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Medicare’s Hidden Fertility Problem

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Medicare is not merely a senior health program; it is an elaborate intergenerational contract with a hidden clause: it quietly runs on a tax structure that is dependent on the birth rates among current workers. And that structure is crumbling.

The United States is facing a birth rate crisis. Fertility levels have fallen below the replacement rate, leading to an aging population and fewer workers to support it. This isn’t just a statistical anomaly — it’s a ticking time bomb for Medicare’s sustainability, access to care, and overall fiscal health.

The problem with the intergenerational transfer of wealth is that there isn’t going to be enough wealth to transfer.

Medicare, enacted in 1965, was designed for a different era — one with higher birth rates and a robust worker-to-retiree ratio. The worker-to-beneficiary ratio has already fallen from roughly 42:1 in the program’s early decades to 2.8:1 today and is projected to reach 2.2:1 by 2099.

Medicare Part A (Hospital Insurance) operates on a classic pay-as-you-go basis. Current workers and their employers remit a combined 2.9 percent FICA tax (plus the 0.9 percent Additional Medicare Tax on high earners) into the HI Trust Fund. Those revenues immediately pay current claims rather than being saved and invested for future liabilities. The 2025 Medicare Trustees Report projects HI trust fund depletion in 2033 — three years earlier than the prior estimate — after which incoming payroll taxes and premiums will cover only 89 percent of scheduled benefits.

The long-range actuarial deficit stands at negative 0.42 percent of taxable payroll, with a 75-year unfunded obligation of $3.1 trillion. Parts B and D, financed by general revenues and beneficiary premiums, are “solvent” only because Congress automatically appropriates whatever general funds are required; they already consume a rising share of the federal budget and trigger the Medicare funding warning for the ninth consecutive year.

The US fertility rate has dipped to about 1.6 births per woman, well below the 2.1 needed to maintain a stable population without immigration. This decline, accelerated since the Great Recession, shows no signs of reversal. According to the Centers for Disease Control and Prevention, birth rates hit a historic low in recent years, influenced by economic pressures, delayed marriages, and changing social norms. Meanwhile, life expectancies are rising, thanks to advances in medicine — better treatments for heart disease, cancer, and neurological conditions like those I treat daily. The result? An unprecedented aging boom. 

Today, 12 percent of Americans are 65 or older; by 2080, that could climb to 23 percent. This demographic math is unforgiving. 

The 2025 Trustees Report explicitly ties this trajectory to the aging of the baby boom, slower labor-force growth, and an assumed ultimate total fertility rate of 1.9 children per woman. Actual US fertility has undershot that assumption for years. Again, CDC data showed the total fertility rate at 1.63 in 2024 and continuing to hover near historic lows in 2025. Each sustained tenth-of-a-point decline in fertility materially widens the long-term shortfall because it permanently reduces the future tax base relative to the retiree population.

With fewer workers contributing taxes, revenues can’t keep pace with escalating costs. Medicare spending, currently around 3 to 4 percent of GDP (with total national health expenditures at 18 percent of GDP in recent data), could rise significantly in the coming decades, driven by more enrollees and rising per-person expenses from chronic conditions like diabetes and obesity, which are prevalent in aging cohorts. Policymakers face tough choices: raise payroll taxes, cut benefits, or increase the retirement age. Higher taxes could burden younger generations already grappling with student debt and housing costs, potentially exacerbating the very fertility decline causing the problem.

Immigration offers a potential pragmatic solution. Increasing net immigration could offset much of the fiscal strain on Medicare and Social Security, bolstering the worker pool. Immigrants often arrive in active working years, contributing taxes without immediate benefit draws. Yet, political debates and pragmatic realities make this approach difficult. 

Countries like Sweden and Norway offer cautionary tales.

In Sweden, immigration drove the majority of the country’s ~20 percent population growth since 1995 (to over 10.4 million by 2021), contributing to persistent challenges including staff shortages, bed overcrowding, and long waiting times — 29 percent of patients exceeded the 3-month guarantee for a first specialist visit and 46 percent for treatment or surgery in 2021 — while chronic conditions (affecting 82 percent of those aged 65+) account for 80–85 percent of total costs.

A free-market solution is ideologically straightforward but practically difficult. Medicare’s design creates classic third-party-payer distortions at the macro level. Workers face a compulsory intergenerational transfer whose return depends on future fertility and labor-force participation — variables they cannot control and that the program itself indirectly helps suppress. 

In a genuine insurance market, individuals would purchase actuarially fair coverage for longevity and health risks, save in portable tax-deferred accounts, and face transparent prices for services. Competition among insurers and providers would drive innovation in both cost control and benefit design.

Reform must therefore link benefits more closely to individual workers.

Modernize Medicare’s benefit and financing structure. Convert the HI component to a premium-support model with risk-adjusted vouchers, allowing beneficiaries to choose among competing private plans. Gradually raise the eligibility age in line with gains in healthy life expectancy. Introduce meaningful means-testing for supplemental subsidies. These steps reduce the unfunded liability, improve price signals, and lessen the tax burden on working-age Americans.

Second — and admittedly more difficult — policymakers must address the fertility side of the ledger directly. Empirical evidence suggests modest, targeted tax incentives yield better results than broad entitlements, which often fail to durably lift fertility amid deeper cultural shifts toward delayed parenthood. For instance, studies of child tax credits and similar financial supports show positive but limited effects on birth probabilities, with elasticities typically in the 0.05–0.41 range (say, increasing benefits by 10 percent of household income is linked to 0.5–4.1 percent higher birth rates). This framework respects individual liberty, rewards responsibility, and sustains civilization through voluntary family formation rather than top-down engineering.

None of this requires utopian assumptions about birth-rate engineering. Markets do not guarantee any particular fertility level, but they do minimize artificial penalties on the decision to have children. By contrast, the status quo imposes a hidden fertility tax: extract resources from young adults, promise them future benefits whose value erodes with every successive actuarial revision, and then express surprise when cohort fertility remains below replacement.

Declining birth rates are not merely a demographic curiosity — they are a direct threat to Medicare’s viability. The free market offers solutions.

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In Economy

How Concerning Are the February Jobs Numbers?

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Many market watchers are concerned about the softening labor market. According to the Bureau of Labor Statistics, the US economy lost 92,000 nonfarm payroll jobs in February 2026. The revised payroll numbers reveal that the economy added just 156,000 jobs over the last year — or, roughly 13,000 jobs per month. That certainly looks sluggish relative to earlier reports. For comparison, the economy added roughly 122,000 jobs per month in 2024 and 210,000 jobs per month in 2023.

