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Allied Critical Metals (CSE: ACM), a Canadian tungsten explorer, announced a significant resource increase for its Borralha project in Portugal. The updated resource totals 13 million tonnes at a grade of 0.21% WO₃ (tungsten trioxide) in the measured and indicated category, and 7.7 million tonnes at 0.18% WO₃ in the inferred category, based on Phase 1 drilling of 4,210 metres completed this year.
Compared to previous estimates in 2024, the measured and indicated resource rose significantly from under 5 million tonnes, while the inferred resource increased by 600,000 tonnes at a slightly lower grade. Shares of Allied Critical Metals rose 6.8% on the news, bringing the market capitalization to C$80.8 million ($57.3 million).
The preliminary economic assessment (PEA) for the Borralha project is expected in Q1 2026, alongside ongoing environmental and permitting processes. The project, covering 3.8 sq. km., has a history of production, yielding over 10,280 tonnes of wolframite concentrate between 1904 and 1985.
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