Tungsten Exploration Co. Now Trading on FSE

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Allied Critical Metals Inc. (ACM:CSE; 0VJ0:FSE) shares now are trading on Frankfurt Stock Exchange (FSE) under the ticker symbol 0VJ0, a news release noted.

The company maintains its listing on the Canadian Securities Exchange.

The FSE listing will build European shareholder awareness, boost trading activity, and expand the European shareholder base.

Advancing Tungsten Assets

Based in British Columbia, Allied Critical Metals is working to become a near-term, low-cost producer of tungsten, also called wolfram, according to its Corporate Presentation. It is expanding and revitalizing its 100%-owned, past-producing Borralha and Vila Verde tungsten projects in northern Portugal, a mining-friendly jurisdiction.

As for the Borralha project, right now it is in the environmental impact assessment licensing phase. As Portuguese environmental and mining legislation requires, two agencies are evaluating the submission: the Portuguese Environment Agency and the Directorate General for Energy and Geology.

The concession area of this advanced-stage brownfield project spans 127.5 square kilometers. The current license allows for production of up to 150,000 tonnes per annum (150 Ktpa) of mineralized material over a 382.5-hectare area.

Borralha has an estimated mineral resource, according to the corporate presentation, comprising ~12 million tonnes at an average 0.21% of tungsten trioxide (WO³), with additional tin, copper and silver showings in the deposits.

Historically at the project, between 1904 and 1985, 10,280 tons of wolframite concentrate were produced, averaging a grade of 65%.

About 45 kilometers of the Borralha project is Allied Critical Metals' Vila Verde tungsten-tin project, whose land package is three times the size of Borralha.

For Vila Verde, the company has applied for a mining license, the kind it has for Borralha. With its current experimental exploitation license, Allied may develop Vila Verde, already identified mining resources, over a maximum of five years.

The historical resource there is 7.3 Mt using a cutoff grade of 0.05% WO³. This encompasses 4 Mt of 0.14% WO3 in the Cumieira area and 3.3 Mt of 0.10% WO³ in the Porqueira area.

The company has a historical quarry operation at Vila Verde, which it wants to leverage for fast-track permitting and generate near-term cash flow from. Its existing quarry permit allows for initial pre-permitted extraction of 150 Ktpa with the potential for expansion to 300 Ktpa.

Allied plans to build a pilot plant at Vila Verde, where feed would be crushed, ground and fed into a gravimetric and magnetic concentration system. This work is slated to start in Q4/25. Capex is an estimated to be ~US$5 million for the initial plant capacity (current design is for 150 Ktpa) plus another ~US$2 million for later expansion to 300 Ktpa. Allied intends to fund this expense with non-dilutive financing.

Allied has a letter of intent in place with Pennsylvania, U.S.-based Global Tungsten & Powders to supply and sell its tungsten concentrate. The mining company is in discussions with other refineries around the world for additional offtake agreements.

More Tungsten Needed

Tungsten's qualities make it ideal for various applications in a diverse range of sectors, including defense, automotive, aerospace, transport, mining, construction, electronics, energy, and medical, according to the International Tungsten Industry Association. The metal has a high melting point, relatively low vapor pressure, excellent tensile strength and high corrosion resistance. Mining industries, for example, are switching from steel to tungsten carbide because it increases tool life, cost effectiveness and productivity, noted Straits Research.

As such, demand is high and growing worldwide, the ITIA reports, particularly as new uses and applications continue being discovered and international manufacturing continues expanding. Straits forecasts significant growth in global demand for tungsten between 2024 and 2033 due to increasing investments in mining and construction activities.

However, the metal is rare and critical.

"Tungsten is a critical component of the 21st century industrial supply chain, both civilian and military, so critical indeed that users are starting to embrace new pricing mechanisms to guarantee non-Chinese supply," Reuters columnist Andy Home wrote after China added the metal to its list of restricted exports, in February. "The industries that depend on it are exponentially bigger [than global output], which is why it is on everyone's critical mineral list."

According to a 2024 tungsten report by the U.S. Geological Survey, global tungsten reserves were estimated to be 4.4 Mt in 2023, more than half of them in China. This country produces the most tungsten, accounting for over 80% of the world's primary supply.

Despite these factors, Straits projects the global tungsten market to grow to US$11.6 billion in value by 2033 from US$4.7B in 2024. Such expansion would reflect a 7.7% compound annual growth rate.

As for the metal's price, it has been recovering slowly but steadily since mid-2017, Hallgarten & Co. Editor Christopher Ecclestone reported in January 2025. Last year, the average price of WO³  was about US$250 per metric ton unit (US$250/MTU), according to Statista. Just last week, WO³  was US$380/MTU.

"There now exists a window of opportunity for tungsten plays in the Western world as end users look to secure alternative and more reliable sources of supply than China," wrote Ecclestone.  

The Catalysts: Project Milestones

Allied Critical Metals has events coming up that could boost its share price.

According to the company, these include securing additional offtake agreements. They also include drilling at Borralha to expand the existing resource there and support a prefeasibility study. Another possible catalyst is construction starting on the pilot plant.

Ownership and Share Structure

According to Allied Critical Metals' Corporate Presentation, insiders and management own 25% of the stock, institutional investors hold 25% and the rest is in retail.

The company reports it has 109.85 million (109.85M) shares outstanding and 134M fully diluted shares outstanding.

According to Refinitiv, Allied's market cap is CA$24M. Its trading range since it started trading in April is CA$0.20–CA$0.25.