Figure 1. Monthly Change in Nonfarm Payroll Employment, Feb 2021 – Feb 2026

Some market watchers suggest the labor market looks even worse when you disaggregate the data. As economist Justin Wolfers notes, just one sector “continues to account for more than all of the jobs created over the past year.” Whereas health care and social assistance has grown 3.2 percent since the beginning of 2025, employment across all other sectors has declined 1.2 percent. That, the pessimists say, looks like concentrated job growth masking general malaise.

To the extent that those currently concerned by the most recent labor market data are merely looking for the proverbial canary in the coal mine, it is hard to fault them. It is difficult to identify turning points in real time, and it is prudent to consider whether what one is observing might indicate that the labor market is starting to soften. But the view that the labor market might be starting to soften is often conflated with a very different view: that the labor market is soft. And that latter view, at least at the moment, is inconsistent with the available data.

Zoom Out

Slow job growth is not necessarily a sign of a soft labor market. An economy at or near full employment will also experience slow job growth. And, when we zoom out on the labor market data, it certainly looks like we are at or near full employment, where everyone who wants a job at the prevailing wage has a job and unemployment reflects normal frictions associated with moving from one job to another.

Consider the prime-age employment-to-population ratio, which shows the share of people in the US between the ages of 25 and 54 who are currently employed and, correspondingly, tends to be a good indicator of labor market strength. In February 2026, 80.7 percent of prime-age workers were employed. That’s relatively high by historical standards.

Figure 2. Prime-age Employment-to-Population Ratio, Jan 1948 – Feb 2026

The prime-age employment-to-population ratio climbed from 62.6 percent in 1948 to 80.2 percent in 1990, as women gradually entered the formal labor market. Since then, a prime-age employment-to-population ratio above 80.0 percent has generally indicated a relatively strong labor market, whereas a ratio that drops below that threshold typically indicates labor market weakness. The full series peaked at 81.9 percent in April 2000. Local peaks at 80.2 percent in March 2007 and 80.6 percent in January 2020 preceded recessions, but the series has been much more stable in recent years. The prime-age employment-to-population ratio has exceeded 80.0 percent since December 2022.

Reasonable people might disagree about the precise prime-age employment-to-population ratio that is consistent with full employment at any given point in time. And that ratio will change as families determine whether it is more advantageous to have dual earners or to have one member specializing in home production. But it is not obvious that family structure or other potential factors affecting the ratio consistent with full employment have meaningfully changed over the last six years. And no one thought the labor market was soft in January 2020.

Factors Affecting Job Growth

If the economy is below full employment and recovering, it will tend to add a high number of jobs each month. If it is at or near full employment and the population of working-age adults is growing rapidly, it will tend to add a high number of jobs each month. But neither of those conditions appear to hold at the moment. The prime-age employment-to-population ratio suggests the economy is at or near full employment. And, at the same time, broader demographic trends and more recent immigration enforcement efforts have contributed to slow growth in the population of working-age adults. Consequently, slow job growth should be expected.

Furthermore, if average job growth will tend to be slow when the economy is at or near full employment, then negative job growth will be more likely in any given month. The logic is straightforward. Above-average job growth in one month implies below-average job growth in some other month. The closer average job growth is to zero, the more likely below-average job growth means negative job growth.

Much the same can be said with respect to the high concentration of jobs in a single sector. If average job growth is zero, additional health care and social assistance jobs necessarily imply job losses in other sectors. With low (but positive) average job growth, some additional health care and social assistance jobs can be created without reducing jobs in other sectors. But there’s a limit. And, at least at present, it appears that our aging population requires some sectoral rebalancing of jobs.

Productive Job Losses

It is tempting to think that job gains are good and job losses are bad. But, of course, reality is much more complicated than that. Indeed, at least some of the job losses over the last year appear to be productivity-enhancing. In particular, the last year has seen a major reduction in government jobs, freeing up additional labor for the more-productive private sector.

From January 2024 to January 2025, the last year of the Biden administration, government employment increased 1.8 percent compared with just 0.6 percent growth in private employment. That excess government job growth has been largely undone by the Trump administration. In February 2026, government employment was just 0.8 percent higher than it had been in January 2024, whereas private employment was 0.9 percent higher.

Figure 3. Government and Private Employment, Jan 2024 – Feb 2026

The Labor Market Remains Near Full Employment

It is easy to understand why many market watchers are concerned by the latest employment data. They worry that slow job growth will become no job growth, and that no job growth will become negative job growth. But we must recognize the difference between what might happen and what has happened. At the moment, the economy appears to be at or near full employment, where slow job growth is the norm.

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In Investing

Allied Critical Metals Further Highlights Rapid Payback, Capital Efficiency and Infrastructure from Borralha PEA

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After-tax NPV(8%) of $473M (US$346.6M) and 2.2-year payback from start of production with IRR of 48.8% at US$1,000/mtu WO3

Key Highlights:

  • Additional Payback Metrics: Payback1 of approximately 2.2 years from commencement of commercial production corresponding to approximately 4.2 years from start of construction under the medium / US$1,000/mtu WO₃2 case.

  • Capital Efficient Development: Initial capital cost3 of approximately $124.2 million (USD $91 million), with a compact infrastructure layout designed to support efficient underground mining and processing operations.

  • Strong Annual Cash Flow Generation: Average annual revenue of approximately $252,517 million (US$184,886 million), average annual EBITDA of approximately $142,181 million (US$104,101 million), and average annual free cash flow of approximately $96,279 million (US$70,493 million) over the initial mine plan at US$1,000/mtu WO₃.4

  • Integrated Infrastructure Design: Project infrastructure includes planned hydro electric power connection, water supply and recycling systems, road access, and paste backfill integration to support operations while minimizing environmental footprint.

  • Significant Upside Leverage: After-tax IRR of 78.4% and NPV(8%) of $963.8 million (USD $706.4 million) at USD $1,500/mtu WO₃.

  • Resource Growth Underway: Fully funded 20,000-metre drill program continues to target resource expansion, confidence conversion and potential mine life extension beyond the initial 11-year production plan, targeting resource expansion and confidence conversion.

All amounts in Canadian dollars unless stated otherwise.4

Vancouver, British Columbia–(Newsfile Corp. – March 9, 2026) – Allied Critical Metals Inc. (CSE: ACM,OTC:ACMIF) (OTCQB: ACMIF) (FSE: 0VJ0) (‘Allied‘ or the ‘Company‘) is pleased to provide additional economic and technical detail from the recently announced Preliminary Economic Assessment (‘PEA’) for its 100%-owned Borralha Tungsten Project (‘Borralha’ or the ‘Project’) in northern Portugal. The Project’s previously announced PEA economics remain unchanged.

Roy Bonnell, CEO & Director of Allied, commented: ‘Following the release of our initial Borralha PEA, we received strong investor interest in additional project-level detail. This supplementary disclosure highlights the Project’s capital efficiency, strong annual cash generation and well-developed infrastructure platform. Importantly, the underlying economics of the PEA remain unchanged, while the additional payback presentation provides another useful reference point for investors evaluating project returns and the strong leverage Borralha has to tungsten prices.’

