Mining Company Clears Major Hurdle for Move to Canada's Premier Venture Exchange

1. Allied Critical Minerals Inc. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
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 Minerals Inc.
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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 the TSX Venture Exchange has conditionally accepted the company's application to list its common shares as a Tier 1 Mining Issuer under the symbol "ACM." Final approval remains subject to the company satisfying customary listing conditions and the receipt by the TSX Venture Exchange of all required documentation. The company stated there can be no assurance that final approval will be obtained or that the listing will be completed as proposed or at all.

Chief Executive Officer Roy Bonnell said in a company news release, "We are pleased to have received conditional approval from the TSX-V. We believe that a TSX-V 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. We look forward to enhancing our capital markets profile by increasing our investor relations efforts and achieving our strategic objectives."

In connection with the proposed listing, Allied intends to voluntarily delist its shares from the Canadian Securities Exchange, subject to applicable CSE requirements. The delisting is expected to become effective once trading of the company's shares begins on the TSX Venture Exchange.

Why Tungsten Is Back in the Spotlight

A May 21 report from Marketplace said tungsten had become increasingly important across manufacturing industries, particularly for applications requiring high heat resistance. The report noted that China controlled roughly 80% of the world's tungsten supply and that trade tensions between the United States and China had contributed to sharp price increases. According to CRU Group, tungsten prices had risen 300% over the previous year.

Chris Blench, chief executive officer of Mavericks Manufacturing Partners, told Marketplace that tungsten's heat resistance made it particularly valuable in industrial applications. "And so that makes it ideal for handling the temperatures required to melt other metals without it melting itself," he said. Blench added that tungsten electrodes were commonly used in welding for the energy and defense sectors, stating, "All of our aircraft, missile systems, the nuclear power plants for submarines and aircraft carriers, they'll use a lot of this particular kind of a process, using tungsten."

The report also cited Nicola Sanesi, senior analyst with CRU Group, who said demand had increased because of defense-related activity. "China has implemented export restrictions, meaning that only those who get a license can actually sell tungsten overseas," Sanesi said. Leah Fahy, senior China economist with Capital Economics, said China had sought to retain supplies of tungsten and other critical metals, adding, "But equally, the other key thing is that it's been used as a bargaining tool, and a way of causing pain to the U.S. and the U.S.'s allies."

A June 29 report from Fastmarkets said the tungsten market had become "less globalized and more fragmented" as domestic Chinese prices diverged from export markets following export controls. The publication reported that domestic Chinese ammonium paratungstate prices had begun to decouple from export prices because restricted access to supply had weakened the traditional relationship between the two markets.

Fastmarkets quoted one trader as saying, "The arbitrage mechanism that once linked domestic Chinese prices to international markets is becoming less effective." A tungsten industry participant added, "The mid and downstream customers [outside China] are desperate for material and are unable to obtain it, and are thus paying higher prices at the moment."

The report also cited Aditya Aggarwal, deputy chief executive officer of Masan High-Tech Materials, who said, "I would say the correlation between China and non-China prices has broken down materially," adding that "the tungsten demand-supply dynamics have changed materially in the past 15 months." Fastmarkets analyst Emre Uzun said the market had historically been "more supply-side-driven than demand-driven" amid supply security concerns and tightening trade policy restrictions.

Writing on June 30, Bloomberg Opinion described tungsten as "a preternaturally tough metal used to harden bullets, shells, and armor plating" and said it had become part of a broader effort by governments to secure supplies of critical minerals. The publication stated that prices had increased nearly eightfold since the start of 2025 and that tungsten had drawn increased attention as countries focused on supply chain security.

Bloomberg also noted that the tungsten market remained relatively small compared with other mined commodities, stating that approximately 85,000 metric tons of tungsten were mined worldwide each year. The publication wrote that "the world's waking up to the fact that if any one country controls a commodity, it's a high risk for the whole world," quoting Brendan Moore, co-owner of a U.S. manufacturing company.

Perspective on Project Economics

According to comments Thibaut Lepouttre of Caesar's Report made to Streetwise Reports, the Borralha project had previously generated limited interest while tungsten prices remained between US$3,000 and US$3,200 per mtu. He said stronger tungsten prices and renewed attention on the sector had improved the project's economic outlook.

Lepouttre said the project's base case used a tungsten price assumption of US$1,000 per mtu, producing an after-tax net present value, discounted at 8%, of CA$475 million. At US$1,500 per mtu, he said the after-tax net present value could approach CA$1 billion. He also identified Borralha as a European project positioned to support domestic tungsten production.

Project Development Milestones

The company presentation states that the Borralha Tungsten Project holds a Mining Rights Concession License and an updated mineral resource estimate effective Nov. 19, 2025, including a measured and indicated resource of 13.0 million tonnes grading 0.21% WO3 and an inferred resource of 7.7 million tonnes grading 0.18% WO3. The project also has historical production from 1904 to 1985 of wolframite concentrate at an average grade of 66%.

The presentation states that an initial preliminary economic assessment for Borralha was announced in March 2026. It also notes that a fully funded 20,000-meter drill program is underway at the project, targeting resource expansion and potential mine life extension beyond the initial 11-year plan. The company also states that an Environmental Impact Declaration was received in January 2026 and that Borralha is advancing through Portugal's mine licensing pathway under APA and DGEG.

For the Vila Verde Tungsten-Tin Project, the presentation states that the mineral license is being converted from an exploration license to an experimental mining license, allowing for up to 150,000 tonnes per annum of mineralized material until a full-scale mining license is granted following completion of the feasibility study. Quarry permitting would allow for processing 150,000 tonnes per annum initially, with the potential to expand to 300,000 tonnes per annum.

The presentation also states that construction and operations for the Vila Verde pilot plant are estimated to begin in 2026. Under the current design parameters, the plant is expected to have a production capacity of 150,000 tonnes per year, resulting in 250 tonnes of WO3 annually, with the possibility of increasing capacity to 300,000 tonnes per annum. The company states the pilot plant has an estimated capital cost of US$7.9 million, plus US$2.9 million for a later expansion, intended to be funded through non-dilutionary sources. 

According to the presentation, the company has an off-take agreement for 50% of Vila Verde pilot plant production at a 2026 floor price of US$1,000 per mtu. The presentation also states that a letter of intent has been signed with Global Tungsten & Powders for the sale of tungsten concentrate and that discussions are ongoing with other refineries.

Ownership & Share Information¹

Allied Critical Metals Inc. has a market cap of CA$331.23 million, with 170.41 million shares outstanding. The company's 52-week range is CA$0.20-CA$2.46.

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