High-Grade Tungsten Discovery in Portugal Sparks Global Supply Race

On October 29, Fastmarkets reported that the U.S. tungsten market is entering a period of structural change, driven by defense-related funding, domestic mine development, and tightening global trade conditions. The publication noted that the Pentagon plans to spend up to US$1 billion on critical minerals stockpiling, with tungsten identified as a key material under review by the Defense Logistics Agency (DLA). The DLA has issued public requests for information signaling potential interest in purchasing approximately 1,700 tonnes of tungsten ores and concentrates — a move described by Guardian Metal Resources CEO Oliver Friesen as “a clear signal of how seriously the U.S. government is now treating tungsten supply security.”

According to Fastmarkets, the heightened focus on defense and mineral independence has accelerated new project activity in Nevada and Idaho, where U.S.-based developers are working to reduce reliance on Chinese exports. The White House also announced a framework with Australia on October 20 to strengthen cooperation in the mining and processing of critical minerals, including tungsten. The report noted that this policy environment is reshaping the global supply chain, prompting new investment not only in the United States but also in allied jurisdictions that can serve as secure sources of supply.

Within that broader context, Fastmarkets referenced Allied Critical Metals’ ongoing progress at its Borralha and Vila Verde projects in Portugal, where the company has advanced drilling and permitting while expanding its U.S. distribution through Allied USA in Nashville, Tennessee. These developments form part of a growing network of Western producers positioning to supply defense and industrial markets as Chinese exports tighten. Tungsten ammonium paratungstate (APT) prices in China were reported at US$620–670 per metric ton unit WO₃ on October 22, up 4% from the previous week, with traders attributing the increase to U.S. stockpiling activity and renewed geopolitical tensions. The publication concluded that the combination of new U.S. defense funding, emerging Western projects, and ongoing Chinese export restrictions has created a “race for supply security” across the global tungsten industry.

Analysis Highlights Continued Momentum in Allied Critical Metals Post-Listing

On August 22, John Newell of John Newell & Associates provided a technical analysis of Allied Critical Metals in a commentary shared with Streetwise Reports, noting that the stock was forming an early-stage uptrend following its initial listing. Newell identified “clear support at higher lows” and set an initial technical target of CA$0.45, describing the stock’s setup as constructive due to light-volume consolidation, a pullback to support, and the establishment of a rising trend line.

Allied Critical Metals reached the CA$0.45 target on September 3 and closed at CA$0.52 the following day. The stock maintained upward momentum through the fall, supported by continued investor interest and sector-wide strength in critical minerals. As of November 7, 2025, Allied Critical Metals was trading at approximately CA$0.77.