As global industries race to secure critical raw materials, tungsten has emerged as one of the most important metals of the decade.
Used extensively in aerospace, defence, electronics, and renewable technologies, its unique properties make it indispensable—and increasingly scarce. With prices surging nearly 70 per cent in the past six months and supply chains tightening worldwide, investors are turning their attention to Europe, where new resource developments are reshaping the market landscape. One such project is making headlines for its significant resource growth and potential to become a cornerstone in the region’s tungsten supply.
Allied Critical Metals Inc. (TSX:ACM) has taken a major step forward in its mission to become a leading supplier of critical raw materials in Europe. The company recently announced a material increase in its mineral resource estimate (MRE) at the flagship Borralha Tungsten Project in northern Portugal, marking a transformative milestone for investors seeking exposure to the surging tungsten market.
This article is disseminated in partnership with Allied Critical Metals Inc. It is intended to inform investors and should not be taken as a recommendation or financial advice.
Updated mineral resource estimate: A game-changer
The latest MRE, effective November 16, 2025, incorporates results from ACM’s Phase 1 RC drilling campaign (4,210 metres) and confirms the Santa Helena Breccia as one of Europe’s largest undeveloped tungsten systems. Key highlights include:
- Measured and Indicated (M+I): 13.0 Mt at 0.21 per cent WO₃
- Inferred: 7.7 Mt at 0.18 per cent WO₃
- Cut-off grade: 0.09 per cent WO₃
This represents a major step change from the 2024 estimate of 4.98 Mt Indicated and 7.01 Mt Inferred, underscoring the scalability and long-life potential of Borralha.
Why this matters for investors
The timing of this resource upgrade could not be better. Tungsten prices have surged approximately 70 per cent in the past six months, currently trading between US$750-780/mtu, driven by tightening global supply and rising demand for critical raw materials in defense, aerospace, and renewable technologies. ACM’s strengthened resource base positions the company ahead of its preliminary economic assessment (PEA) in Q1 2026, a key catalyst for valuation growth.
Geological and metallurgical advantages
Drilling confirms Santa Helena as a large, subvertical collapse breccia, strongly mineralized in wolframite and ferberite, with accessory cassiterite, chalcopyrite, and silver sulphosalts. Metallurgical studies indicate:
- Gravity-dominant flowsheet with 75–85 per cent WO₃ recovery
- Low-cost processing leveraging coarse liberation of wolframite
- By-product upside (Cu-Sn-Ag) to be defined in the PEA
These factors support a scalable underground operation with strong continuity of mineralization and open extensions to the north and west, leaving room for further resource growth.
Leadership insights
In a media statement, Allied’s CEO, Roy Bonnell, called this updated MRE a major milestone for the Borralha Project.
“This updated MRE strengthens not only the technical foundation of the Borralha Project, but also our position within the ongoing environmental and permitting processes, with anticipated approvals in Q1, 2026,” he said. “It provides an excellent foundation to further build the MRE for our anticipated PEA in Q1 2026 by, among other things, pairing two or three holes to reach more mineralization which weren’t accessible with RC in this campaign. Alongside the drilling and geological work, our team has been advancing the Environmental Impact Assessment and navigating the extensive regulatory and administrative steps required in Portugal. Today’s results support the robustness of the project as we progress through these parallel workstreams. The combination of geological growth, improving confidence, and continued permitting momentum gives us a clear and responsible path forward toward development.”
November 2025 results
Allied Critical Metals has reported strong assay results from its 2025 Reverse Circulation drilling campaign at the Borralha project, confirming significant mineralization continuity in the Santa Helena Breccia (SHB). Recent holes, including Bo_RC_27/25 and Bo_RC_28/25, intersected thick zones of high-grade tungsten mineralization, extending the northwestern and up-dip areas of the SHB and validating the revised geological model. These findings reinforce the potential for substantial resource growth and support the upcoming MRE update in Q4 2025 and PEA in Q1 2026. Tungsten prices have surged to around $700/MTU APT, up nearly 70 per cent in six months, driven by rising demand and tightening global supply chains.
Additional drill holes, such as Bo_RC_25/25, Bo_RC_20/25, and Bo_RC_29/25, confirm ultra high-grade zones and continuity along the western dip of the SHB, linking previously discovered domains and expanding the mineralized system both along strike and at depth. With 4,210 metres drilled out of the planned 5,625-metre Phase 1 program, the campaign has successfully achieved its objectives of resource expansion, economic study support, and mine design integration.
Final assay results are expected soon, and these data will feed directly into the updated MRE and PEA, positioning Borralha as one of the most advanced tungsten projects in the Western world.
Next steps
Allied is advancing toward its maiden PEA with several initiatives underway:
- Completion of detailed metallurgy by Wardell Armstrong (UK)
- Engineering trade-off studies
- Phase 2 RC and diamond drilling targeting western and down-dip expansion
- Environmental and hydrogeological baseline programs
The investment case
With tungsten prices at multi-year highs and Allied’s resource base expanding significantly, the company is well-positioned to capitalize on Europe’s major push for critical mineral independence. The Borralha Project offers investors exposure to a large-scale, high-grade tungsten system with compelling economics and by-product potential.
Since the start of the year, Allied’s stock has surged an impressive 230 per cent. As the company moves toward its Q1 2026 PEA and continues to unlock value at Borralha, investors are encouraged to conduct thorough due diligence and consider ACM as a useful addition to their portfolio.
This is at a time in which tungsten companies are garnering massive interest from the investment community. Most notably Almonty Industries (TSX: AII) is currently trading with a market cap of over $2 billion. Allied is positioning itself to be the next high profile producer.
Join the discussion: Find out what the Bullboards are saying aboutAllied Critical Metals and check out Stockhouse’s stock forums and message boards.
Stockhouse does not provide investment advice or recommendations. All investment decisions should be made based on your own research and consultation with a registered investment professional. The issuer is solely responsible for the accuracy of the information contained herein. For full disclaimer information, please click here.
