current strengthening spot price.

The economics in the DFS show a high quality project providing strong, steady state earnings for an initial 18 years of production life, which accounts for only ~25% of total resource with room for significant reserve conversion and mine plan extension.

We are grateful to the Government for approving €12.6 million in regional incentives for our El Moto Tungsten project. Having already been designated a European Strategic Project under the Critical Raw Materials Act (CRMA), this support reinforces our commitment to sustainable mining, driving local growth and creating jobs in the region.

We have commenced construction and look forward to bringing this project into production in 2029.”

DFS Summary

A feasibility study was completed in 2024 for the El Moto Tungsten project (the “2024 Feasibility Study”), based on the development of a tungsten concentration plant designed for a throughput of 1.5 Mtpa. The 2024 Feasibility Study established the technical basis for the project, including the process flowsheet, plant configuration, infrastructure requirements, operating assumptions, and economic assessment for a 1.0 Mtpa development scenario.

Following further project optimisation, engineering development, and review of the project execution strategy, an updated feasibility study was undertaken in 2026 (the “DFS”). The DFS incorporates a revised project scope comprising throughput reaching 1.5 Mtpa, together with an optimised plant design and updated technical and economic assumptions.

This DFS is based on an underground mining operation and development of the concentration plant, designed to process ore at a throughput of 1.5 Mtpa.

The operation will mine the tungsten mineralised orebody as run-of-mine (RoM) ore through decline mining access, to produce a saleable Tungsten concentrate and gold concentrate. The ore processing will take place over an 18-year life-of-mine (LOM) plan, while mining activities extend for 20 years, including 2 years for mine preparation before the ore is processed.

The study report follows the Canadian NI 43-101 standard, a recognised international mineral reporting standard ensuring quality of processes and validation of results by independent professionals.

From a geological perspective, the Resource demonstrates a consistent tungsten mineralisation across the orebody with a high grade tungsten Reserve, which supports efficient bulk mining methods to be adopted. The DFS has established a global recovery of 71.5% WO3 in a concentrate with >51% WO3 with a gold by-product, with a recovery rate of 41%.

The initial total capital cost under the DFS is €211 million, which corresponds to the works needed to enable the processing of 1.5 Mt ore per year. The cash cost of €188/mtu and AISC of €236/mtu established in the DFS positions El Moto on a competitive basis as a low cost producer.

Mineral Resources(1,2)

Mineral Reserves

1. Resources are inclusive of reserves.

1. Please note that numbers may not add up due to rounding.

1. WO3 equivalent figures calculated at $330/mtu WO3 and $1,800/oz Au.

About us

Abenójar Tungsten, S.A. (ABT) is building the El Moto tungsten mine in Ciudad Real, Spain, host to one of the largest and highest grade tungsten deposits globally.

Construction commenced on the underground operation at El Moto in 2026, with first production on track for Q1 2029. Once fully operational, El Moto will produce 423,000mtu of WO₃ per year, representing a significant proportion of Europe’s tungsten needs.

Abenójar Tungsten, S.A. is led by the García San Miguel family, a fourth-generation Spanish mining family that has deep credibility and a strong social licence, having successfully built, operated and rehabilitated mining projects across Spain. El Moto, with EU CRMA Strategic Project designation, is being developed with a clear focus on establishing long-term benefits for all stakeholders.

https://abtungsten.es/en/

Contact:

For media enquiries contact: abt@tavistock.co.uk

This Saturday, 2 May, Abenójar will host a new edition of the “Travellers Around the World” gathering, a day that will bring together visitors and residents through outdoor activities, gastronomy, and social interaction.

At Abenójar Tungsten, S.A., we wanted to support this initiative, which highlights the local environment, the social life of the municipality, and Abenójar’s appeal as a meeting point.

The programme includes a hiking route, tastings, a traditional meal, activities, and music, in an atmosphere designed for enjoyment and socialising.

Supporting this type of event is part of our commitment to the region and to initiatives that help promote and strengthen local life.

📍 Abenójar Fairground
📅 Saturday, 2 May 2026

This Sunday, 26 April, a new edition of QuijoteXtrem 2026 takes place, a sporting event that brings together participants and enthusiasts around sport, effort and personal achievement.

