MINEX Forum

Tag: Allied Critical Metals

  • Allied Critical Metals Secures $40 Million Financing and Off-Take Deal for Portuguese Tungsten Projects as Nasdaq Listing Targeted

    Allied Critical Metals Secures $40 Million Financing and Off-Take Deal for Portuguese Tungsten Projects as Nasdaq Listing Targeted

    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.

  • Allied Critical Metals Intersects Significant Tungsten Mineralization at Borralha Project

    Allied Critical Metals Intersects Significant Tungsten Mineralization at Borralha Project

    Allied Critical Metals has reported a major drilling intersection at its Borralha Tungsten Project in northern Portugal, confirming over 200 metres of breccia-hosted tungsten mineralization at the newly defined Venise Breccia target.

    The discovery highlights a potentially extensive mineralized system, with visible wolframite identified alongside molybdenite and chalcopyrite within quartz-sulphide veining. These results are consistent with the company’s geological model and support the continuity of a historically recognised but previously underexplored breccia system.

    The Venise target is located approximately 400 metres from the Santa Helena Breccia deposit, which underpins the project’s current preliminary economic assessment. This proximity reinforces the potential for near-mine resource expansion and longer-term growth of the operation.

    The drilling forms part of a fully funded 20000 metre programme aimed at increasing the resource base, extending mine life, and scaling up the overall project. While the presence of visible mineralization is considered encouraging, the company emphasises that laboratory assay results will be required to confirm grade and economic viability.

    The findings also point to polymetallic potential, with associated molybdenum and copper mineralization suggesting similarities to other breccia-hosted systems in the district. This could further enhance the project’s strategic relevance as Europe seeks to strengthen its supply of critical minerals.

    The Venise Breccia is not yet included in the current resource estimate or mine plan, and further drilling is ongoing to determine the scale and continuity of mineralization. Nonetheless, early results support the company’s strategy of applying modern exploration techniques to historically identified targets.

    As exploration progresses, the Borralha Project is increasingly viewed as a potential district-scale tungsten system, with strategic importance for European and NATO-aligned supply chains amid rising global demand and strong tungsten pricing.

  • Allied Critical Metals Highlights Strong Cash Flow and Rapid Payback at Borralha Tungsten Project

    Allied Critical Metals Highlights Strong Cash Flow and Rapid Payback at Borralha Tungsten Project

    Allied Critical Metals has released additional economic and technical details from the Preliminary Economic Assessment (PEA) of its Borralha tungsten project in northern Portugal, highlighting strong cash flow potential, rapid capital recovery and capital-efficient development.

    The company confirmed that the previously announced project economics remain unchanged, including an after-tax net present value (NPV) of $473.4 million and an internal rate of return (IRR) of 48.8% based on a tungsten price of $1,000 per metric tonne unit (mtu) of WO₃.

    Under this scenario, the project is expected to achieve payback in approximately 2.2 years from the start of commercial production, equivalent to about 4.2 years from the beginning of construction.

    The underground tungsten project requires initial capital investment of about $124.2 million (US$91 million). The development plan incorporates a compact infrastructure layout designed to support efficient underground mining and processing operations.

    According to the PEA, the project could generate average annual revenue of approximately $184.9 million and average annual EBITDA of about $104.1 million over the initial mine plan at the $1,000/mtu WO₃ price assumption. Average annual free cash flow is estimated at roughly $70.5 million.

    The economic outlook strengthens significantly at higher tungsten prices. At $1,500/mtu WO₃, the project’s after-tax IRR increases to 78.4% and NPV rises to $963.8 million.

    The current mine plan is based on an initial production period of 11 years with average annual output of about 1,708 tonnes of WO₃ concentrate. Processing capacity is expected to reach approximately 1.4 million tonnes of ore per year with an average grade of about 0.20% WO₃.

    Tungsten accounts for around 96% of the project’s economic value, with minor contributions from copper and tin.

    Infrastructure for the project includes a planned connection to Portugal’s national power grid through a 60 kV line, water supply and recycling systems, road access, and a paste backfill facility designed to support underground operations while minimizing environmental impact.

    The project will produce tungsten concentrate grading about 65% WO₃ using a gravity-dominant processing flowsheet, which reduces metallurgical complexity and operating costs.

    The current resource estimate for the Santa Helena Breccia deposit includes 13.0 million tonnes of measured and indicated resources at 0.21% WO₃, along with 7.7 million tonnes of inferred resources at 0.18% WO₃.

    Allied Critical Metals is currently conducting a fully funded 20,000-metre drilling program aimed at expanding the mineral resource, upgrading inferred resources to higher confidence categories and potentially extending the mine life beyond the initial 11-year production plan.