This additional disclosure provides greater clarity on Borralha’s capital efficiency, expected cash flow generation and rapid capital recovery profile. The Borralha PEA outlines a capital-efficient underground tungsten development project within the European Union, demonstrating strong economic returns across a range of tungsten price assumptions and significant leverage to current market prices.

The Borralha PEA continues to demonstrate a technically robust and capital-efficient underground tungsten development project within the European Union. As previously announced, the PEA was evaluated under three pricing frameworks: the Base case of $962/mtu WO₃ (US$704/mtu WO₃), $1,365/mtu WO₃ (US$1,000/mtu WO₃), and $2,049/mtu WO₃ (US$1,500/mtu WO₃), while mine design and cut-off grade selection were developed using a conservative tungsten price assumption of $900/mtu WO₃ (US$659/mtu WO₃). The Company is providing the additional metrics below to facilitate investor understanding of project capital intensity, cash flow generation and payback presentation.

For additional reference, the Company is presenting payback under two different measurement bases. The previously disclosed payback metrics were measured from the start of construction (SC), consistent with standard technical study practice. To facilitate comparison with industry benchmarks, the Company is also providing indicative payback measured from the commencement of commercial production (CCP).

Table 1 – Economic Results (After-Tax)

Scenario Price1 NPV (8%)2 IRR3 Payback SC4 Payback CCP4
Medium $1,365/mtu
(USD $1,000/mtu)		 $473.4M
(USD $346.6M)		 48.8% 2.2 years 4.2 years
Base $962/mtu
(USD $704/mtu)		 $182.7M
(USD $134.0M)		 27.2% 3.8 years 5.8 years
High $2,049/mtu
(USD $1,500/mtu)		 $963.8M
(USD $706.4M)		 78.4% 1.2 years 3.2 years

 
Notes:

  1. NPV is a Non-GAAP measure; see notes below for additional information regarding NPV. M = million.
  2. IRR is a Non-GAAP measure; see notes below for additional information regarding IRR.
  3. Payback is a Non-GAAP measure. see notes below for additional information regarding payback.

Payback measured from the start of construction reflects recovery of initial capital over the full development and operating timeline, while payback measured from the start of commercial production excludes the construction phase and is presented for comparative reference only.

The results highlight significant sensitivity to tungsten price while maintaining positive economics under conservative long-term assumptions.

In the Base Case scenario, tungsten (WO₃) represents approximately 96% of project NPV, with minor contributions from copper (~3%) and tin (<1%), based on NSR contribution. This highlights that the Borralha Project economics are overwhelmingly driven by tungsten.

For reference, current reported tungsten market prices remain materially above the US$1,000 per mtu sensitivity case presented in the PEA, reaching approximately $2,998 per mtu (US$2,195 per mtu) as of March 6, 2026 (Source: Fastmarkets).

Mineral Resource Estimate

This initial PEA is based on the updated Mineral Resource Estimate (‘MRE’ or ‘2025 MRE’) for the Santa Helena Breccia, which were presented in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (‘NI 43-101’) in the Company’s current technical report on Borralha (the ‘Technical Report’) entitled ‘Technical Report on the Borralha Property, Parish of Salto, District of Vila Real, Portugal’, dated effective December 30, 2025, which is published on the Company’s website at www.alliedcritical.com and under its profile on SEDAR+ at www.sedarplus.ca.

Under the 2025 MRE, the Santa Helena Breccia has been tested by 41 drill holes and surface trenching over approximately 400 meters of strike length and to depths exceeding 350 meters below surface. Mineralization remains open along strike and at depth. The cut-off grade of 0.09% WO3was selected based on reasonable prospects for eventual economic extraction under conceptual underground mining and gravity-dominant processing assumptions, including a very conservative tungsten price of USD$ 550/mtu WO₃ and assumed recovery of approximately 80% (for MRE cut-off determination only).

Table 2 -2025 MRE for Borralha (see also Technical Report for further details)

Clasification Tonnes (Mt) Grade (% WO3)
Measured + Indicated 13.0 0.21
Inferred 7.7 0.18

 

Initial Capital Allocation and Operational Costs

The Borralha PEA estimates initial capital7 of approximately US$91 million, with sustaining capital8 of approximately US$87 million and total life-of-mine capital9 of approximately US$178 million. The initial capital requirement reflects a compact project design integrating underground mine development, process plant construction and site infrastructure.

Table 3 – Initial Capital Costs

Category CAD$M* US$M
Underground development 21.6 15.8
Processing plant 23.1 16.9
Paste backfill plant 5.9 4.3
Surface infrastructure 6.7 4.9
Power connection 9.8 7.2
EPCM / indirect costs** 16.4 12.0
Contingency 6.0 4.4
Tax incentives 34.3 25.1
Subtotal Initial Capital 123.7 91.5

 
*Canadian dollar (CAD) equivalents calculated used a foreign exchange rate of CAD $1.3658/USD.
**EPCM = Engineering, Procurement, and Construction Management.

Certain development expenditures may also qualify for applicable Portuguese investment tax incentives, which could partially offset initial capital expenditures.

Table 4 – Operating Cost10 Breakdown

Cost Category US$/t Processed
Mining 41.2
Processing 13.2
G&A 5.0
Transport 0.02
TC/RC* 0.51
Total Operating Cost** 59.3

 
*TC/RC = Treatment Changes and Refining Charges. These are fees paid by mining companies to smelters to process raw material concentrate into refined metal.
**Operating costs for life-of-mine used for mine design average approximately US$49/t processed, based on the Sub-Level Long Hole Stoping (SLOS) mining method. Limited areas may utilize Drift & Fill mining, which carries higher unit costs. In the economic model, operating costs are expressed in nominal US dollars and escalated annually for inflation, resulting in an average life of mine operating cost of approximately US$59/t processed, including transportation and treatment/refining charges.

Concentrate Marketing Assumptions

The PEA assumes production of a marketable tungsten concentrate grading approximately 65% WO₃ using a gravity-dominant flowsheet. Concentrate pricing assumptions are based on industry-standard tungsten concentrate marketing structures, incorporating typical 80% payability terms and treatment charges applicable to the tungsten market.

The Project benefits from relatively clean mineralogy dominated by wolframite, which generally reduces impurity-related penalties relative to more complex tungsten concentrates.

Capital Efficiency

The relatively modest initial capital requirement reflects several favourable project characteristics, including:

  • compact underground mining footprint
  • gravity-dominant processing flowsheet
  • access to regional infrastructure including grid power
  • limited earthworks due to site topography
  • moderate plant throughput of 1.4 million tonnes per annum (Mtpa) of mineralized material
  • potential Portuguese investment incentives

These factors contribute to a capital-efficient development scenario compared with many global tungsten projects.

