Allied Critical Metals

Investor Insight

With a strategic foothold in Portugal and a commodity focus on tungsten – a metal deemed critical by both NATO and US defense agencies – Allied Critical Metals presents a compelling opportunity to invest in one of Europe’s most advanced and strategically significant near-term producers of tungsten. With strong government recognition, high-grade drill results and near-term production potential from two past-producing projects, the company is well positioned to become the leading Western supplier of this critical defense and technology metal.

Overview

Allied Critical Minerals (CSE:ACM,OTC:ACMIF,FSE:0VJ0) is advancing two strategic, past-producing tungsten projects – Borralha and Vila Verde – located in northern Portugal. These brownfield assets present a compelling combination of near-term production potential and district-scale exploration upside, positioning the company to become one of the largest tungsten producers outside of China. With 100 percent ownership of both projects and supportive local communities, Allied is ideally positioned to contribute to the critically needed supply of this strategic metal to Western markets.

Tungsten is essential for defense systems, electric vehicles, semiconductors and AI, yet current global supply is dominated by China and Russia, accounting for roughly 85 to 90 percent of production. Allied’s projects are aligned with EU and US national security strategies, which seek to establish stable, domestic sources of tungsten supply for defense and technology industries. In 2025, idD Portugal Defence designated the Borralha project as a strategic initiative of national importance, underscoring Allied’s central role in strengthening Europe’s industrial and defense autonomy.

Allied completed more than C$16 million in new financings in 2025 to fund aggressive development across its project portfolio. This includes the completion of the Phase 1 drill campaign at Borralha, delivering multiple high-grade intercepts, confirming the project’s scale and grade potential, and supporting a forthcoming updated NI 43-101 MRE and PEA, expected in Q4 2025 and Q1 2026, respectively.

Allied is also advancing the Vila Verde Tungsten-Tin Project, which provides a pathway to near-term cash flow through a 150,000-ton-per-annum (tpa) pilot plant, expandable to 300,000 tpa. Construction and commissioning are targeted for 2026, with anticipated output of approximately 250 tonnes of WO₃ per year. An LOI with Global Tungsten & Powders in Pennsylvania, USA provides an initial offtake channel, with ongoing engagement from additional European and defense-linked buyers.

Through a combination of high-grade brownfield assets, government backing, established offtake interest, and near-term production readiness, Allied Critical Metals stands out as one of the very few public companies positioned to deliver a secure, Western-aligned tungsten supply.