Corazon Mining (CZN:AU) has announced Drill contract awarded for Two Pools maiden drill program
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Tavi Costa, CEO of Azuria Capital, explains where he’s looking to deploy capital right now, mentioning mining, energy and emerging markets.
‘When I apply macro analysis into markets, there’s a few things that look exceptionally cheap today that could be extremely asymmetric,’ he commented.
‘Again, I could be wrong in three of them, but if I get one right it’s going to go up.’
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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John Feneck, portfolio manager and consultant at Feneck Consulting, explains why he expects gold and silver prices to retest January’s highs, noting that he sees investors beginning to rotate away from the tech sector and toward commodities.
‘This sector is on fire, this sector will continue to rally.’
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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David Erfle, editor and founder of Junior Miner Junky, explains why gold and silver prices took a hit not long after war in the Middle East was announced.
While the near term could be volatile, he said the long-term outlook for precious metals is strong.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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Canada is a premier destination for mineral exploration and mining, but the nation’s exploration-stage companies are still struggling to attract investment dollars.
The country’s appeal is showcased in the Fraser Institute’s most recent Annual Survey of Mining Companies, which tracks the investment attractiveness of global mining jurisdictions. It places the Canadian provinces of Ontario and Saskatchewan among the world’s top mining jurisdictions, behind only Nevada.
The Canadian mining industry “serves as a proxy for the global (mining) industry” as it is home to “the largest concentration of public mineral companies in the world,” with Toronto at “the center of the mining finance universe,” said Douglas Silver, partner and senior advisor at Benwerrin Investment Partners, during his presentation at this year’s Prospectors & Developers Association of Canada (PDAC) convention, held last week.
Jeff Killeen, director of policy and programs for PDAC, shared similar sentiments in his own presentation, telling conference attendees, “Almost 30 percent of every dollar raised somewhere in the world for the (mining) sector comes through the Canadian marketplace: the TSX, the Venture and the CSE.”
Canada’s unique tax incentives crucial for mining investment
Canada owes its leading position in the global mining industry to its large landmass and abundance of natural resources. However, both Silver and Killeen pointed out that the nation’s flow-through share tax incentive — unique to Canada — is also “incredibly critical” to the success of the natioin’s mining sector.
Flow-through shares are a highly specialized financing tool that allow resource companies to transfer eligible exploration and development expenses to investors, who then deduct them from their own taxable income.
Under the Mineral Exploration Tax Credit (METC), funds generated from this type of capital raise must be put into a project within 18 months. There’s also the Critical Mineral Exploration Tax Credit (CMETC), which applies to critical minerals used for batteries and magnets, including rare earths, nickel, uranium, lithium and graphite, among others.
Generational shift shrinking pool of mining investors
Although Canada dominates the global mining finance sector and is teeming with multiple types of mineral deposits, it’s becoming increasingly difficult for the nation’s exploration-stage companies to attract investment dollars.
The tight financial landscape for today’s explorers stems in part from both a complex regulatory system that limits the areas open to mining activity, and a lack of proper infrastructure in the more remote regions of the country. Both of these shortcomings strike at the heart of perceived jurisdictional risk for both retail and institutional investors.
During his presentation, Killeen highlighted a few of the key financing trends affecting access to capital in the mineral industry, noting that last year saw a dramatic uptick in investment in the mining sector.
Where is capital originating from? Most of it was equity raised through private placements, which poses a problem as it represents a very narrow investor base that consists of friends and family of the management team and strategic investors that probably already own shares in the company.
“That just tells us that we’re not broadening the investor base. We’re not pulling in more investors. There’s no more new retail folks coming in investing in shares in Canada. This tells us that we’re in a very risky balance in terms of who actually can fund the sector through the next generation,” he warned the PDAC audience.
“There is a lesser population of retail investors as time goes on. You know that the Boomer generation is going away in terms of an investment pool, and the next generation isn’t necessarily replicating that.”
Silver also views the generational shift in the investment landscape as a problem for raising money in the mining industry. “There’s no question from what I’ve read and heard that the younger generations don’t pick individual stocks. They tend to lean towards ETFs or crypto or other stuff,” he said. “Crypto is definitely competing with mining.”
Gold grabbing all the dollars
Canada’s minerals industry did experience a strong rebound in terms of equity investment in 2025, but it was heavily targeted at producers and developers with large-scale, near-production projects. Gold dominated, but investment also increased in projects associated with critical minerals like lithium, nickel, copper and graphite.
“How much is going to the bottom end, to those sub-$100 million market cap companies, the lion’s share of the junior explorers that are out there? Well, in the Canadian marketplace, only about 10 percent of every dollar raised is getting down to those size of companies,” explained Killeen, highlighting the discrepancy.
In his view, the lack of investment over the past decade is bringing about a decline in grassroots exploration.
Gold is grabbing many mineral investment dollars, not only because its price is surging to unprecedented highs, but also because there’s a faster return on investment compared to other metals. Killeen said that’s due to the fact that gold mining doesn’t require large amounts of infrastructure such as railways and ports.