Simplified Annual Cash Flow Metrics

The initial Borralha mine plan is expected to generate strong annual cash flow11 supported by life-of-mine average production of approximately 1,708 tonnes WO₃ per annum, a nominal processing rate of 1.4 Mtpa, and an average mill feed grade of approximately 0.20% WO₃.

Table 5 – Cash-Flow11 Table

Cash Flow Metric Base Case
US$704/mtu WO₃ 		Medium Case
US$1,000/mtu WO₃ 		High Case
US$1,500/mtu WO₃
Average annual revenue 131,749 184,886 274,686
Average annual EBITDA 53,374 104,101 189,860
Average annual pre-tax operating cash flow 40,405 91,132 176,890
Average annual free cash flow 35,815 70,493 128,785
Life-of-mine revenue 1,449,234 2,033,747 3,021,554
Life-of-mine free cash flow 393,973 775,428 1,416,640

 

Infrastructure and Site Requirements

The Borralha Project benefits from favourable site conditions and access to existing regional infrastructure, supporting a capital-efficient development.

Surface infrastructure has been designed to concentrate industrial and administrative facilities within a compact footprint, minimizing environmental disturbance while ensuring operational efficiency. The process plant, paste backfill facility, workshops, administrative buildings and support infrastructure will be located on a centralized platform adjacent to the orebody.

Access to the site will utilize existing regional roads connected to the municipal road CM1025-2. Dedicated routes for light and heavy vehicles have been designed to ensure safe operations while minimizing earthworks and environmental impact.

A comprehensive water management system has been designed to support mining and processing operations. Water supply is expected to be sourced from local groundwater and surface water resources, with water recycling integrated into the process flowsheet. Three retention basins will provide operational water storage, sedimentation and environmental control.

Electrical power will be supplied through connection to the Portuguese national grid via a planned 60 kV overhead line linking the Borralha substation to the SE Frades (REN) substation over approximately 6.5 km. The design complies with applicable national standards and incorporates environmental protection measures.

The project infrastructure design integrates processing, backfill, water management and power supply systems to support efficient underground mining operations while minimizing environmental impact.

Key Infrastructure Advantages

  • Grid power connection (60 kV line – 6.5 km)
  • Local groundwater and surface water available for operations
  • Existing regional road access to site
  • Compact site layout minimizing environmental footprint
  • Paste backfill and water recycling integrated into plant design

Ongoing Growth Strategy

The current initial PEA is based only on the Santa Helena Breccia deposit and an initial 11-year production plan. The Company’s fully funded 20,000-metre drill program is underway and is targeting:

  • expansion of the current Mineral Resource;
  • conversion of Inferred Mineral Resources into higher-confidence categories;
  • potential extension of mine life beyond the initial plan; and
  • evaluation of throughput optimization and future project scale growth.

The Company intends to continue advancing Borralha through additional drilling, engineering optimization, metallurgical refinement, geotechnical and hydrogeological studies, and progression toward the next stage of technical study.

Qualified Persons

The scientific and technical information contained in this news release has been reviewed and approved by the following Qualified Persons, as defined under NI 43-101:

J. Douglas Blanchflower, P.Geo.

Mr. Blanchflower is an independent Qualified Person under NI 43-101 and was retained by Allied Critical Metals Inc. to prepare the NI 43-101 Technical Report dated effective December 30, 2025. He has overall responsibility for the 2025 MRE and the Technical Report. Mr. Blanchflower is a Registered Professional Geoscientist in good standing with the Association of Professional Engineers and Geoscientists of British Columbia (No. 19086) and has more than five decades of experience in mineral exploration, resource estimation, and technical reporting. Mr. Blanchflower has reviewed and approved the scientific and technical information in this news release relating to the mineral resource estimate.

David Castro López, BSc, MIMMM, QMR

Mr. Castro López is a Mining Engineer and a Professional Member (MIMMM #685484) and Qualified for Minerals Reporting (QMR) of the Institute of Materials, Minerals and Mining (IOM3). He is independent of the Company and the Borralha Project. Mr. Castro López contributed to the metallurgical review and process design considerations supporting the PEA and takes responsibility for the metallurgical and mineral processing information contained herein. Mr. López has reviewed and approved the scientific and technical information in this news release relating to the metallurgical and mineral processing information contained herein.

Miguel Cabal, EurGeol, Licensed Geologist

Mr. Cabal is a licensed geologist with the European Federation of Geologists (EuroGeol #1439) with over 28 years of experience in mineral exploration, resource evaluation and mine development. He is Managing Director of Geomates (Spain) and has contributed to multiple NI 43-101 and JORC-compliant technical reports, including PEA, PFS and feasibility studies. Mr. Cabal is independent of Allied Critical Metals Inc. and the Borralha Project and has reviewed and approved the mining and economic components of the PEA. Mr. Cabal has reviewed and approved the scientific and technical information in this news release relating to the mining and economic components of this news release.

Vítor Arezes, BSc, MIMMM, QMR

Mr. Arezes is Vice President Exploration of Allied Critical Metals Inc. and a Qualified Person under NI 43-101. He is not independent of the Company due to his role as an officer. Mr. Arezes has extensive experience in tungsten and polymetallic mineral systems and has conducted multiple site visits to the Borralha Project, including during the 2025 drilling campaign. He contributed to geological interpretation, exploration oversight, and technical review supporting the PEA. He is a member of the Institute of Materials, Minerals and Mining (MIMMM #703197) and a Qualified Mineral Resources and Ore Reserves Professional (QMR), and by reason of education, professional experience, and accreditation, meets the definition of a Qualified Person as defined in NI 43-101. Mr. Arezes has reviewed and approved all of the scientific and technical information in this news release.

About Allied Critical Metals Inc.

Allied Critical Metals Inc. is a Canadian-based mining company focused on the advancement and revitalization of its 100%-owned Borralha Tungsten Project and the Vila Verde Tungsten Project in northern Portugal.

The Borralha Project is one of the largest undeveloped tungsten resources within the European Union and benefits from a favourable Environmental Impact Declaration (DIA), positioning the Project for advancement toward feasibility and development. Vila Verde represents additional exploration upside within the same strategic jurisdiction.

Tungsten has been designated a critical raw material by the United States and the European Union due to its strategic importance in defense, aerospace, manufacturing, automotive, electronics and energy applications. Currently, China, Russia and North Korea account for approximately 87% of global tungsten supply and reserves, highlighting the importance of secure western sources.

Further details regarding the Borralha Project are available in the Company’s NI 43-101 Technical Report dated December 30, 2025, filed on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.alliedcritical.com.