At Abenójar Tungsten, S.A. we are joining as sponsors of this initiative, which helps revitalise the area and highlight the natural and social environment of our region.

Events such as QuijoteXtrem foster values such as commitment, perseverance and teamwork, while also boosting local activity and participation in rural areas.

We wish all participants the best of luck and thank the organisers and everyone involved in this new edition for their work.

📍 QuijoteXtrem 2026
📅 Sunday, 26 April 2026

On Friday, 20 March 2026, at Abenójar Tungsten, S.A. we had the pleasure of welcoming students from the Master’s Degree in Geology and Environmental Management of Mineral Resources at the University of Huelva.

During the day, attendees were able to learn first-hand about various technical and geological aspects related to the El Moto Project, gaining a comprehensive view of the deposit and the reality of the mining project.

The visit included explanations of the mineral deposit’s characteristics, the project’s development and the work currently under way around the tungsten and gold deposit located in Abenójar.

In addition, the students were accompanied by Belén Torres Cueva, Head of the Geology Department at Abenójar Tungsten, S.A., who looked after the group during the visit and shared technical knowledge and sector experience with them.

At Abenójar Tungsten, S.A. we remain committed to collaboration with universities and training centres as a key way to promote outreach, share knowledge and bring the reality of mining and critical raw materials closer to future professionals in the sector.

We thank the University of Huelva and all participants for their interest and hope the experience proved enriching both academically and professionally.

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.

From 2 to 4 December, London will host a new edition of Mines and Money, one of the most important international gatherings for the mining sector. The event will take place at the Business Design Centre, turning the city into a strategic connection point for industry leaders, investors, analysts, innovators and technology companies specialising in mineral resources.

With more than two decades of experience, Mines and Money has established itself as a forum where trends are shaped, new investment opportunities are explored and the sector’s current and future challenges are analysed. Its format combines conferences, round tables, corporate presentations and a powerful meeting system that facilitates contact between mining companies and international investors.

A gathering focused on responsible mining and sustainable development

In this edition, the agenda once again focuses on key topics such as:

• The energy transition and the role of critical minerals.

• Sustainable investment models and their evolution in international markets.

• Emerging technologies applied to exploration, water management, efficiency and reducing environmental impact.

• ESG strategies that are transforming the mining industry worldwide.

Mines and Money has become a leading platform for advancing mining that is more innovative, responsible and aligned with today’s climate challenges, bringing together experts from more than 40 countries and hundreds of companies across the entire mining value chain.

A global forum to understand where mining is headed

The international context, marked by growing demand for strategic minerals, gives this type of gathering particular relevance. Investment outlooks, new exploration opportunities and the transition towards more sustainable production models will take centre stage on the agenda.

Full information on the Mines and Money website.

From 17 to 21 November 2025, Brussels will host a new edition of Raw Materials Week, the major European forum dedicated to the strategic debate on the sustainable and secure supply of critical raw materials. Organised by the European Commission, this gathering brings together each year representatives of European institutions, industry, governments, universities and specialised organisations to review progress in policy, innovation and industrial resilience.

The core programme, taking place from 18 to 20 November, includes high-level sessions, debates on the implementation of the Critical Raw Materials Act and panels dedicated to strategic projects, permitting acceleration, sustainable investment and new tools to build more robust and diversified supply chains.

A key space for European industry

Raw Materials Week has established itself as an essential meeting point for all stakeholders involved in the mining, metallurgical and technology sectors. Its main themes include:

• Strengthening European production of critical raw materials.

• Promoting circular models to reduce external dependence.

• Driving innovation in extraction, processing and recycling.

• Strengthening strategic international partnerships.

• Mobilising sustainable investment aligned with the EU’s climate objectives.

In a context where minerals such as tungsten, lithium or rare earths are essential for the energy transition and advanced technologies, this forum makes it possible to assess Europe’s progress towards a more autonomous, sustainable and competitive value chain.