“In some cases, you don’t need roads. The capital to develop a gold mine might be one-sixth of, one-10th of or one-20th of a copper mine or a zinc mine,” he commented. “So the rate of return for the average investor who’s looking at an exploration stock saying, ‘Could I get money back into this? Could I get value back into this?’ Today that timeframe is much shorter, and the capital to bring it to market is much lower.”
Looking at copper, which is much more capital intensive, Killeen said production is down nearly 30 percent from seven or eight years ago. Reserves are also down, even though rising copper prices have resulted in more resources being upgraded to reserves. Silver agreed with that take — his research shows that the Canadian mining industry is overflowing with gold companies. Of the 1,555 mining companies in Canada in 2024, 42 percent of them were gold-focused firms compared to only 17 percent for copper, the second highest amount.
“So why do we have so many gold companies? I think the answer is pretty obvious to me, which is if you want to build a porphyry copper mine, you’ve got to go raise $5 (billion) or $10 billion,” said Silver. “That’s very difficult in the mining industry, because we just don’t have that much gross capital available to us relative to what some of the other industries have … but you can build a gold mine for a couple hundred million (dollars).’
Despite the massive focus on gold, Killeen and Silver both noted that Canada is actually seeing increasing exploration activity for rare earths, lithium, cobalt, graphite and uranium.
Improving the investment case for Canada’s juniors
Killeen said PDAC and its members are pushing for the Canadian government to make the METC and CMETC permanent to bring more investment into mineral exploration in greenfield regions and making new discoveries.
Last year, flow-through shares generated C$1.6 billion in investment into the sector, according to Silver’s research, or about 76 percent of funding received by mineral exploration companies in Canada.
“When you look at the role of Canadian flow through, it’s so incredibly critical to Canadian mining,” he said. Silver too is advocating for the mining industry and investors to “fight for flow through way more than you do.’
To address infrastructure challenges for bringing critical metals projects into production sooner for a quicker return on investment, Killeen suggested more pension funds investing in Canada and easing government regulations.
“We need them cooperating together with the federal government to develop major infrastructure that doesn’t exist beyond 100 kilometers from the border,” he said.
Killeen noted that “the world is changing” and governments, including Canada’s, are becoming more focused on securing domestic sources of critical minerals. For example, at PDAC, Tim Hodgson, Canada’s minister of energy and natural resources, announced a C$3.6 billion suite of investments targeting the critical minerals sector.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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VANCOUVER, BC / ACCESS Newswire / March 10, 2026 / Earthwise Minerals Corp. (CSE:WISE,OTC:HWKRF)(FSE:966) (‘Earthwise‘ or the ‘Company‘) announces that it has entered into a Media Agency Agreement (the ‘Agreement’) with Global One Media Group Pte. Ltd. (‘Global One Media’), under which Global One Media will provide digital marketing services, including content creation, social media distribution, and related online awareness initiatives.
The term of the Agreement is for six months (and then month to month), for a monthly fee of US$6,000, with the first three months payable in advance. All fees payable by the Company to Global One Media pursuant to the terms of the Agreement will be paid out of general working capital of the Company.
Global One Media is based in Singapore and is arm’s length to the Company. Global One Media currently holds securities of the Company but will not receive any securities as compensation under the Agreement. The services to be provided under the Agreement are limited to marketing and communications activities and do not include investor relations services. Global One Media will not engage in any promotional activities that require registration under applicable securities laws. The Agreement remains subject to acceptance by the Canadian Stock Exchange.
About Global One Media
Global One Media Group is an investor marketing and media firm focused on digital investor communications for publicly traded companies. Through strategic narrative development, premium video content, and international distribution across its investor media network, the firm helps issuers enhance visibility and connect with investors across North America, Europe, and Asia.
Management Commentary
Mark Luchinski, CEO of Earthwise, commented:
‘We’re thrilled to partner with Global One Media to elevate Earthwise Minerals’ online presence. Their international reach and digital storytelling capabilities will help expand awareness of our progress and opportunities as we continue advancing the Iron Range Gold Project.’
About Earthwise Minerals
Earthwise Minerals Corp. (CSE: WISE,OTC:HWKRF; FSE: 966) is a Canadian junior exploration company focused on advancing the Iron Range Gold Project in southeastern British Columbia near Creston, B.C. The Company holds an option to earn up to an 80% interest in the fully permitted project, which is road-accessible and situated within a prolific mineralized corridor. The property covers a 10 km x 32 km area along the Iron Range Fault System and hosts multiple high-grade gold showings and large-scale geophysical and geochemical anomalies.
For more information, visit www.earthwiseminerals.com.
Earthwise Minerals Corp.,
ON BEHALF OF THE BOARD
‘Mark Luchinski’
Contact Information:
Mark Luchinski
Chief Executive Officer, Director
Telephone: (604) 506-6201
Email: luch@luchccorp.com
Forward Looking Statements
This news release includes statements that constitute ‘forward-looking information’ as defined under Canadian securities laws (‘forward-looking statements’) including, without limitation, statements respecting the Offering and the intended use of proceeds therefrom. Statements regarding future plans and objectives of the Company are forward looking statements that involve various degrees of risk. Forward-looking statements reflect management’s current views with respect to possible future events and conditions and, by their nature, are subject to known and unknown risks and uncertainties, both general and specific to the Company. Although the Company believes the expectations expressed in its forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance, and actual outcomes may differ materially from those in forward-looking statements. Additional information regarding the various risks and uncertainties facing the Company are described in greater detail in the ‘Risk Factors’ section of the Company’s annual management’s discussion and analysis and other continuous disclosure documents filed with the Canadian securities regulatory authorities which are available at www.sedarplus.ca. The Company undertakes no obligation to update forward-looking information except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking statements.
