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    Allied Critical Portugal tungsten hit: project economics and scale lens for engineers

    April 8, 2026|

    Reviewed by Joe Ashwell

    Allied Critical Portugal tungsten hit: project economics and scale lens for engineers

    First reported on MINING.com

    30 Second Briefing

    Allied Critical Metals’ Borralha project in northern Portugal has intersected over 200 metres of visible tungsten mineralisation at the new Venise breccia target, 400 metres from the Santa Helena breccia complex, sending its shares up 8% to C$1.88 and valuing the company at C$317 million. A March PEA for Santa Helena alone, based on 13 Mt at 0.21% WO₃ (measured and indicated) and 7 Mt at 0.18% WO₃ (inferred), outlines an 11‑year mine producing 1,708 t/y WO₃ with an after-tax NPV of C$473 million and 49% IRR. Venise, defined within a 20,000‑metre drill programme and historically mapped but never systematically tested, was excluded from the PEA and is now central to plans to grow a district-scale tungsten system designated a strategic national project by idD Portugal Defence.

    Technical Brief

    • Venise breccia mineralisation was intersected over a continuous downhole interval exceeding 200 m.
    • Venise lies only 400 m from the Santa Helena breccia complex, implying potential for co-developable orebodies.
    • Borralha covers 3.2 sq. km of brownfield ground, including historic underground workings mapped in the 1970s–80s.
    • Historic breccia zones at Venise were recognised underground but never systematically drilled with modern methods.
    • Current Venise work forms part of a fully funded 20,000 m drilling programme across the Borralha project.
    • Drilling is progressing towards the interpreted central portion of the Venise breccia body, targeting thicker, higher-grade zones.
    • Borralha, 60 km east of Braga, is a past-producing tungsten mine now under environmental review for restart.
    • idD Portugal Defence has formally designated Borralha a project of strategic national importance for EU/NATO tungsten supply.

    Our Take

    The related November 2025 piece on Allied Critical Metals shows the same 13 Mt at 0.21% WO₃ and 7+ Mt inferred now cited for Santa Helena, indicating that the current market reaction is catching up to a resource scale our database has flagged for some time as unusually large for European tungsten.

    With an after-tax NPV of C$473 million against a current market capitalisation of about C$317 million, Borralha in Portugal is already trading at a relatively high NPV multiple compared with many early-stage copper and gold projects in our coverage, which may constrain how much further equity can re-rate without de-risking steps such as permitting or offtakes.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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