Abenojar Tungsten, S.A. (ABT), the Spanish mining company admitted to the Main Market of the London Stock Exchange on 27 October 2026, has published its first post-IPO construction update for the El Moto underground tungsten and gold mine in Ciudad Real, Spain. The company reported that the main decline has advanced 60 metres underground, with 104 people currently working on site. ABT also confirmed a second EU Strategic Project designation for its proposed tungsten refining plant, reinforcing El Moto's position within Europe's critical raw materials supply strategy.

Key Points

  • Abenojar Tungsten, S.A. (ABT) — Spanish tungsten and gold mining company listed on the London Stock Exchange Main Market
  • First post-IPO construction update confirms 60 metres of main decline development at El Moto mine, Ciudad Real, Spain
  • IPO raised gross proceeds of approximately £142.5 million; Financial Close on Project Finance Facility expected Q2 2027
  • Investors should watch progress toward Financial Close with Deutsche Bank and the Q1 2029 first production target

El Moto Construction Advances with Main Decline at 60 Metres and Key Infrastructure Completed

The El Moto mine, described in the announcement as one of the largest and highest-grade undeveloped tungsten projects globally, is progressing on a three-shift basis. Earthworks began in June 2026 and decline development started in July 2026. Alongside the underground advance, ABT confirmed completion of a 100,000 m³ water storage reservoir, commissioning of a water treatment pilot plant, and the start of Phase 1 of the waste rock and tailings co-disposal facility. Construction of an explosives magazine has also commenced. The 2026 Definitive Feasibility Study underpins a nameplate processing rate of 1.5 million tonnes per year, with first production targeted for the first quarter of 2029.

ABT's £142.5 Million IPO Proceeds to Fund Construction Through to End of 2027 Independently of Project Finance

ABT raised gross proceeds of approximately £142.5 million (equivalent to approximately €170 million) through its IPO and admission to the London Stock Exchange on 27 October 2026. The announcement states that net IPO proceeds, together with existing cash resources, are expected to fund construction in line with the development timeline through to the end of 2027, independently of the Project Finance Facility. ABT entered into a Conditional Credit Approved Term Sheet with Deutsche Bank in September 2026, with the Facility Agreement expected in Q1 2027 and Financial Close anticipated in Q2 2027. Investors will be watching closely for confirmation of that milestone.

European Commission Grants Second Strategic Project Designation to ABT's Proposed Tungsten Refining Plant in Puertollano

On 9 October 2026, the European Commission designated ABT's proposed tungsten refining plant in Puertollano, Ciudad Real — which would produce ammonium paratungstate — a Strategic Project under the EU Critical Raw Materials Act. This followed El Moto's own Strategic Project designation in March 2025, making ABT one of a small number of companies to hold two such designations. The refining plant was selected from 102 applications in the second selection round, alongside 45 other projects. The company noted that the refining plant remains at the development stage and no final investment decision has been taken, with its current focus firmly on completing El Moto.

El Moto's 18-Year Ore Production Life and 91 Mt Resource Base Underpin Long-Term Tungsten Supply Ambition

Based on the 2026 Definitive Feasibility Study, El Moto is designed to produce over 420,000 mtu of WO₃ per year in concentrate at steady state, with an average of approximately 370,000 mtu, alongside gold by-product. The mine plan is based on Mineral Reserves of 22.6 Mt at 0.41% WO₃, supporting an 18-year ore production life and a 20-year total life of mine. Total Mineral Resources of approximately 91 Mt at 0.38% WO₃, inclusive of Mineral Reserves, offer scope to extend the operational life further. Construction timelines and production targets remain forward-looking and subject to risks including financing, permitting, and operational execution.