For more information, please contact Mark Luchinski, Chief Executive Officer and Director, at luch@luchccorp.com or (604) 506-6201.
SOURCE: Earthwise Minerals Corp.
View the original press release on ACCESS Newswire
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CleanTech Lithium (AIM: CTL, Frankfurt:T2N), an exploration and development company advancing sustainable lithium projects in Chile, is delighted to announce that the Company and the Mining Ministry in Chile have formally agreed the contractual terms on which the Special Lithium Operating Contract (‘CEOL’) for Laguna Verde is to be awarded to CleanTech Lithium and its minority-party consortium partner. A final ratification step is required by the Comptroller General’s Office (the ‘Comptroller’) to ensure the Decree complies with the Constitution and laws of Chile.
Highlights:
- CleanTech Lithium has agreed via its wholly owned subsidiary, Atacama Salt Lakes SpA (‘ASL’), the terms of the CEOL with the Ministry of Mining in Chile.
- This is a transformational de-risking event for the Company. It provides long-term contractual certainty directly with the Chilean State, underpinning the investment case and accelerating the path to production.
- The CEOL runs for 40 years with an area of 153km2 and covers all aspects of project development: exploration and evaluation, construction, lithium production, and project closure. See appendix for final government defined polygon area which, as a result of local indigenous consultations, now excludes the lake surface area.
- All the material economic, commercial and legal terms are substantively consistent with other CEOLs in Chile.
- The CEOL reaffirms the Company’s commitment to deliver meaningful socioeconomic benefit to the Atacama region and alignment with Chile’s National Lithium Strategy.
- Consistent with all other decrees in Chile, a final review is required by the Comptroller to ensure it complies with the Constitution and laws of Chile. The Board is not aware of any reason why the Decree would not be processed and anticipates ratification will take place in Q2 2026.
Ignacio Mehech, Chief Executive Officer of CleanTech Lithium, commented: ‘I am delighted to share this news with our shareholders and wider stakeholders as this is arguably the most significant moment for CleanTech Lithium’s flagship project, Laguna Verde. The agreement of the CEOL demonstrates the strong alignment between Laguna Verde and Chile’s strategy to expand lithium production responsibly and sustainably, emphasising the Government’s confidence in our approach to project development.
‘This represents a landmark occasion for the Company; we are one of only a few companies being awarded a CEOL. I would like to personally thank the team and all stakeholders who were involved in this effort and our shareholders for their support during what proved to be a protracted process. We can now move forwards to the next phase of unlocking the full potential of Laguna Verde.’
Details:
Having successfully progressed the application filed by ASL on 29 December 2025, the terms of the CEOL have been formally agreed by the parties. With a term of 40 years, the CEOL will start from the date on which the administrative act (the ‘Decree’) issued by the Ministry of Mining approving the contract has been fully processed. For this to happen, the Ministry has sent the Decree to the Comptroller.
Consistent with all other decrees in Chile, a final ratification step is required by the Comptroller to ensure the Decree complies with the Constitution and laws of Chile. The Comptroller may not change the terms agreed in the CEOL and the Board anticipates Comptroller ratification will take place in Q2 2026, as previously reported. Furthermore, the Board is not aware of any reason why the Decree will not be approved.
The CEOL covers all phases of the project: exploration and evaluation, construction, lithium production, and project closure. The Company also notes that all the material economic, commercial, and legal terms are substantively consistent with other CEOLs awarded in Chile.
As part of the CEOL, the Company commits to delivering meaningful socioeconomic impact to the region and is strongly aligned with Chile’s National Lithium Strategy. CTL has already established partnerships with local indigenous communities and regional universities. With the Decree submitted for ratification, the Company will now finalise its Pre-Feasibility Study (‘PFS’), publish the results and enter the next phase of the Project´s commercial development which includes the introduction of a strategic partner.
The Laguna Verde Project
CleanTech Lithium has undertaken extensive exploration and development activities at Laguna Verde since 2021, focused entirely on the subsurface brine aquifer in the basin. From the multiple drilling programmes, the Company has encountered average grades of lithium of 175mg/L and recorded up to 409mg/L at depth. The Project is considered highly commercial with a previously announced (10 November 2025) JORC compliant resource estimate of 1.9 million tonnes of lithium carbonate equivalent (‘LCE’) (see note) equating to a multi-decade opportunity. The Company is proposing to use Direct Lithium Extraction (‘DLE’) methods to efficiently extract lithium without the use of evaporation ponds. CleanTech Lithium aims to make the Laguna Verde Project a model for low-cost, low-impact lithium production in Chile. (Note: the Resource Statement set out above may be subject to revision in due course in the light of the final polygon.)
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this inside information is now considered to be in the public domain. The person who arranged for the release of this announcement on behalf of the Company was Steve Kesler, Director and Chairman.
