Explorer Confirms Breakthrough Tungsten Zone in Portugal

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Allied Critical Metals Inc. (ACM:CSE; ACMIF:OTCQB; 0VJ0:FSE) has released new assay results from its reverse circulation (RC) drilling campaign at the Borralha Tungsten Project in northern Portugal. The results from three recent drill holes extend mineralization to the west and north of the previously reported high-grade Bo_RC_14/25 intercept, contributing to an expanding resource footprint at the Santa Helena Breccia zone.

Key results include 100.0 meters at 0.21% WO₃ from 52.0 meters in hole Bo_RC_17/25, including 14.0 meters at 0.52% WO₃ and 6.0 meters at 0.74% WO₃. Bo_RC_15/25 returned a high-grade intercept of 0.97% WO₃ over 2.0 meters, and Bo_RC_22/25 intersected 64.0 meters at 0.12% WO₃ from 284.0 meters, including 16.0 meters at 0.21% WO₃. These follow an earlier result from Bo_RC_14/25 that reported 12.0 meters at 4.27% WO₃ from 252.0 meters, including 6.0 meters at 8.39% WO₃.

The Company stated that these results reinforce the Santa Helena Breccia as a larger and higher-grade orebody than previously modeled. Allied also confirmed plans to begin an additional 1,528 meters of drilling in Q4 2025.

The updated mineralization comes at a time when tungsten prices have reached US$545 per metric tonne unit (MTU), reflecting a 40% increase over the past four months amid tightening supply chains and export restrictions from China and other non-Western countries.

Roy Bonnell, CEO and Director of Allied, commented in the news release, "These thick, continuous intervals in the central-south and the new northern deep lode materially expand the working envelope at the Santa Helena Breccia in Borralha." He noted that the data will feed into the company's forthcoming Mineral Resource Estimate (MRE) and Preliminary Economic Assessment (PEA).

João Barros, President and COO, emphasized the strategic importance of the project, stating, "The Borralha Project represents a vital opportunity to strengthen secure, Western-aligned supply chains."

The Borralha Project, a past-producing tungsten mine with historical production from 1904 to 1985, is currently advancing through the Environmental Impact Assessment process. It holds an existing mining concession license allowing for bulk sampling of up to 150,000 tonnes per year. As of March 2024, Borralha contained an indicated resource of 4.98 million tonnes at 0.22% WO₃ and an inferred resource of 7.01 million tonnes at 0.20% WO₃.

Tungsten Supply, Security, and Strategic Relevance

Forbes wrote on August 25 that tungsten had emerged as "more than just a commodity," describing it as a "strategic variable in the global political economy." Reporter Robert Ginsburg noted that Western stockpiles had been quietly shrinking while demand increased, particularly in sectors such as missile guidance systems, semiconductors, and wind turbine shafts. He reported that China processed close to 90% of the world's tungsten, and that price increases of approximately 30% over the past two years had pushed some reserves in the U.S. and Europe to decade-low levels. Ginsburg added, "Market logic has now been overtaken by security logic," particularly as governments moved to integrate critical minerals policy with foreign affairs and supply chain management.

On September 6, Bloomberg reported that U.S. President Donald Trump had exempted tungsten from a slate of global tariffs through executive order. The directive, which included exemptions for uranium and gold bullion as well, was described in the official order as "necessary and appropriate to deal with the national emergency" related to trade imbalances. Bloomberg stated that the move "could also speed implementation of bespoke trade deals between the U.S. and other countries," aiming to secure access to minerals critical to defense, aerospace, and electronics sectors. The article noted that tungsten was among several obscure metals prioritized for exemption due to their absence in domestic production.

According to a September 15 report from Discovery Alert, tungsten's strategic role stemmed from its extreme physical properties, including the highest melting point of any metal and exceptional hardness. The report emphasized that these features made it "virtually impossible to replace in critical applications."

Citing the U.S. Geological Survey's 2024 Critical Minerals List, the publication stated that tungsten's designation as a critical material came from both its economic and national security significance. Discovery Alert also reported that global mine production in 2023 was approximately 84,000 metric tons, with China accounting for 82% of that total. The report outlined sectoral demand patterns, with about 40% of tungsten use in industrial tooling, 15% in electronics, and 10% in automotive parts. It further highlighted the U.S. Department of Defense's classification of tungsten as "defense-critical," reinforcing its status as a key material for armor-piercing munitions, hypersonic weapons, and ballistic systems.

These sources collectively illustrated a tungsten sector under transformation, shaped by mounting demand, concentrated supply, and national security imperatives. With China's dominant position in global production and recent policy decisions introducing new export restrictions, policymakers across allied nations continued to emphasize the importance of sourcing tungsten from conflict-free and politically stable jurisdictions. This environment reinforced the material's evolving role as a strategic asset embedded within broader industrial, environmental, and geopolitical frameworks.

Analyst Assesses Technical Breakout Following Early Trading

On August 22, 2025, John Newell of John Newell & Associates provided technical commentary on Allied Critical Metals exclusively to Streetwise Reports. He noted that the company's stock was showing signs of forming an early-stage uptrend shortly after its market debut.

"Allied Critical Metals is establishing a new uptrend from a fresh listing, with clear support at higher lows and a defined initial target at CA$0.45," Newell wrote. He acknowledged the limited trading history but described the technical setup as constructive, pointing to "a healthy pullback to support, light-volume consolidation, and a defined uptrend line guiding price higher." Newell issued a Speculative Buy rating.

The stock reached the CA$0.45 target on September 3, 2025, and closed the following day at CA$0.52.

Allied Eyes Northern and Western Extensions for Continued Growth

The expansion of the mineralized envelope at the Santa Helena Breccia is expected to guide future exploration. The recent results, particularly from holes Bo_RC_17/25 and Bo_RC_22/25, suggest potential for further growth both laterally and at depth. The Company has indicated that these vectors will inform targeting decisions for the next phase of drilling, which is fully funded and scheduled for Q4 2025.

Allied's focus on wolframite mineralization, which is more cost-effective to process than scheelite due to its suitability for gravity and magnetic separation, positions the project to remain competitive at grades as low as 0.20% WO₃. The company's strategic alignment with NATO and EU supply chain goals was highlighted by statements from General (Ret.) James A. "Spider" Marks, who noted that expanding the resource is essential for meeting defense and industrial demands in the West.

Broader sector context reinforces the significance of these developments. According to Allied's investor materials, China currently accounts for 84% of global tungsten production, and recent export restrictions have contributed to the material's price rise. The United States has not produced tungsten domestically since 2015 and has enacted legislation to prohibit Chinese tungsten in military applications beginning in 2027.

The Borralha Project's advancing development aligns with the European Union's Critical Raw Materials Act (CRMA), which seeks to source at least 10% of strategic minerals domestically by 2030. With infrastructure in place and offtake agreements under discussion, Allied Critical Metals appears to be positioning its Portuguese assets within a tightening global tungsten market. The company expects to complete an updated MRE and PEA following the next phase of drilling. 

Ownership and Share Structure

Insiders own approximately 16% of Allied, according to the company. About 10% is held by institutions and institutional investors and the rest is held by retail shareholders.

The company has 128 million common shares issued and outstanding and 134.05 million common shares on a fully diluted basis. Approximately 39.5 million shares are considered part of the public float and are available for trading. Its market cap is CA$65 million. Its 52-week range is CA$0.20–CA$070 per share.