  • Allied Critical Metals Launches 20,000 m Drilling Campaign at Borralha Tungsten Project in Portugal

    Allied Critical Metals Launches 20,000 m Drilling Campaign at Borralha Tungsten Project in Portugal

    Allied Critical Metals has launched a fully funded 20,000 metre drilling programme at its wholly owned Borralha Tungsten Project in northern Portugal, marking the company’s most ambitious exploration campaign at the site to date.

    The 2026 programme is designed to build on strong drill results delivered in 2025 and to further define the scale and grade of tungsten mineralisation ahead of economic studies and potential resource expansion. Drilling will combine core and reverse circulation methods across several priority target zones within the Borralha licence area.

    The campaign will focus on step-out and infill drilling aimed at expanding and upgrading the existing mineral resource estimate, which was significantly increased in late 2025. Additional work will test extensions of the Santa Helena Breccia and other prospective zones identified during recent exploration, while also targeting the Venise Breccia north of Santa Helena, a historically recognised high-grade structure associated with wolframite and molybdenum mineralisation.

    Material collected during drilling will also be used for advanced metallurgical testing to support prefeasibility work and economic modelling. The programme is expected to generate key inputs for a Preliminary Economic Assessment that the company is targeting for completion in the first quarter of 2026.

    According to Allied, recent exploration has confirmed both bulk-style mineralisation and higher-grade corridors that could be suitable for future underground mining. The project has already passed several regulatory milestones, allowing it to advance through detailed engineering and permitting stages alongside ongoing drilling.

    The Borralha project is considered one of the more advanced undeveloped tungsten assets in Western Europe. Tungsten is classified as a critical raw material in both the European Union and the United States, highlighting the strategic importance of projects that can contribute to supply diversification away from dominant producers.

  • Allied Critical Metals Reports Significant Resource Increase at Borralha Tungsten Project in Portugal

    Allied Critical Metals Reports Significant Resource Increase at Borralha Tungsten Project in Portugal

    Shares of Allied Critical Metals (CSE: ACM) surged on Thursday following the announcement of a major resource upgrade for its Borralha tungsten project in Portugal. The company revealed that the total resource at Borralha now stands at 13 million tonnes grading 0.21% WO₃ (tungsten trioxide) in the measured and indicated category, alongside 7.7 million tonnes grading 0.18% WO₃ in the inferred category. The update includes data from Phase 1 drilling conducted this year, focusing on the Santa Helena Breccia zone with 4,210 metres of drilling.

    This new estimate marks a significant improvement over the 2024 resource update, especially in the higher-confidence measured and indicated (M+I) category, which grew from just under 5 million tonnes to the current 13 million tonnes at the same grade. The inferred resource also saw an increase of 600,000 tonnes, though at a slightly lower grade.

    CEO Roy Bonnell described the updated resource as a “major milestone” for the Borralha project, calling it one of “Europe’s most compelling tungsten assets.” He highlighted the project’s continued success in producing record tungsten intercepts and expressed confidence in its future expansion. “With our next core drilling campaign set for early 2026, we are optimistic about further developments,” Bonnell stated.

    The Borralha project covers a 3.8-square-kilometre land package with a rich production history on its northern side. Between 1904 and 1985, the site produced over 10,280 tonnes of wolframite concentrate with an average grade of 66% WO₃.

    Looking ahead, Allied Critical Metals plans to complete a Preliminary Economic Assessment (PEA) for Borralha in the first quarter of 2026, coinciding with the expected completion of environmental and permitting processes. The company also holds the Vila Verde tungsten-tin project, located 45 km south of Borralha, which boasts a historical inferred resource of 7.3 million tonnes.

    Following the announcement, shares of Allied Critical Metals climbed 6.8%, bringing the company’s market capitalization to C$80.8 million ($57.3 million).

  • Allied Critical Metals Showcases High-Grade Borralha Tungsten Drill Hits; Plans Updated Resource in Q4 2025

    Allied Critical Metals Showcases High-Grade Borralha Tungsten Drill Hits; Plans Updated Resource in Q4 2025

    Allied Critical Metals Inc. (CSE: ACM; OTCQB: ACMIF; FSE: 0VJ0) has released highlighted intercepts from its 2023–2024 drilling at the 100%-owned Borralha Tungsten Project in northern Portugal, ahead of an updated Mineral Resource Report targeted for Q4 2025. The results—previously included in the company’s July 31, 2024 NI 43-101 technical report—cover 3,685 m across 16 holes focused on the Santa Helena Breccia (SHB).