Appendix
Figure 1: The final Government defined polygon area for Laguna Verde.
‘Zona Exclusión’ represents the lake surface (updated as a result of local indigenous consultations).
Investors can sign up to Investor Meet Company for free and add to meet CleanTech Lithium Plc via: https://www.investormeetcompany.com/cleantech-lithium-plc/register-investor
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For further information contact: |
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CleanTech Lithium PLC |
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Ignacio Mehech/Gordon Stein/Nick Baxter |
Office: +44 (0) 1534 668 321 Mobile: +44 (0) 7494 630 360 Chile office: +562-32239222 |
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Beaumont Cornish Limited (Nominated Adviser) Roland Cornish/Asia Szusciak |
+44 (0) 20 7628 3396 |
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IStar Capital Limited (Joint Broker) Daniel Fox-Davies |
+44 (0) 20 3884 8450 daniel@istar.capital |
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Canaccord Genuity (Joint Broker) James Asensio |
+44 (0) 20 7523 4680 |
Beaumont Cornish Limited (‘Beaumont Cornish’) is the Company’s Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish’s responsibilities as the Company’s Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
Notes
CleanTech Lithium (AIM:CTL, Frankfurt:T2N) is an exploration and development company advancing lithium projects in Chile for the clean energy transition. CleanTech Lithium has two key lithium projects in Chile, Laguna Verde and Viento Andino, and exploration stage project in Arenas Blancas (Salar de Atacama), located in the lithium triangle, a leading centre for battery grade lithium production.
CleanTech Lithium is committed to utilising Direct Lithium Extraction (‘DLE’) with reinjection of spent brine resulting in no aquifer depletion. Direct Lithium Extraction is a transformative technology which removes lithium from brine with higher recoveries, short development lead times and no extensive evaporation pond construction. For more information, please visit: www.ctlithium.com
Source
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Solvonis Therapeutics plc (LSE: SVNS), an emerging biopharmaceutical company developing novel small-molecule therapeutics for high-burden central nervous system (‘CNS’) disorders, announces the selection of SVN-114 as the lead candidate from the Company’s proprietary SVN-SDN-14 discovery programme targeting Post-Traumatic Stress Disorder (‘PTSD’), a condition affecting more than 20 million people worldwide for which effective pharmacological treatment options remain limited.
The selection follows compelling pharmacology results from preclinical studies conducted by Evotec SE (NASDAQ: EVO; Frankfurt Prime Standard: EVT), in which SVN-114 demonstrated balanced modulation of serotonin (‘SERT’), dopamine (‘DAT’) and noradrenaline (‘NET’), key brain chemicals involved in mood, emotion and social behaviour.
Following review of the pharmacology data, the Company’s Scientific Advisory Committee, led by Professor David Nutt, agreed to designate SVN-114 as the programme’s lead candidate, marking an important milestone for Solvonis’ proprietary CNS discovery platform.
Mechanism designed to support therapeutic engagement
The SVN-SDN-14 series is a class of serotonin (‘SERT’), dopamine (‘DAT’) and noradrenaline (‘NET’) modulators designed to enhance pro-social behaviour and improve therapeutic outcomes for people living with PTSD..
By modulating neurochemical pathways associated with trust, empathy and social bonding, compounds in this series, including SVN-114, are intended to help patients rebuild interpersonal relationships and engage more effectively in therapy.
Novel chemistry supported by international patent applications
SVN-114 originates from a proprietary chemical series discovered through Solvonis’ internal research programme. Composition-of-matter patent applications have been filed internationally covering both the compound class and its pharmaceutical applications.
The Company believes the intellectual property associated with this compound series provides a strong foundation for the development of first-in-class or best-in-class therapeutics targeting trauma-related psychiatric disorders in area of significant unmet clinical need and growing market demand.
Professor David Nutt, Chief Scientific Officer of Solvonis, commented: ‘The identification of SVN-114 as the lead candidate from this compound series represents an important step forward for the programme.
‘The compound has demonstrated a robust pharmacological profile across serotonin, dopamine and noradrenaline systems in both in vitro and in vivo testing. These neurotransmitter systems are central to the neurobiology of trauma and social behaviour, and targeting them in a controlled way may open a new therapeutic avenue for the treatment of PTSD.
‘The broader chemical series also continues to show scientific promise, and we look forward to further exploring the potential of this compound class.’
Anthony Tennyson, Chief Executive Officer of Solvonis, added: ‘The selection of SVN-114 as the lead candidate from our PTSD discovery programme highlights the strength of Solvonis’ proprietary CNS discovery platform.
‘Importantly, this compound emerges from a chemical series supported by international composition-of-matter patent applications, providing a strong intellectual property foundation and long-term commercial potential.
‘PTSD represents a major global mental health challenge affecting millions of people and remains an area of significant unmet medical need. We believe SVN-114 has the potential to offer a differentiated therapeutic approach in this area.’
