Allied Critical Metals Fast-Tracks Tungsten Production Plans with $40 Million Financing
2026-04-27 11:36:45 [Print]
Tungsten developer Allied Critical Metals has secured $40 million through two separate financings to support its goal of commencing pilot-scale production in Portugal later this year.
The first financing consists of a private placement of common shares with an existing shareholder and a new investor, raising total proceeds of $25 million. The shares are priced at C$2.05 each, nearly matching the stock's market opening price on Friday.
The second financing is a $15 million bond or senior loan from the existing shareholder, intended to fund the pilot plant at the company's Villa Verde project, where construction and operations were already planned for this year.
The same investor has also committed to purchasing 50% of the tungsten concentrates produced at the pilot plant, subject to a floor price of $1,000 per metric ton unit (mtu). The facility currently holds a license to process 150,000 tonnes of ore annually over a five-year period. Should the licensed capacity double, the investor will have the option to acquire an additional 25% of the output under the same terms.
In addition to the pilot plant, the company plans to use the funds to advance its Borralha project, one of the largest undeveloped tungsten resources within the European Union. A preliminary economic assessment for the project outlines an 11-year mining operation producing 1,708 tonnes of WO? (tungsten trioxide) per year.
The first financing consists of a private placement of common shares with an existing shareholder and a new investor, raising total proceeds of $25 million. The shares are priced at C$2.05 each, nearly matching the stock's market opening price on Friday.
The second financing is a $15 million bond or senior loan from the existing shareholder, intended to fund the pilot plant at the company's Villa Verde project, where construction and operations were already planned for this year.
The same investor has also committed to purchasing 50% of the tungsten concentrates produced at the pilot plant, subject to a floor price of $1,000 per metric ton unit (mtu). The facility currently holds a license to process 150,000 tonnes of ore annually over a five-year period. Should the licensed capacity double, the investor will have the option to acquire an additional 25% of the output under the same terms.
In addition to the pilot plant, the company plans to use the funds to advance its Borralha project, one of the largest undeveloped tungsten resources within the European Union. A preliminary economic assessment for the project outlines an 11-year mining operation producing 1,708 tonnes of WO? (tungsten trioxide) per year.
Tungsten Oxide WO3 99.95%min EXW China
Unit:RMB/mt
China tungsten concentrate producers' output statistics by province by month
Unit: mt