ON BEHALF OF THE BOARD OF DIRECTORS

‘Roy Bonnell’
CEO and Director

Additional information is also available by contacting the Company:

Dave Burwell
Vice President, Corporate Development
daveb@alliedcritical.com
Tel:403-410-7907
Toll Free: 1-800-221-0915

Please also visit our website at www.alliedcritical.com.

Also visit us at:
LinkedIn: https://www.linkedin.com/company/allied-critical-metals-inc/
X: https://x.com/@alliedcritical/
Facebook: https://www.facebook.com/alliedcriticalmetals/
Instagram: https://www.instagram.com/alliedcriticalmetals/

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

This news release contains ‘forward-looking information’ within the meaning of applicable Canadian securities laws (‘FLI‘). FLI in this release includes, without limitation, statements regarding: (A) the PEA results and economic indicators (e.g., NPV, IRR, payback and related sensitivities); (B) the conceptual mine plan and operating framework (mining approach, processing rates, production profiles, cost ranges and schedules); (C) the technical basis and process assumptions (cut-off approach, flowsheet concept and anticipated concentrate specifications); (D) the status and trajectory of permitting and approvals, infrastructure access and other site requirements; (E) market-related assumptions and the Project’s sensitivity and leverage to commodity pricing; (F) growth, conversion and expansion opportunities, including planned drilling and other technical programs; (G) the anticipated sequence of future studies, potential financing pathways and indicative timelines; and (H) the Project’s strategic positioning relative to regional and policy objectives. Such FLI is identified by, among other things, words such as ‘plans’, ‘expects’, ‘is expected’, ‘aims’, ‘budget’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’, ‘potential’, ‘target’, ‘opportunity’, ‘may’, ‘could’, ‘would’, ‘might’, ‘will’ and similar terminology, as well as statements regarding outcomes that ‘will’, ‘should’ or ‘would’ occur.

Material assumptions underlying the FLI include, but are not limited to: the accuracy of the 2025 MRE; geological continuity; the PEA-level capital/operating cost estimates (with typical PEA accuracy ranges); metallurgical recoveries and process performance consistent with test results to date; availability of labour, equipment and consumables at quoted/priced levels; access to grid power and water on contemplated terms; the ability to obtain land access, permits and approvals (including RECAPE) in a timely manner; tungsten pricing consistent with Argus long-term forecasts or stated sensitivity cases; foreign exchange and inflation consistent with study inputs; and availability of financing on acceptable terms. The Company believes these assumptions are reasonable as of the date hereof, but no assurance can be given that they will prove correct.

The PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the PEA results will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Any reference to potential production, mine life, NPV, IRR, payback, costs, recoveries, or other economic or technical parameters is preliminary and conceptual.

Key risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the FLI include, but are not limited to: (i) exploration, geological, modelling and grade-continuity risks, including the risk that further work does not confirm Inferred material or resource extensions; (ii) risks that metallurgical performance, WO₃ recoveries, concentrate quality or processing costs differ from test work and assumptions; (iii) capital cost escalation, schedule delays, contractor availability and supply-chain constraints; (iv) operating cost inflation (power, reagents, labour, transportation); (v) commodity price and FX volatility (including sustained periods below the Argus long-term or sensitivity prices assumed); (vi) permitting, environmental, social, community, land access and regulatory risks in Portugal (including RECAPE outcomes and permit conditions); (vii) water, tailings and geotechnical/hydrogeological risks inherent in underground operations; (viii) offtake, marketing and market-access risks for tungsten concentrates; (ix) availability and cost of equity, debt or project finance on acceptable terms; (x) changes in laws, regulations, taxes, royalties, or government policies; and (xi) other risks described under ‘Business Risks’ in the Company’s most recent MD&A and in other continuous disclosure filings available on SEDAR+. Readers are urged to carefully review those risk factors, which are expressly incorporated by reference into this cautionary note.

Non-GAAP Financial Measures

The Company has included certain non-GAAP financial measures in this press release. These financial measures are not defined under International Financial Reporting Standards (‘IFRS‘) and should not be considered in isolation. The Company believes that these financial measures, together with financial measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. The inclusion of these financial measures is meant to provide additional information and should not be used as a substitute for performance measures prepared in accordance with IFRS. These financial measures are not necessarily standard and therefore may not be comparable to other issuers.

Net Present Value (NPV) – is the present value calculation of net profit from operations determined using a particular discount rate. All NPV values stated herein are on an after tax basis.

Internal Rate of Return (IRR) – is a financial metric used to assess an investment’s profitability by calculating the annual rate of return that makes the NPV of all cash flows (both positive and negative) equal to zero.

Payback – is calculated in years as the length of time that it takes to pay off the capital costs from annual net profit expected from operations at the Borralha Project.

Initial capital – is the initial capital cost amount required to be expended to construct the mine and tungsten concentrator process equipment and buildings to begin processing mineralized material into saleable tungsten concentrate at commercial quantities according to the life of mine plan at the Borralha Project. Table 3 above provides a breakdown of the initial capital costs. This is an estimate accurate to +/-35%.

Sustaining capital – is a supplementary financial measure which reflects cash basis expenditures which are expected to maintain operations and sustain production levels at the Borralha Project.

Capital costs or Total life of mine capital costs – include the Initial capital and the sustaining capital.

Operating costs – are the costs required to process mineralized material into saleable tungsten concentrate at the Borralha Project. This includes: underground mining; processing and plant operations; general and administrative costs; and site services and infrastructure support (see Table 4 above for a breakdown of the operating costs). This can be calculated on the unit basis per mtu WO3 produced.

Cash flow – includes average annual revenue, average annual EBITDA (earnings before interest, taxes, depreciation and amortization), average annual pre-tax cash flow, average annual free cash flow, life of mine revenue, life of mine free cash flow. Average annual revenue is the average annual gross revenue over the life of mine. Average annual EBITDA is the average annual EBITDA over the life of mine. Average annual pre-tax cash flow is the average over the life of mine of the annual free cash flow prior to deduction of taxes. Life of mine revenue is the total gross revenue over the life of mine. Life of mine free cash flow is the total free cash flow over the life of mine. Free cash flows are revenues net of operating costs, royalties, working capital adjustments, capital expenditures and cash taxes. The Company believes that this measure is useful to readers in assessing the Company’s ability to generate cash flows from Borralha.

All-In Sustaining Costs (AISC) – are comprised of sustaining capital expenditures and site level costs to support ongoing operations and closure costs. All-in sustaining costs per mtu WO3 is calculated as AISC divided by the amount of mtu WO3 produced during the period that the costs are incurred. All-in sustaining costs capture the important components of the Company’s production and related costs and are used by the Company and investors to understand projected cost performance at the Borralha Project. Adoption of the all-in sustaining cost metric is voluntary and not necessarily standard, and therefore, this measure presented by the Company may not be comparable to similar measures presented by other issuers. The Company believes that the all-in sustaining cost measure complements existing measures and ratios reported by the Company. All-in sustaining cost includes both operating and capital costs required to sustain WO3 production on an ongoing basis. Sustaining operating costs represents expenditures expected to be incurred at the Project that are considered necessary to maintain production. Sustaining capital represents expected capital expenditures comprising mine development costs, including capitalized waste, and ongoing replacement of mine equipment and other capital facilities, and does not include expected capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements.