    Notable intercepts include:

    • Bo_Met_01: 106.0 m (true width 80.4 m) @ 0.21% WO₃ from 60.0 m, incl. 5.0 m (3.8 m true) @ 0.60% WO₃.

    • Bo_Met_02a: 23.0 m (21.9 m true) @ 0.53% WO₃ from 62.0 m.

    • Bo_RC_02: 108.0 m (98.3 m true) @ 0.22% WO₃ from 26.0 m, incl. 16.0 m (14.6 m true) @ 0.63% WO₃.

    • Bo_RC_11: 38.0 m (29.5 m true) @ 0.56% WO₃ from 112.0 m, incl. 10.0 m (7.8 m true) @ 1.75% WO₃.

    • Bo_RC_12: 20.0 m (19.3 m true) @ 0.50% WO₃ from 82.0 m, incl. 12.0 m (11.6 m true) @ 0.78% WO₃; plus 2.0 m (1.8 m true) @ 5.79% WO₃ from 182.0 m and 12.0 m (10.8 m true) @ 0.40% WO₃ from 238.0 m, incl. 4.0 m (3.6 m true) @ 1.12% WO₃.

    The company also highlighted a Sept 4, 2025 intercept at Borralha of 12.0 m @ 4.27% WO₃, including 6.0 m @ 8.39% WO₃ from 252.0 m downhole—one of the highest-grade tungsten hits reported in Western exploration, particularly for wolframite mineralization.

    Allied invested ~US$4.1 million in 2023–2024 exploration and is continuing 2025 drilling at SHB, with ~5,700 m from this year expected in the upcoming resource update. Current NI 43-101 resources at Borralha stand at 4.98 Mt @ 0.22% WO₃ (Indicated) and 7.01 Mt @ 0.20% WO₃ (Inferred). Management positions Borralha as a significant undeveloped tungsten asset in the West, potentially offering near-term supply outside China and Russia.

    QA/QC protocols included ALS sample preparation (Seville) and ICP-MS analyses (Loughrea), insertion of certified reference materials and duplicates at 5% each, and re-analysis of over-limit tungsten via W-XRF. The program comprised PQ diamond and RC drilling; core from metallurgical holes was split between Wardell Armstrong (met testwork) and ALS (assay). The scientific and technical information was approved by Qualified Person Vítor Arezes, BSc, MIMMM (QMR), VP Exploration.

    Allied emphasized the processing advantages of wolframite over scheelite—gravity/magnetic separation with lower capex/opex and higher recoveries—supporting project economics at grades typical of Western benchmarks. The company underscores strategic alignment with NATO-friendly supply chains amid concentrated global tungsten production.

  • Allied Critical Metals Hits High-Grade Tungsten at Borralha, Strengthening Europe’s Strategic Supply

    Allied Critical Metals Hits High-Grade Tungsten at Borralha, Strengthening Europe’s Strategic Supply

    Allied Critical Metals Inc. (CSE: ACM; OTCQB: ACMIF; FSE: 0VJ0) has reported one of the highest-grade tungsten intercepts in Western exploration, marking a breakthrough at its 100%-owned Borralha Tungsten Project in northern Portugal.

    Drill hole Bo_RC_14/25 returned 12.0 metres at 4.27% WO₃, including 6.0 metres at 8.39% WO₃ from 252 metres downhole. The result confirms visual observations of massive wolframite and highlights a high-grade breccia corridor within the mineralized system. Allied says the intercept validates its geological model and positions Borralha among Europe’s most promising undeveloped tungsten assets.

    More than 2,500 metres of drilling across nine holes have been completed, with visible wolframite and chalcopyrite encountered in several holes. Drilling, temporarily paused in August due to fire season restrictions, resumed September 1 with two rigs, aiming to complete 4,200 metres in Phase 1. An additional 1,528 metres of fully funded drilling is scheduled for Q4 2025.

    The campaign is designed to expand and upgrade resources under NI 43-101, collect material for metallurgical testing at 65% WO₃ concentrate grades, and deliver a Mineral Resource Estimate (Q4 2025) and Preliminary Economic Assessment (PEA) by year-end.

    The update comes as tungsten prices surge to $545 USD/MTU, up 40% in four months, amid growing demand and tightening Chinese export controls.

    “Allied’s exceptional tungsten grades place Borralha among Europe’s most exciting critical mineral projects,” CEO Roy Bonnell said. “We are confident this will become a cornerstone asset for Western supply chains at a time of heightened strategic need.”

    Borralha, a past-producing tungsten district, is advancing through environmental permitting, with a final decision expected by late 2025 or early 2026. Tungsten is classified as a Critical and Strategic Raw Material by both the EU and the US, vital for defense, AI, and EV technologies.