Allied Critical Metals raises $10M in first tranche to fund tungsten pilot plant in Portugal.

Allied Critical Metals closed the first tranche of a private placement, raising $10 million from an existing strategic investor to fund its Vila Verde tungsten pilot plant and related projects in Portugal. The company also secured a $15 million project financing facility to support construction and expenses, aiming to start tungsten concentrate production by late 2026. This funding positions Allied to be fully financed through 2027, advancing its goal to develop a secure western source of tungsten amid global supply concentration in China, Russia, and North Korea. The remaining $15 million of the offering is expected to close by July 2026, pending approvals and due diligence.