Enquiries:
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Solvonis Therapeutics plc |
Via Walbrook |
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Anthony Tennyson, CEO & Executive Director |
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Singer Capital Markets (Broker) |
+44 (0) 20 7496 3000 |
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Phil Davies |
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Walbrook PR (PR/IR advisers) |
Tel: +44 (0)20 7933 8780 or solvonistherapeutics@walbrookpr.com |
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Anna Dunphy |
Mob: +44 (0)7876 741 001 |
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Lianne Applegarth |
Mob: +44 (0)7584 391 303 |
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Rachel Broad |
Mob: +44 (0)7747 515 393 |
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About Solvonis Therapeutics plc
Solvonis Therapeutics plc (LSE: SVNS) is an emerging biopharmaceutical company developing small-molecule therapeutics for high-burden central nervous system (CNS) disorders. Headquartered in London and listed on the main market of the London Stock Exchange, Solvonis is advancing a differentiated pipeline of repurposed and discovery-stage compounds across addiction and psychiatry.
The Company’s lead programmes target Alcohol Use Disorder (AUD) and Post-Traumatic Stress Disorder (PTSD), with additional development and discovery work supporting expansion into further addiction and psychiatric indications, including stimulant use disorder and depressive disorders.
Its lead asset, SVN-001, is currently in Phase 3 for severe AUD in the UK, while SVN-002 is preparing for a Phase 2b trial in the United States targeting moderate-to-severe AUD. The Company’s PTSD discovery programme has identified SVN-114 as a lead compound, emerging from a proprietary compound series designed to modulate key brain signalling systems associated with emotional processing and social behaviour.
In parallel, Solvonis is advancing proprietary CNS discovery programmes supported by a dedicated compound library to identify new small-molecule modulators of key neurotransmitter systems. This platform enables efficient early-stage innovation and supports the Company’s integrated approach to developing therapies across addiction and psychiatry.
With a capital-efficient development model and a focus on partnering opportunities, Solvonis aims to deliver sustained value through innovation in CNS therapeutics.
solvonis.com | LinkedIn | X (Twitter)
Source
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Quebec Innovative Materials Corp. (CSE: QIMC) (OTCQB: QIMCF) (FSE: 7FJ) (‘QIMC’ or the ‘Company’) today announced the completion of Discovery Hole DDH-26-01 to a depth of 711 metres at its West-Advocate hydrogen project in Nova Scotia. Drilling intersected a persistent hydrogen-bearing system beginning at approximately 505 metres, where visible gas was observed at the drill head and well water returned headspace hydrogen concentrations that exceeded the detection limits of the Company’s GA5000 gas analyser. Hydrogen concentrations remained elevated to the end of the hole, confirming that the system remains open at depth as drilling advances, with Hole 2 targeting structural zones to the north-west.
Borehole DDH-26-01 has returned hydrogen concentrations so elevated that the Company’s field instruments were pushed beyond their maximum detectable range on multiple separate depth intervals. These readings were obtained from wellhead water samples already subject to dilution factors of 100 to 10,000 times, according to independent analysis by Prof. Marc Richer-LaFlèche of the Institut National de la Recherche Scientifique (INRS), Québec. The surface headspace gas measurements, extraordinary in their own right, are a fraction of what the fractured geological formation is holding at depth.
This is not a trace detection. This is not background noise. This is a live, pressurised, hydrogen-generating system, confirmed by instrument, confirmed by water geochemistry, and confirmed visually in the field, whose true magnitude current surface instrumentation cannot fully characterise.
Why This Discovery at Depth Matters
Natural hydrogen, increasingly referred to as ‘gold hydrogen’ by the global energy community, is one of the most transformative emerging resource categories of this decade. It is carbon-free, generated naturally within the Earth’s crust, and requires no energy-intensive manufacturing process. The global race to identify and develop commercially viable natural hydrogen deposits is intensifying rapidly. QIMC’s West-Advocate results, independently validated by one of Canada’s foremost geochemical institutions, position the Company as one of the most scientifically rigorous natural hydrogen exploration programmes in North America.
Hole 2 Drilling Underway
Hole 2 of the West-Advocate 2026 drilling program is currently underway and is targeting structural zones similar to those observed in DDH-26-01 borehole and identified from geophysical and soil-gas hydrogen and radon geochemistry. The hole is oriented to the northwest in order to approach the contact zone between a gravity and magnetic high interpreted as an uplift of the bedrock sub-basement and the carboniferous sedimentary rock basin. Gas monitoring, well water sampling and core logging remain active as drilling progresses.
Sampling Methodology
Water sampling was conducted at the top of borehole DDH-26-01 casing and gas analyses were carried out using standard headspace gas measurements (2-L) at room temperature and pressure and using 1,300 mL of water and 700 mL of air. Sampling for headspace gas, ranged from depths of 368 m to 710 m, and was conducted between February 25 and March 5, 2026.
Hydrogen Results
At 638 metres, gas bubbles were physically observed rising from the drill head – direct visual confirmation of free hydrogen escaping the formation at the moment of intersection. This field observation is among the most unambiguous forms of evidence available to an exploration team: gas under sufficient pressure to physically exsolve and migrate upward through the drill column in real time.
