Roy Bonnell

Roy Bonnell is the CEO and a director of Allied Critical Metals Inc. (CSE: ACM, OTCQB: ACMIF), a Canadian mineral developer working to restart two historically significant tungsten projects in northern Portugal — Borralha and Vila Verde. His work matters to resource investors right now because tungsten is one of the most concentrated critical mineral markets: China mines and refines the large majority of global supply (estimates commonly run near 80%), and Beijing's 2025 export controls pushed prices well above the levels assumed in most Western project studies. Allied is one of the few companies advancing tungsten ground in the European Union with an environmental permit, a completed economic study and a stated path to first concentrate.

Bonnell has spent more than 30 years in capital markets and natural resources. According to Allied's management biography, he co-founded publicly traded gold explorers Founders Metals Inc. and Thesis Gold Inc. — serving as CEO and chairman of Thesis — and was co-founder, director and CEO of Argex Titanium Inc., a Canadian titanium dioxide developer. He holds an LLB from Western University, an MSc from the London School of Economics and an MBA from McGill University, and is a member of the Law Society of Upper Canada. Since Allied listed on the CSE in April 2025, he has financed it through successive raises, including an upsized C$16.25 million offering in October 2025 and an April 2026 package totalling US$40 million — US$25 million of equity plus US$15 million of project financing for a pilot plant, paired with an offtake agreement (a contract to sell future production on set terms) covering 50% of that plant's concentrate. The company also added former US Homeland Security Secretary Kirstjen Nielsen and retired Major General James "Spider" Marks to its US subsidiary's board, received conditional TSX Venture Exchange approval in June 2026 and filed a Nasdaq listing application in August 2026.

His plan at Allied is deliberately staged. A pilot processing plant at Vila Verde is meant to produce tungsten concentrate early — the company targets first output in 2026 — before Borralha moves toward full mine construction. The March 2026 preliminary economic assessment (PEA — an early-stage study of whether a project can work economically) outlines an underground mine at Borralha's Santa Helena breccia producing about 1,700 tonnes of tungsten trioxide per year over an initial 11-year mine life, with initial capital of roughly US$91 million and an after-tax NPV (net present value — what a project's future cash flows are worth today) of US$346.6 million at US$1,000 per mtu (metric tonne unit, the standard tungsten pricing measure), rising to US$706.4 million at US$1,500. Portugal's environment agency issued the project a favourable environmental impact declaration in January 2026, and a fully funded 20,000-metre drill program is testing whether the 13.0-million-tonne measured-and-indicated resource can keep growing.

Following Bonnell offers investors a clear test case of whether the West can rebuild tungsten supply outside China. The near-term markers are concrete: first concentrate from the Vila Verde pilot plant, drill results from the Santa Helena and Venise targets, and the Nasdaq listing decision. The limits deserve plain language too — the PEA is preliminary, Allied has not yet produced tungsten commercially, and the study's upside case leans on tungsten prices staying far above its conservative Argus base case of about US$704 per mtu.