Allied Critical Metals Inc. press release

CORRECTION FROM SOURCE: Allied Critical Metals Further Highlights Rapid Payback, Capital Efficiency and Infrastructure from Borralha PEA

2026-03-10

CSE - Canadian National Stock Exchange · Tungsten · Tin · Copper · Silver · Molybdenum · Zinc · Bismuth · Lead · Rare Earth Elements · Uranium · Thorium · Gold · Canada · Technical Studies

CORRECTION FROM SOURCE: Allied Critical Metals Further Highlights Rapid Payback, Capital Efficiency and Infrastructure from Borralha PEA

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:

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]

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.

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]

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.

Robust Core PEA Economics Maintained: Previously announced after-tax NPV(8%)[5] of $473.4 million (USD $346.6 million) and IRR[6] of 48.8% at USD $1,000/mtu WO₃.

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 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) (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)

ScenarioPrice1NPV (8%)2IRR3Payback SC4Payback CCP4

Medium$1,365/mtu

(USD $1,000/mtu)$473.4M

(USD $346.6M)48.8%2.2 years4.2 years

Base$962/mtu

(USD $704/mtu)$182.7M

(USD $134.0M)27.2%3.8 years5.8 years

High$2,049/mtu

(USD $1,500/mtu)$963.8M

(USD $706.4M)78.4%1.2 years3.2 years

Notes:

Prices based on Argus Media Group price forecasts. Canadian dollar (CAD) equivalents calculated used a foreign exchange rate of CAD $1.3658/USD.

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)

ClasificationTonnes (Mt)*Grade (% WO3)

Measured + Indicated13.00.21

Inferred7.70.18

*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

CategoryCAD$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 CategoryUSD $/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 MetricBase Case

(USD $M)

USD $704/mtu WO₃Medium Case

(USD $M)

USD $1,000/mtu WO₃High 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.

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

Cautionary Statement Regarding Forward-Looking Information