Allied Critical Metals has announced a transformational $40 million financing and off-take package for its Borralha and Vila Verde tungsten projects in northern Portugal, positioning the Vancouver-based company for initial production at its Vila Verde pilot plant by the fourth quarter of 2026 and a potential Nasdaq listing later this year.
The financing comprises a $25 million private placement at $2.05 per share, of which $10 million closed on 27 April 2026 with the remainder expected by mid-July, plus a separate $15 million project financing facility to fund construction of the Vila Verde pilot plant. The existing strategic investor has also entered into an off-take agreement covering 50% of tungsten concentrates produced at the pilot plant, underpinned by a floor price of $1,000 per metric tonne unit for 2026. Notably, the agreement includes flexibility for US Department of War agencies and Portuguese defence sector body IdD Portugal Defense — which has recognised the project as strategically important for Portugal, Europe and NATO supply chains — to purchase concentrates directly from the company.
Allied’s total available liquidity now stands at over $45 million, covering both pilot plant construction and stated operational objectives through 2026. Chief executive Roy Bonnell said being fully financed through to the end of 2027 one year into the company’s public life represented a strong position.
On the exchange front, Allied has applied for Tier 1 mining issuer listing on the TSX Venture Exchange, expected to complete within approximately four weeks. Upon completion, the company intends to file a Form F-10 registration statement with the US Securities and Exchange Commission to pursue a Nasdaq listing, aimed at broadening its shareholder base and enhancing share liquidity.
At the Borralha project, a 20,000 metre drilling campaign is underway with six rigs now mobilised, targeting completion by end of July. Drilling has intersected over 200 metres of breccia with multiple zones of visible wolframite, molybdenite and chalcopyrite mineralisation at the newly identified Venise Breccia target. First assay results are expected in early June. A preliminary economic assessment published in April outlined a net present value of $473 million and an internal rate of return of 48.8% at a medium tungsten price scenario of $1,000 per mtu, based on a resource of 13 million measured and indicated tonnes grading 0.21% tungsten trioxide. At the Vila Verde project, long-lead equipment procurement for the pilot plant has begun, with delivery of major packages targeted for late 2026 and commissioning to follow.