1 Payback is a Non-GAAP measure. See notes below for additional information regarding payback.
2 mtu/WO3 = metric tonne unit of tungsten; WO3 is tungsten trioxide.
3 Initial capital cost is a Non-GAAP measure. See Table 3 below for a breakdown of the costs and the notes below for additional information regarding initial capital cost.
4 Average annual revenue, average annual EBITDA, and average annual free cash flow are Non-GAAP measures. See notes below for additional information.
5 NPV(8%) = net present value at a 8% discount rate. NPV is a Non-GAAP measure; see notes below for additional information regarding NPV. USD = United States dollars. Canadian dollar (CAD) equivalents calculated used a foreign exchange rate of CAD $1.3658/USD.
6 IRR = internal rate of return. IRR is a Non-GAAP measure; see notes below for additional information regarding IRR.
7 Initial capital cost is a Non-GAAP measure. See Table 3 above for a breakdown of the costs and the notes below for additional information regarding initial capital cost.
8 Sustaining capital is a Non-GAAP measure. See notes below for additional information regarding sustaining capital.
9 Total life of mine capital cost is a Non-GAAP measure. See notes below for additional information regarding total life of mine capital cost.
10 Operating cost is a Non-GAAP measure. See Table 4 for a breakdown of the Operating Costs and the notes below for additional information regarding Operating Cost.
11 Cash flow is a Non-GAAP measure. See Table 5 for a breakdown of the cash flow and the notes below for additional information regarding cash flow.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/287858

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Trump says it’s an ‘honor’ to keep Strait of Hormuz open for China and other countries

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President Donald Trump said he wants to keep the Strait of Hormuz open, saying it would be an ‘honor’ to do so in an effort to help other nations that rely on the vital Middle East waterway.

Trump was speaking with reporters in Florida on Monday, when he was asked about the global energy choke point, which has been disrupted amid back-and-forth attacks between Iran and Israel and the United States. 

At about 21 miles wide at its narrowest point, the Strait of Hormuz is between Iran and Oman and carries roughly 20 million barrels a day and about one-fifth of global liquefied natural gas, making it a top-value target when conflict in the region erupts.

‘We’re really helping China here and other countries because they get a lot of their energy from the Straits,’ Trump said. ‘We have a good relationship with China. It’s my honor to do it.’

Trump is slated to meet with Chinese leader Xi Jinping later this month. While touting the United States’ new energy partnership with Venezuela, Trump noted that China gets its oil through the strait. 

‘I mean, we’re doing this for the other parts of the world, including countries like China,’ he said. ‘They get a lot of their oil through the straits.’

‘We have a very good relationship with President XI (Jinping) and China,’ he added. ‘I’m going there in a short period of time, and we’re protecting the world from what these lunatics are trying to do, and very successfully I might add.’

The U.S. will also waive all oil-related sanctions on some countries in an effort to reduce energy prices amid the conflict in the Middle East, Trump said.

The Islamic Revolutionary Guard Corps took to Iranian State TV vowing it would ‘not allow [the] export of a single liter of oil.’

Later, Trump reaffirmed his position on the strait in a fiery Truth Social post.

‘If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far. Additionally, we will take out easily destroyable targets that will make it virtually impossible for Iran to ever be built back, as a Nation, again — Death, Fire, and Fury will reign upon them — But I hope, and pray, that it does not happen!,’ he wrote.

‘This is a gift from the United States of America to China, and all of those Nations that heavily use the Hormuz Strait. Hopefully, it is a gesture that will be greatly appreciated. Thank you for your attention to this matter!’


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Byron King: Gold, Silver, Oil/Gas — Stock Ideas and Strategy Now

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Byron King, editor at Paradigm Press, shares his approach to the gold and silver sectors as tensions in the Middle East intensify, also touching on oil and gas.

Overall he sees hard assets becoming increasingly key as global uncertainty escalates.

‘Own gold, own silver — physically own the metal for your own benefit,’ said King.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

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Jaime Carrasco: Gold Going “Much Higher,” Silver Force Majeure Inevitable

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Jaime Carrasco, senior portfolio manager and senior financial advisor at Harbourfront Wealth Management, shares his outlook for gold and silver, saying prices must rise much higher.

He also talks about how to build a strong precious metals portfolio.

‘We’re moving from a credit-based economy, a bubble that is blowing up, to a resource-based economy — and that’s very healthy going forward,’ Carrasco said.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

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Garrett Goggin: Gold, Silver in New Era, My Stock Strategy Now

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Garrett Goggin, founder of Golden Portfolio, says although gold and silver haven’t gone mainstream yet, the metals — and the mining sector overall — have entered a new era.

‘It’s a real mind shift — it’s a new era in mining right here,’ he said.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

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1911 Gold Announces Closing of US$15 Million Drawdown Under Credit Facility with Auramet International

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/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

1911 Gold Corporation (‘1911 Gold’ or the ‘Company’) (TSXV: AUMB) (OTCQX: AUMBF) (FRA: 2KY) is pleased to announce that, further to the news release dated February 20, 2026, the Company has closed the initial drawdown of US$15 million (the ‘Tranche 1 Amount’) under the loan agreement dated February 19, 2026 (the ‘Loan Agreement’) with Auramet International, Inc. (‘Auramet’), which provides for a US$30 million secured credit facility (the ‘Credit Facility’). It is anticipated that the proceeds from the Credit Facility, including the Tranche 1 Amount, will be used to advance critical operational milestones at the True North Gold Project, specifically providing the capital required to purchase essential mining equipment, underground development at the True North mine, and the installation of the new crushing circuit at the mill.

1911 Gold Corporation TSXV: AUMB OTCQB: AUMBF FRA: 2KY (CNW Group/1911 Gold Corporation)

The outstanding principal amount under the Credit Facility accrues interest at a rate of 12% per annum calculated and payable monthly in arrears on the last business day of each calendar month; provided, however, that no interest shall accrue on the Tranche 1 Amount for a period of six months following the closing date of the initial drawdown of the Tranche 1 Amount (the ‘Closing Date‘). The Tranche 1 Amount shall be amortized and repaid to Auramet in 12 equal monthly instalments of US$1.25 million commencing on the date that is 13 months following the Closing Date and ending on the date that is 24 months following the Closing Date (the ‘Maturity Date‘).

