Mining Company Uncovers High-Grade Tungsten in Portugal

1. Allied Critical Metals Inc. has a consulting relationship with Street Smart an affiliate of Streetwise Reports. Street Smart Clients pay a monthly consulting fee between US$8,000 and US$20,000.
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Allied Critical Metals Inc. (ACM:CSE; ACMIF:OTCQB; 0VJ0:FSE) has announced new assay results from its ongoing drill campaign at the Borralha Tungsten Project in northern Portugal, reporting high-grade tungsten intercepts from two reverse circulation (RC) drill holes. The results mark continued progress in the company's 2025 drilling program, which is designed to support resource expansion and upcoming economic studies at the past-producing site.

The company disclosed results from holes Bo_RC_21 and Bo_RC_26, targeting the Santa Helena Breccia (SHB) zone. Bo_RC_21, a step-out hole at the north edge of the SHB, intersected 42.0 meters grading 0.19% tungsten trioxide (WO₃), including 4.0 meters at 0.62% WO₃. Bo_RC_26, an infill hole in the north-central zone, returned 26.0 meters at 0.24% WO₃, including a higher-grade intercept of 2.0 meters at 2.02% WO₃.

According to CEO Roy Bonnell, "Bo_RC_21 confirms mineralization well beyond the current model, while Bo_RC_26 tightens the block model in a key zone."

As noted in the announcement, the company has completed 3,721 meters of RC drilling out of a planned 5,728 meters, with prior intercepts including 12.0 meters at 4.27% WO₃ and 100.0 meters at 0.21% WO₃. These results come ahead of an anticipated Mineral Resource Estimate (MRE) update in Q4 2025 and a Preliminary Economic Assessment (PEA). Borralha is classified as a brownfield site with historic production from 1904 to 1985 and hosts both indicated and inferred resources totaling over 12 million tonnes at average grades of 0.20% to 0.22% WO₃, along with copper and silver credits.

In its current campaign, Allied is combining step-out and infill drilling to validate the existing model while identifying potential extensions. The SHB zone, characterized as a breccia pipe system, accounts for a significant portion of the mineralization and remains only partially drilled. Ongoing work focuses on refining the geometry of mineralized corridors, especially where recent drilling has indicated higher-grade zones outside the previously defined model envelope.

Tungsten Sector Navigates Supply Constraints, Rising Demand, and Shifting Trade Dynamics

The tungsten industry continued to face a tightening supply landscape in September, according to a report from Shanghai Metals Market (SMM) dated September 12. The average transaction price for 65% grade black tungsten concentrate declined slightly to 285,500 yuan per standard ton as traders took profits amid elevated production costs. However, SMM emphasized that the fundamental mismatch between supply and demand remained unresolved, with volatility persisting across the market.

SMM highlighted that downstream smelters were still under pricing pressure, particularly Ammonium Paratungstate (APT) producers, who continued to absorb the cost of earlier high-priced concentrate purchases. The average cost of domestic APT was reported at 416,800 yuan per ton, while manufacturers operated at a loss across much of the sector.

Despite the spot correction, long-term contract pricing trended upward in early September. SMM noted that major producers raised quotes significantly, with Chongyi Zhangyuan Tungsten Industry Co. increasing its black tungsten concentrate price by 69,000 yuan per ton. Similar adjustments were made by Jiangxi Tungsten and Xiamen Tungsten, contributing to an overall firm pricing floor. The Ganzhou Tungsten Industry Association projected a month-on-month increase of 97,500 yuan per ton, reinforcing sustained institutional support for higher ore values.

A broader industry perspective was outlined in a September 25 study by Global Info Research, which estimated the global tungsten polishing liquid market at US$603 million in 2024 and forecast growth to US$994 million by 2031. The report projected a compound annual growth rate of 7.5%, citing demand across semiconductor segments including DRAM, 3D NAND, and logic ICs. Market trends were said to be influenced by regulatory policies, supply chain strategies, and ongoing advancements in precision technology.

The Global Info Research study also segmented the tungsten polishing liquid market by product type, regional demand, and end-use sector. It identified increased adoption of high-purity colloidal silica and fumed silica formulations, underlining tungsten's role in semiconductor and precision manufacturing. Regional dynamics were noted as a growing area of focus, with local infrastructure, consumer behavior, and policy incentives shaping market penetration.

Additional analysis from Grand View Research provided a long-term view of the sector from 2025 to 2033. The global tungsten market was valued at US$1.86 billion in 2024 and is projected to grow to US$2.84 billion by 2033, representing a CAGR of 4.7%. The study attributed demand growth to tungsten's broad application across aerospace, defense, automotive, construction, and electronics. Asia Pacific accounted for the largest share of global revenue at 54.1%, while the U.S. market was expected to expand at a 3.9% CAGR during the same period.

Grand View Research also highlighted tungsten carbide as a high-growth segment, driven by its performance in high-wear industrial environments. In 2025, demand was supported by expansion in electric vehicle manufacturing, aerospace output, and defense-related applications. Tungsten's utility in high-temperature aerospace components and armor-piercing ammunition continued to position it as a critical input for global technology and security infrastructure.

Analyst Notes Early Uptrend in Allied Critical Metals Following Market Debut

On August 22, John Newell of John Newell & Associates provided a technical assessment of Allied Critical Metals in commentary published by Streetwise Reports. According to Newell, the company's stock appeared to be forming the early stages of an upward trend shortly after its public listing.

"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 stated. While acknowledging the limited trading history, he described the technical indicators as constructive, citing a combination of light-volume consolidation, a healthy pullback to support, and a developing uptrend line. Newell assigned a Speculative Buy rating to the stock.

The stock subsequently reached the CA$0.45 target on September 3, 2025, and closed at CA$0.52 the following day. It is currently trading at the time of this article at around CA$0.72, surpassing the initial target.

Allied Advancing Toward Economic Studies and Mine Readiness

Allied Critical Metals is positioning its Borralha Project as a near-term tungsten supply source aligned with Western strategic priorities. The company is targeting several upcoming catalysts tied to its development timeline and tungsten market dynamics.

A key milestone will be the updated MRE for Borralha, scheduled for release in Q4 2025. This estimate is expected to incorporate results from the current drill program, which has already demonstrated both grade continuity and lateral extension. Following the MRE, Allied plans to publish a Preliminary Economic Assessment for Borralha by the end of 2025, offering the first economic overview of the project based on new drilling and metallurgical work.

In parallel, the company is progressing with permitting. Its mining license allows for bulk sampling of up to 150,000 tonnes per year and is currently under review by Portuguese regulators as part of the Environmental Impact Assessment process. The permitting path aligns with future plans to construct a one-million-tonne-per-year production plant.

Broader market conditions may also support Allied's strategy. Tungsten prices have increased significantly in 2025, with ammonium paratungstate (APT) reaching US$610 per metric ton unit (MTU) as of September 19. This is partly attributed to China's tightening of export controls, which has created new urgency for diversified supply chains among Western nations.

Additionally, Allied has signed a letter of intent with Global Tungsten & Powders in Pennsylvania for a future offtake agreement. The company's U.S. subsidiary continues to engage with American defense and manufacturing sectors, aiming to provide traceable tungsten products at a time when U.S. policy prohibits the use of Chinese tungsten in military equipment starting in 2027.

Taken together, the updated drill results, permitting progress, and sector positioning suggest Allied is moving steadily toward near-term production at Borralha, while responding to global concerns over tungsten supply chain resilience. 

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$92 million. Its 52-week range is CA$0.20–CA$0.89 per share.