Mining Company Discovers Second High-Grade Tungsten-Molybdenum Deposit at Portugal Project

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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 results from the first drill hole at the Venise Breccia of its Borralha tungsten project in Portugal, establishing a high-grade tungsten-molybdenum discovery that was not previously part of its Preliminary Economic Assessment (PEA). The Venise Breccia is 400 meters northwest of the Santa Helena Breccia, which has so far been the company's sole known deposit.

The first drill hole intersected:

• 13.0 meters grading 1.00% WO₃ (tungsten), including 3.0 meters grading 4.15% WO₃
• 8.0 meters grading 0.61% WO₃ and 0.128% MoS₂ (molybdenum disulfide), including 5.0 meters grading 0.96% WO₃
• 6.0 meters grading 0.80% WO₃, including 1.0-meter grading 4.69% WO₃
• 21.0 meters grading 0.25% MoS₂, including 12.0 meters grading 0.30% MoS₂

Allied's company management has suspected that Borralha hosts multiple mineralized breccia systems, and the company believes that successful delineation of Venise could increase the scale, line life, and value of the entire Borralha project. The Venise discovery is being advanced as part of Allied's fully funded 20,000-meter drilling program at Borralha, which is the largest drilling campaign on the project in recent decades. Six drill rigs are currently operating across the property, with a seventh rig expected to be mobilized in the near future.

Roy Bonnell, CEO & Director, spoke of the results, saying, "These first assay results from the newly discovered Venise Breccia represent one of the most significant exploration successes at Borralha in recent decades. For the first time, we have confirmed a second high-grade tungsten-molybdenum breccia system outside the deposit that forms the basis of our current PEA. This discovery demonstrates that Borralha is evolving from a single-deposit development project into what may become one of the Western world's most significant tungsten districts."

Bonnell continued: "Perhaps most importantly, Venise is an entirely new ore body located only 400 meters from Santa Helena, the deposit that underpins our current PEA. This means we are now demonstrating the potential to grow Borralha beyond the project currently contemplated in our development plans. The fact that Venise displays a different mineralization style than Santa Helena also strengthens our geological model that Borralha is a much larger multi-phase tungsten-molybdenum system capable of hosting multiple mineralized breccias. With drilling continuing at both Venise and Santa Helena, we believe we are only beginning to unlock the full district-scale potential of Borralha."

Allied Critical Minerals Inc. is a Canadian mining company focused on tungsten production in Portugal.

Tungsten Critical for War

As one of the strongest metals in the world, with the highest melting point of all metals, tungsten's use in weaponry is critical in a time of war. China, Russia, and North Korea produce roughly 90% of the world's tungsten, which has left the U.S. scrambling to secure solid domestic supply sources since President Trump's tariffs sparked tension between the nations. As of January 1, 2027, a federal procurement rule will take effect that bans sourcing tungsten from China, Russia, Iran, and North Korea if it is to be used for U.S. defense operations.

The tungsten market as a whole is anticipated to grow from US$5.78 billion in 2026 to US$9.19 billion by 2034. The market is broad, with tungsten necessary for everything from weaponry to energy supply to lightbulbs. After experiencing a 667% rally earlier in 2026, this metal has stayed in high demand.

Analysts See Near-Term Production 

Analyst Surya Sankarasubramanian of Ventum Capital Markets reiterated a "Buy" rating for Allied on June 18, 2026, but raised its price target from CA$2.75 to CA$2.95. This rating was given prior to the release of the Venise Breccia data, which has only strengthened the company's position. Sankarasubramanian wrote: "We like Allied because it offers near-term production potential through Vila Verde and longer-term scale potential through Borralha, where current exploration is poised to augment that potential."

Later, on June 22, 2026, Diamond Equity Research initiated coverage on Allied, offering a CA$3.50 price target. The research report said: " he valuation incorporates separate project-level forecasts for Borralha and Vila Verde, with Borralha treated as the company’s core long-term development asset and Vila Verde modeled as a near-term pilot plant opportunity. For Borralha, we model the 13.0 Mt M&I resource as the core operating base over an 11- year mine life, while the 7.7 Mt inferred resource is treated as a separate, lower confidence mine-line extension optionality. For Vila Verde, we model a near-term pilot plant case with an initial throughput of 150,000 tpa over 5 years."

Drill Program Among 2026 Catalysts

Drilling is continuing to test the interpreted central and deeper portions of the Venise Breccia as part of Allied's 2026 20,000-meter drill campaign. Additional assay results will be released as they become available. Visual logging from ongoing drilling has continued to identify brecciation.

According to the company, " In parallel with the Venise exploration program, Allied continues to advance drilling at Santa Helena, the cornerstone deposit supporting the Borralha PEA. The current drilling program is focused on infill and testing extensions of the known mineralized breccia system, improving geological confidence and evaluating opportunities to expand mineral resources beyond the current mine plan."

Ownership & Share Information¹

Allied Critical Metals Inc. has a market cap of CA$416.22 million, with 180.96 million shares outstanding. The company's 52-week range is CA$0.29-CA$2.46.

Institutions own 16% of shares, while Management & Insiders own 31%. The remaining 53% of shares are held by Retail.