An event closely followed by Abenójar Tungsten, S.A. (ABT)

At Abenójar Tungsten, S.A. (ABT) we closely follow the debates and developments that drive more responsible, efficient and strategic mining for Europe, especially at a key moment to ensure secure access to critical raw materials such as tungsten.

Abenójar Tungsten, S.A. (“ABT” or the “Company”) is pleased to share a positive progress update on the development of the El Moto tungsten Project (“El Moto” or the “Project”) in Abenójar, Ciudad Real, Spain. Designated as a European Strategic Project, key workstreams are progressing at pace towards the commencement of construction works, targeted for 2026.

Highlights

• · Key permits including Mining Concession, Environmental License, and Urban Licenses in place, significantly de-risking Project development
• · Completion of Definitive Feasibility Study (“DFS”) outlining El Moto as a long-life, high-margin tungsten operation at base case, with further optimisation potential at current spot prices
• · Designated under the EU Critical Raw Materials Act, with EIT Raw Materials guidance helping attract development and financing
• · Mine plan projected to incorporate highest standards of environmental responsibility and reinforce long-lasting benefits to the region
• · The Company is led by the García San Miguel family, a fourth generation mining family with an established track record of successful construction, operation and rehabilitation of mining projects across Spain, establishing deep credibility and endorsing local stakeholder support

Gonzalo Garcia San Miguel, Chief Executive Officer of Abenójar Tungsten, S.A., commented:

“We continue to make demonstrable progress on workstreams that not only de-risk El Moto and define a pathway to first production, but raise the profile of the Project immeasurably. The recent designation as a European Strategic Project reflects long-term efforts of our team, who have delivered a robust DFS and successfully put in place key permits that allow us to define El Moto’s potential strategic significance and move forward into the next key growth phase.

“As defined in our 2024 DFS, El Moto constitutes a long-life, low-cost tungsten operation, with the potential to meaningfully serve Europe’s tungsten needs and support critical mineral supply chain resilience as early as 2029. The strategic importance of tungsten, as a critical component in sectors that underpin modern society, is increasingly apparent, and reflected in the strengthening spot price. As we move forward with optimisations to the current study, we will look to define the additional upside presented at today’s prices.”

Sustainable extraction with minimal surface impact

The mine will be developed to a depth of approximately 50 metres, with operations designed to minimise the visual impact on the surrounding landscape. ABT is committed to applying sustainable extraction methods throughout the life of the project.

Chemical-free mineral processing

The mineral treatment process will use gravimetric recovery, requiring no chemical additives. This is possible because both tungsten and gold have a significantly higher density than the host rock, which is predominantly granite, allowing effective separation through gravity alone.

The processing plant will operate a zero-discharge water system, with all water used in the production circuit fully recirculated. No process water will be released into the surrounding environment.

Employment and regional economic impact

During the 24-month construction phase, ABT estimates the project will generate approximately 600 jobs. Once fully operational, the Company estimates that El Moto will generate over 300 direct and over 500 indirect jobs.

The regional government of Castilla-La Mancha has also called for the promotion of downstream industrial development linked to tungsten processing, with the aim of broadening the economic and social impact of the project across the wider region.

DFS potential upside

ABT completed a DFS for El Moto in 2024, which outlined a low-cost, long-life tungsten and gold operation. In response to the recent high tungsten price environment driven by ongoing export controls on tungsten products implemented by China, the Company will explore the possibility of undertaking an updated study to define the potential upside at current spot prices. This will incorporate further mine plan optimisations.

FUENTE | CMM

Abenójar Tungsten, S.A. (“ABT” or the “Company”) is pleased to share recent support from Abenójar Municipal regarding the proposed development of the El Moto tungsten Project (“El Moto” or the “Project”) in Abenójar, Ciudad Real, Spain.

The Mayor of Abenójar, Verónica García, has expressed her strong support for the El Moto tungsten project as it nears the start of construction, describing the development as a transformative opportunity for the municipality and the wider region.

Speaking in an interview with Cope Puertollano, Mayor García highlighted the significance of the milestone after more than 14 years of project development. The Municipal Council has confirmed that the construction of the mine is expected to deliver a substantial economic stimulus to both Abenójar and the surrounding area, with the creation of approximately 200 direct jobs and significant additional indirect employment.

