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Allied Critical Metals Inc. (ACM:CSE; ACMIF:OTCQB; 0VJ0:FSE) has commenced a 20,000 meter drill campaign at its 100%-owned Borralha Tungsten Project in northern Portugal. According to the company, this fully funded 2026 exploration program will target multiple zones within the Borralha property, building on the 2025 drill results and a significantly expanded Mineral Resource Estimate (MRE) announced in late 2025.

The 2026 drill program includes core and reverse circulation drilling and is intended to support multiple objectives. These include step-out and infill drilling to upgrade the current resource estimate, further testing of the Santa Helena Breccia, and exploration of other mineralized zones. The program will also provide material for metallurgical test work and generate data to support the company’s anticipated Preliminary Economic Assessment, which is targeted for completion in Q1 2026.

The company stated that drilling will also target the Venise Breccia, located north of Santa Helena, which is historically known for high-grade wolframite and molybdenum mineralization.

“We are excited to launch our most ambitious drill program to date at Borralha,” said Roy Bonnell, CEO and Director of Allied, in a company news release. “With tungsten designated a strategic critical material in the European Union and the United States, this expanded 20,000-meter program will be a cornerstone of our efforts to define Borralha’s resource potential and support advancing the project toward economic evaluation.”

The Borralha project includes bulk mineralization zones as well as high-grade breccia corridors, and has already received regulatory milestones allowing progression through engineering and permitting phases. The company noted that recent work confirmed the system’s scale and resource growth potential.

Tungsten’s Role in Defense Supply Chains, Strategic Metals, and Institutional Allocation

In a January 21 sector analysis published by Tungsten for Stainless: Canada Minerals in 2026 – Driving the Future of Critical Technology & Industry, tungsten was described as a foundational input in advanced sectors such as defense, aerospace, electronics, and stainless steel manufacturing. The report stated that “tungsten accounts for over 90% of stainless steel’s hardness additives in Canada’s high-tech exports as of 2026,” and emphasized the metal’s role in corrosion resistance, extreme heat durability, and wear tolerance. Tungsten was identified as indispensable for applications ranging from cutting tools and turbine components to protective armor and radiation shielding. According to the report, Canada’s tungsten reserves contribute significantly to global aerospace and defense output, with estimated contributions of up to 20% in those categories.

From a January 23 article from InvestorNews, tungsten’s rise to the top of global strategic materials discussions was attributed to decades of stockpile depletion and new geopolitical realities. Christopher Ecclestone of Hallgarten + Company said that “Western governments… fell asleep at the wheel,” allowing critical inventories to run down while attention shifted elsewhere. He described tungsten as “extraordinarily dense, extremely hard, essential for armor-piercing munitions and high-end tooling.” Lewis Black noted that tungsten’s value was “availability-driven,” stating, “the amount of tungsten in an end product is so small that the consumer barely notices the cost; what matters is whether any reliable non-Chinese supply exists at all.” The report also quoted Ecclestone saying that China had effectively told the world, “No more tungsten for you,” in reference to recent export restrictions affecting global access.

Muflih Hidayat, in a January 27 report, reported that institutional investment behavior in the tungsten sector was examined through the lens of capital allocation psychology. The report stated that portfolio managers viewed tungsten exposure as a strategic hedge, noting that “risk premiums that exceed traditional commodity investment frameworks” were being applied due to supply chain concerns. Tungsten’s “dual-use nature” in both military and civilian applications was described as generating “recession-resistant revenue streams,” contributing to strong institutional interest. The article noted that “institutional confidence that long-term value creation would exceed immediate discount impacts” was evident in recent oversubscribed placements, underscoring a shift toward long-term positioning over short-term valuation sensitivity.

Updated Borralha Resource and Preliminary Assessment Plans

According to a December 9 Caesar’s report titled Allied Critical Metals increases Borralha tungsten resource, Allied Critical Metals released an updated mineral resource estimate for its fully owned Borralha tungsten project in Portugal. The report stated that the project contained “13 million tonnes in the measured and indicated resource category at an average grade of 0.21% WO3, with an additional 7.7 million tonnes in the inferred resource category at an average grade of 0.18% WO3.” It further noted that the measured and indicated resources hosted “27,000 tonnes of WO3, which represents approximately 2.7 million mtu,” while the inferred category hosted “approximately 1.4 million mtu.”

The same report commented on the development context, stating that “the resource remains open in multiple directions, so it will be interesting to see how many tonnes can be added further down the road.” It also noted that the updated resource would be used for a Preliminary Economic Assessment, which “will be published in the first quarter of next year.” Regarding the mine design, the report stated that “the mine plan will likely be based on a long-hole stoping approach,” and that this was how “the 0.09% WO3 cutoff grade was established.”

