Nasdaq Move Puts This Tungsten Developer's U.S. Market Ambitions in Focus

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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 applied to list its common shares on the Nasdaq Capital Market as the company continues work on its Borralha and Vila Verde tungsten projects in Portugal.

The proposed Nasdaq listing remains subject to satisfaction of the exchange's listing requirements, receipt of required regulatory approvals, and completion of customary listing processes. The company said there can be no assurance that its application will be approved or that the listing will be completed.

Roy Bonnell, Chief Executive Officer of Allied, stated: "We believe that a Nasdaq listing will provide us with access to a broader investor base, increased sources of potential capital, increased research coverage from U.S. investment banks, and improved trading liquidity for Allied's common shares 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."

Allied is also continuing to work toward closing a US$15 million non-brokered private placement of common shares at US$2.05 per share with an existing strategic investor and a new strategic investor. The company said the existing strategic investor has reconfirmed its intention to backstop the contemplated investment by the new strategic investor.

Tungsten Market Reflects Supply Concentration and Broad Industrial Demand

According to a July 27 report from Fortune Business Insights, the global tungsten market was valued at US$5.43 billion in 2025 and US$5.78 billion in 2026. The report projected a market value of US$9.19 billion by 2034, representing a compound annual growth rate of 6.0% from 2026 through 2034. Asia Pacific accounted for 71.64% of the market in 2025.

Fortune Business Insights attributed tungsten demand to applications across mining, construction, automotive, aerospace, defense, and industrial equipment. The report identified growing use of wear-resistant tools and high-temperature components as a notable market trend, stating, "A prominent trend in the market is the rising demand for high-performance wear-resistant tools across the industrial sector." It also cited International Tungsten Industry Association data indicating that approximately 60% to 65% of tungsten consumed globally was used in cemented carbides for applications including cutting tools, drilling equipment, and wear-resistant industrial components.

Supply remained highly concentrated. Fortune Business Insights cited U.S. Geological Survey data showing that China accounted for about 79% of global tungsten mine production in 2025. The report said this concentration had created exposure to export controls, trade restrictions, and fluctuations in mining output, while development of new mines involved capital requirements, environmental compliance, and lengthy development timelines.

An August 10 report from the Times of India similarly described China as accounting for approximately 80% of global tungsten production. The report said tungsten's importance had increased alongside demand from defense, aerospace, and industrial sectors and described the metal as difficult to substitute in many applications. Kevin Moore, chair and chief financial officer of a U.S. critical-minerals developer discussed in the report, told the Financial Times, "This is not a mining story. It is a national security story."

The Times of India also reported that tungsten prices had increased by nearly 600% since early 2025 as demand from aerospace, weapons, and industrial tools had grown while global supply had tightened. The report said China's export controls had contributed to additional uncertainty surrounding supply. China's embassy in Washington said applications complying with relevant regulations would be granted licenses and that China remained committed to maintaining the stability of global supply chains.

Foundry Daily News reported on August 13 that the global tungsten market had been undergoing what it described as a "fundamental transformation," citing tighter Chinese export restrictions and China's increased emphasis on supplying its domestic industries. The report placed China's share of global tungsten mining at approximately 80% and said exports had declined substantially in recent years.

According to the report, tungsten prices had risen from approximately US$400 to US$450 per MTU to more than US$3,000 per MTU within a year. Citing INDUSTRIEMAGAZIN, Foundry Daily News said the market conditions were viewed "not as a temporary market disruption, but rather as the consequence of a geopolitical dependency that has been building for many years."

The August 13 report also identified recycling and diversified sourcing as components of tungsten supply strategies. It reported that one industrial user obtained approximately 89% of its tungsten from recycled material and said recycled tungsten had a carbon footprint four to five times lower than primary material mined from ore. Despite efforts to expand primary mining capacity, the report described recycling as a continuing cornerstone of raw-material sourcing alongside primary tungsten obtained from diversified suppliers.

Analysts Point to Near-Term Operations and Longer-Term Resource Potential

Ventum Capital Markets analyst Surya Sankarasubramanian reiterated a "Buy" rating on Allied Critical Metals in a June 18 report and increased the firm's price target to CA$2.95 from CA$2.75. The report was issued before Allied announced drilling results from the Venise Breccia.

