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

Executive Summary

• Allied Critical Metals provides supplemental economic and technical details for its 100%-owned Borralha Tungsten Project in Portugal, clarifying payback metrics, capital efficiency, and cash flow generation from its previously announced Preliminary Economic Assessment (PEA).
• The project demonstrates strong, price-sensitive economics with an after-tax NPV(8%) of $473.4M and IRR of 48.8% at USD $1,000/mtu WO₃, scaling to $963.8M NPV and 78.4% IRR at USD $1,500/mtu WO₃.
• Capital-efficient development is highlighted with ~$91.5M USD initial capital costs, average annual free cash flow of ~$70.49M USD (medium case), and a fully funded 20,000m drill program targeting resource expansion and mine life extension beyond the initial 11-year plan.

Key Details

• Payback Metrics: ~2.2 years from commercial production (CCP) / ~4.2 years from start of construction (SC) at medium case ($1,000/mtu WO₃); Base case payback is 5.8 years (CCP) / 3.8 years (SC); High case payback is 3.2 years (CCP) / 1.2 years (SC).
• Economic Results (After-Tax):
• Base Case ($962/mtu): NPV(8%) $182.7M, IRR 27.2%
• Medium Case ($1,365/mtu): NPV(8%) $473.4M, IRR 48.8%
• High Case ($2,049/mtu): NPV(8%) $963.8M, IRR 78.4%
• Capital Costs: Initial capital of ~$125.0M CAD ($91.5M USD); Sustaining capital ~$87M USD; Total life-of-mine capital ~$178M USD. Breakdown includes underground development ($38.76M), processing plant ($19.44M), paste backfill ($3.91M), surface infrastructure ($4.49M), power connection ($6.56M), EPCM/indirect ($14.03M), and contingency ($4.36M). Portuguese tax incentives may offset $25.1M USD.
• Operating Costs: Total operating cost of $59.3 USD/t processed (Mining $41.2, Processing $13.2, G&A $5.0, Transport $0.02, TC/RC $0.51). Life-of-mine average operating cost is ~$49/t processed (SLOS method), escalating to ~$59/t nominal.
• Cash Flow Projections (Medium Case): Average annual revenue $184.89M, EBITDA $104.10M, pre-tax operating cash flow $91.13M, and free cash flow $70.49M. Life-of-mine revenue $2,033.75M and free cash flow $775.43M.
• Mineral Resource Estimate (2025 MRE): Measured + Indicated: 13.0 Mt @ 0.21% WO₃; Inferred: 7.7 Mt @ 0.18% WO₃. Cut-off grade set at 0.09% WO₃ based on a conservative $550/mtu price.
• Production Profile: Average annual production of ~1,708 tonnes WO₃, nominal processing rate of 1.4 Mtpa, and average mill feed grade of ~0.20% WO₃.
• Infrastructure & Site: Compact underground mining footprint, gravity-dominant processing flowsheet, 60 kV grid power connection (6.5 km), local groundwater/surface water sourcing, existing regional road access, and integrated paste backfill/water recycling systems.
• Exploration & Growth: Fully funded 20,000-metre drill program underway targeting resource expansion, Inferred-to-Measured/Indicated conversion, mine life extension beyond the initial 11-year plan, and throughput optimization.
• Market Context: Current tungsten market price is ~$2,998/mtu ($2,195 USD) as of March 6, 2026, materially above the PEA's sensitivity cases. WO₃ represents ~96% of project NPV in the Base Case.
• Release Note: This is an amending and restating release correcting decimal notation and rounding errors from the March 9, 2026 announcement; underlying PEA economics remain unchanged.

Notable Quotes

• Roy Bonnell, CEO & Director: "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."