From 505 m to 680 m, a sustained zone of significantly elevated hydrogen concentrations was identified. Within this interval, on multiple separate occasions, hydrogen concentrations exceeded the maximum detectable range of the GA5000 gas analyzer entirely, logged simply as instrument maximum exceedance. Where exceedance was recorded, samples were subsequently reanalysed using a second independent Eagle-2 H₂ gas detector, confirming concentrations of 2,150 ppmV in diluted wellhead water – itself already subject to dilution factors of 100 to 10,000 times relative to true formation concentrations at depth. The 2,150 ppmV is not the peak. It is the confirmed minimum floor of what was measured at surface. The true deep well water concentration above it remains open.
From 683 m to 711 m, the deepest section drilled in hole DDH-26-01, the hydrogen system did not fade. Sustained readings of 525, 612, 623, 633, and 962 ppmV in diluted wellhead water were recorded in successive intervals, confirming that even at the furthest extent of the borehole, the system remains active, consistent, and measurable.
Throughout the entire sampled interval from 368 m to 710 m, methane (CH₄) was recorded at concentrations below the limit of detection of the GA5000 instrument in 97.3% of all samples. The statistical correlation between H₂ and CH₄ concentrations across the full dataset is R² = 0.06, confirming that hydrogen and methane are uncorrelated and that the gas system is purely hydrogen-dominant with no thermogenic hydrocarbon association.
Hydrogen concentrations are equally uncorrelated with CO₂ (R² = 0.009), with 97.3% of samples showing CO₂ at only 0.1% by volume. The combined absence of methane, the extremely low CO₂ levels, and the dominance of H₂ across both drilling and previously conducted soil-gas surveys confirm a pure inorganic hydrogen source – not a petroleum leakage, not a biodegradation plume, and not a thermogenic system of any kind.
The Dilution Factor
Investors and analysts reviewing the surface measurements should understand the hydrodynamic context that makes them truly extraordinary. Due to the operational constraints of diamond drilling, water samples are collected at the wellhead outlet, not at depth. For example, for borehole DDH-26-01 at 725 m depth, the internal water volume is approximately 717 imperial gallons. With a surface pumping rate of 13.5 gallons per minute, the residence time of water within the borehole is on the order of 54 minutes, resulting in substantial dilution of any gases present in the formation before samples reach surface.
Furthermore, as Prof. Richer-LaFlèche’s analysis establishes, if a gas leak occurs along a porous interval within a deep fracture zone approximately 2 metres thick, the contact time between circulating water and the fractured zone is only approximately 9 seconds. Under such highly hydrodynamic conditions, hydrogen concentrations measured in headspace samples collected at the wellhead are expected to be strongly diluted compared with samples obtained directly at depth under static or near-static conditions.
The result, as independently established by INRS, is that dilution factors of 10² to 10⁴ – that is, 100 to 10,000 times – are expected at this borehole. The confirmed 2,150 ppmV in diluted headspace water measurement represents a very diluted fraction of the true hydrogen concentrations coming out of faulted zones at depth.
Applying the lower bound of Prof. Richer-LaFlèche’s dilution range alone, true in-situ deep well concentrations in the fault zone could exceed 215,000 ppmV which is near 21.5%V H2 (headspace gas measurements). At dilution ratios approaching 465×, the theoretical formation concentration would approach hydrogen saturation (~100% by volume). This modelling illustrates the magnitude of dilution occurring during circulation drilling and why surface measurements represent only a fraction of the hydrogen present at depth.
Why the Dilution Model Matters
Surface hydrogen measurements collected during active drilling represent only a diluted fraction of the hydrogen entering the borehole from hydrogen-bearing fracture zones at depth. During diamond drilling, circulating drilling fluids and subsurface fluids move continuously through the borehole before reaching surface sampling points. This process introduces significant hydrodynamic mixing and dilution within a large water column prior to measurement.
For borehole DDH-26-01, the internal borehole water volume and circulation rates indicate that hydrogen measured at the wellhead is subject to dilution factors estimated by INRS to range from approximately 10² to 10⁴ (100× to 10,000×). As a result, surface headspace measurements represent only a small portion of the hydrogen actually entering the borehole from fractured zones at depth.
Applying the lower bound of this dilution range to the confirmed 2,150 ppmV surface measurement implies potential in-situ formation concentrations exceeding approximately 215,000 ppmV (≈21.5% hydrogen by volume). Higher dilution ratios would imply proportionally higher formation concentrations. These calculations illustrate the scale of dilution occurring within the circulating borehole system and demonstrate why surface measurements cannot directly represent the full hydrogen concentration present in the subsurface.
Equally important, hydrogen remained repeatedly measurable at surface despite this dilution, borehole circulation, and transport to surface. The persistence of hydrogen readings across a broad depth interval therefore supports the interpretation that DDH-26-01 intersected an active hydrogen-bearing fracture system rather than a small isolated gas occurrence.
‘I want to be precise with the market about what we have found and what the instruments told us,’ stated John Karagiannidis, CEO of QIMC. ‘On multiple separate depth intervals, our GA5000 field instruments were pushed past their maximum detection ceiling entirely – the instruments had no higher reading to give us. When we reanalysed those samples with a second independent Eagle-2 detector, we confirmed concentrations exceeding instrument detection thresholds in diluted wellhead water – water that Prof. Richer-LaFlèche has established carries a dilution factor of 100 to 10,000 times relative to what the formation holds at depth. Every single methane reading across the entire hole came back zero. This is a hydrogen system whose true magnitude our instruments could not fully measure at surface. The data from DDH-26-01 has not set a ceiling for this project. It has set a floor. Hole 2 is underway and we are going deeper.’
