The tungsten sector is attracting fresh investor attention as global demand rises for this critical metal used in defense, manufacturing, and high-performance tools. Prices have climbed sharply due to supply constraints, creating a favorable backdrop for developers with assets in stable jurisdictions.
Allied Critical Metals Inc. (ACM:CSE; ACMIF:OTCQB; 0VJ0:FSE) stands out with two tungsten projects in northern Portugal that combine near-term production potential and longer-term scale. The company is executing a major drilling program that recently returned encouraging results from the Santa Helena breccia at its flagship Borralha project.
Why Allied Critical Metals Stands Out in the Current Market
The first assay results from its 2026 drilling campaign at the Santa Helena breccia, part of the Borralha tungsten project in northern Portugal, including 23.8 meters grading 0.68% WO3 from 24.0 meters estimated true width. These intercepts highlight the project's ability to deliver both high-grade zones and broad mineralized corridors suitable for bulk underground mining.
The company's strategy pairs resource expansion at Borralha with a pilot-scale operation at the nearby Vila Verde project. This dual approach offers investors exposure to both immediate development milestones and longer-term resource growth.
Key Investor Takeaways
- Strong initial 2026 drill results at Santa Helena confirm continuity of tungsten mineralization and support the existing resource model.
- Portugal-based assets benefit from Western supply-chain priorities and advancing permitting.
- Near-term pilot plant at Vila Verde is fully funded with off-take agreements in place.
- Analysts have issued Buy ratings and price targets above current levels.
- Large fully financed drill program underway with multiple rigs active at two breccia targets.
Unique Business Model and Project Advantages
The higher-grade tungsten occurs within broad mineralized corridors that are expected to support the Borralha project's planned bulk underground mining approach, which was outlined in the project's preliminary economic assessment dated effective April 14, 2026. "The first assay results from our 2026 Santa Helena drilling campaign continue to validate the geological and mineralization model that underpins the Borralha preliminary economic assessment," Roy Bonnell, chief executive officer and director of Allied Critical Metals, said in a company news release.
He added, "With six drill rigs currently operating and a seventh expected shortly, we are executing the largest drilling campaign in Borralha's recent history. Our strategy is twofold: continue expanding the long-term potential of the district through exploration at Venise while simultaneously increasing confidence in the Santa Helena mineral resource through infill, technical, and engineering drilling."
Industry Timing and Tungsten Market Trends
According to the June 29 Fortune Business Insights report, the global tungsten market was valued at US$5.43 billion in 2025 and was projected to reach US$5.78 billion in 2026 before growing to US$9.19 billion by 2034 at a compound annual growth rate of 6.0%. The report stated that the market had been supported by increasing demand for durable, high-performance materials used in mining, construction, automotive, aerospace, and industrial equipment.
Seeking Alpha wrote on July 15 that tungsten had become an increasingly important critical mineral as Western economies focused on strengthening supply chains. The publication said projects located in Western jurisdictions had become "highly sought after," while noting that "surging tungsten prices and Western supply chain concerns" had increased attention on the sector.
Writing on July 15 in Cutting Tool Engineering, Alan Richter examined the effect of higher tungsten prices on industrial manufacturers. According to the article, tungsten ammonium paratungstate prices had risen to about US$3,150 per metric ton, representing "an increase of 550% in the past 14 months," primarily because "China's export controls... created a significant supply bottleneck."
Analyst Views and Valuation
Ventum Capital Markets analyst Surya Sankarasubramanian reiterated a "Buy" rating on Allied Critical Metals on June 18 while increasing the firm's price target to CA$2.95 from CA$2.75.
Diamond Equity Research initiated coverage of Allied on June 22 with a CA$3.50 price target, modeling separate project-level forecasts for Borralha and Vila Verde.
Share Structure and Upcoming Catalysts
Allied Critical Metals Inc. has a market cap of CA$416.22 million, with 180.96 million shares outstanding. The company's 52-week range is CA$0.29-CA$2.46. 1Institutions own 16% of shares, while Management & Insiders own 31%. The remaining 53% of shares are held by Retail.
The company is also advancing the Vila Verde tungsten-tin project in northern Portugal. According to the presentation, the project is progressing toward an experimental mining license, with a pilot plant that is fully funded through a binding US$15 million senior secured project financing facility.
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:CSE | 40 | ACM:CSE | 1 |
The Borralha project is advancing under a mining rights concession license in northern Portugal and has an updated mineral resource estimate effective Nov. 19, 2025, comprising measured and indicated resources of 13.0 million tonnes grading 0.21% WO3 and inferred resources of 7.7 million tonnes grading 0.18% WO3.
Common Questions from Investors
What were the latest drill results at Santa Helena? The first hole returned 23.8 meters at 0.68% WO3, including 4.0 meters at 2.96% WO3, plus broader intervals of 57.6 meters at 0.30% WO3.
Where are the projects located? Both Borralha and Vila Verde are in northern Portugal, a stable European jurisdiction with advancing mine permitting.
What is the current drilling program size? A fully financed 20,000-meter campaign is underway with six rigs active and a seventh arriving soon.
How does Vila Verde differ from Borralha? Vila Verde targets near-term pilot production while Borralha represents the larger long-term development opportunity.
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Important Disclosures:
- Allied Critical Metals Inc. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
- 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.
- Jordan Nova 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.
