Portugal Declares Major Tungsten Project a National Defense Priority

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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 received a formal Letter of Recognition from idD Portugal Defense designating its Borralha Tungsten Project as a strategic initiative of national importance. idD Portugal Defense is the Portuguese public entity responsible for overseeing the nation's defense industry and its related supply chains. The endorsement confirms Borralha's direct relevance to Portugal's and Europe's defense and industrial autonomy objectives.

According to the company, the recognition enhances the project's profile within key Portuguese ministries and may accelerate access to governmental support and funding mechanisms. João Barros, President and COO of Allied Critical Metals, stated in the news release, "We are honored that the Portuguese government recognizes Borralha's strategic contribution to the Defense Technological and Industrial Base." Barros also noted the company is increasing collaboration with government stakeholders as the project advances through its Environmental Impact Assessment process.

Located in northern Portugal, the Borralha Tungsten Project is a past-producing mine site that historically operated from 1904 to 1985. Allied has updated the project with a current National Instrument 43-101 (NI 43-101) technical report, which includes indicated resources of 4.98 million tonnes grading 0.22% tungsten trioxide (WO₃) and inferred resources of 7.01 million tonnes at 0.20% WO₃. Highlights from the company's 2025 drilling program include results such as 12.0 meters at 4.27% WO₃, including 6.0 meters at 8.39% WO₃.

The company also holds the Vila Verde Tungsten-Tin Project, a brownfield site located approximately 45 kilometers southeast of Borralha and is advancing plans for a pilot plant with an initial production capacity of 150,000 tonnes per year. A signed letter of intent for offtake with Global Tungsten & Powders in the U.S. is in place, with additional negotiations underway.

Tungsten Market Gains Momentum Amid Shifting Supply Chains and Steady Demand

Recent activity in the tungsten sector has highlighted its growing strategic importance as countries work to diversify supply chains and reduce dependence on foreign-controlled sources. On October 13, Chemanalyst reported that tungsten prices in China remained stable despite limited trading, supported by policy-driven supply restrictions and consistent industrial demand. The analysis described a "cautiously optimistic view for tungsten prices," citing constrained supply and stable consumption patterns.

In the United States, the Department of Defense awarded a US$6.2 million grant under the Defense Production Act to support the Pilot Mountain project in Nevada. This move reflects broader efforts to localize critical mineral supply chains ahead of new sourcing restrictions set to take effect in 2027, which will prohibit the Pentagon from procuring tungsten and other materials from China, Russia, and other adversarial nations. The report also referenced an increase in tungsten shipments from Rwanda and noted expanded domestic processing, including deliveries to Global Tungsten and Powders' facility in Pennsylvania.

A separate market study released by Maximize Market Research on October 21 valued the global tungsten market at US$5.55 billion in 2023, with projections reaching US$9.51 billion by 2030. The report attributed this growth to tungsten's density, hardness, and thermal resistance, which support its widespread use in aerospace, automotive, electronics, and industrial tooling. Recyclability and durability were also noted as factors increasing the metal's long-term appeal, alongside rising investment in powder metallurgy and tungsten-based composites.

On October 23, Bloomberg reported that the U.S. government is backing efforts to assist a domestic firm in gaining access to large tungsten deposits in Kazakhstan. While no ownership stake is involved, the support reportedly includes financing assistance. China continues to dominate the global tungsten supply chain, and Kazakhstan's reserves — estimated at over 2 million tons — position it as a potential alternative source.

Analysis Highlights Early Uptrend in Allied Critical Metals Post-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, noting that the stock was forming an early-stage uptrend following its initial listing. In commentary provided to Streetwise Reports, Newell observed "clear support at higher lows" and identified an initial technical target of CA$0.45. He described the stock's setup as constructive, citing signs such as light-volume consolidation, a pullback to support, and the development of an uptrend line.

Allied Critical Metals subsequently reached the CA$0.45 target on September 3 and closed at CA$0.52 the following day. As of the time of writing, the stock was trading near CA$0.70.

Strategic Alignment with European Defense Goals Puts Focus on Portuguese Supply

The recognition by idD Portugal Defense marks a notable development for Allied Critical Metals as it positions itself as a long-term tungsten supplier to Europe's defense and industrial sectors. The Borralha Project is undergoing the Environmental Impact Assessment process required under Portuguese mining legislation and the company intends to build a 1 million tonne per year processing plant on that property. 

Tungsten, classified as a critical mineral by both the European Union and the United States, is essential for high-performance applications across defense, semiconductors, aerospace, and electric vehicles. The endorsement may also facilitate strategic partnerships with original equipment manufacturers and defense contractors seeking stable, European-aligned tungsten sources.

As Allied continues development at Borralha and Vila Verde, the company has also expanded its footprint through its U.S. subsidiary, which is mandated to distribute tungsten to American defense, aerospace, and manufacturing customers. This cross-border alignment, coupled with recent capital raises totaling over US$9 million in 2025, positions the company to pursue its development pipeline with growing institutional support.

Ownership and Share Structure¹

Insiders own approximately 16% of Allied. 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.