Mining Co. Announces Critical Financing Deal for Portugal Tungsten Mine

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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.

On April 24, 2026,  Allied Critical Metals Inc. (ACM:CSE; ACMIF:OTCQB; 0VJ0:FSE) announced a non-brokered private placement offering of common shares at the price of CA$2.05 per share with both existing and new strategic investors for gross proceeds of up to US$25 million. In addition, the existing strategic investor has agreed to provide the company with US$15 million to finance the building of the company's Vila Verde pilot project. In exchange, said strategic investor will be entitled to 50% of tungsten concentrate produced at the pilot plant. The Off-Take Agreement is subject to a floor price of US$1,000/mtu for the calendar year 2026, subject to customary price revisions.

The new strategic investor will invest US$25 million of the offering, subject to customary closing conditions. The existing strategic investor has agreed to back-stop the offering with the first tranche of US$10 million closing immediately — subject to approval of the CSE — with the remaining US$15 million closing by July 17, 2026.

Project terms for the Vila Verde pilot plant clarify that the investor will offer the company an aggregate principal of US$15 million via either a loan or bond issue for a term of 5 years. The interest is 2.5% per annum, and the facility will bear a 1% per year commitment fee on the unutilized and uncanceled portion of the facility. Finally, Allied Critical will pay an arrangement fee equal to 0.5% of the facility.

Roy Bonnell, CEO of Allied Critical Metals, said of the announcement, "We are pleased to announce that we have entered into a transformative financing package that will not only fast-track our production of tungsten concentrates but also solidify our balance sheet. The Pilot Plant at Vila Verde is on track this year to bring online tungsten concentrates to a global market that is starved for the metal. Securing two strategic investors validates our strategy of fast-tracking tungsten concentrate production and enables us to be fully funded until the mine construction of the Borralha Tungsten Project, both of which are significant milestones for our Company. In a world where tungsten is a precious resource and with pricing is above US$3,000/mtu, this financing is strong support for our plan to fast-track tungsten concentrate production."

Allied Critical Metals Inc. is a Canadian mining company focused on tungsten production in Portugal.

Tungsten Demand Soaring Amid War

A strategically crucial metal, Tungsten has been designated a critical raw material by the United States and the European Union due to its importance in defense, aerospace, manufacturing, automotive, electronics, and energy applications. Currently, China, Russia, and North Korea account for approximately 87% of global tungsten supply and reserves, causing Western nations to search for secure domestic sources.

"Rotterdam pricing for tungsten (APT) is at US$3185 per tonne, up 350% year-to-date and a circa 900% increase over the last 12 months," reported Kristie Batten for Stockhead on April 23, 2026. Batten called tungsten ". . . the best performing commodity this year."

In an interview with analysts William Jones and Reg Spencer, Batten asked about tungsten futures. The analysts said, "Our research suggests a limited new project pipeline, and with our forecast 47% demand growth to 2035, we expect the tungsten market to remain in structural deficit."

Tungsten is one of the hardest metals on Earth, making it a key necessity in military operations. The metal is used for weaponry and even in such small, taken-for-granted daily items as lightbulb filaments. On March 16, 2026, Muflih Hidayat wrote for Discovery Alert that, "Defense sector consumption represents the primary demand catalyst, with military tungsten applications projected to grow approximately 12% in 2026 according to industry estimates, forming a crucial component of modern defense critical materials requirements."

This year's 557% tungsten rally has shown that demand is not expected to wane.

Expert Call Economics 'Very Attractive'

Thibaut Lepouttre of Caesar's Report told Streetwise Reports, "While the project has been around for a while, it 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."

He noted that the company's base case scenario used a price of CA$1,000/mtu, yielding an after-tax NPV8% of CA$475M, which could nearly double to CA$1B at CA$1,500/mtu, highlighting Borralha as one of Europe's prime options for boosting domestic tungsten production.

A Busy 2H 2026

The company plans to begin building the facility at Vila Verde in Q2 2026. The first drawdown under the Pilot Plant will occur mid-Q3 2026.

Also in Q3, Allied Critical is expecting to launch an exploration at Villa Verde.

In Q4 2026, Vila Verde operations are expected to begin.

Ownership & Share Information¹

Allied Critical Metals Inc. has a market cap of CA$331.23 million, with 170.41 million shares outstanding.

The company's 52-week range is CA$0.20-CA$2.28.

Management & Insiders own 31% of shares, while Institutions own 16%.

The remaining 53% of shares are held by Retail.