Allied Critical Metals: The Fully-Funded Answer to China’s Tungsten Grip
CEO.CA Jul 10, 2026 6:28
Summary
Roy Bonnell says Allied Critical Metals is closing a European tungsten supply gap by restarting two historic Portuguese mines as an emerging producer.
Tungsten demand is being pulled by military spending while China's export restrictions tighten global supply.
Brownfield sites, ground a mine already worked in the past, carry an edge: history plus tungsten-bearing waste for near-term output.
A 20,000-metre drill campaign targets both larger measured tonnes and step-out growth beyond the resource at Borralha.
The guest expects the explorer-to-producer shift to close a valuation gap he sees against listed producers.
Roy Bonnell's takeaways
- Top takeaway His central call is that the stock still has substantial room to run: despite the more than 600% gain since listing, he points to producing peers trading at roughly tenfold his company's share price.
- He expects 2026 to be more exciting than 2025 as the company moves out of its successful exploration phase into production, and pushes back on the idea that a long run-up removes the upside.
- He reads tungsten's demand surge as geopolitical, noting about 85% of supply comes from China, which he says has turned off the taps, while military demand rises with NATO's 5% of GDP spending commitments and conflicts in the Middle East and Eastern Europe.
- He cites a roughly twelvefold increase in the tungsten price over the past year and a shareholder base broadening from mostly retail investors to institutions in Canada, the United States, Europe and parts of Asia as evidence the re-rating has further to run.
- He frames the 20,000 metre drilling campaign as still resource-accretive, saying six rigs on the ground, with a possible seventh, are aimed at increasing both the size and quality of the resource, with the first hole at a new Brescia zone due within weeks of the interview.