Global demand for tungsten continues to climb as defense, aerospace, and industrial sectors require more of the hard metal used in cutting tools and high-temperature parts. Allied Critical Metals Inc. (ACM:CSE; ACMIF:OTCQB; 0VJ0:FSE) has positioned itself in this market by developing two projects in Portugal and recently 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.
Why Tungsten Supply Risks Create Opportunity for Diversified Producers
China controls roughly 80 percent of global tungsten mine output, leaving buyers exposed to export controls and sudden policy shifts. Recent reports show prices have jumped sharply from around US$400 per MTU to more than US$3,000 per MTU in a single year. According to a July 27 report from Fortune Business Insights, the market stood at US$5.43 billion in 2025 and is projected to reach US$9.19 billion by 2034 at a 6 percent compound annual growth rate. This concentration of supply and sustained industrial demand forms the backdrop for companies seeking new sources outside Asia.
Retail investors new to the sector should note that tungsten is measured in metric ton units (MTU), with one MTU equaling 10 kilograms of contained tungsten trioxide. The metal is difficult to substitute in cemented carbides that make up 60 to 65 percent of consumption, mainly for drilling equipment and wear-resistant components.
How Allied Critical Metals Differentiates Itself in the Tungsten Space
Allied Critical Metals is advancing two Portuguese assets that offer different timelines. Vila Verde targets near-term pilot production, while Borralha offers longer-term resource growth. Roy Bonnell, Chief Executive Officer of Allied, stated that a Nasdaq listing would open access to a wider U.S. investor base, more research coverage, and greater trading liquidity.
Key Investor Takeaways
- Allied Critical Metals is pursuing a Nasdaq listing to broaden its investor reach while both projects advance in Portugal.
- Vila Verde offers a funded pilot plant with the first concentrate targeted for late 2026 and a binding offtake agreement already in place.
- Borralha holds a 13-million-tonne measured and indicated resource and is undergoing a 20,000-meter drill program aimed at extending the 11-year mine plan.
- Analysts from Ventum Capital Markets and Diamond Equity Research maintain Buy ratings and price targets above the recent share price.
- The company is closing a US$15 million private placement with strategic investors to support development.
- Tungsten prices have risen sharply due to Chinese export limits, highlighting the value of non-Chinese supply sources.
Project Details and Near-Term Catalysts at Borralha and Vila Verde
At Borralha, only about half of the Santa Helena Breccia zone has been drilled so far. 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. A fully funded 20,000-meter program is now underway to expand resources beyond the current 11-year preliminary economic assessment mine life. The project received its Environmental Impact Declaration in January 2026 and is moving through Portugal's licensing steps toward potential construction in 2027.
Vila Verde is being converted from an exploration license to an experimental mining license that allows up to 150,000 tonnes per year initially. Construction of a pilot plant is scheduled to start in 2026, with the first tungsten concentrate production expected in the fourth quarter of that year. The plant design uses an average grade of 0.21 percent WO3 and will employ crushing, grinding, and gravimetric plus magnetic separation. A binding US$15 million senior secured financing at SOFR plus 2.5 percent supports the plant, and a five-year offtake agreement covers 50% of the pilot plant's tungsten concentrate production, with a US$1,000 per MTU floor price for calendar 2026, subject to customary price revisions.
Investors should understand that an experimental mining license provides a bridge to full production while feasibility work continues. The framework would allow limited production before a full mining license is granted, subject to the applicable regulatory requirements.
Analyst Views and Valuation Context
Ventum Capital Markets reiterated a Buy rating and raised its target to CA$2.95. The firm highlighted the complementary profiles of the two projects, with Vila Verde offering nearer-term cash flow potential and Borralha providing scale through resource expansion.
Diamond Equity Research maintained a CA$3.50 valuation using a blended discounted cash flow and comparable-company approach. The model assigns 75 percent weight to net asset value based on Borralha's 13-million-tonne measured and indicated resource and treats the inferred resource as an optional mine-life extension. No value was given to the newly identified Venise Breccia zone at this stage.
Share Structure and Market Position1
Allied Critical Metals has a market capitalization of CA$416.22 million with 180.96 million shares outstanding. The 52-week trading range spans CA$0.29 to CA$2.46. Institutions hold 16 percent, insiders and management hold 31 percent, and retail investors hold the remaining 53 percent. The company is also completing a US$15 million non-brokered placement at US$2.05 per share with an existing strategic investor prepared to backstop a new strategic investor.
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 |
Common Questions from Investors
What is the status of the Nasdaq listing application? The application has been submitted but remains subject to Nasdaq requirements, regulatory approvals, and standard listing processes, with no assurance of approval.
When could Vila Verde begin generating revenue? First tungsten concentrate production from the pilot plant is targeted for the fourth quarter of 2026, supported by existing financing and offtake agreements.
How does the Borralha drill program affect the current mine plan? The 20,000-meter program aims to expand the resource and potentially extend the 11-year preliminary economic assessment mine life beyond current estimates.
What portion of production is already committed under offtake? A binding agreement covers 50 percent of pilot plant output for five years at a US$1,000 per MTU floor price, with flexibility for defense-related purchases.
Why are tungsten prices rising so quickly? Tight Chinese export controls combined with steady demand from defense and industrial sectors have reduced available supply outside China, pushing prices sharply higher.
Retail investors evaluating Allied Critical Metals should weigh the execution risks inherent in permitting, financing, and production ramp-up against the backdrop of elevated tungsten prices and efforts to secure non-Chinese supply. The company's dual-project approach and Nasdaq application represent concrete steps toward broader market access and potential value creation, provided milestones are met on schedule.
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Important Disclosures:
- Allied Critical Metals Inc. is a billboard sponsor of Streetwise Reports. The company pays a monthly sponsorship fee of US$3,000–US$6,000 for banner advertising and an enhanced company profile page. Streetwise Reports’ editorial content is fully independent and is not influenced by sponsorship.
- 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.