The obligations under the Loan Agreement are secured by a first-ranking security interest on all personal property of the Company and a continuing collateral mortgage against the Company’s True North Gold Project and Rice Lake exploration properties. The Loan Agreement includes terms and conditions customary for a transaction of this nature, including certain specified positive and negative covenants and mandatory prepayment terms.

Subject to the satisfaction of certain conditions precedent, the remaining US$15 million of the Credit Facility will be made available during the period commencing on the date that is 90 days following the Closing Date and ending on the date that is 180 days following the Closing Date.

In consideration for the arrangement of the Credit Facility, on the Closing Date, the Company paid Auramet an arrangement fee of US$1,050,000, representing 3.5% of the aggregate principal amount of the Credit Facility, which fee was satisfied by the issuance of 1,369,600 common shares in the capital of the Company (‘Common Shares‘) at a deemed price of C$1.05 per Common Share. Additionally, in consideration for the lending of the Tranche 1 Amount, on the Closing Date, the Company paid Auramet a drawdown fee of US$375,000, representing 2.5% of the Tranche 1 Amount, which fee was satisfied by the issuance of 489,142 Common Shares at a deemed price of C$1.05 per Common Share, and issued to Auramet 4,500,000 common share purchase warrants of the Company (the ‘Tranche 1 Warrants‘), with each Tranche 1 Warrant exercisable to purchase one Common Share at an exercise price equal to C$1.07 per Common Share, representing a 10% premium to the 5-day volume-weighted average price of the Common Shares on the TSXV for the five consecutive trading days ending on (and including) the date of the Loan Agreement, with such Tranche 1 Warrants expiring on the Maturity Date, subject to acceleration.

The Common Shares and the Tranche 1 Warrants issuable pursuant to the Loan Agreement and the Common Shares underlying the Tranche 1 Warrants are subject to a four-month statutory hold period under applicable Canadian securities laws, which will expire on July 10, 2026.

The securities issuable pursuant to the Loan Agreement have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ‘U.S. Securities Act‘), or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration under the U.S. Securities Act and all applicable state securities laws or compliance with the requirements of an applicable exemption therefrom. This news release shall not constitute an offer to sell or the solicitation of an offer to buy in the United States, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

About Auramet

Auramet is a private company established in 2004 by seasoned professionals who have assembled a global team of industry specialists with over 400 years combined industry experience. It is one of the largest physical precious metals merchants in the world and has provided over $1.5 billion in term financing facilities to date. Auramet offers a full range of services, including physical metals trading, metals merchant banking (including direct lending), and project finance advisory services to all participants in the precious metals supply chain.

About 1911 Gold Corporation

1911 Gold is an advanced gold explorer and developer focused on its 100%-owned True North Gold Project in the Archean Rice Lake Greenstone Belt in Manitoba, Canada. The Company controls a large, highly prospective ~62,000-hectare land package with numerous past-producing gold operations within trucking distance of the fully built and permitted True North mine and mill complex. 1911 Gold is positioning itself to restart operations in 2027 and offers a unique, near-term production opportunity with significant exploration upside. The strategy is to build a district-scale gold mining operation around a centralized, and readily expandable infrastructure to support a socially and environmentally responsible, long-term mining operation with little development risk and a growing mineral resource base.

1911 Gold’s True North complex and the exploration land package are located within and among the First Nation communities of the Hollow Water First Nation and the Black River First Nation. 1911 Gold looks forward to maintaining open, cooperative, and respectful communications with all of our local communities and stakeholders to foster mutually beneficial working relationships.

ON BEHALF OF THE BOARD OF DIRECTORS

Shaun Heinrichs
President and CEO

www.1911gold.com

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This news release contains forward-looking information or forward-looking statements within the meaning of applicable securities laws (collectively, ‘forward-looking statements‘). Often, but not always, forward-looking statements can be identified by the use of words and phrases such as ‘plans’, ‘expects’ or ‘does not expect’, ‘is expected’, ‘budget’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’ or ‘does not anticipate’, or ‘believes’, or that describe a ‘goal’, or variations of such words and phrases, or statements that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will’ be taken, occur or be achieved.

All statements that address expectations or projections about the future, including, but not limited to, statements about the use of proceeds of the Credit Facility, including the Tranche 1 Amount, the timing and ability of the Company to satisfy the conditions precedent in respect of the drawdown of the remaining principal amount under the Credit Facility and the Company’s objectives, goals and future plans and strategies, are forward-looking statements. 

All forward-looking statements reflect the Company’s beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company’s forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements.

Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, predictions, projections, forecasts, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the Company’s inability to satisfy the conditions precedent in respect of the drawdown of the remaining principal amount under the Credit Facility and the Company’s inability to repay the Credit Facility or comply with the covenants set out in the Loan Agreement.

Although 1911 Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

All forward-looking statements contained in this news release are given as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE 1911 Gold Corporation

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2026/09/c6182.html

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Nicola Mining Provides Update on NASDAQ Listing

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Nicola Mining Inc. (TSXV: NIM,OTC:HUSIF) (OTCQB: HUSIF) (FSE: HLIA) (the ‘Company’ or ‘Nicola’) is pleased to provide an update on its proposed NASDAQ listing, which it originally disclosed in its news release of October 27, 2025. There are approximately 220 Canadian companies trading via cross listing in the United States1; however, Nicola hopes to be one of the first Canadian companies to list via American Depositary Receipts (‘ADRs’)2. The rational of pioneering the structure is explained below.

Listing ADRs on NASDAQ offers foreign companies a strategic pathway to U.S. capital markets while preserving their existing capital structure on their home exchange, such as the Toronto Stock Exchange or the TSX Venture Exchange. Unlike a reverse share consolidation undertaken solely to meet minimum price thresholds, an ADR program allows a foreign company to establish an ADR-to-ordinary-share ratio that achieves the required trading price without altering the underlying share count. This structure avoids the negative market optics frequently associated with rollbacks and preserves the integrity of a foreign company’s capital structure.

Key advantages include:

  • No need for a reverse split: ADR ratios can be structured (e.g., 1 ADR representing multiple common shares) to achieve NASDAQ price requirements.
  • Preservation of capital structure: Existing shares, warrants, options and convertible instruments remain unchanged.
  • Improved market perception: Avoiding a rollback reduces the stigma often associated with distressed or low-priced issuers.

ADRs also provide operational and market-structure advantages by enabling dual-market liquidity and facilitating access to U.S. investors while maintaining a foreign company’s primary listing. Because ADRs are issued through a depositary bank that holds the underlying shares, a foreign company can expand its investor base without restructuring its domestic listing. This dual-trading framework allows Canadian and international investors to continue trading the ordinary common shares while U.S. investors transact in ADRs denominated in U.S. dollars. Important benefits include:

  • Broader investor access: U.S. institutional investors can purchase ADRs through familiar U.S. market infrastructure.
  • Maintenance of home-market liquidity: Trading continues on the Canadian exchange alongside the NASDAQ ADR listing.
  • Administrative simplicity: The ADR program is administered by a depositary bank (commonly institutions such as BNY Mellon, JPMorgan Chase, or Citibank), reducing the need for structural changes to a foreign company’s share capital.

