Allied Critical Metals Secures $15 Million in Financing for Tungsten Projects Amid Rising Market Demand
Allied Critical Metals is advancing a $15 million equity tranche as part of a broader $40 million financing to support its tungsten operations in Portugal. This funding will facilitate a 20,000-meter drill campaign at the Borralha project and the development of a pilot plant at Vila Verde, crucial for meeting the increasing demand for tungsten driven by supply constraints and export regulations.
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Allied Critical Metals Inc. is finalizing a $15 million equity tranche at $2.05 per share, part of a $40 million financing package that includes a $25 million equity offering. The funds will support a 20,000-meter drilling campaign at the Borralha Tungsten Project and the Vila Verde pilot plant, which is set to begin production in Q4 2026.
The Borralha project has an estimated resource of 13 million tonnes grading 0.21% WO, and the Vila Verde plant is designed for 150,000 tonnes per year, expandable to 300,000 tonnes. The U.S. has enacted restrictions on tungsten scrap exports, impacting supply chains and increasing tungsten prices by 622% from January 2025 to April 2026. This financing positions Allied to capitalize on the rising demand in critical mineral markets.
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