INRS Analysis by Prof. Marc Richer-LaFlèche
The complete gas geochemistry dataset (headspace analysis of well water samples) and drill core from DDH-26-01 have been submitted to and independently analysed by Prof. Marc Richer-LaFlèche of the Institut National de la Recherche Scientifique (INRS), Québec. Prof. Richer-LaFlèche worked on the Reactivated Rift and Graben Geostructure (R2G2) exploration model that underpins QIMC’s targeting methodology, and is serving as independent third-party scientific analyst for the West-Advocate 2026 programme.
In his assessment, Prof. Richer-LaFlèche states:
*’Drilling DDH-26-01 represents a major milestone for natural hydrogen exploration in Nova Scotia, and particularly for the greater Advocate (Cumberland) area. Analytical results from this borehole clearly demonstrate that secondary faults act as conduits for natural hydrogen circulation and its transfer toward the subsurface. These findings validate the exploration model applied by QIMC and its collaborators for targeting natural hydrogen along the Cobequid-Minas Fault Zone (CMFZ) deformation corridor.’*
Prof. Richer-LaFlèche further notes that the near-absence of methane across all sampled intervals:
*’…is a pattern consistent with our working hypothesis that hydrogen production in the area is primarily related to radiolytic processes and/or water-rock reactions involving iron-rich geological materials. This observation is significant because methane was also absent from the soil-gas surveys conducted in the West-Advocate area. The convergence of these two independent datasets reinforces the interpretation that hydrogen circulating within the local rock mass may accumulate locally, offering the potential for clean hydrogen resources without the co-production of methane or other greenhouse gases.’*
Figure 1. Diagrams illustrating the variations in measured hydrogen concentrations (ppmV) in head-space gas samples obtained from water exiting the DDH-26-01 borehole casing. A) Vertical distribution of hydrogen concentrations as a function of depth along the 55°-inclined borehole. B) Statistical variability of the dataset and identification of background noise, anomalous samples, and strongly anomalous samples based on a normal probability plot derived from the head-space gas analyses performed on water samples from DDH-26-01.
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Technical Interpretation – What These Results Suggest
The persistence of hydrogen concentrations toward the bottom of the borehole, combined with visible gas observations and instrument exceedances, suggests the drill hole intersected an active hydrogen migration corridor rather than an isolated gas occurrence.
The Data – Interval by Interval
Multiple intervals between approximately 500 m and 680 m returned hydrogen readings exceeding the GA5000 instrument detection limits. Independent verification using an Eagle-2 detector confirmed hydrogen concentrations exceeding 2,150 ppmV in diluted wellhead samples. Sustained hydrogen readings continued from 683 m to 711 m depth.
Geology Confirms the System
Drill cores recovered from approximately 570 m to 680 m depth present a lithological character that is both visually compelling and geologically coherent with the gas data. Dark carbonaceous and graphitic black rock alternates with lighter siltstones. The abundant fracturing and veining observed throughout the core indicates active structural pathways through which hydrogen-bearing fluids migrate and accumulate.
The geology did not change. The drill did not stop. The system did not weaken.
Next Steps
Drilling continues with Hole 2 targeting deeper portions of the interpreted structural system. Additional borehole sampling, gas geochemistry analysis and isotopic studies are ongoing in collaboration with researchers from INRS.
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REGULATORY DISCLAIMER
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. This press release contains forward-looking statements based on current expectations, field observations, and preliminary data. Actual results may differ materially. All gas readings and geological interpretations are preliminary and subject to further independent verification and analysis. Instrument maximum exceedance readings indicate hydrogen concentrations beyond the GA5000’s upper detection threshold; the confirmed surface measurement of 2,150 ppmV was independently verified using an Eagle-2 H₂ gas detector from diluted wellhead water samples. Dilution factor estimates of 10² to 10⁴ are based on borehole hydrodynamic modelling by Prof. Richer-Lafleche of INRS and represent a range of expected values; true in-situ formation concentrations are undetermined pending further analysis. Projected in-situ concentration ranges derived from dilution factor modelling are illustrative estimates only and do not represent confirmed or measured formation concentrations. This release does not constitute an offer of securities or investment advice. Investors are urged to conduct their own due diligence.
Forward-Looking Statements
This press release contains ‘forward-looking statements’ and ‘forward-looking information’ within the meaning of applicable Canadian securities legislation. These statements are based on expectations, estimates, and projections as of the date of this press release and involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements of the Company to differ materially from those expressed or implied.
Forward-looking statements are generally identified by words such as ‘expects,’ ‘anticipates,’ ‘believes,’ ‘intends,’ ‘estimates,’ ‘projects,’ ‘potential,’ and similar expressions, or by statements that events or conditions ‘will,’ ‘may,’ ‘could,’ or ‘should’ occur.
Although the Company believes that the forward-looking information contained herein is reasonable as of the date of this press release, such information is subject to change and no assurance can be given that future results will be achieved. The Company undertakes no obligation to update forward-looking statements except as required by applicable law.