In terms of processing assumptions, the report said that “initial metallurgical results indicate a low-cost gravity flow sheet with a recovery rate of 75-85%.” It also mentioned that “there is a chance to recover copper, tin, and silver as potential by-product credits,” and added that “the impact of these by-products will hopefully already be visible in the Preliminary Economic Assessment.”

Advancing Toward Economic Evaluation with Multiple 2026 Workstreams

Allied’s 2026 drill campaign at Borralha is designed to complete approximately 20,000 meters of drilling across multiple target zones. Program objectives include expanding and upgrading the current Mineral Resource Estimate through step-out and infill drilling, collecting metallurgical material to support prefeasibility analysis, and generating data to support the company’s Preliminary Economic Assessment, which is expected in Q1 2026.

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Drilling will also test extensions of the Santa Helena Breccia and target the Venise Breccia, a historically recognized high-grade tungsten and molybdenum structure located to the north. These efforts follow a 2025 program that yielded significant intercepts, including what the company described as some of the largest tungsten intervals ever recorded.

According to the company, updates, including initial drill results and revised resource modeling, will be released as data becomes available throughout the campaign.

Ownership and Share Structure¹

Insiders own approximately 31% of Allied. About 16% is held by institutions and institutional investors, and the rest is held by retail shareholders.

The company has 170 million common shares issued and outstanding and 214 million common shares on a fully diluted basis. Its market cap is ~CA$180 million. Its 52-week range is CA$0.20–CA$1.20 per share.

Green Bridge Metals Corp. (GRBM:CSE; GBMCF:OTC; J48:FWB) has commenced a diamond core drilling program at its Titac Project, part of the South Contact District in northeastern Minnesota. The Phase 1 program is the first stage of targeted drilling aimed at evaluating and expanding copper mineralization at the Titac South deposit, which also hosts a titanium dioxide mineral resource outlined in an NI 43-101 Technical Report dated September 18, 2024.

According to the company, the drill program consists of six diamond core holes, each targeting a depth of approximately 300 meters, for a total of roughly 1,800 meters. The drill holes will be arranged in a fence-style section across the Titac South deposit, spaced approximately 50 meters apart.

The program’s objectives include defining the geological and structural controls on copper mineralization, validating historic copper assay results, and testing the spatial relationship between copper mineralization and geophysical anomalies.

The company stated that copper mineralization at Titac occurs primarily as chalcopyrite and is associated with an Oxide Ultramafic Intrusion (OUI) that also hosts the titanium dioxide resource. Drill targets have been prioritized where conductive and magnetic anomalies overlap, based on a 2025 VTEM airborne electromagnetic survey and modern 3D magnetic and conductivity inversions.

David Suda, President and CEO of Green Bridge Metals, said in a company news release, “The commencement of drilling at Titac is an important milestone for Green Bridge as we begin systematically testing the copper potential of a project that already hosts a titanium resource.” He added, “The strong correlation between these anomalies and known mineralization, together with the identification of several new targets, reinforces the exploration potential at Titac.”

US Policy Shifts Reshape Critical Mineral Supply Landscape

According to Catherine Boudreau, on January 7, analysis of U.S. interest in Venezuelan critical minerals showed that while the country was believed to hold deposits used in artificial intelligence, defense systems, and renewable energy technologies, significant barriers limited their relevance. Experts cited political instability, lack of reliable data, illegal mining activity, and infrastructure constraints. Tom Moerenhout of Columbia University’s Center on Global Energy Policy was quoted as saying, “In theory, yes, Venezuela has a lot of interesting critical minerals resources. In practice, those resources are only relevant if they are economically recoverable reserves.” The analysis also noted that most Western mining companies remain focused on expanding existing operations rather than entering high-risk jurisdictions. 

In a separate sector assessment, Reed Blakemore and Alexis Harmon wrote on January 13 that Greenland possesses “substantial reserves of rare earth elements, uranium, and other strategically important minerals,” but faces major obstacles to development. The authors stated that Greenland lacks extensive infrastructure and emphasized that Greenland’s mineral potential is largely long-term rather than immediately actionable.

According to Muflih Hidayat on January 26, U.S. policy toward critical minerals entered a new phase with the proposal of a US$2.5 billion Strategic Resilience Reserve. The report stated that the United States maintained “100% import reliance on 12 essential minerals and 50%+ dependency on an additional 29 strategic materials,” highlighting supply chain vulnerability. It also noted China’s “90% processing dominance in rare earth elements” as a concentration risk. The analysis explained that the proposed reserve would allow above-market purchasing, counter-cyclical stockpiling, and profit reinvestment. As quoted in Congressional testimony cited in the report, “The legislation aims to provide targeted investments and stockpiling key inputs to help insulate the U.S. from foreign threats while providing a significant and cost-effective boost to the U.S. economy.”

