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Broad Tungsten Zones Keep Emerging as Drilling Advances at Portugal Project

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Source: Streetwise Reports (9/22/26)

Allied Critical Metals Inc. (ACM:CSE; ACMIF:OTCQB; 0VJ0:FSE) reported four additional holes from its 2026 Borralha drilling campaign, including broad tungsten intervals at the Santa Helena Breccia.

Allied Critical Metals Inc. (ACM:CSE; ACMIF:OTCQB; 0VJ0:FSE) reported assay results from four additional drill holes completed during its 2026 drilling campaign at the Santa Helena Breccia at the Borralha Project in Portugal. The holes intersected broad tungsten mineralization within the current Mineral Resource envelope and provided additional drilling information for resource conversion, mine planning, geotechnical characterization, and metallurgical variability studies.

Drill hole Bo_19/26 returned 63.4 meters grading 0.16% WO₃ from 58.0 meters, including 45.5 meters grading 0.19% WO₃, 15.8 meters grading 0.36% WO₃, and 7.9 meters grading 0.45% WO₃. The reported 63.4-meter interval was an estimated true width.

Bo_18/26 returned an estimated true width of 43.4 meters grading 0.17% WO₃ from 112.0 meters, including 25.6 meters grading 0.25% WO₃ and 7.9 meters grading 0.38% WO₃. Bo_16/26 returned an estimated true width of 22.1 meters grading 0.10% WO₃ from 132.0 meters, including 11.0 meters grading 0.16% WO₃ and 1.8 meters grading 0.61% WO₃. Bo_14/26 returned an estimated true width of 7.9 meters grading 0.22% WO₃ from surface, including 2.0 meters grading 0.72% WO₃ from 6.0 meters.

The four holes were completed as part of Allied's ongoing, fully funded infill and technical drilling program within the Santa Helena Breccia. According to the company, the results were generally consistent with the geometry and grade distribution represented in the current Mineral Resource model. The mineralization consisted of broad mineralized intervals containing narrower higher-grade tungsten zones, a geometry the company said was consistent with the bulk underground mining approach evaluated in the Borralha preliminary economic assessment.

The latest results followed previously reported results from Bo_13/26, which intersected an estimated true width of 81.5 meters grading 0.22% WO₃ from surface. That interval included 57.6 meters grading 0.30% WO₃, 23.8 meters grading 0.68% WO₃, and 4.0 meters grading 2.96% WO₃.

"These latest results are encouraging to see as we move the Borralha Project beyond the PEA and progressively de-risk the Santa Helena Breccia," CEO and Director Roy Bonnell said. "We continue to intersect broad zones of tungsten mineralization containing meaningful higher-grade internal intervals, reinforcing our geological model and providing the additional technical information required for resource conversion, mine planning, geotechnical engineering, and metallurgical work."

The new results will be incorporated into Allied's geological database and used with existing drilling to further refine the geological and Mineral Resource models. Bo_15/26 and Bo_17/26 have also been completed primarily for geotechnical and mine-planning purposes. Bo_23/26 and Bo_26/26 have been completed with assays pending, while additional holes remain in progress.

Allied is also drilling the newly discovered Venise Breccia, approximately 400 meters northwest of Santa Helena. The initial discovery hole, Bo_BV_01b, returned multiple tungsten and molybdenum mineralized intervals, including 13.0 meters grading 1.00% WO₃ and an internal 3.0 meters grading 4.15% WO₃.

At Venise, Bo_BV_02b has been completed to approximately 775.9 meters and Bo_BV_04a to approximately 665.2 meters, with assays pending for both. Drilling is continuing in Bo_BV_05a and Bo_BV_06b. The program is testing the geometry, continuity, and depth extent of the newly identified breccia system.

"Importantly, Borralha is advancing on two fronts simultaneously," Bonnell said. "At the Santa Helena Breccia, we are systematically increasing confidence in the deposit that underpins our current development plan. Approximately 400 meters to the northwest, we continue drilling the newly discovered Venise Breccia, where our objective is to evaluate the potential for an additional mineralized system beyond the current PEA footprint."

