Allied Critical begins drilling at Borralha

Executive Summary

• Allied Critical Metals Inc. has launched a fully financed 20,000-metre core and reverse circulation drilling campaign at its 100%-owned Borralha tungsten project in northern Portugal.
• The program targets stepout and infill drilling to expand and upgrade the late-2025 mineral resource estimate, while testing extensions of the Santa Helena breccia and the historically high-grade Venise breccia.
• Drilling outcomes will supply critical metallurgical data and geological models to support a preliminary economic assessment (PEA) targeted for Q1 2026, advancing the project toward economic evaluation and permitting.

Key Details

• Program Scope: Approximately 20,000 metres of core and reverse circulation drilling across multiple target zones.
• Primary Targets:
• Stepout and infill drilling to expand/upgrade the current mineral resource estimate (materially increased in late 2025).
• Testing extensions of the Santa Helena breccia and other prospective ore zones.
• Targeting the Venise breccia located north of Santa Helena, a historically recognized high-grade structure with wolframite and molybdenum mineralization.
• Strategic Objectives: Convert inferred resources to higher confidence categories, collect material for advanced metallurgical testwork, and generate data for prefeasibility studies and economic modelling.
• Project Milestones: Recent regulatory approvals received to advance detailed engineering and permitting phases; preliminary economic assessment (PEA) expected in Q1 2026.
• Strategic Context: Tungsten is classified as a critical raw material by the EU and US; project aims to diversify supply chains away from China, Russia, and North Korea, which control ~87% of global supply.
• Qualified Person: Vitor Arezes, BSc, MIMMM (QMR), Vice-President, Exploration (officer of the company).

Notable Quotes

• Roy Bonnell, CEO & Director: "We are excited to launch our most ambitious drill program to date at Borralha. The results from our 2025 campaign, including some of the largest tungsten intercepts ever recorded... have validated our geological model and highlighted the scale of this system. The drilling campaign will also target a second breccia complex -- the Venise breccia -- at Borralha. We will be eagerly awaiting the results of drilling at this second breccia complex."
• Roy Bonnell, CEO & Director: "With tungsten designated a strategic critical material in the European Union and the United States, this expanded 20,000-metre program will be a cornerstone of our efforts to define Borralha's resource potential and support advancing the project toward economic evaluation."