Canadian tungsten explorer Allied Critical Metals (CSE: ACM) rose on Thursday after reporting a significant resource increase for its Borralha project in Portugal ahead of a preliminary economic assessment (PEA) next year.
The resource now totals 13 million tonnes grading 0.21% WO₃ (tungsten trioxide) in the measured and indicated category, plus 7.7 million tonnes grading 0.18% WO₃ in the inferred category. This estimate incorporated the stage one drilling completed at Borralha this year, focusing solely on the Santa Helena Breccia for a total of 4,210 metres.
Compared to the previous resource estimate in 2024, most of the increases were in the higher-confidence M+I category, rising from just under 5 million tonnes at the same grade. The inferred resource rose by 600,000 tonnes, but at a slightly lower grade.
“The Borralha project continues to impress by continuing to produce record tungsten intercepts,” CEO Roy Bonnell said in a release. “With our next core drilling campaign planned for early 2026, we are confident that this project will continue to expand.
Past producer
The project, which Bonnell calls one of “Europe’s most compelling tungsten assets,” comprises a land package of 3.8 sq. kilometres. Between 1904 and 1985, the site’s northern side produced over 10,280 tonnes wolframite concentrate with an average grade of 66% WO₃, according to company estimates.
The next steps for the project will be the PEA, which it expects to deliver in the first quarter of 2026. At the same time, the project’s environmental and permitting processes remain underway, the approvals of which are also expected in early 2026.
In addition to Borralha, the Vancouver-based junior also holds the Vila Verde tungsten-tin project, located 45 km to the south. This project has a historical inferred resource of 7.3 million tonnes.
Shares of Allied Critical Metals gained 10% to close at 65¢ apiece on Thursday for a market capitalization of $83.4 million.
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