Sankarasubramanian cited the different development profiles of the company's Vila Verde and Borralha projects in explaining the firm's view. "We like Allied because it offers near-term production potential through Vila Verde and longer-term scale potential through Borralha, where current exploration is poised to augment that potential," he wrote.

Diamond Equity Research subsequently maintained a CA$3.50 valuation for Allied in a July 13 company-sponsored research update, compared with a share price of CA$2.30 at the time. Analyst Hunter Diamond focused in part on the newly confirmed Venise Breccia and its relationship to the existing Borralha development plan.

The firm said the Venise Breccia represented another potential source of resource growth that was not included in the current plan for Borralha. Diamond Equity Research wrote that the discovery "meaningfully enhances Borralha's exploration profile by introducing an additional avenue for future resource growth beyond the assumptions incorporated in the current PEA."

The firm's CA$3.50 valuation did not assign any value to the Venise Breccia. Diamond Equity Research said the target remained at an early exploration stage and had not been incorporated into a compliant mineral resource estimate.

Diamond Equity Research based its valuation on a blended methodology consisting of a discounted cash flow-based net asset value analysis weighted at 75% and a comparable-company analysis weighted at 25%. The Borralha model used the project's 13.0-million-tonne measured and indicated resource as the principal operating base across an 11-year mine life. The 7.7-million-tonne inferred resource was treated as lower-confidence optionality for extending the mine life.

For Vila Verde, the firm modeled a near-term pilot plant operation with an initial throughput of 150,000 tonnes annually over a five-year period. Combining the two valuation methods resulted in an illustrative equity value of CA$629.04 million, equivalent to CA$3.50 per share, contingent on successful execution.

Diamond Equity Research disclosed that Allied Critical Metals paid US$50,000 for company-sponsored research services that began on April 30 and are billed annually.

Drilling, Permitting, and Pilot Plant Work Define Upcoming Milestones

At the Borralha Tungsten Project, Allied's 20,000-meter 2026 drill program is underway and is targeting resource expansion and potential mine-life extension beyond the 11-year initial mine plan described in the company's preliminary economic assessment. The presentation states that only about half of the Santa Helena Breccia zone has been drilled and identifies the breccia and broader property as priorities for upcoming work programs.

Borralha received its Environmental Impact Declaration in January 2026 and is advancing through Portugal's mine licensing pathway under APA and DGEG. The company's permitting schedule lists the Project of Execution and RECAPE, covering final engineering and environmental conformity, as advancing. The presentation lists construction and production at Borralha as targeting approximately 2027.

The Vila Verde mineral license is being converted from an exploration license to an experimental mining license. According to the presentation, the experimental mining framework allows for up to 150,000 tonnes per year of mineralized material until a full-scale mining license is granted following completion of the feasibility study. Quarry permitting would initially allow 150,000 tonnes per year, with potential expansion to 300,000 tonnes per year.

Construction of the Vila Verde pilot plant is scheduled to commence in 2026, with first tungsten concentrate production targeted for the fourth quarter of 2026. The plant is designed for a production capacity of 150,000 tonnes per year of mineralized material, with potential subsequent expansion to 300,000 tonnes per year. Tailings and alluvial material are expected to provide feedstock based on plant design parameters using an estimated average grade of 0.21% WO3. Processing is planned to include crushing and grinding, followed by gravimetric and magnetic concentration.

The pilot plant is supported by a binding US$15 million senior secured project financing bearing interest at SOFR plus 2.5% per year. The presentation also identifies a binding offtake agreement covering 50% of pilot plant tungsten concentrate production for five years, subject to a 2026 floor price of US$1,000 per mtu. The agreement provides flexibility for purchases by the U.S. Department of War and the Portuguese Ministry of Defense. Allied has also signed a letter of intent with Global Tungsten & Powders in Pennsylvania for the sale of tungsten concentrate and reported ongoing discussions with additional global refineries regarding the remaining production.

Ownership & Share Information¹

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.

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