Allied Critical Metals secures $15M tranche to advance tungsten projects in Portugal

Allied Critical Metals is progressing towards closing a $15 million second tranche of a $25 million private placement to fund its Borralha and Vila Verde tungsten projects in Portugal. The financing supports a 20,000-meter drilling campaign and pilot plant preparations, aiming to fast-track tungsten concentrate production. Tungsten is critical for defense and manufacturing, with supply dominated by China, Russia, and North Korea, highlighting the strategic importance of Allied's projects in the EU. This funding milestone strengthens the company's development plans and positions it as a secure western source of tungsten.