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After-tax NPV(8%) of $473M (USD $346.6M) and 2.2-year payback from start of production with IRR of 48.8% at USD $1,000/mtu WO3
Key Highlights:
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Additional Payback Metrics: Payback[1] of approximately 2.2 years from commencement of commercial production corresponding to approximately 4.2 years from start of construction under the medium case of USD $1,000/mtu WO₃. [2]
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Capital Efficient Development: Initial capital cost[3] at the Borralha Project of approximately $125.0 million (USD $91.5 million), with a compact infrastructure layout designed to support efficient underground mining and processing operations.
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Strong Annual Cash Flow Generation: Average annual revenue of approximately $252.52 million (USD $184.89 million), average annual EBITDA of approximately $142.18 million (USD $104.10 million), and average annual free cash flow of approximately $96.28 million (USD $70.49 million) over the initial mine plan at USD $1,000/mtu WO₃.[4]
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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.
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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.
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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 figures in North American decimal nomenclature.
All amounts in Canadian dollars unless stated otherwise.4
Vancouver, British Columbia–(Newsfile Corp. – March 10, 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 (the ‘Borralha Project’) in northern Portugal. The Borralha Project’s previously announced PEA economics remain unchanged.
This news release is an amending and restating news release clarifying and correcting the immediately preceding news release dated March 9, 2026 to present figures consistently using North American decimal nomenclature rather than European comma nomenclature. In addition, Table 3 was updated to address rounding errors, translation errors and currency conversion using $1.3658 CAD/USD and Table 5 was updated to clarify use of USD $M.
Roy Bonnell, CEO & Director of Allied, commented: ‘Following the release of our initial PEA for the Borralha Project, 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 the Borralha Project has to tungsten prices.’
This additional disclosure provides greater clarity on Borralha Project’s capital efficiency, expected cash flow generation and rapid capital recovery profile. The 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 estimated capital expenditures for the build out of the Borralha Project are the result of advanced project infrastructure that a planned hydro-electric power connection, water supply and recycling systems, road access, and paste backfill integration to support operations while minimizing environmental footprint.
The 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 (USD $704/mtu WO₃), $1,365/mtu WO₃ (USD $1,000/mtu WO₃), and $2,049/mtu WO₃ (USD $1,500/mtu WO₃), while mine design and cut-off grade selection were developed using a conservative tungsten price assumption of $900/mtu WO₃ (USD $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 information, please see the news release dated March 2, 2026.
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:
- NPV is a Non-GAAP measure; see notes below for additional information regarding NPV. M = million.
- IRR is a Non-GAAP measure; see notes below for additional information regarding IRR.
- 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 USD $1,000 per mtu sensitivity case presented in the PEA, reaching approximately $2,998 per mtu (USD $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 at the Borralha Project, 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 |
*Mt denotes millions of tonnes (t).
Initial Capital Allocation and Operational Costs
The Borralha PEA estimates initial capital[7] of approximately USD $91.5 million, with sustaining capital[8] of approximately USD $87 million and total life-of-mine capital[9] of approximately USD $178 million. The initial capital requirement reflects a compact project design integrating underground mine development, process plant construction and site infrastructure.
Table 3 — Initial Capital Costs
| Category | CAD$M* | USD $M* |
| Underground development | $52.93 | $38.755 |
| Processing plant | $26.54 | $19.435 |
| Paste backfill plant | $5.34 | $3.910 |
| Surface infrastructure | $6.13 | $4.485 |
| Power connection | $8.95 | $6.555 |
| EPCM / indirect costs** | $19.16 | $14.03 |
| Contingency | $5.97 | $4.356 |
| Initial Capital Costs | $125.0 | $91.5 |
| Tax incentives | $34.3 | $25.1 |
*Canadian dollar (CAD) equivalents calculated used a foreign exchange rate of CAD $1.3658/USD.
M denotes million.
**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 Cost[10] Breakdown
| Cost Category | USD $/t Processed* |
| Mining | $41.2 |
| Processing | $13.2 |
| G&A | $5.0 |
| Transport | $0.02 |
| TC/RC** | $0.51 |
| Total Operating Cost*** | $59.3 |
*USD $/t denotes USD $/tonne.
**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 Borralha 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 but not limited to:
- compact underground mining footprint
- gravity-dominant processing flowsheet
- access to regional infrastructure including electrical 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 Project mine plan is expected to generate strong annual cash flow[11] 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 (USD $M) USD $704/mtu WO₃ |
Medium Case (USD $M) USD $1,000/mtu WO₃ |
High Case (USD $M) USD $1,500/mtu WO₃ |
| Average annual revenue | $131.75 | $184.89 | $274.69 |
| Average annual EBITDA | $53.37 | $104.10 | $189.86 |
| Average annual pre-tax operating cash flow | $40.41 | $91.13 | $176.89 |
| Average annual free cash flow | $35.82 | $70.49 | $128.79 |
| Life-of-mine revenue | $1,449.23 | $2,033.75 | $3,021.55 |
| Life-of-mine free cash flow | $393.97 | $775.43 | $1,416.64 |
*All figures presented in USD $M, which denotes USD $ million.
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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