Allied said additional assay results from both the Santa Helena and Venise breccias will be released as they become available and have been reviewed through the company's QA/QC procedures.

Tungsten Supply Tightens as Demand and Procurement Rules Reshape Market

S&P Global Energy's August Tungsten Market Report described tungsten as a "specialty and strategic metal" used in industrial machinery and defense applications. The report said tungsten APT CIF prices had risen from US$83/kg WO₃ in January to US$340/kg WO₃ in July. It is also estimated that China accounted for approximately 80% of current mine production and about 85% of APT production. S&P Global said the concentration of mining and refining capacity had made tungsten sourcing vulnerable to "geopolitical and supply chain risks."

Demand remained spread across industrial and strategic applications. S&P Global reported that cemented carbides accounted for nearly two-thirds of tungsten demand, connecting consumption with manufacturing, mining, and construction through cutting tools, drill bits, and wear-resistant components. Global first-use demand had reached approximately 162 kilotonnes of WO₃ in 2025, while the report projected approximately 2% annual growth through 2035. Defense, aerospace, and semiconductor applications accounted for smaller but strategically important sources of demand.

Ventum Capital Markets analyst Surya Sankarasubramanian reiterated his "Buy" rating and CA$2.95 price target on Allied Critical Metals in a September 18 research note.

The August report also identified constraints in supply outside China. S&P Global said ex-China refining capacity of approximately 42 kilotonnes of WO₃ exceeded current operating mine production, creating "structural dependence on imported refined products and recycled material."

It is estimated that 11 projects outside China could add nearly 20 kilotonnes of WO₃ in mine production capacity by 2030, while another approximately 20 kilotonnes of announced capacity had been stalled by economic or permitting challenges.

According to S&P Global's supply-demand analysis, available ex-China mine production totaled 22 kilotonnes of WO₃ in 2026, leaving a supply gap of approximately 21 kilotonnes. The report stated that meeting the announced concentrate project pipeline would require ex-China mine capacity "to more than double within two years."

Investing News Network reported on September 11 that China had produced 67,000 of the world's 85,000 metric tons of tungsten in 2025, while the United States had produced none and had recorded no domestic mine production since 2015. The report said Fastmarkets had assessed 50% to 70% WO₃ tungsten concentrate at US$750 to US$850 per metric tonne unit at the beginning of the year and at US$2,500 to US$2,800 per mtu since May 29. It characterized the change by stating, "The price has tripled in nine months."

Investing News Network also reported that China had said in December 2025 that only 15 firms would be authorized to export tungsten during 2026 and 2027 under its dual-use items catalog. It described the resulting international market as one in which "buyers outside China are competing for whatever those fifteen release."

The report also highlighted a change in U.S. defense procurement requirements scheduled for January 1, 2027. It said the country-of-origin test under DFARS 252.225-7052 for covered defense items would expand from the melt or production stage to the mine or ore stage, while recycled and scrap material would no longer reset country of origin. The covered countries were China, Russia, Iran, and North Korea. S&P Global had similarly reported in August that beginning January 1, 2027, U.S. defense procurement rules would prohibit defense contractors from sourcing tungsten metal powder and heavy alloys from China and other designated countries, which it said would increase demand for traceable alternative supply.

CNW Group reported on September 16 that tungsten concentrate had remained at US$2,500 to US$2,800 per metric tonne unit since May 29 after being assessed at US$750 to US$850 at the start of the year. The report tied supply availability to China's export authorization system, stating, "Everyone outside that list of fifteen is now competing for whatever is released."

CNW Group also noted the January 1, 2027, expansion of the U.S. defense procurement restriction to the mine or ore stage and said the change would turn sourcing into a more direct procurement issue for defense suppliers. The report stated, "Tungsten does not trade on a major exchange. There is no liquid futures curve to hedge against, and pricing is assessed rather than cleared," adding that buyers seeking compliant material had to locate suppliers and qualify the material.

The September 16 report also cited a Canadian policy measure aimed at mineral exploration. It said Canada had added tungsten to the minerals eligible for the Critical Mineral Exploration Tax Credit in Budget 2025, with Bill C-15 receiving Royal Assent on March 26. According to CNW Group, the measure provided a 30% credit on qualifying flow-through agreements entered into after November 4, 2025, and on or before March 31, 2027.

