Portugal Drill Hit Reveals One of the Years Highest-Grade Tungsten Intercepts

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) has announced assay results from its ongoing 2025 drilling campaign at the Borralha Tungsten Project in northern Portugal, confirming the presence of ultra high-grade tungsten mineralization along the Santa Helena Breccia system. The highlight intercept from drill hole Bo_RC_25 returned 18.0 meters grading 0.85% tungsten trioxide (WO₃), including 4.0 meters at 3.72% WO₃. This zone, located 35 meters down-dip of the previously reported Bo_RC_14, confirms and expands the high-grade mineralization first identified in September 2025.

Additional holes Bo_RC_20 and Bo_RC_29 intersected 18.0 meters of 0.29% WO₃ and 10.0 meters of 0.27% WO₃ respectively, supporting mineralization continuity along the strike and dip of the system. The company has now completed 4,210 meters of the planned 5,625-meter Phase 1 reverse-circulation (RC) drill program. The drilling has focused on both infill and step-out targets to support an updated Mineral Resource Estimate (MRE), scheduled for release in Q4 2025, followed by a Preliminary Economic Assessment (PEA) in Q1 2026.

According to Allied CEO Roy Bonnell in the news release, "The confirmation of the very high-grade tungsten zone from Bo_RC_14 by Bo_RC_25 underscores the strength and continuity of the Santa Helena Breccia system on the Borralha property." Vítor Arezes, Vice President Exploration, added that Bo_RC_25 "not only confirmed the Bo_RC_14 intercept but expanded it – an important validation of our updated geological model and structural interpretation."

Tungsten pricing has continued to strengthen, recently reaching US$700 per metric tonne unit (MTU) for ammonium paratungstate (APT), up approximately 70% over the past six months amid tightening global supply and increasing demand across sectors including defense, semiconductors, and electric vehicles.

Also, on November 19, Allied announced a major update to the Borralha Mineral Resource Estimate. The company reported a Measured and Indicated resource of 13.0 million tonnes grading 0.21% WO₃, and an Inferred resource of 7.7 million tonnes at 0.18% WO₃. The update, which incorporates data from the 2025 RC drill campaign, reflects a significant increase over the 2024 estimate and confirms strong mineralization continuity across the Santa Helena Breccia. Management emphasized that the system remains open in multiple directions, with final metallurgical test results and a Preliminary Economic Assessment expected in the first quarter of 2026.

"The confirmation of the very high-grade tungsten zone from Bo_RC_14 by Bo_RC_25 underscores the strength and continuity of the Santa Helena Breccia system on the Borralha property," said Roy Bonnell in the latest announcement.

Tungsten Sector Aligns Critical Mineral Strategy with Historic Production Base

Tungsten continues to occupy a strategic position in the global supply chain as policymakers, researchers, and industry participants work to secure access to this critical mineral. According to an October 13 report by Chemanalyst, prices in China remained stable despite subdued trading activity. The analysis cited "policy-driven supply restrictions and consistent industrial demand" as supporting factors and noted a "cautiously optimistic view for tungsten prices" amid tight availability.

An October 21 market analysis from Maximize Market Research projected continued growth for the tungsten sector, estimating that global market value will rise from US$5.55 billion in 2023 to US$9.51 billion by 2030. The study attributed the growth to tungsten's defining properties — including "density, hardness, and thermal resistance" — that support its use in aerospace, automotive, electronics, and cutting tools. The report also emphasized the role of "recyclability and durability" in sustaining long-term demand, particularly as investment increases in powder metallurgy and composite materials.

Bloomberg reported on October 23 that the U.S. government was backing efforts to help a domestic company secure access to a major tungsten deposit in Kazakhstan. While no equity interest was involved, the initiative reportedly included financial support. Kazakhstan holds more than 2 million tons of estimated tungsten reserves, offering a potential supply alternative at a time when China dominates the global value chain.

On November 11, Nature.com highlighted the geopolitical significance of tungsten as nations intensify efforts to secure critical mineral supply chains. The article emphasized the metal's role in defense, clean energy, and high-tech manufacturing, noting that "tungsten's unique combination of density, durability, and high-temperature stability has made it indispensable to both military and civilian technologies." The piece also underscored the strategic urgency behind Western government initiatives, pointing to recent policy shifts and public–private partnerships aimed at reducing dependence on dominant producers such as China and Russia.

Technical Analysis Underscores Uptrend in Allied Critical Metals Since Listing

In an exclusive August 22 commentary, John Newell of John Newell & Associates observed early signs of an uptrend in Allied Critical Metals following its market debut. He pointed to "clear support at higher lows" and identified a technical target of CA$0.45, highlighting a constructive setup marked by low-volume consolidation, a pullback to support, and the formation of a rising trend line.

Allied Critical Metals reached the CA$0.45 target on September 3 and closed at CA$0.52 on September 4. The stock continued to build momentum through the fall, bolstered by investor interest and favorable market conditions in the critical minerals sector. 

Strategic Expansion Within a Tightening Global Tungsten Market

Allied Critical Metals is positioning its Borralha Project as a key contributor to Europe's tungsten supply chain amid growing demand and limited non-Chinese production. With past production dating back to 1904 and a historic average concentrate grade of 66% WO₃, Borralha is one of Western Europe's most advanced brownfield tungsten assets. The project is currently progressing through the Environmental Impact Assessment process with Portuguese authorities and holds a Mining Rights Concession License allowing for bulk sampling.

The March 2024 Mineral Resource Estimate outlines indicated resources of 4.98 million tonnes grading 0.22% WO₃ and inferred resources of 7.01 million tonnes at 0.20% WO₃. Notably, these also contain by-products of copper and silver. The company has signed a letter of intent with Global Tungsten & Powders in the United States for offtake of tungsten concentrate and is in discussions with other global refiners.

Allied has also advanced permitting at its Vila Verde Tungsten-Tin Project, which includes historical resources and a pilot plant construction timeline targeting Q4 2025. Processing will focus on gravimetric and magnetic separation of wolframite, and the company plans a 150,000 tonne-per-year initial capacity, expandable to 300,000 tonnes. Pilot plant capital costs are estimated at US$7.9 million, with an additional US$2.9 million for expansion, and are intended to be financed through non-dilutive sources.

The company's expansion is aligned with NATO and EU efforts to reduce reliance on Chinese and Russian tungsten supply. Through its U.S. subsidiary, Allied Critical Metals (USA), Inc., the company is focused on distributing tungsten to American defense, aerospace, and manufacturing sectors, bolstered by a board that includes Maj. Gen. (Ret.) James A. "Spider" Marks and former U.S. Homeland Security Secretary Kirstjen Nielsen. 

Ownership and Share Structure¹

Insiders own approximately 31% of Allied. About 16% is held by institutions and institutional investors, and the rest is held by retail shareholders.

The company has 160 million common shares issued and outstanding and 216.63 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$102 million. Its 52-week range is CA$0.20–CA$0.89 per share.