Allied Critical Metals Inc. (ACM:CSE; ACMIF:OTCQB; 0VJ0:FSE) announced that it has applied to list its common shares on the TSX Venture Exchange as a Tier 1 mining issuer. The listing application is subject to review by the TSX Venture Exchange and satisfaction of applicable listing requirements.
Roy Bonnell, CEO of Allied, stated, "We believe that a TSX Venture listing will provide us with improved access to capital markets as we focus on generating shareholder value by unlocking the potential of the Borralha Tungsten Project and Vila Verde Tungsten Project."
The company also reported the grant of 2,500,000 stock options at an exercise price of US$2.32 per common share, expiring after five years, along with 1,000,000 restricted share units issued to directors, officers, employees, and consultants. All awards vest immediately under the company's omnibus equity incentive plan and are subject to a four-month hold period.
Separately, Allied announced that Minerália - Minas, Geotecnia e Construções, Lda., as the registered title holder of the Borralha mineral concession held beneficially in trust for the company, has established the Social Monitoring and Advisory Committee of the Borralha Mine Project. The committee is intended to serve as a platform for stakeholder engagement, transparency, and community participation.
The committee includes representatives from the Municipality of Montalegre, the Parish of Salto, local community and cultural organizations, local farmers, common land representatives, the Salto Volunteer Fire Brigade, and academic representatives from the University of Minho. The initiative forms part of the company's Environmental Impact Declaration commitments and is intended to support monitoring of social, environmental, and economic impacts while facilitating ongoing dialogue with the local community.
Bonnell stated, "The establishment of this Committee is a very important step in the development of the Borralha Tungsten Project." João Barros, President and COO, added, "This initiative goes beyond regulatory compliance."
Tungsten Market Dynamics and Supply Constraints
According to a Reuters report published April 29, tungsten prices had moved into record-high territory, with ammonium paratungstate prices exceeding US$3,000 per metric ton, rising more than 200% since the start of the year. The report stated that supplies had been constrained by China's tightening export controls and increased military demand, noting that "supplies stretched thin" as these factors converged.
Reuters reported that China continued to dominate the global tungsten market and had implemented new export restrictions, including limiting the number of approved exporters for 2026 to 2027. The publication also noted that the United States currently had no active commercial tungsten mines, while some projects remained under development without a defined timeline for production.
The same report cited Project Blue, which estimated the global tungsten market at approximately 129,000 metric tons in 2025, and indicated that defense demand accounted for about 12% of the market. That share was expected to increase to roughly 15% between 2027 and 2028 as stockpile replenishment continued. Cristina Belda, senior analyst at Argus, stated that "defense-sector demand is growing about 8% annually," and added that defense consumption could eventually surpass automotive demand.
A separate April 29 release from DataM Intelligence described the tungsten-based materials market as expanding, noting that "the market is growing at a steady rate" and that increased activity by industry participants was contributing to continued development. The report outlined recent industry developments, including expanded production capacity for tungsten carbide tools and upgrades to tungsten processing facilities, reflecting demand from aerospace, defense, and precision manufacturing sectors.
An April 29 academic analysis published by The Conversation described tungsten as "a critical mineral for the world's militaries" and stated that ongoing geopolitical conflict had "drained munitions at an astonishing rate," placing additional pressure on supply. The publication noted that China produced around 80% of global tungsten and had imposed export controls and reduced mining quotas, which "limited tungsten availability" and introduced challenges for supply chains in Western markets.
The same analysis stated that tungsten production volumes remained relatively small compared to other metals, with global output estimated at approximately 84,000 tonnes annually. It also noted that tungsten is considered a minor metal and is not widely traded on major exchanges, which contributes to less transparent pricing. The publication further highlighted that "militaries around the world would grind to a halt without this strategically important element," reflecting its role in defense and high-temperature industrial applications.
Expert Commentary on Project Economics
Thibaut Lepouttre of Caesar's Report stated to Streetwise Reports that the Borralha project had previously lacked momentum when tungsten prices were in the range of US$300 to US$375 per mtu. He said that renewed interest in the sector, along with higher tungsten prices, has improved the project's economic profile.
Lepouttre noted that the company's base case scenario assumes a price of CA$1,000 per mtu, resulting in an after-tax NPV at an 8% discount rate of CA$475 million. He added that this figure could approach CA$1 billion at a price of CA$1,500 per mtu, and identified Borralha as a European project positioned to support domestic tungsten production.
Allied's Project Development and Operational Milestones
At the Borralha Tungsten Project, the company completed an initial Preliminary Economic Assessment in March 2026 and initiated a fully funded 20,000-meter drill program targeting resource expansion and potential mine life extension. The project received an Environmental Impact Declaration in January 2026, enabling progression into detailed engineering and development, and is advancing through Portugal's mine licensing pathway. The project is targeting construction and production, with permitting milestones including advancement of final engineering and environmental conformity steps and a granted 25-year mining exploitation license.
The Borralha project also reported results from a 2025 drilling program totaling 4,120 meters across 15 drill holes, along with additional drilling campaigns conducted in 2023 and 2024, supporting ongoing exploration activities.
At the Vila Verde Tungsten-Tin Project, the company is advancing toward execution of an experimental mining license with the Portuguese government, which would allow processing of up to 150,000 tonnes per year of mineralized material until a full-scale mining license is granted. Quarry permitting is expected to support an initial processing capacity of 150,000 tonnes per year, with potential expansion to 300,000 tonnes per year.
Streetwise Ownership Overview*
Allied Critical Metals Inc. (ACM:CSE; ACMIF:OTCQB; 0VJ0:FSE)
| Date | Old Symbol | Old Shares | New Symbol | New Shares |
|---|---|---|---|---|
| 04/30/25 | DEEP | 40 | ACM | 1 |
The company reported that construction of the Vila Verde pilot plant is scheduled to begin in 2026, with first tungsten concentrate production targeted for the fourth quarter of 2026. The plant is designed with a production capacity of 150,000 tonnes per year of mineralized material, utilizing crushing, grinding, and gravimetric and magnetic concentration processes.
Additionally, the company disclosed a binding off-take agreement covering 50 percent of pilot plant tungsten concentrate production for a five-year period at a 2026 floor price of US$1,000 per mtu. The agreement includes flexibility for purchases by the U.S. Department of War and the Portuguese Ministry of Defense. The company also signed a letter of intent with Global Tungsten & Powders for the sale of tungsten concentrate and is engaged in discussions with additional global refineries.
The Vila Verde project has also been supported by 17 historical diamond drill holes totaling 2,103 meters, which identified mineralized systems measuring approximately 2.1 kilometers by 1 kilometer and 1 kilometer by 500 meters in size.
Across both projects, the company has secured a US$40 million financing package, including US$15 million in project financing, to support development activities and operational progression.
Important Disclosures:
- 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 Minerals Inc.
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- 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.
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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.
