London Stock Exchange welcomes Abenójar Tungsten to the Main Market

The London Stock Exchange is delighted to welcome Abenójar Tungsten, S.A. to the Main Market. Unconditional trading in Abenójar's ordinary shares began today under the ticker “ABT”.

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 team celebrating on the balcony at LSEG during the welcome ceremony.

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. El Moto benefits from regional government support and ABT has entered into a long-term exclusive offtake agreement with Traxys. Recently, 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.

“Today marks a significant milestone for Abenójar as we join the Main Market of the London Stock Exchange. Over the past 14 years, an enormous amount of work, investment and belief has gone into advancing the El Moto Project from early-stage exploration through permitting and technical studies, and now into construction.

El Moto is one of the largest and highest-grade undeveloped tungsten projects globally, with significant scale, a long operating life and the advantage of being located in a stable EU jurisdiction with established regional infrastructure. Our ambition is to build a strategic source of tungsten production in Europe, helping to strengthen the continent’s supply of this critical mineral.

The next chapter for ABT as a listed company is to complete construction of El Moto, with first production expected in Q1 2029. I would like to thank everyone who has contributed to the project over the years and helped us reach this important moment. We are incredibly proud of what has been achieved and excited about the next chapter for Abenójar.”

Gonzalo García San Miguel
Chief Executive Officer of Abenójar Tungsten, S.A.

“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.”

Dame Julia Hoggett
CEO of the London Stock Exchange

“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.”

Blair McDougall
Minister for Reindustrialisation

The Abenójar Tungsten Market Open Ceremony:

StockExchange market open.Here, vision meets investment.Companies meet partners.Ambition meets opportunity.Today,you are part of a 300-year-old story,joining centuries of pioneers,leaders, and innovators.You are standing at the center of the globaleconomy, where people, ideas, and capital connect todrive growth and create opportunity. An extraordinarynetwork built on trust, scale, and longevity,brought together in London at the world's mostinternational exchange. The stage is set. You can feel themomentum, the pulse of the global financial system.It's time to open the market.Good morning, everybody. And firstly, thankyou so much for that remarkable music.I feel rather more calmed for a market openmorning than I usually am as a consequence.But thank you very, very much indeed.And welcome, everybody, to the London Stock Exchange.We are absolutely delighted to be here to celebratethe IPO of Abenójar Tungsten and here to mark animportant milestone in opening the market withGonzalo, the family and the rest of the Abenójar team.Now, I feel that despite the well-deservedcelebratory nature of this morning's events,I must address and pay our respects tothose affected by the tragedy thatoccurred in Castilla-La Mancha this week.We're heartbroken to hear the news, and we wereheartbroken to hear the news as it unfolded.And I know how close the region is to yourheart, Gonzalo, and that of your teamas well. And our thoughts have been andcontinue to be with those who are affected.So thank you for making it here today,despite the circumstances as well.But this is a remarkable moment.And for more than 300 years,indeed through good and challenging times,the London Stock Exchange has connected companieswith capital helping businesses grow,innovate and contribute to economic development.So it's wonderful to welcome a company led by a fourthgeneration Spanish mining family that has alreadydone so much for Spain and where this transactionenables you to do so much more in the years to come.Looking ahead as we've seen on the video Abenójar'sEl Moto project is expected to create hundredsof highly skilled jobs and help grow localinfrastructure and the regional economy in a sustainableway. And I'm therefore absolutely thrilled thatsuch a well-respected and important businesshas joined a world-leading community of London-listedmining companies. This community includes over160 companies worth over $850 billion dollars.And I should also point out that Abenójar Tungsten'sIPO is the largest mining IPO in London by capital raisesince 2018. So many, many congratulations as well.Moreover, this IPO comes to our market at aparticularly significant moment. Tungsten playsa vital role across a wide range of sectors,from manufacturing and aerospace to defence,energy and advanced industrial applications.As economies become increasingly focused on resilienceand security of supply chains, the importance ofdependable sources of critical minerals continues to grow.Therefore,today is not only a significant achievement forAbenójar, but also a reflection of the role thatpublic markets can play in supporting strategicallyimportant businesses as they scale and develop.London is one of the world's leading financialcentres precisely because it can bring togethercapital from around the world to do just that.Now to everyone at Abenójar Tungsten my warmestcongratulations on this significant milestone and we lookforward to walking with you every step of the way on yourjourney as a listed company. As we were already sayingthis is just the beginning and it's an importantmilestone for the company but one of many on your pathwayto providing such sustainable value not just for Spainbut for Europe and for all of us. So thank you very muchIt's a delight and a joy to have you on our market.And Gonzalo, can I hand overto you? The balcony is yours.Thank you. Thank you very much, Julia.Good morning, everybody.Before anything else, our hearts are withthe victims of yesterday's tragic trainaccident in Toledo and their families.President García-Page and hisgovernment cannot be here.The place is where the peopleof Castilla-La Mancha is.We stand with them.Thank you to the London StockExchange for welcoming us.Standing on this balcony is a great honour.Today,a mining dream born in Abenójar reaches theinternational financial stage. But this listing isnot the end of our journey. It is the beginning.Mining has been in my family for generations.For 14 years,El Moto has been our dream.Thank you to my wife, Natalia, and myfamily for every sacrifice they have done.To our extraordinary team and to our shareholders,those who believe from the start and those who joinus in this busy last few weeks, thank you very much.I make you a personal promise.We will not let you down.The money entrusted to us through this IPOhas one clear purposeto build a mine and this isexactly what we are having to do.Many thanks to Abenójar and the government andinstitution of Castilla-La Mancha for their support.A los vecinos de Abenójar y a todoCastilla-La Mancha gracias de todo corazón.We will build a magnificent, safe and responsibleDunstan mine that all of us will be proud of.Now is the time to deliver.Thank you very much.Congratulations again.I think it feels only appropriate to saywelcome to the London Listing family as well.We will be here with you every step of the way.As you say, there is a lot more work to be done, butwhat an important amount of work to do. So thank you.Everybody, that concludes the balcony segment.of our celebration but it is not the endso if you can follow the instructionsfrom the team as to where we go nextthank you very much indeed, thank you

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