Nicola is currently subject to review by NASDAQ under Rule IM-5101-3, a new interpretive rule adopted by NASDAQ in December 2025 that significantly expands NASDAQ’s discretionary authority to deny a company’s initial listing even if it meets all quantitative listing requirements.

Previously, companies that satisfied the formal listing requirements-such as minimum share price, market capitalization, shareholder count, and corporate governance standards- expected to receive approval to list on NASDAQ. The adoption of Rule IM-5101-3 changes this framework by allowing NASDAQ to conduct a qualitative risk assessment and reject a listing if it believes the security could be susceptible to manipulation or other market integrity risks.

Peter Espig, CEO of Nicola, stated, ‘Nicola, its legal team, and NASDAQ continue to work sedulously towards assuring a sound structure as we move forward with this strategic structure. We remain committed to prudently move forward in a structure beneficial to the US markets while striving for stability to our Canadian shareholders.’

About Nicola Mining

Nicola Mining Inc. is a junior mining company listed on the TSX Venture Exchange and Frankfurt Exchange that maintains a 100% owned mill and tailings facility, located near Merritt, British Columbia It has signed Mining and Milling Profit Share Agreements with high grade gold projects. Nicola’s fully permitted mill can process both gold and silver mill feed via gravity and flotation processes.

The Company owns 100% of the New Craigmont Project, a high-grade copper property, which covers an area of over 10,800 hectares along the southern end of the Guichon Batholith and is adjacent to Highland Valley Copper, Canada’s largest copper mine. The Company also owns 100% of the Treasure Mountain Property, which is a fully-permitted high grade silver mine and includes 30 mineral claims and a mineral lease, spanning an area exceeding 2,200 hectares.

On behalf of the Board of Directors

‘Peter Espig‘

Peter Espig
CEO & Director

For additional information

Contact: Peter Espig
Phone: (778) 385-1213
Email: info@nicolamining.com
URL: www.nicolamining.com

Cautionary Note Regarding Forward-Looking Information

This news release contains ‘forward-looking statements’ within the meaning of applicable securities laws. All statements, other than statements of present or historical facts, are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and assumptions and accordingly, actual results could differ materially from those expressed or implied in such statements. Investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements concerning the proposed listing of ADRs on Nasdaq and the benefits from the listing of ADRs on Nasdaq.

Forward-looking statements are based upon certain assumptions and other key factors that, if untrue, could cause actual results to be materially different from future results expressed or implied by such statements. Key assumptions upon which the Company’s forward-looking information is based include, without limitation, the ability to obtain required regulatory approvals for the proposed listing of ADRs on Nasdaq. Forward-looking statements are also subject to risks and uncertainties facing the Company’s business, including, without limitation, the risk that the Company may not receive the required regulatory approvals for the proposed listing of ADRs on Nasdaq.

There can be no assurance that forward-looking statements will prove to be accurate, and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Nicola. Investors are cautioned against attributing undue certainty to forward-looking statements.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF NICOLA AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD- LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE NICOLA MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

_________________________
1 Source: Mandarin Capital Link and Investopedia Link
2 ADR definition: Link

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/287693

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Iranian Kurdish fighters say they’re ready to strike Tehran, waiting for opening

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Iranian Kurdish opposition groups say they are prepared to challenge Tehran but are holding back for now as the war between the United States, Israel and the Islamic Republic continues to unfold.

Khalid Azizi, spokesperson for the Democratic Party of Iranian Kurdistan (KDPI), told Fox News Digital in an exclusive interview that Kurdish forces are closely watching developments but have no plans to launch a ground offensive at this stage.

Reports in recent days have suggested that President Donald Trump spoke with Mustafa Hijri, the leader of KDPI, as Washington explores possible Kurdish involvement in pressure on Iran. 

Azizi declined to confirm or deny whether such a conversation took place.

Azizi himself has firsthand experience with Iran’s military retaliation. 

In 2018, Iran’s Islamic Revolutionary Guard Corps launched ballistic missiles at the KDPI headquarters in Koy Sanjaq in Iraq’s Kurdistan region during a leadership meeting, killing at least 18 people and injuring dozens.

‘We have been targeted by the Islamic Republic,’ Azizi said. ‘The first Iranian missile was sent to my headquarters and I was personally injured in that attack.’

Despite the risks, Azizi said Kurdish resistance remains strong after decades of confrontation with Iran. 

‘The Iranian Kurdish resistance movement is actually very strong because we have been on the ground since the Iranian revolution,’ he said.

Azizi spoke from Washington, D.C., where he said Kurdish representatives were meeting with policymakers and institutions to discuss the situation in Iran and the role Kurdish groups could play if the conflict evolves.

But for now, Kurdish groups say they are waiting to see how the broader war develops.

‘We are ready and our party is well organized,’ Azizi said. ‘But right now we do not have any intention to enter Iranian Kurdistan because the ground forces in this war have not been a topic.’

‘It’s very easy to start a war,’ he added. ‘But it will be more complicated how to end this war.’

The KDPI is one of the oldest Kurdish opposition movements fighting Iran’s Islamic Republic. The group is a member of the Socialist International and operates primarily from bases in the Kurdistan region of Iraq and has been in armed and political opposition to Tehran since the 1979 Iranian Revolution.

Azizi said Kurdish political movements have recently taken a significant step by forming a joint alliance aimed at coordinating their political strategy.

‘We have managed to create a unity among the Kurdish political parties,’ he said. ‘This has been welcomed by the Iranian Kurdish people and by different Iranian political parties.’

The alliance, known as the Coalition of Political Forces of Iranian Kurdistan, brings together several historically divided Kurdish factions that oppose the Islamic Republic.

Azizi said the future of Iran will ultimately depend on whether Iranians themselves rise up against the regime.

‘If you look at the goal of the United States and Israel in this war, they have been targeting the Iranian military, security and political institutions. In this aspect Iran has been weakened,’ he said.

‘But the regime still remains in power because people are not on the streets and there is no alternative right now to replace this regime.’

Azizi urged Western governments to focus not only on the military campaign but also on helping Iranian opposition movements coordinate politically.

Iran, he said, is a multi-ethnic country whose future stability will depend on building a democratic system that includes all of its communities.

‘The path and the roadmap for rebuilding Iran must be based on the participation of all ethnic groups,’ Azizi said. ‘Iran is a multi-ethnic society.’

For now, he said, Kurdish fighters remain in a holding pattern.

‘We have the ability and we have the capacity,’ Azizi said. ‘But it is not easy right now for us to make any decision regarding entering Iranian Kurdistan.’


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