Historic Tungsten Mine Gets New Economic Review as Fresh Report Is Filed

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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) announced that it has publicly filed a new technical report titled "Preliminary Economic Assessment – Borralha Tungsten Project, Parish of Salto, District of Vila Real, Portugal," dated effective April 14, 2026. The filing supports the results of the company's previously announced preliminary economic assessment for its 100% owned Borralha Tungsten Project in northern Portugal.

The technical report, available under the company's profile on SEDAR+, was prepared in accordance with National Instrument 43-101 standards. The report updates a prior technical report dated December 30, 2025 and was completed in support of the initial preliminary economic assessment of the Borralha property.

According to the report, the Borralha property comprises a past-producing tungsten-tin mine located in northern Portugal, approximately 40 km east of Braga and about 100 km northeast of Porto. The property includes Portuguese Mining License C-167, covering 382.48 hectares and encompassing the historic Borralha mine and surrounding mineralized areas.

The report states that mining operations at Borralha were conducted from 1903 until closure in 1985, with total production of wolframite and scheelite concentrates estimated at approximately 18,500 tonnes. Peak annual production occurred in 1955, when approximately 524.3 tonnes of concentrate were produced.

The technical report also describes the geological setting of the project, noting that mineralization occurs within quartz veins, intrusive breccias, and greisen systems associated with Hercynian-age granitic intrusions. The Santa Helena Breccia, located south of the Borralha River, is identified as a key exploration target and hosts polymetallic mineralization including tungsten, tin, copper, zinc, and molybdenum.

The report further outlines exploration activities completed on the property, including historical drilling programs and more recent work. As of the effective date, a total of 9,236 metres of combined drilling had been completed within the Santa Helena Breccia, including infill and step-out drilling. In 2026, the company initiated a new phase of exploration drilling comprising approximately 20,000 metres of core drilling focused on resource conversion and testing extensions of known mineralization.

The Borralha project is described as the company's principal property, and the report includes a comprehensive review of historical mining, geological interpretation, exploration data, and technical studies conducted to support the preliminary economic assessment.

Global Supply Concentration and Policy Moves Put Tungsten in Focus

Policy developments also drew attention as governments and industry groups examined supply security. Resource Recycling wrote on April 9 that a coalition had urged the U.S. Department of Commerce to consider export controls on tungsten scrap, arguing that material collected domestically was "being purchased at premium prices by foreign buyers and shipped offshore, reducing the supply available to domestic processors and end users." The report also noted that China's export controls had "added another layer of friction to an already concentrated market," with Reuters reporting that prices rose to their highest level since 2013 as supply tightened.

Demand trends across industrial sectors continued to support tungsten consumption. According to an April 9 report from Fortune Business Insights, the global tungsten market was valued at US$5.43 billion in 2025 and was projected to grow to US$9.19 billion by 2034. The report stated that the market was "progressing steadily as industries increasingly demand durable, high-performance materials for arduous operations," particularly across mining, construction, automotive, aerospace, and industrial equipment sectors.

Usage patterns highlighted tungsten's role in heavy industry and manufacturing. The International Tungsten Industry Association stated that "approximately 60–65% of tungsten consumed globally is used in cemented carbides," which are widely applied in cutting tools, drilling equipment, and wear-resistant components. The U.S. Geological Survey similarly reported that about 60% of global tungsten consumption was tied to these applications, reflecting the material's importance in mining, construction, and metalworking activities.

Supply concentration remained a structural constraint within the sector. Fortune Business Insights reported that China accounted for about 82% of global tungsten mine production in 2025, underscoring the reliance on a limited number of sources. The report stated that this concentration created "supply risks and price volatility for downstream industries," particularly in the context of export controls and trade restrictions.

Pricing dynamics also reflected tightening supply conditions. In an April 14 market update, tungsten prices were reported to have reached US$3,185 per metric ton unit, described as "90-year highs." The same report stated that current pricing levels were influenced by "strategic metal classification and supply chain security concerns," along with industrial demand from aerospace, defense, and energy sectors and limited global production capacity.

Expert Sees Strong Economics Backing Tungsten Project

Thibaut Lepouttre of Caesar's Report told Streetwise Reports, "While the project has been around for a while, but never gained momentum when the tungsten price was US$300-375 per mtu, the current renewed interest and sky-high tungsten price make Borralha's economics very attractive."

He noted that the company's base case scenario used a price of CA$1,000/mtu, yielding an after-tax NPV8% of CA$475M, which could nearly double to CA$1B at CA$1,500/mtu, highlighting Borralha as one of Europe's prime options for boosting domestic tungsten production.

Project Development and Work Programs

The company's current investor presentation outlined multiple development activities and timelines across its Borralha and Vila Verde projects. In the first quarter of 2026, Allied completed the preliminary economic assessment for Borralha and initiated a 20,000 metre drill program at the project targeting resource conversion and extensions within the Santa Helena Breccia and additional targets.

Borralha has received an Environmental Impact Declaration in January 2026, which allows the project to advance into detailed engineering and development. The project is progressing through Portugal's mine licensing process under relevant regulatory authorities.

At the Vila Verde project, the company is advancing a pilot plant strategy. Construction of the pilot plant is expected to begin in the second quarter of 2026, with operations targeted for 2026. The plant is designed with an initial capacity of 150,000 tonnes per year, with potential expansion to 300,000 tonnes per year.

Permitting progress at Vila Verde includes the advancement of an experimental mining license, which would allow for limited pilot mining and processing of up to approximately 150,000 tonnes per annum prior to obtaining a full mining license. The project also benefits from a pre-existing quarry operation that may support permitting and development. 

Additional exploration activities at Vila Verde include re-assay work on historical drilling data.

The company also reported that it has signed a letter of intent with Global Tungsten & Powders for the sale of tungsten concentrate and is engaged in ongoing discussions with other refineries globally regarding additional offtake arrangements.

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 171.53 million common shares issued and outstanding. Its market cap is CA$316.97 million. Its 52-week range is CA$0.20–CA$2.28 per share.