Tungsten IPOs 2026–2027: Abenójar, Trinity Metals and Upcoming Listings

Tungsten IPOs: the short answer

The biggest recent tungsten IPO is Abenójar Tungsten, which listed on the London Stock Exchange (ticker ABT) on 30 October 2026 after raising €170 million at a market value of about £522 million. Next in line is Rwanda's Trinity Metals, which plans a New York IPO raising US$100–200 million. Pure Tungsten Inc. is targeting an IPO or reverse takeover in London or New York in H2 2027.

Bloomberg reports that tungsten prices have risen more than eightfold over two years. That rise is pulling tungsten miners into public markets, because higher prices make projects financeable and investors want non-Chinese supply. This guide tracks each listing, what the deals tell investors, and how to get exposure before and after an IPO.

Tungsten IPO tracker: 2025–2027

Status as of 4 November 2026. Sources listed at the end of this article.

Abenójar Tungsten: London's biggest mining IPO since 2018

Abenójar Tungsten is a family-owned Spanish developer building the El Moto tungsten and gold project in Ciudad Real, central Spain. The European Commission designated El Moto a Strategic Project under the EU Critical Raw Materials Act in March 2025.

Key IPO facts

• Pricing: 110p per share, set on 27 October 2026
• First day of unconditional trading: 30 October 2026 on the LSE Main Market, ticker ABT
• Money raised: €170 million (about £142.5 million), to fund El Moto alongside potential export-credit-backed debt
• Market value at IPO: about £522 million, close to the FTSE 250 entry threshold
• Ranking: London's largest mining IPO by funds raised since Kazatomprom in 2018, and the third-largest London IPO of 2026

Project facts

• Construction began in June 2026, and first production is targeted for Q1 2029
• Expected output of about 4,227 tonnes of contained WO₃ per year in concentrate at steady state, with an initial 18-year mine life
• Estimated initial capital cost of €211 million
• Long-term exclusive offtake agreement with trading house Traxys

On the first morning of unconditional trading the shares changed hands at about 104–108p, below the 110p IPO price, according to Reuters. Strong investor demand at pricing does not guarantee a first-day gain.

Trinity Metals: a planned New York tungsten IPO

Trinity Metals operates three mines in Rwanda: the Nyakabingo tungsten mine, the Rutongo tin mine and the Musha tin-tantalum mine. Nyakabingo is Africa's largest tungsten operation, producing about 100–120 tonnes of concentrate a month. Its output already goes to the US, Europe and Thailand, including to Pennsylvania for processing into defence and industrial powders.

• Target listing: New York. The CEO said in May 2026 that the company aimed to list within 12–18 months, and in October 2026 that it was "leaning strongly toward a US, New York listing"
• Target raise: US$100–200 million, possibly preceded by a pre-IPO raise
• Use of funds: a US$60–80 million processing plant and tailings facility at Nyakabingo, with output targeted to triple within three to five years
• Shareholders: majority owner TechMet, which is partly owned by the US International Development Finance Corporation (DFC). Trinity is in talks with the DFC about a US$35–50 million equity investment.

Trinity is a producer rather than a developer. Its IPO would give investors a rare listed, non-Chinese tungsten producer in Africa.

Recent US tungsten listings: Guardian Metal and Almonty

Two tungsten companies that were already public elsewhere have come to US exchanges to reach American investors:

• Guardian Metal Resources began trading on NYSE American as GMTL on 20 March 2026, after a US IPO of American depositary shares that raised about US$68 million, according to its legal adviser Davis Polk. It remains listed on London's AIM as GMET. Guardian is developing Pilot Mountain and Tempiute in Nevada. A June 2026 pre-feasibility study targets first production at Pilot Mountain in late 2028.
• Almonty Industries began trading on Nasdaq as ALM on 14 July 2025, alongside a US$90 million public offering. Its Sangdong mine in South Korea received final operating certification on 17 September 2026 and has started selling concentrate. Almonty also operates Panasqueira in Portugal.

Neither company was new to public markets, but both deals show the same trend: US investors want tungsten exposure, and tungsten companies are listing on US exchanges to meet that demand. For the full list of listed names, see our guide to tungsten stocks.

Pure Tungsten: a pre-IPO tungsten company targeting 2027

Pure Tungsten Inc. is a private Canadian company that plans to list in London or New York in H2 2027, through either an IPO or a reverse takeover (RTO). Unlike most companies on this list, it is raising money before listing, through a pre-IPO private placement:

• C$10 million at C$0.80 per share, minimum investment C$5,000
• Pre-raise market capitalisation of about C$240 million
• Ssangjon mine and fully built mill, South Korea: production targeted for Q4 2026, at a near-term rate of 1,000 tonnes per year
• Maykhura, Tajikistan: past-producing mine with about 2 million tonnes at 0.93% WO₃, in joint venture with TALCO. A JORC resource report is expected in Q1 2027.
• Combined production target: 4,000 tonnes per year by 2028

The Abenójar deal gives a reference point. Public investors valued a Spanish tungsten project in construction, with first production more than two years away, at about £522 million. Pure Tungsten's pre-IPO round prices the company at about C$240 million, with first production targeted for this quarter. The two are not like-for-like: deposit size, grade, jurisdiction and project scale all differ, and private shares carry liquidity risk that listed shares do not. Read more about Pure Tungsten's stock and IPO plans.

What the 2026 tungsten IPOs tell investors

1. There is appetite for non-Chinese supply. London's largest mining IPO in eight years was a tungsten developer. China mined about 79% of the world's tungsten in 2025, according to the USGS, and investors are paying for alternatives.
2. Policy is part of the valuation. El Moto is an EU Strategic Project, and Trinity has US development-finance backing. From 2027, US defence contracts must exclude tungsten mined in China or Russia (see the DFARS tungsten rule). Projects in allied countries carry a strategic premium.
3. Timing matters. Producers and near-term restarts can generate cash while others are still building. Abenójar's production is targeted for 2029, while Trinity is already producing.
4. IPO pops are not guaranteed. Abenójar traded below its offer price in early unconditional trading. Investors buying at IPO take on the market's mood on the day.

How to invest in a tungsten IPO

• At the IPO: London IPOs sometimes include a retail offer through intermediary platforms. Most US IPO allocations go to institutions, although some brokers offer retail access.
• After listing: buy the shares on the exchange through a broker with access to that market (LSE, NYSE, Nasdaq).
• Before the IPO: invest in a pre-IPO placement. You get earlier entry, and in exchange you accept that the shares are illiquid until a listing happens. See how to invest in tungsten for a comparison of all five routes.

Private placements are usually limited to sophisticated, high-net-worth or accredited investors, depending on your country. They carry a high level of risk: listings can be delayed, valuations can fall, and you may not be able to sell your shares for years.

If you want pre-IPO exposure to a tungsten restart in South Korea, request the Pure Tungsten investor pack to review the Ssangjon and Maykhura projects and the current terms.