Institutional support

The Junta de Castilla-La Mancha has also voiced its backing for the project, highlighting El Moto as a significant development opportunity for Abenójar, both for its economic potential and for the company’s environmental and social commitments.

A mineral resource of European significance

The El Moto project, located approximately seven kilometres from Abenójar, is targeting the start of construction in 2026 with first production expected in 2029.

El Moto is one of the largest and highest grade tungsten deposits globally, and once operational, will produce a gold by-product. The resource is considered unique in Europe and is the only deposit of its kind currently at a development-ready stage.

Gonzalo Garcia San Miguel, Chief Executive Officer of Abenójar Tungsten, S.A., commented:

“We are grateful for the strong support of Mayor García, the Municipal Council and the Junta de Castilla-La Mancha. Their confidence in this project reflects a shared understanding that responsible mining can deliver lasting prosperity for the region. With construction approaching, we are focused on ensuring El Moto fulfils its potential as a cornerstone of European tungsten supply.”

Abenójar Tungsten, S.A. has reinforced its commitment to the cultural development of the region by sponsoring the 1st Winter Rally – Fúcares Rally, organized by the Cultural Association for the Defense of the Classic Vehicle (ACDVC) on February 15 and 16, 2025. This event had the institutional collaboration of the city councils of Almagro, Abenójar, and Almadén, as well as the Provincial Council of Ciudad Real.

Historical route with cultural value

The event recreated the historical route used to transport mercury from the mines of Almadén to the warehouses of Almagro, following paths that hold centuries of mining history. The Fuggers, a family of German merchants who settled in Spain between the 15th and 16th centuries, managed this commercial route that was vital to the economy of the Spanish Empire.

José Ángel Sánchez Maya, president of the ACDVC, highlighted that “this rally pays tribute to the industrial legacy that shaped the development of our region, bringing together mining tradition and a passion for classic cars.”

Commitment to cultural heritage

Abenójar Tungsten, S.A.’s participation in this initiative reinforces its corporate social responsibility policy, which includes the preservation of the intangible cultural heritage related to mining activity in the southwest of the province of Ciudad Real.

The company considers it fundamental to support activities that highlight the rich mining history of the area, creating links between the industrial past and current technological development in the sector. This event represents an opportunity to spread knowledge about strategic mineral resources and their historical and economic importance.

Future prospects

The success of this first edition of the Fúcares Rally lays the foundation for future collaborations between the mining sector and cultural entities in the province.

With actions like this, the company demonstrates that modern mining is not only concerned with the responsible extraction of resources, but also with the active conservation of the cultural heritage associated with this ancient activity.

Fernando Araúz de Robles takes over as MMH commissioner | The sixth edition of this biennial event will take place from 20 to 22 October 2026 | Lifetime achievement awards presented to Ricardo Lain and Priscila Moreno.

Seville, 17 October 2024. – The 5th edition of the Mining and Minerals Hall, MMH 2024, which concluded today at the Seville Conference and Exhibition Centre (Fibes), has generated an estimated economic impact of €7.16 million for the city, 32.6% more than the €5.4 million recorded in the previous edition. This was announced by the commissioner of MMH 2024, Enrique Delgado, who added that the event welcomed more than 14,658 visitors over its three-day duration, representing an increase of 46.6% compared to 2022.

The event, organised by the Association of Mining-Metallurgical Exploration, Extraction, Processing, Auxiliary and Service Companies (AMINER) and Fibes, and which has already become an international benchmark for the mining industry, featured 257 exhibitors (50% more than in the previous edition) and 6,432 square metres of exhibition space (44% more). This edition saw 1,300 registered delegates (30% more), and 4,626 business contacts were made, in addition to project presentations and meetings between companies and organisations.

As for the Scientific Congress, held alongside the event to share the latest developments in a sector committed to research, technological innovation, and sustainability, it consisted of seven round tables, more than 60 conferences, and 15 presentations at the Innovation Hub. A total of 141 leading national and international speakers took part, representing a 22.6% increase compared to 2022.

