Canadian Miner Uncovers Massive Tungsten Portugal Potential

1. Allied Critical Minerals 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.
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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.

Tungsten, a niche and incredibly strong critical metal, has skyrocketed in price in a 557% rally, reported at a high of US$3,150/mtu on March 27, 2026. The critical metal price has risen primarily due to trade restrictions from China, the world's top tungsten producer, and demands from the U.S.-Iran War. As one of the strongest metals on Earth, tungsten is necessary for waging effective warfare, being used in armor-piercing weaponry and missiles. Even before the U.S.-Iran War began, tungsten was in high demand due to the Russian war with Ukraine.

Investor News wrote in January of this year that, "Without tungsten, the modern military-industrial machine quite literally grinds to a halt." Tungsten is also critical for creating connections in semiconductor chips, and even as a filament in lightbulbs.

Evelyn Cheng for CNBC interviewed Christopher Ecclestone, Principal and Mining Strategist at Hallgarten & Company, on March 31, 2026. He said, "Tungsten and helium prices have been surging, but you don't have anyone on the buy side saying, 'Oh my goodness, we don't have enough product. Defense contractors should have warehouses of tungsten, but they don't. The world has gotten lazy. It thinks life is like a supermarket, the product is a pack of cornflakes or a few tons of sulfuric acid. The supermarket of commodities has had a few of the aisles chopped down.'"

With China's trade rules unstable, the U.S. is struggling to fuel its demand. "Tungsten supply isn't keeping up with demand. Last February, the Chinese government slapped export controls on tungsten in response to the U.S.-instigated trade war. Chinese shipments were down about 40% last year, not only due to export restrictions, but because of diminished ore quality," reported Ahead of the Herd on March 26, 2026. The article states that the U.S. hasn't produced any tungsten on its own since 2015.

The tungsten market has been on the rise this year and currently shows no signs of stopping.

Canadian Tungsten Co. Positioning to Drill

Allied Critical Metals Inc. (ACM:CSE; ACMIF:OTCQB; 0VJ0:FSE), a Canadian mining company, is attempting to provide answers for the tungsten shortage in the West with its Borralha Tungsten Project in the north of Portugal. On March 10, 2026, Allied Critical Metals released additional results from its Preliminary Economic Assessment (PEA) of Borralha.

Roy Bonnell, CEO and Director of Allied, said, "Following the release of our initial PEA for the Borralha Project, we received strong investor interest in additional project-level detail. This supplementary disclosure highlights the Project's capital efficiency, strong annual cash generation, and well-developed infrastructure platform. Importantly, the underlying economics of the PEA remain unchanged, while the additional payback presentation provides another useful reference point for investors evaluating project returns and the strong leverage the Borralha Project has to tungsten prices."

The original PEA announcement was evaluated with three pricing frameworks: "The Base case of CA$962/mtu WO₃ (US$704/mtu WO₃), CA$1,365/mtu WO₃ (US$1,000/mtu WO₃), and CA$2,049/mtu WO₃ (US$1,500/mtu WO₃), while mine design and cut-off grade selection were developed using a conservative tungsten price assumption of CA$900/mtu WO₃ (US$659/mtu WO₃)."

The company also released an updated Mineral Resource Estimate (MRE) based on the testing of 41 drill holes and 400 meters of surface testing at the San Helena Breccia at Borralha. Based on the PEA and MRE, Allied Critical Metals expects the life-of-mine capital to be around US$178 million, with initial capital hitting US$91.5 million and sustaining capital of US$87 million.

Allied to Produce for the US and the EU

Thibaut Lepouttre of Ceasar's Report gave Streetwise Reports a quote, saying, "While the project has been around for a while, but never gained momentum when the tungsten price was US$300-375 per mtu, the current renewed interest and sky-high tungsten price make Borralha's economics very attractive. The company used CA$1000/mtu in its base case scenario (which is 1/3rd of the current spot price), and this yielded an after-tax NPV8% of CA$475M, increasing to almost CA$1B at $1500/mtu. And thanks to the low initial capex, Borralha is establishing itself as one of Europe's best options to increase domestic tungsten production within the EU."

Catalysts

The company is also drilling its Vila Verde property for tin and tungsten deposits and expects to re-assay historical drilling in early 2026.

Once that is complete, Allied Critical Metals plans to construct Vila Verde's pilot plant in Q2, then launch a 1,250-meter drill program in Q3. If all goes according to plan, the company intends for the pilot plant to begin operations in Q4 2026.

Ownership & Share Structure¹

Allied Critical Metals Inc. has a market cap of CA$270.18 million, with 170.41 million shares outstanding. The company's 52-week range is CA$0.20-CA$1.60. Institutions own 15% of shares, while Management & Insiders own 31%. The remaining 54% of shares are Retail.