Abenójar Tungsten has raised approximately €170 million through its London Stock Exchange IPO, securing funding to advance the El Moto tungsten and gold project in Spain. The offering was priced at 110 pence per share, valuing the company at around £522 million.
The project, located in Castilla-La Mancha, contains a 91.3 million-tonne mineral resource grading 0.38% tungsten trioxide (WO₃) and 0.41 g/t gold. Proven and probable reserves total 22.6 million tonnes, containing approximately 93,000 tonnes of tungsten trioxide and 293,000 ounces of gold.
Production and Development Plans
Initial development envisages processing 1 million tonnes of ore annually, with capacity expected to increase to 1.5 million tonnes by 2031. The company targets annual production of approximately 4,227 tonnes of tungsten trioxide in concentrate, with first output planned for the first quarter of 2029.
Construction began in June 2026, while the initial development programme carries estimated capital expenditure of €211 million. The project has an anticipated processing life of 18 years, within a broader 20-year operating schedule. The definitive feasibility study estimates a post-tax net present value of €1.5 billion and an internal rate of return of 62%, based on tungsten and gold price assumptions of $1,415 per metric tonne unit and $3,500 per ounce, respectively.
European Supply Chain Potential
El Moto received EU Strategic Project status in March 2025, reflecting its potential contribution to European tungsten supply. The company estimates that planned output could cover around 20% of European demand.
A proposed tungsten processing facility in Puertollano has also received EU Strategic Project designation. The facility remains subject to further development and has not reached a final investment decision.
Traxys has secured an exclusive long-term offtake agreement for the project’s tungsten concentrate. Development is expected to create approximately 400 direct jobs, while the planned processing operation includes paste backfilling and dry-stack tailings management. The IPO was supported by BMO Capital Markets, Peel Hunt, Deutsche Bank and Canaccord Genuity.
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