This Microcap Just Hit a Second Tungsten Target and It's Only 400 Meters From Its First

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Tuesday, April 7, 2026

Global demand for critical minerals continues to accelerate as governments and industries race to secure supply chains for the materials that underpin modern defense, aerospace, and advanced manufacturing. Tungsten, with prices now exceeding US$3,000 per metric ton unit, has emerged as one of the most strategically sensitive commodities on the planet, with China, Russia, and North Korea controlling approximately 87% of global supply and reserves.

Shares of Allied Critical Metals Inc. (CSE: ACM) (OTCQB: ACMIF) are moving higher Tuesday after the company announced a significant drilling milestone at its Borralha Tungsten Project in northern Portugal, intersecting over 200 meters of tungsten mineralization at a newly defined target.

Drilling at the Venise Breccia target returned extensive zones of breccia-hosted mineralization, including visible wolframite, along with associated molybdenite and chalcopyrite within quartz-sulphide veining. The results suggest the presence of a large, continuous mineralized system, though true widths and grades have yet to be determined pending laboratory assays.

Critically, the new discovery sits approximately 400 meters from the Santa Helena Breccia deposit, the foundation of the company's recently announced preliminary economic assessment. That proximity points to meaningful near-mine expansion potential and reinforces the district-scale ambition of the broader Borralha project.

Management noted that the Venise Breccia had been historically identified in underground workings dating to the 1970s and 1980s but had never been systematically tested using modern exploration techniques. Current drilling is now validating the company's geological model of a larger breccia-hosted system extending across the district.

The presence of polymetallic mineralization, including molybdenite and chalcopyrite, further supports the potential for a more complex and valuable deposit. While early-stage, these findings align with similar breccia systems known to host large-scale mineral resources.

The work is part of a fully funded 20,000-meter drill program targeting resource expansion, mine life extension, and increased overall project scale. The Borralha Project currently carries an initial 11-year mine plan based solely on the Santa Helena deposit, leaving meaningful upside from new targets like Venise that are not yet included in the resource estimate or mine plan.

"We continue to believe the Borralha Project is a world-class tungsten deposit with the possibility of being a meaningful new supply of tungsten," said Roy Bonnell, Chief Executive Officer of Allied Critical Metals. Further drilling and assay results are expected to provide additional clarity on the scale and continuity of mineralization at the Venise target.

With tungsten classified as a critical raw material by both the United States and the European Union, the development of new Western sources carries strategic weight that extends well beyond the mining sector. Allied's continued progress at Borralha positions the project as a potential contributor to that effort.

Shares of ACM are up 7.5% to C$1.85, while ACMIF shares are ahead 3.4% to $1.28 in Tuesday trading.

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