Abenojar Tungsten SA · LSE:ABT
Abenojar Tungsten SA — Investor Presentation (November 2026)
28 slides from Abenojar Tungsten SA's investor presentation, November 2026
Slide 1: Abenójar Tungsten S.A. – El Moto Tungsten & Gold Mine
Abenójar Tungsten S.A. El Moto Tungsten & Gold Mine Corporate Presentation November 2026 ABT ABENÓJAR TUNGSTEN S.A.
Slide 2: Disclaimers
Disclaimers The information contained in this document (the "Presentation") has been prepared by Abenójar Tungsten, S.A. (the "Company"). While the information contained herein has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents, employees or
Slide 3: Investment Highlights
Investment Highlights A compelling investment case combining strategic commodity exposure, tier-one asset quality and strong project economics Tungsten is a strategic critical mineral whose market is at an inflection point Tier-one Tungsten asset in a stable EU jurisdiction Exceptional economics and
Slide 4: Capitalisation Summary
Capitalisation Summary Well capitalized register with strong institutional backing and a healthy cash position Corporate Overview Current Ownership Summary Share Price £ / sh £1.0 PMC / 10.1% GGSM Related Entities(2) Basic Shares Outstanding mm 475 Institutions 19.8% LTIP Options Granted at Admissio
Slide 5: El Moto Tungsten & Gold Mine
El Moto Tungsten & Gold Mine A Tier 1 asset in an attractive jurisdiction Overview 2026 DFS Validates El Moto as a Tier 1 Asset • Large, high-grade, near-surface tungsten deposit hosted in continuous, porphyry style mineralization 91Mt 0.38% 0.41g/t • Underground, bulk tonnage mining operation of 1.
Slide 6: Abenójar Tungsten S.A.
Abenójar Tungsten S.A. ABT is majority controlled by the García San Miguel family who have multi-generational mining experience in Spain Company Overview Key Project Milestones Achieved to Date El Moto has been the subject of more than 14 years of evaluation and studies • El Moto is the product of o
Slide 7: Management Team and Board
Management Team and Board Majority Independent Board of Directors ABT is led by an experienced team, combining deep Iberian mining expertise with strong capital markets and governance credentials Management Board of Directors Gonzalo García San Miguel (30+ years of experience) Gonzalo García San Mig
Slide 8: ABT Commitment to Social Engagement
ABT Commitment to Social Engagement History as owners and operators underpins social licence as the 1st pillar of any mining development Quotes from the El Moto mine inauguration Track record across Spain, over many years, as both Deep Mining owners and contractors, including full mine Mina El Moto
Slide 9: Tungsten Market Overview
TUNGSTEN MARKET OVERVIEW ABT ABENÓJAR TUNGSTEN S.A.
Slide 10: Tungsten
Tungsten Unique properties make it very difficult to substitute tungsten as a critical mineral Unique Properties End Market Uses Demand Sources First use Extreme temperature Hard metals & industrial tooling 9% performance Tungsten carbide is essential for precision cutting tools and wear parts acros
Slide 11: Tungsten Market
Tungsten Market A China-dominated market where pricing, trade and value chain dynamics drive tungsten fundamentals Global Concentrate Production (2025) International Tungsten Imports (2025) 4% 1% 8% China 4% China China refines 100% of its 2% Kazakhstan 9% own concentrate – 2% Vietnam 2% At present
Slide 12: Tungsten Price Drivers
Tungsten Price Drivers Constrained supply and strategic demand are reshaping the tungsten price outlook Geographic market concentration China dominates mine production (79%) and controls an even higher share of downstream processing China’s changing production model Facing weaker production capacity
Slide 13: El Moto Project
EL MOTO PROJECT ABT ABENÓJAR TUNGSTEN S.A.
