Allied Critical Metals Inc. (ACM:CSE; ACMIF:OTCQB; 0VJ0:FSE) has reported additional assay results from its 2025 reverse circulation drilling campaign at the Borralha Tungsten Project in northern Portugal. The company announced that holes Bo-RC-27/25 and Bo-RC-28/25 confirmed a continuation of high-grade tungsten mineralization within the Santa Helena breccia (SHB), supporting and expanding on earlier results from the northwestern dip area.
Hole Bo-RC-27/25 returned 46.0 meters of 0.22% tungsten oxide (WO₃), including 22.0 meters of 0.35% WO₃ and a high-grade interval of 6.0 meters at 1.02% WO₃ from 228.0 meters depth. This intercept is among the most continuous and grade-consistent drilled to date in this zone. According to CEO Roy Bonnell in the announcement, "Borralha continues to exceed expectations… validating our interpretation of a broad, steeply dipping feeder system."
Hole Bo-RC-28/25, collared 50 meters northeast of a previous drill site, intersected multiple tungsten-bearing lenses. It returned 8.0 meters of 0.68% WO₃ from 90.0 meters depth, including 2.0 meters at 0.94% WO₃. An additional interval of 4.0 meters grading 0.42% WO₃ was encountered at 210.0 meters. These results confirmed the updip continuity of mineralization, indicating potential for shallow resource zones.
The Borralha project is one of the largest past-producing tungsten operations in Western Europe, with historic output of over 10,000 tonnes of wolframite concentrate at an average grade of 66% WO₃ between 1904 and 1985. The current drill campaign is focused on expanding the National Instrument 43-101 mineral resource estimate and informing an upcoming preliminary economic assessment.
As of the latest update, 4,210 meters of the planned 5,625-meter phase 1 drill campaign had been completed. Sampling and assay procedures were conducted using reverse circulation methods with stringent quality control, including the use of certified reference materials and duplicates.
All analytical work was performed by ALS Laboratories in Spain and Ireland, using methods including lithium borate fusion with inductively coupled plasma mass spectrometry (ICP-MS) and X-ray fluorescence (XRF) for overlimit tungsten assays. The data and geological interpretations were reviewed and approved by Vitor Arezes, Vice-President of Exploration, who is a qualified person under NI 43-101.
Tungsten Market Maintains Steady Demand as Governments Strengthen Supply Security
Recent activity across the tungsten sector underscores its growing importance in global supply chain strategy as countries seek to reduce dependence on single-source suppliers. On October 13, Chemanalyst reported that tungsten prices in China held steady amid limited trading volumes, supported by consistent industrial demand and ongoing supply restrictions linked to national policy. The publication described a "cautiously optimistic view for tungsten prices," citing stable consumption alongside constrained availability.
In the United States, the Department of Defense awarded a US$6.2 million grant under the Defense Production Act to advance the Pilot Mountain tungsten project in Nevada. The funding is part of broader initiatives aimed at strengthening domestic access to critical minerals in advance of new procurement rules taking effect in 2027. These rules will restrict the Pentagon from sourcing tungsten and other key materials from nations classified as adversarial, including China and Russia.
Chemanalyst also noted increased tungsten exports from Rwanda and expanding U.S. processing activity, including deliveries to Global Tungsten and Powders' facility in Pennsylvania.
A separate analysis by Maximize Market Research, published on October 21, valued the global tungsten market at US$5.55 billion in 2023, projecting growth to US$9.51 billion by 2030. The report linked this expansion to tungsten's high density, hardness, and heat resistance, which underpin its use in aerospace, automotive, electronics, and cutting-tool manufacturing. It further identified durability, recyclability, and growing adoption in powder metallurgy and composite materials as long-term market drivers.
On October 23, Bloomberg reported that the U.S. government is backing efforts to help a domestic firm secure access to tungsten resources in Kazakhstan. The initiative reportedly includes financing assistance rather than direct ownership, reflecting U.S. efforts to diversify its supply base. Kazakhstan is estimated to contain more than 2 million tonnes of tungsten reserves, representing a potential alternative to Chinese production, which continues to dominate global output.
On October 29, Fastmarkets reported that the U.S. tungsten market is entering a period of structural change, driven by defense-related funding, domestic mine development, and tightening global trade conditions. The publication noted that the Pentagon plans to spend up to US$1 billion on critical minerals stockpiling, with tungsten identified as a key material under review by the Defense Logistics Agency (DLA). The DLA has issued public requests for information signaling potential interest in purchasing approximately 1,700 tonnes of tungsten ores and concentrates — a move described by Guardian Metal Resources CEO Oliver Friesen as "a clear signal of how seriously the U.S. government is now treating tungsten supply security."
