Tungsten Explorer Secures US$16.25M to Advance High-Grade Projects 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.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Allied Critical Metals Inc.
3. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
4.  This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

For additional disclosures, please click here.

1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Allied Critical Metals Inc. (ACM:CSE; ACMIF:OTCQB; 0VJ0:FSE) announced the closing of an upsized non-brokered private placement for gross proceeds of US$16.25 million. The offering consisted of 27,083,266 common shares at US$0.60 per share. The proceeds are intended to support ongoing exploration and development activities at the company's 100%-owned Borralha and Vila Verde tungsten projects in northern Portugal, as well as provide additional working capital.

The company issued the shares under the Listed Issuer Financing Exemption provisions of Canadian securities regulations. The offering was not subject to a hold period. In connection with the placement, Allied paid aggregate cash commissions of US$1.04 million and issued 1,738,328 finders warrants. Each warrant is exercisable at US$0.60 for a period of 24 months.

In a statement, CEO Roy Bonnell noted the significance of the financing: "Allied is now fully funded for completion of the mineral resource estimate later this year, followed by a preliminary economic assessment for Borralha in early 2026."

Concurrently, Allied released new drill results from its Borralha Tungsten Project. The results include 10.0 meters grading 1.11% WO₃ (tungsten trioxide), including 6.0 meters of 1.78% WO₃, from drill hole Bo_RC_16. This interval was part of a longer intercept of 90.0 meters at 0.24% WO₃. Additional assays include 74.0 meters at 0.12% WO₃ and 4.0 meters at 0.19% WO₃ from other recent holes. The results support continuity of mineralization within the Santa Helena Breccia and exceeded the company's internal expectations for several zones.

According to the company, 4,210 meters of the planned 5,625-meter reverse circulation drill campaign have been completed. The drill program supports the update of the National Instrument 43-101 Mineral Resource Estimate and a preliminary economic assessment, both scheduled for completion in late 2025 or early 2026.

Tungsten's Strategic Position Reinforced by Industrial Demand and Global Realignment

On October 13, Chemanalyst reported that policy-driven supply constraints and resilient industrial demand had kept Chinese tungsten prices stable despite subdued short-term activity. According to the update, "scarcity of resources and persistent end-use demand are driving a cautiously optimistic view for tungsten prices." The report noted that the U.S. Department of Defense had issued a US$6.2 million grant under the Defense Production Act to support development of the Pilot Mountain project in Nevada.

This move aligned with recent legislation that "prohibits the Pentagon from buying tungsten and other key materials from rival nations like China and Russia," with sourcing restrictions beginning at the mining stage as early as January 2027. The report also highlighted increased shipments from Rwanda and the expansion of U.S. processing capacity, including deliveries to Global Tungsten and Powders' facility in Pennsylvania.

According to an October 21 market study published by Maximize Market Research, the global tungsten market was valued at US$5.55 billion in 2023 and is projected to reach US$9.51 billion by 2030, driven by a compound annual growth rate of 8%. The report stated that tungsten's growth was supported by its "unique properties, including high density, hardness, and excellent heat resistance." These characteristics made it essential for use in cutting tools, aerospace components, and electronics.

The study added, "Applications in automotive, aerospace, and electronics sectors are accelerating adoption, while tungsten's recyclability and longevity enhance its market appeal." The report also referenced increased investment in powder metallurgy and tungsten-based composites as contributing to rising demand in defense and industrial automation.

Bloomberg, in an article dated October 23, reported that the U.S. government was backing efforts by a domestic firm to secure access to major tungsten deposits in Kazakhstan. The report quoted earlier analysis stating that "China has cultivated an overwhelming dominance across the entire tungsten supply chain, encompassing mining, processing, and export." Kazakhstan's reserves were estimated to exceed 2 million tons, and government officials described the country as having the potential to become a "major player in the global tungsten market." The U.S. government was reportedly willing to provide financing assistance but was not seeking an ownership stake in any resulting venture.

Analyst Identified Early Uptrend in Allied Critical Metals Following Initial Listing

On August 22, John Newell of John Newell & Associates provided a technical analysis of Allied Critical Metals in a commentary shared with Streetwise Reports. He stated that the stock was "establishing a new uptrend from a fresh listing, with clear support at higher lows and a defined initial target at CA$0.45." Newell assigned a Speculative Buy rating, citing constructive technical signals, including light-volume consolidation, a pullback to support, and a developing uptrend line.

The stock reached CA$0.45 on September 3 and closed at CA$0.52 on September 4. At the time of writing, it was trading around CA$0.69.

A Strong Position in a Rising Strategic Metal Market

Allied Critical Metals is advancing exploration and development across two brownfield tungsten projects in Portugal at a time when global tungsten prices have surged. The company's flagship Borralha project produced over 10,000 tonnes of wolframite concentrate between 1904 and 1985 and now hosts an indicated resource of 4.98 million tonnes grading 0.22% WO₃, along with an inferred resource of 7.01 million tonnes grading 0.20% WO₃.

Drilling at Borralha in 2025 has yielded some of the highest-grade tungsten intercepts reported in western jurisdictions, including 12.0 meters at 4.27% WO₃ and 6.0 meters at 8.39% WO₃. These results confirm a high-grade breccia corridor and are expected to inform ongoing resource and engineering studies.

The Vila Verde project, located approximately 45 kilometers southeast of Borralha, also holds a historical resource and is being evaluated for a pilot plant. Allied expects to complete technical preparation work and a preliminary economic assessment at Vila Verde in the first half of 2026. A signed letter of intent with Global Tungsten & Powders for concentrate offtake supports future commercialization plans.

With drilling progress continuing, a fully funded treasury, and development-stage projects in a critical mineral sector increasingly shaped by supply chain realignments, Allied Critical Metals remains active on multiple fronts within the tungsten market. The company aims to further define and potentially expand its resources at both projects while progressing toward technical and permitting milestones. 

Ownership and Share Structure¹

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.