Analyst Sees Santa Helena Drilling as "Modestly Positive"

Ventum Capital Markets analyst Surya Sankarasubramanian reiterated his "Buy" rating and CA$2.95 price target on Allied Critical Metals in a September 18 research note following the latest Santa Helena drill results. He characterized the impact of the results as "Modestly Positive," noting that drilling continued to intersect tungsten mineralization consistent with the existing Santa Helena resource model.

Sankarasubramanian highlighted Bo_19/26, which returned 63.4 meters of estimated true width grading 0.16% WO₃. "It is positive that drilling continues to find high-grade internal zones and that the intercepted mineralization is consistent with the resource model," he wrote.

The analyst also emphasized the role of the infill program in advancing the resource. According to Sankarasubramanian, Inferred resources represented approximately 40% of the resource base used in the 2026 PEA and could not be used as reserves in more advanced studies. "Resource conversion is necessary for more advanced studies," he wrote, adding that "infilling Santa Helena is essential."

Ventum described the Borralha work as a "two-pronged approach," with exploration at Venise aimed at advancing it toward a resource that could be included in a future economic study, while work at Santa Helena remained focused on resource conversion, geotechnical work, and selective resource expansion drilling. Sankarasubramanian also noted that assays were pending from three completed holes, and four additional holes were in progress.

Ventum's CA$2.95 target was based on discounted cash flow analyses of the Borralha and Vila Verde projects. The firm applied multiples of 0.80 times and 0.65 times to project NAVPS estimates of CA$2.62 and CA$1.96, respectively, and calculated a corporate NAVPS of CA$3.03 after residual-resource value and corporate-level adjustments.

Diamond Equity Research retained a CA$3.50 valuation in a July 13 company-sponsored research update, when Allied's shares traded at CA$2.30. Analyst Hunter Diamond highlighted the newly identified Venise Breccia as an additional avenue for expanding Borralha's resource base beyond current development assumptions, writing that it "meaningfully enhances Borralha's exploration profile by introducing an additional avenue for future resource growth beyond the assumptions incorporated in the current PEA."

The CA$3.50 figure assigned no value to the Venise Breccia, which remained at an early exploration stage and was not yet in a compliant resource estimate. Diamond Equity disclosed that Allied paid US$50,000 for the sponsored research, billed annually.

Drilling, Technical Work, and Project Development Ahead

Allied's Q3 2026 presentation identified a fully funded 20,000-meter drill program at Borralha targeting resource expansion and potential mine-life extension beyond the initial 11-year plan in the PEA. The presentation also stated that mineralization at the Santa Helena Breccia remained open along strike at depth.

The presentation stated that only about half of the Santa Helena Breccia zone had been drilled and identified the remaining portion of the breccia and the broader property as priorities for upcoming work programs. The current Mineral Resource Estimate listed 13.0 million tonnes of Measured and Indicated resources grading 0.21% WO₃ and 7.7 million tonnes of Inferred resources grading 0.18% WO₃.

The Borralha Project received its Environmental Impact Declaration in January 2026, which the presentation said enabled progression into detailed engineering and development. The project was advancing through Portugal's mine licensing pathway under APA and DGEG.

The presentation's permitting schedule listed the Project of Execution and RECAPE stage for Borralha as advancing. It also showed that the Mining Exploitation License had been granted as a 25-year concession and listed construction and production as targeting approximately 2027.

The company's presentation also outlined work at its Vila Verde Tungsten-Tin Project. It stated that the mineral license was being converted from an exploration license to an experimental mining license, which would allow up to 150,000 tonnes per year of mineralized material until a full-scale mining license is granted following completion of a feasibility study. Quarry permitting would allow an initial 150,000 tonnes per year, with potential capacity of up to 300,000 tonnes per year.

For the Vila Verde pilot plant, the presentation listed construction commencing in 2026 and first tungsten concentrate production targeted for the fourth quarter of 2026. The plant was designed for 150,000 tonnes per year of mineralized material, with potential to subsequently increase capacity to 300,000 tonnes per year. The planned process consists of crushing and grinding, followed by gravimetric and magnetic concentration.