Also on January 26, Bloomberg noted copper’s sharp price surge, stating it had “surged nearly 50% in eight months.” The report acknowledged copper’s critical role in manufacturing, clean energy, and artificial intelligence infrastructure, adding that “years of chronic underinvestment have left global mine capacity stretched to its limits.” TD Securities’ Daniel Ghali described copper’s tight supply conditions as “an unprecedented level of copper scarcity,” while Global X’s Trevor Yates said miners could remain profitable across normalized business cycles. Bloomberg also reported that unencumbered above-ground copper inventories had reached “unprecedentedly low levels,” and warned that markets could no longer withstand notable disruptions without significant pricing pressure.

Analysts Point to District-Scale Footprint and Strategic Metals Exposure

¹On December 26, John Newell of John Newell & Associates published a favorable assessment of Green Bridge Metals Corp., assigning the company a Speculative Buy rating. Newell stated that the company had “quietly assembled a district-scale land position” across northern Minnesota and Ontario, with exposure to copper, nickel, platinum group metals, titanium, and vanadium. He described these commodities as being “at the center of electrification, infrastructure renewal, and defense supply chain priorities.”

Newell identified the Serpentine project as the company’s foundational asset and described it as the primary source of near-term value. He referenced an existing mineral resource estimate consisting of approximately 21.6 million tonnes of Indicated material grading 0.69% copper equivalent and 280 million tonnes of Inferred material grading 0.53% copper equivalent. He noted that platinum group elements were not included in the historical estimate and stated that this represented additional potential. Newell also highlighted the project’s level of advancement, citing access to paved roads, rail, and power, along with permitted drill pads in place for the 2025–2026 program.

From a technical perspective, Newell described the company’s share price as entering an early accumulation phase, pointing to chart patterns, flattening moving averages, and reduced selling pressure. He identified a breakout range between CA$0.14 and CA$0.16 and referenced an initial price objective near CA$0.20. The stock has since surpassed CA$0.20, and Newell noted further upside potential toward CA$0.30 and CA$0.40 under favorable market and company-specific conditions.

Earlier the same day, Michael Ballanger of GGM Advisory Inc. also issued a positive outlook on the company. Ballanger stated that he added Green Bridge Metals to his portfolio following a review of the Serpentine project and a discussion with the company’s chief executive officer. He described the Duluth Complex as “one of the most highly-prospective regions on the planet” and pointed to the geological setting and established infrastructure as key attributes.

Ballanger also drew attention to the company’s titanium exposure, noting that titanium appeared on the U.S. Geological Survey’s 2025 List of Critical Minerals. He stated, “Owning a developer with a focus on a critical metal (titanium) accomplishes” the objective of maintaining portfolio exposure to strategic assets that were not correlated with traditional markets. Ballanger referenced U.S. government funding initiatives that allocated US$37.5 million in 2025 toward titanium development and noted upcoming drill programs at the South Contact Zone and Serpentine as milestones in the company’s progression.

Multiple Exploration Streams Underway

Green Bridge Metals is undertaking several initiatives across its South Contact District portfolio, including both follow-up work at Titac and new exploration at additional project areas.

At Titac, the current Phase 1 drill program is designed to determine whether copper mineralization is confined to the Oxide Ultramafic Intrusion or extends into adjacent layered mafic intrusions. Subject to results, subsequent phases may include additional drilling at Titac South to assess continuity and extent of copper mineralization, initial drill testing at Titac North, and testing of a newly identified deep conductive and magnetic anomaly south of the current target area.

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Beyond Titac, the company is also advancing its Serpentine project. The company has outlined a longer-term exploration framework that includes up to 25,500 meters of infill drilling to be completed in multiple phases, along with pilot-scale metallurgical testing and work aimed at increasing the copper-equivalent grade by expanding known high-grade zones. The total multi-year exploration program has been estimated at approximately US$11.8 million. According to the company’s investor presentation, the project is permitted for exploration drilling and is near well-developed infrastructure.  Additional work at the Skibo prospect includes completion of historical core sampling and evaluation of cobalt and platinum group element byproducts. Historical results from Skibo include intervals such as 3.0 meters of 1.6% Cu, 0.4% Ni, and 18.3 g/t PGE, and 153 meters of 0.28% Cu, 0.15% Ni, and 0.37 g/t PGE.exploration activities at Serpentine are permitted for near-term work, and the project is located in a jurisdiction with existing road, rail, and processing infrastructure.

Ownership and Share Structure²

Encampment Minerals, a strategic partner and asset vendor, holds approximately 10% of Green Bridge. Four institutional investors collectively own 15% of the float. Management and insiders own a total of 1.14%, including CEO David Suda, who holds 2 million shares.

Green Bridge Metals has 196,758,632 shares outstanding and a market capitalization of CA$30 million. The company has a 52-week trading range of CA$0.08-CA$0.26.