CA$473M Tungsten Project Reveals 48.8% IRR and Rapid 2.2-Year Payback in Europe

According to its presentation, Allied Critical Metals completed the Preliminary Economic Assessment for the Borralha Tungsten Project in the first quarter of 2026. The presentation also notes that the company initiated a 20,000-meter drill program at Borralha in the first quarter of 2026, targeting resource expansion and potential mine life extension.

The Borralha Project has advanced through several permitting and development stages. The Environmental Impact Declaration for Borralha was granted in January 2026, which enables progression into detailed engineering and development activities. The project is advancing through Portugal’s mine licensing pathway under APA and DGEG.

The presentation states that Borralha has cleared environmental and licensing hurdles and is advancing toward construction and production. The permitting status table indicates that exploration licensing is completed, the Environmental Impact Assessment approval has been granted, and the mining exploitation license provides a 25 year concession. Construction and production are targeted for approximately 2027.

At the Vila Verde Tungsten Tin Project, the mineral license is being converted from an exploration license to an experimental mining license, which allows for up to approximately 150,000 tonnes per year of mineralized material to be processed until the full-scale mining license is granted following completion of a feasibility study. Quarry permitting is expected to allow processing of 150,000 tonnes per year initially, with potential expansion to 300,000 tonnes per year.

The presentation states that the Vila Verde pilot plant design targets a production capacity of 150,000 tonnes per year, which would result in approximately 250 tonnes of WO3 per year under the current design parameters. Construction and operations for the pilot plant are estimated to begin in 2026. [OWNERSHIP_CHART-11251]

According to the milestone timeline, construction of the Vila Verde pilot plant is expected to begin in the second quarter of 2026, with pilot plant operations projected to begin in the fourth quarter of 2026. The timeline also notes the launch of a 1,250-meter drill program at Vila Verde in the third quarter of 2026 and re-assay work on historical drilling at the project.

The company also reported that a letter of intent has been signed with Global Tungsten and Powders in Pennsylvania for the sale of tungsten concentrate from pilot plant production, and that discussions are ongoing with additional refineries regarding potential concentrate sales.