PRESS RELEASE

Luxembourg and Madrid, October 7th, 2026 - Traxys Europe S.A. (“Traxys”), a member of the Traxys Group, a physical commodity trader and merchant in the metals and natural resources sectors, and Abenójar Tungsten S.A. (“ABT”) today announce the signing of a definitive, long-term exclusive offtake agreement for the tungsten concentrate to be produced at ABT’s El Moto tungsten project, located near Abenójar in the province of Ciudad Real, Spain (“El Moto” or the “Project”).

Under the terms of the agreement, Traxys has been appointed the exclusive offtaker for ABT’s tungsten concentrate produced at El Moto for a minimum term of ten years from the commencement of commercial production. Traxys will be responsible for the marketing, logistics and distribution of the concentrate to industrial consumers across the world. Pricing is market based and linked to the internationally recognized ammonium paratungstate (APT) price index. 

Tungsten is recognised by the European Union and allied nations as a critical and strategic raw material, indispensable to the aerospace, defence, energy transition and precision industrial tooling sectors. With China accounting for around 80% of global supply and having tightened its export controls, secure sources of tungsten from outside China have become a priority for Western industrial consumers.

El Moto has been designated a Strategic Project under the EU Critical Raw Materials Act and is one of the largest tungsten development projects outside China. Construction of El Moto commenced in 2026, with first production targeted for the first quarter of 2029. Based on its 2026 Definitive Feasibility Study, the Project is expected to produce in excess of 4,000 tonnes of contained WO₃ per year in concentrate at steady state. Should ABT develop downstream processing capacity in the future, it has flexibility to carve out certain production from the agreement to directly supply this operation.

Mark Kristoff, Chief Executive Officer of Traxys, said:

“This long-term agreement with Abenójar Tungsten reinforces Traxys’ commitment to securing responsibly sourced critical raw materialss for our global industrial customer base. By partnering with a high-quality European deposit such as El Moto, we are ensuring that our customers in critical manufacturing, energy and superalloy applications have dependable, long term access to tungsten supply from secure, stable jurisdictions such as Spain.”

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

“Partnering with a leading global trading house such as Traxys provides El Moto with clear commercial validation and direct access to a global network of concentrate consumers and industrial end users of tungsten products. This exclusive, long-term offtake is a cornerstone of our commercial strategy as we advance construction and financing of the Project towards first production in 2029 and demonstrates to all stakeholders that El Moto will be a vital domestic pillar of Europe’s critical raw materials security.”

About Traxys Group:
Traxys is a physical commodity trader and merchant in the metals and natural resources sectors. Its logistics, marketing, distribution, supply chain management, and trading activities are conducted by over 600 employees in over 20 offices worldwide, with annual turnover in excess of USD 10 billion. Headquartered in Luxembourg, Traxys is engaged in sourcing, trading, marketing, and distributing non-ferrous metals, ferroalloys, minerals, industrial raw materials, and energy products. 

Traxys has been selected as one of a small number of authorized commodities trading firms to participate in Project Vault, the U.S. Government backed strategic critical minerals reserve program. Traxys is committed to the highest internationally recognized principles for responsible business conduct, and to ensuring that its operations are equitable, sustainable, and transparent. 

Please visit www.traxys.com for more information.

About Abenójar Tungsten S.A.:
Abenójar Tungsten S.A. is a Spanish mining company building the El Moto underground tungsten and gold mine in Ciudad Real, Spain. The El Moto project hosts one of the largest and highest-grade undeveloped tungsten projects globally. The Project, designated a Strategic Project under the EU Critical Raw Materials Act, aims to establish a safe, sustainable and major domestic source of tungsten for the European market. 

Abenójar Tungsten is led by the García San Miguel family, a fourth-generation Spanish mining family that has deep credibility and a strong social license, having successfully built, operated and rehabilitated mining projects across Spain. El Moto, with EU CRMA Strategic Project designation, is being developed with a clear focus on establishing long-term benefits for all stakeholders.

Please visit abtungsten.es/en/ for more information.

Press Contacts:
Traxys: FGS Global - [email protected]
Abenójar Tungsten S.A.: Tavistock - [email protected]