According to Fastmarkets, the heightened focus on defense and mineral independence has accelerated new project activity in Nevada and Idaho, where U.S.-based developers are working to reduce reliance on Chinese exports. The White House also announced a framework with Australia on October 20 to strengthen cooperation in the mining and processing of critical minerals, including tungsten. The report noted that this policy environment is reshaping the global supply chain, prompting new investment not only in the United States but also in allied jurisdictions that can serve as secure sources of supply.
Within that broader context, Fastmarkets referenced Allied Critical Metals' ongoing progress at its Borralha and Vila Verde projects in Portugal, where the company has advanced drilling and permitting while expanding its U.S. distribution through Allied USA in Nashville, Tennessee. These developments form part of a growing network of Western producers positioning to supply defense and industrial markets as Chinese exports tighten. Tungsten ammonium paratungstate (APT) prices in China were reported at US$620–670 per metric ton unit WO₃ on October 22, up 4% from the previous week, with traders attributing the increase to U.S. stockpiling activity and renewed geopolitical tensions. The publication concluded that the combination of new U.S. defense funding, emerging Western projects, and ongoing Chinese export restrictions has created a "race for supply security" across the global tungsten industry.
Analysis Highlights Continued Momentum in Allied Critical Metals Post-Listing
On August 22, John Newell of John Newell & Associates provided a technical analysis of Allied Critical Metals in a commentary shared with Streetwise Reports, noting that the stock was forming an early-stage uptrend following its initial listing. Newell identified "clear support at higher lows" and set an initial technical target of CA$0.45, describing the stock's setup as constructive due to light-volume consolidation, a pullback to support, and the establishment of a rising trend line.
Allied Critical Metals reached the CA$0.45 target on September 3 and closed at CA$0.52 the following day. The stock maintained upward momentum through the fall, supported by continued investor interest and sector-wide strength in critical minerals. As of November 7, 2025, Allied Critical Metals was trading at approximately CA$0.77.
Targeting a Strategic Role in Europe's Tungsten Supply Chain
The Borralha Tungsten Project continues to advance amid broader geopolitical and industrial shifts that have increased global focus on securing critical mineral supply. With China currently accounting for approximately 84% of global tungsten mine production and the United States no longer producing tungsten domestically, Allied's position in Portugal, within the European Union and NATO, offers strategic advantages, as outlined in the company's investor presentation.
Tungsten is classified as a defence-critical raw material under the EU's Critical Raw Materials Act (2024/1252). It plays an essential role in the production of semiconductors, electric vehicles, cutting tools, and military-grade armor and munitions. According to the company, recent pricing for tungsten ammonium paratungstate (APT) reached as high as US$685 per metric ton unit, reflecting rising demand and constrained supply.
Allied Critical Metals has also reported progress on environmental permitting, with the Borralha project currently under review by the Portuguese Environmental Agency and the Directorate-General for Energy and Geology. The company holds a mining concession license and is permitted to bulk sample up to 150,000 tonnes per year pending full mining approval.
Streetwise Ownership Overview*
Allied Critical Metals Inc. (ACM:CSE; ACMIF:OTCQB; 0VJ0:FSE)
Beyond Borralha, the company is advancing its Vila Verde Tungsten-Tin Project, which has a historical resource of 7.3 million tonnes. A pilot plant at Vila Verde is expected to begin construction in Q4 2025, with a design capacity of 150,000 tonnes per year. A letter of intent for tungsten concentrate offtake has been signed with Global Tungsten & Powders in Pennsylvania, supporting future commercialization.
Allied Critical Metals closed a CA$5.1 million financing in Q3 2025, following previous funding rounds and a listing on the Canadian Securities Exchange. An updated mineral resource estimate and preliminary economic assessment for Borralha are expected by Q1 2026.
Ownership and Share Structure1
Insiders own approximately 16% of Allied. About 10% is held by institutions and institutional investors, and the rest is held by retail shareholders.
The company has 128 million common shares issued and outstanding and 134.05 million common shares on a fully diluted basis. Approximately 39.5 million shares are considered part of the public float and are available for trading. Its market cap is CA$92 million. Its 52-week range is CA$0.20–CA$0.89 per share.
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Important Disclosures:
- Allied Critical Metals Inc. has a consulting relationship with Street Smart an affiliate of Streetwise Reports. Street Smart Clients pay a monthly consulting fee between US$8,000 and US$20,000.
- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Allied Critical Metals Inc.
- 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.
