20,000 Meters Into a Strategic Metal as Tungsten Drilling Accelerates in Europe

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, contractors, shareholders, 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.
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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 commenced a 20,000 meter drill campaign at its 100%-owned Borralha Tungsten Project in northern Portugal. According to the company, this fully funded 2026 exploration program will target multiple zones within the Borralha property, building on the 2025 drill results and a significantly expanded Mineral Resource Estimate (MRE) announced in late 2025.

The 2026 drill program includes core and reverse circulation drilling and is intended to support multiple objectives. These include step-out and infill drilling to upgrade the current resource estimate, further testing of the Santa Helena Breccia, and exploration of other mineralized zones. The program will also provide material for metallurgical test work and generate data to support the company's anticipated Preliminary Economic Assessment, which is targeted for completion in Q1 2026.

The company stated that drilling will also target the Venise Breccia, located north of Santa Helena, which is historically known for high-grade wolframite and molybdenum mineralization.

"We are excited to launch our most ambitious drill program to date at Borralha," said Roy Bonnell, CEO and Director of Allied, in a company news release. "With tungsten designated a strategic critical material in the European Union and the United States, this expanded 20,000-meter program will be a cornerstone of our efforts to define Borralha's resource potential and support advancing the project toward economic evaluation."

The Borralha project includes bulk mineralization zones as well as high-grade breccia corridors, and has already received regulatory milestones allowing progression through engineering and permitting phases. The company noted that recent work confirmed the system's scale and resource growth potential.

Tungsten's Role in Defense Supply Chains, Strategic Metals, and Institutional Allocation

In a January 21 sector analysis published by Tungsten for Stainless: Canada Minerals in 2026 – Driving the Future of Critical Technology & Industry, tungsten was described as a foundational input in advanced sectors such as defense, aerospace, electronics, and stainless steel manufacturing. The report stated that "tungsten accounts for over 90% of stainless steel's hardness additives in Canada's high-tech exports as of 2026," and emphasized the metal's role in corrosion resistance, extreme heat durability, and wear tolerance. Tungsten was identified as indispensable for applications ranging from cutting tools and turbine components to protective armor and radiation shielding. According to the report, Canada's tungsten reserves contribute significantly to global aerospace and defense output, with estimated contributions of up to 20% in those categories.

From a January 23 article from InvestorNews, tungsten's rise to the top of global strategic materials discussions was attributed to decades of stockpile depletion and new geopolitical realities. Christopher Ecclestone of Hallgarten + Company said that "Western governments... fell asleep at the wheel," allowing critical inventories to run down while attention shifted elsewhere. He described tungsten as "extraordinarily dense, extremely hard, essential for armor-piercing munitions and high-end tooling." Lewis Black noted that tungsten's value was "availability-driven," stating, "the amount of tungsten in an end product is so small that the consumer barely notices the cost; what matters is whether any reliable non-Chinese supply exists at all." The report also quoted Ecclestone saying that China had effectively told the world, "No more tungsten for you," in reference to recent export restrictions affecting global access.

Muflih Hidayat, in a January 27 report, reported that institutional investment behavior in the tungsten sector was examined through the lens of capital allocation psychology. The report stated that portfolio managers viewed tungsten exposure as a strategic hedge, noting that "risk premiums that exceed traditional commodity investment frameworks" were being applied due to supply chain concerns. Tungsten's "dual-use nature" in both military and civilian applications was described as generating "recession-resistant revenue streams," contributing to strong institutional interest. The article noted that "institutional confidence that long-term value creation would exceed immediate discount impacts" was evident in recent oversubscribed placements, underscoring a shift toward long-term positioning over short-term valuation sensitivity.

Updated Borralha Resource and Preliminary Assessment Plans

According to a December 9 Caesar's report titled Allied Critical Metals increases Borralha tungsten resource, Allied Critical Metals released an updated mineral resource estimate for its fully owned Borralha tungsten project in Portugal. The report stated that the project contained "13 million tonnes in the measured and indicated resource category at an average grade of 0.21% WO3, with an additional 7.7 million tonnes in the inferred resource category at an average grade of 0.18% WO3." It further noted that the measured and indicated resources hosted "27,000 tonnes of WO3, which represents approximately 2.7 million mtu," while the inferred category hosted "approximately 1.4 million mtu."

The same report commented on the development context, stating that "the resource remains open in multiple directions, so it will be interesting to see how many tonnes can be added further down the road." It also noted that the updated resource would be used for a Preliminary Economic Assessment, which "will be published in the first quarter of next year." Regarding the mine design, the report stated that "the mine plan will likely be based on a long-hole stoping approach," and that this was how "the 0.09% WO3 cutoff grade was established."

In terms of processing assumptions, the report said that "initial metallurgical results indicate a low-cost gravity flow sheet with a recovery rate of 75-85%." It also mentioned that "there is a chance to recover copper, tin, and silver as potential by-product credits," and added that "the impact of these by-products will hopefully already be visible in the Preliminary Economic Assessment."

Advancing Toward Economic Evaluation with Multiple 2026 Workstreams

Allied's 2026 drill campaign at Borralha is designed to complete approximately 20,000 meters of drilling across multiple target zones. Program objectives include expanding and upgrading the current Mineral Resource Estimate through step-out and infill drilling, collecting metallurgical material to support prefeasibility analysis, and generating data to support the company's Preliminary Economic Assessment, which is expected in Q1 2026.

Drilling will also test extensions of the Santa Helena Breccia and target the Venise Breccia, a historically recognized high-grade tungsten and molybdenum structure located to the north. These efforts follow a 2025 program that yielded significant intercepts, including what the company described as some of the largest tungsten intervals ever recorded. 

According to the company, updates, including initial drill results and revised resource modeling, will be released as data becomes available throughout the campaign. 

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 170 million common shares issued and outstanding and 214 million common shares on a fully diluted basis. Its market cap is ~CA$180 million. Its 52-week range is CA$0.20–CA$1.20 per share.