Streetwise Ownership Overview*

Allied Critical Metals Inc. (ACM:CSE; ACMIF:OTCQB; 0VJ0:FSE)

Restructures

Date	Old Symbol	Old Shares	New Symbol	New Shares
04/30/25	DEEP:CSE	40	ACM:CSE	1

^*Share Structure as of 7/17/2026

The presentation also identified a 1,250-meter Vila Verde drilling program for the third quarter of 2026 and listed re-assaying of historical Vila Verde drilling among its 2026 milestones. It separately listed the fourth quarter of 2026 for the beginning of Vila Verde pilot plant operations.

Ownership and Share Structure¹

Allied Critical Metals Inc. has a market cap of CA$350.61 million, with 180.72 million shares outstanding. The company's 52-week range is CA$0.33-CA$2.48.

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

Frequently Asked Questions

What were Allied Critical Metals' latest tungsten drill results at the Borralha Project?
Allied Critical Metals Inc. reported four additional holes from the Santa Helena Breccia at its Borralha tungsten project in Portugal. Bo_19/26 returned 63.4 meters grading 0.16% WO₃, including 15.8 meters grading 0.36% WO₃ and 7.9 meters grading 0.45% WO₃.

What did Allied Critical Metals report from drill hole Bo_18/26 at Borralha?
Bo_18/26 returned 43.4 meters grading 0.17% WO₃, including 25.6 meters grading 0.25% WO₃ and 7.9 meters grading 0.38% WO₃. The 43.4-meter interval represented the estimated true width.

What did Ventum Capital Markets say about Allied Critical Metals' latest drilling results?
Ventum Capital Markets analyst Surya Sankarasubramanian called the September 18 results "Modestly Positive" and said it was positive that drilling continued to identify high-grade internal zones while returning mineralization consistent with the Santa Helena resource model.

What is Ventum Capital Markets' price target for Allied Critical Metals stock?
Ventum reiterated its "Buy" rating and CA$2.95 target in its September 18 research report. The firm calculated a CA$3.03 corporate NAVPS, with its CA$2.95 target based on discounted cash flow analyses of the Borralha and Vila Verde projects.

Why is resource conversion important at Allied Critical Metals' Santa Helena Breccia?
Ventum estimated that Inferred resources represented approximately 40% of the resource base in the 2026 PEA. Sankarasubramanian wrote that those resources could not be used as reserves in more advanced studies and described infill drilling at Santa Helena as essential for resource conversion.

What is the Santa Helena Breccia at the Borralha tungsten project?
Santa Helena is the deposit that formed the basis of Allied Critical Metals' Borralha PEA. Current drilling is focused on resource conversion, geological model refinement, geotechnical characterization, metallurgical work, mine planning, and selective resource expansion.

What is the Venise Breccia discovery at the Borralha Project?
Venise is a newly discovered breccia approximately 400 meters northwest of Santa Helena. Discovery hole Bo_BV_01b returned multiple tungsten and molybdenum mineralized intervals, including 13.0 meters grading 1.00% WO₃ and 3.0 meters grading 4.15% WO₃. Ventum said Venise was being explored and advanced toward a resource that could be incorporated into a future economic study.

Are more Borralha tungsten drilling results expected?
Ventum reported on September 18 that assays were pending from three completed holes and that four additional holes were in progress.

What is happening in the tungsten market in 2026?
S&P Global Energy reported in August that tungsten APT CIF prices had increased from US$83/kg WO₃ in January to US$340/kg WO₃ in July. It also reported that China accounted for approximately 80% of current tungsten mine production and about 85% of APT production.

Is there a tungsten supply gap outside China?
S&P Global estimated available ex-China mine production of 22 kilotonnes of WO₃ in 2026, leaving a supply gap of approximately 21 kilotonnes of WO₃.

What have analysts said about Allied Critical Metals stock?
Ventum Capital Markets reiterated a "Buy" rating and CA$2.95 target on September 18. Diamond Equity Research maintained a CA$3.50 valuation in its July 13 company-sponsored research update.

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Important Disclosures:

Allied Critical Metals 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
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.

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