El Moto Mine Construction Update
Summary by AI BETAClose X
12 November 2026
Abenojar Tungsten, S.A.
("ABT" or the "Company")
El Moto Mine Construction Update
Abenojar Tungsten, S.A., the Spanish mining company building the El Moto underground tungsten and gold mine in Ciudad Real, Spain ("El Moto" or the "Project"), provides its first update to the market following its initial public offering (the "IPO") and admission to trading on the Main Market of the London Stock Exchange on 27 October 2026 ("Admission"), through which the Company raised gross proceeds of approximately £142.5 million (equivalent to approximately €170 million).
Highlights
• Steady progress on site: main decline advancing, with 60 metres developed; 100,000 m³ water storage reservoir completed; water treatment pilot plant operational; and Phase 1 of the waste rock and tailings co-disposal facility under way. A total of 104 people are currently working on site.
• Second EU Strategic Project: in October 2026 the European Commission designated ABT's proposed tungsten refining plant a Strategic Project under the EU Critical Raw Materials Act, adding to the Strategic Project designation of the El Moto mine in March 2025.
• Next milestone: Financial Close of the Project Finance Facility, for which ABT entered into a Conditional Credit Approved Term Sheet with Deutsche Bank in September 2026. As set out in the Prospectus, the Facility Agreement is expected to be entered into in the first quarter of 2027, with Financial Close expected in the second quarter of 2027. In the meantime, ABT will use the net proceeds of the IPO, together with its existing cash resources, to continue construction of the mine in line with its development timeline.
El Moto: a mine in construction
El Moto is one of the largest and highest-grade undeveloped tungsten projects globally. Based on the Company's 2026 Definitive Feasibility Study, El Moto is designed as an underground, bulk-tonnage mining operation with a nameplate processing rate of 1.5 million tonnes per year, expected to produce over 420,000 mtu of WO₃ per year in concentrate at steady state (approximately 370,000 mtu on average), together with gold by-product, over an 18-year ore production life (20-year total life of mine) life of mine based on Mineral Reserves alone (22.6 Mt at 0.41% WO₃). Total Mineral Resources of approximately 91 Mt at 0.38% WO₃ (inclusive of Mineral Reserves) offer the potential to extend the life of the operation.
Earthworks and the construction of the mine portal began in June 2026 and development of the main decline started in July 2026. First production remains targeted for the first quarter of 2029.
Construction progress to date
Mine
• Main decline development under way from the mine portal on a three-shift basis, with 60 metres developed to date.
• Construction of the explosives magazine has commenced.
Infrastructure
• Water storage pond of 100,000 m³ completed.
• Water treatment pilot plant on site, commissioned and operational, with pilot testing under way.
• Temporary waste storage facility completed; Phase 1 of the waste rock and tailings co-disposal facility engineered and under way.
• Site earthworks and access works progressing;
Process plant
• Detailed engineering of the process plant is progressing.
People
• 104 people currently working on site, including the owner's team and contractors, with priority given to local employment. The owner's construction team continues to be strengthened.
Photographs of El Moto construction progress (September–November 2026)
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Main decline: underground development |
Main decline portal during night-shift operations |
Completed 100,000 m³ water storage pond |
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Aerial view of the El Moto site |
Site earthworks in progress |
Civil works on site |
Funding and next milestones
Project finance. In September 2026, ABT entered into a Conditional Credit Approved Term Sheet with Deutsche Bank in respect of the Project Finance Facility. As set out in the Prospectus, ABT expects to enter into the Facility Agreement in the first quarter of 2027, with Financial Close expected to follow iin the second quarter of 2027.
Pace of construction. The net proceeds of the IPO, together with ABT's existing cash resources, are expected to fund construction in line with the Company's development timeline through to the end of 2027, independently of the Project Finance Facility. ABT is prioritising activities on the critical path to first production, in particular underground development.
Second EU Strategic Project designation
On 9 October 2026, the European Commission designated ABT's proposed tungsten refining plant in Puertollano (Ciudad Real), which would produce ammonium paratungstate ("APT"), a Strategic Project under the EU Critical Raw Materials Act ("CRMA"). The project was one of 46 selected from 102 applications in the second selection round. This is ABT's second Strategic Project designation, following that of the El Moto mine in March 2025.
Strategic Projects are recognised by the European Union as contributing to the security of supply of strategic raw materials and benefit from coordinated support, including facilitated access to financing and offtake. The refining plant remains at the development stage and no final investment decision has been taken. The Company's focus remains on building El Moto.
Gonzalo García San Miguel, Chief Executive Officer of Abenojar Tungsten, commented:
"The bell we rang in London on 30 October was a starting signal, not a finishing line. At Abenójar, progress is now measured in metres and in people: the main decline is already 60 metres underground, more than a hundred people are working on site, and El Moto is taking shape after more than a decade of work.
The European Commission's second Strategic Project designation, this time for a potential tungsten refining plant, confirms the strategic value of what we are building in Castilla-La Mancha. But our priority today is clear: to build El Moto safely, efficiently and with the discipline our shareholders expect."
About Abenojar Tungsten, S.A.
Abenojar Tungsten, S.A. is a Spanish mining company building the El Moto underground tungsten and gold mine in Ciudad Real, Spain. El Moto is one of the largest and highest-grade undeveloped tungsten projects globally and was designated a Strategic Project under the EU Critical Raw Materials Act in March 2025. It aims to establish a safe, sustainable and major domestic source of tungsten for the European market, with first production targeted for the first quarter of 2029.
Abenojar Tungsten is led by the García San Miguel family, a fourth-generation Spanish mining family with deep credibility and a strong social licence, having successfully built, operated and rehabilitated mining projects across Spain. El Moto is being developed with a clear focus on delivering long-term benefits for all stakeholders.
Please visit abtungsten.es/en/ for more information.
For more information, please contact:
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Abenojar Tungsten, S.A. Gonzalo García San Miguel / Paul Thomson |
Via Tavistock |
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Tavistock (PR adviser to Abenojar Tungsten) Jos Simson, Gareth Tredway, Abigail Gilchrist |
T: +44 (0)207 920 3150 |
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BMO Capital Markets Limited Thomas Rider, Andrew Cameron, Dhaval Desai, Mahin Salam, Alejandro Agag Aznar |
T: +44 (0)207 236 1010 |
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Peel Hunt LLP Ross Allister, David McKeown, Emily Bhasin Sohail Akbar, Brian Hanratty, Nicolas Wilks, Ambika Bose |
T: +44 (0)203 100 2000 |
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Deutsche Bank Aktiengesellschaft Javier Rapallo, Saadi Soudavar, Inigo De-Areilza, James Taylor, Harinder Singh |
T: +44 (0)207 545 8000 |
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Capitalised terms used but not defined in this announcement have the meanings given to them in the Prospectus.
Forward-looking statements
This announcement contains forward-looking statements, including statements regarding the construction schedule and timing of first production at El Moto, the expected production profile, the application of the IPO proceeds, the Project Finance Facility, and the development of the proposed refining plant. Such statements are based on information available to the Company at the date of this announcement and are subject to risks and uncertainties, many of which are outside the Company's control, which may cause actual results to differ materially from those expressed or implied. The Company undertakes no obligation to update any forward-looking statement, save as required by applicable law or regulation.
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