Slide 14: El Moto Deposit: Rare porphyry style orebody
El Moto Deposit: Rare porphyry style orebody Scale and consistency of mineralization s a significant strength and differentiator vs. other Tungsten projects Favourable Geological Characteristics Mineral Resources & Reserves • Large, continuous bulk porphyry style system, rather than vein type system
Slide 15: Benchmarking: Resource & Reserve Grade & Scale
Benchmarking: Resource & Reserve Grade & Scale El Moto boasts one of the largest and highest-grade reserves and resources relative to peers Total MI&I Resources Total Reserves Dolphin (Group 6 Metals) 0.90% 0.90% Dolphin (Group 6 Metals) 0.80% 0.80% 0.70% MacTung 0.70% WO3 Reserve Grade (%) WO3 Reso
Slide 16: Mining Overview
Mining Overview Conventional underground mine with low environmental footprint Mining Method Vertical Development Cross-Sectional View ✓ Three Phases of mine production each mined Near surface mining from ~50 m below surface to a maximum depth of 350 m from bottom ✓ Sub-level Open Stoping mining met
Slide 17: Processing Overview
Processing Overview Simple 1.5 Mtpa processing circuit with robust metal recoveries 1 Crushing 2 Grinding 3 Spirals 4 Shaking Tables 5 Tertiary Grinding 6 Flotation Primary jaw crusher & Primary rod mill & Secondary Gravity pre-concentration Heavy-mineral separation Regrind to 80 µm Au-Sulphide reco
Slide 18: Benchmarking: Production Scale & Cost Profile
Benchmarking: Production Scale & Cost Profile El Moto benefits from lower-quartile costs and larger production scale than any existing ex-China producers Production Scale (t WO3) Cost Curve Positioning (US$/mtu) Producer In Construction Exploration / Development Sisson 5,980 (Northcliff) Mt Mulgine
Slide 19: Mine Site Overview
Mine Site Overview Small footprint with access directly from paved main road Water management ponds Mine portal opening development Detailed mine site overview Source: Company Information ABT ABENÓJAR TUNGSTEN S.A. 21
Slide 20: Construction and Contract Strategy
Construction and Contract Strategy Advanced construction planning, early site works and an EPC-led contracting strategy reduce execution risk and support a clear path to first production Construction Strategy Near-term Construction Timeline Structured EPC-led contracting strategy with experienced Co
Slide 21: Infrastructure
Infrastructure El Moto benefits from access to significant existing infrastructure, lowering upfront capital costs and reducing execution risk Project Location Water • Operations largely self-supplied from mine dewatering, rain and site runoff • On-site treatment plant (70 m³/h) fully designed to me
Slide 22: Project Economic Overview
PROJECT ECONOMIC OVERVIEW
Slide 23: DFS Summary
DFS Summary DFS highlights robust economics with a conservative ramp-up period to steady production and cash flows Base Case Commodity Price Upside Case Production Profile (Tonnes) APT Price (US$/mtu) $1,415 $3,000 WO3 Production Reserve life extends for a further 8 years Gold Production (WO3 Eq.)(2
Slide 24: Total Funding Requirements & Sources
Total Funding Requirements & Sources Conservative full funding target aligned equity and debt funding targets Funding Requirements Funding Sources DFS 2026 Value (€ mm) Sources of Capital Value (€ mm) Total Upfront Capex for 1.5mtpa €211 Pre-Funded Project Costs – funded €12 Project Costs over DFS I
Slide 25: Conclusions
CONCLUSIONS
Slide 26: Upsides & Optimization Opportunities
Upsides & Optimization Opportunities Significant growth opportunities beyond what is outlined in the DFS LOM Extensions from Significant mine life extension and resource growth potential remains, with the DFS mine plan Further Resource & Reserve Growth incorporating only ~25% of total resources and
Slide 27: El Moto Inauguration Ceremony
El Moto Inauguration Ceremony September 2026 ABT ABENÓJAR TUNGSTEN S.A. 29
Slide 28: Headquarter office / Mine Operation office
Headquarter office Mine Operation office Calle De Ayala, 10 Calle del Rio, 21 Madrid Abenójar (Ciudad Real) info@abtungsten.es +34 911 124 435 ABT ABENÓJAR TUNGSTEN S.A.
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