“These are excellent figures that reflect the strong momentum currently experienced by our mining industry, as well as the commitment of companies, organisations, and institutions to sharing and showcasing the best of the sector with society,” stated Enrique Delgado.

The Minister of Industry, Energy and Mines of the Andalusian Regional Government, Jorge Paradela, who delivered the closing speech of the event, highlighted that “few trade fairs can say that they have grown by 50% in a single edition”, adding that “not only the figures, but also the overall impressions, demonstrate the success of this edition of MMH”.

“We must unite around the common goal of defending the role of 21st-century mining, built on the pillars of environmental commitment, positive social impact, the non-negotiable safety of workers, and innovation,” he stated. “We must ensure that it occupies the place it deserves, by promoting public-private collaboration in this strategic sector for energy autonomy, which represents a major opportunity for Andalusia, because everything begins with mining,” the minister concluded.

The new commissioner will be Fernando Araúz de Robles.

During the closing ceremony, Enrique Delgado handed over the role of MMH commissioner to his successor, Fernando Araúz de Robles, Director of Mining Permits and Project Development at Atalaya Mining. A senior mining engineer and a recognised figure in the sector, he has worked for several companies in the fields of metallic mining, ornamental rocks, and aggregates, and has served as Secretary General for Industry, Energy and Mines of the Andalusian Regional Government.

He will be responsible for organising MMH 2026 from this moment onwards, which, as announced this afternoon, will take place from 20 to 22 October 2026.

The new commissioner has accepted the appointment “with a sense of responsibility” and with the aim of consolidating MMH as the leading mining congress, following the substantial transformation it has undergone in its fifth edition.

Recognition for Enrique Delgado and MMH 2024 awards.

The handover ceremony included a recognition of Enrique Delgado for his effort and dedication during the preparation of MMH 2024. The Executive Manager of Aminer and Secretary General of MMH, Marta Cerati, and the Manager of Fibes, Antonio Castaño, presented him with a commemorative figure. The tribute included a profile highlighting his long and diverse professional career, as well as his involvement in representing Andalusian mining as Vice-President of Aminer.

In addition, during the closing ceremony, the MMH 2024 awards were presented, recognising the careers of individuals of acknowledged importance in the mining sector. In this edition, the awards were given to mining engineer and professor Ricardo Lain and former Aminer manager Priscila Moreno.

In his words of thanks, Ricardo Lain, who began his career working on oil platforms before discovering his early vocation for mining, expressed his pride that this professional interest has been inherited by his two daughters. He also emphasised that, alongside mining, to which he has devoted his life, teaching has been his second professional passion. Likewise, he highlighted his satisfaction at receiving the award from Luis Vega, President of Aminer, with whom he shares a close relationship.

For her part, Priscila Moreno (daughter of Francisco Moreno, founder of Aminer and one of the driving forces behind the Mining and Minerals Hall, of which he was Honorary President) has been an executive in the mining sector for three decades and has received recognition for her advocacy of the role of sustainable mining. After receiving the award from the Minister of Industry, Energy and Mines, Moreno expressed her heartfelt gratitude for the sector’s support and highlighted her pride in mining companies, “with whom I share this award and the honour of having served you, representing such a strategic sector as metallic mining, through an exemplary association such as Aminer, whose principles include promoting unity within the sector, sharing knowledge, and seeking continuous improvement,” she concluded.

About MMH

The 5th edition of the International Mining Exhibition was held at Fibes from 15 to 17 October 2024. It is a biennial event that showcases the latest developments, projects, and technological advances in the sector, as well as a parallel Scientific Congress focused on research and knowledge dissemination in the field of mineral raw materials. This edition also featured an Innovation Hub and an outreach area dedicated to students and families.

At a crucial moment for the mining industry, following the entry into force this year of the EU Critical Raw Materials Act, MMH 2024 has focused on highlighting the importance of minerals in everyday life and their essential role in achieving the energy and digital transitions that Europe is pursuing as part of the objectives of the Green Deal and the fight against climate change. The sector is experiencing a decisive period due to new regulatory policies aimed at encouraging production and processing in Europe in order to reduce dependence on third countries for the supply of these critical raw materials, which can only be obtained through mining activity.

SOURCE | MMH