Allied Critical Metals Files New Technical Report on Previously Announced PEA

Most Recent Release (April 14, 2026)

• Allied Critical Metals filed a new technical report supporting the Preliminary Economic Assessment (PEA) previously announced in March 2026.
• The report covers the Borralha Tungsten Project in Portugal and is available on SEDAR+.
• This filing validates the technical data used for the PEA under NI 43-101 standards.

Recent Exploration Update (April 7, 2026)

• Company intersected over 200 metres of breccia-hosted tungsten mineralization at the Venise Breccia target.
• Location is ~400m northwest of the Santa Helena Breccia deposit (the basis of the PEA).
• Intercepts include visible wolframite, molybdenite, and chalcopyrite.
• True widths not yet determined; results are early-stage and subject to verification.
• Part of a fully funded 20,000-m drill program aimed at expanding resources beyond the current PEA scope.

Historical Context (March 2026)

• Initial PEA released with strong economics: Medium case NPV $473M, IRR 48.8%, Payback 4.2 years.
• Capital cost estimated at ~US$91M.
• Environmental Impact Declaration (DIA) received in January 2026, clearing a major regulatory hurdle.

Financing History (October 2025)

• Closed $16.25 million private placement at $0.60 per share.
• Proceeds designated for exploration, MRE updates, and working capital.
• Company stated it is now "fully funded" for completion of technical work.

Validation vs. New Value

• The April 14 Technical Report filing is a compliance step rather than a value-generating event. It confirms the March PEA data but introduces no new economic metrics or resource estimates.
• The market has already priced in the PEA and permitting milestones, evidenced by the share price surge from $0.60 (Oct 2025) to over $2.00 (April 2026).
• The April 7 drilling results at Venise Breccia are positive but incremental; they represent exploration upside outside the current PEA mine plan rather than immediate resource conversion.

Price Sensitivity and Expectations

• Current share price ($2.18) is near the recent high ($2.20), suggesting the market has fully absorbed the PEA optimism.
• The "Routine - Positive" rating reflects that while the news confirms progress, it does not materially alter the investment thesis established in March 2026.
• Risk of "sell the news" exists given the significant run-up prior to this filing; any delay in subsequent permitting (RECAPE) could trigger profit-taking.

Strategic Alignment

• The project remains aligned with EU Critical Raw Materials Act and Portuguese defense interests, as noted in earlier government recognition letters.
• However, the transition from PEA to Feasibility Study (DFS) is a critical next step where cost overruns or metallurgical issues often emerge, posing a risk not yet mitigated by this news.

Corporate Profile

• Name: Allied Critical Metals Inc. (CSE: ACM, OTCQB: ACMIF).
• Focus: Development of tungsten projects in Portugal.
• Flagship Project: Borralha Tungsten Project (100% owned).
• Location: Parish of Salto, District of Vila Real, Northern Portugal.

Project Status

• Resource Base: 13.0 Mt Measured + Indicated @ 0.21% WO3; 7.7 Mt Inferred @ 0.18% WO3 (as of Nov 2025 MRE).
• PEA Economics: Medium case NPV $473M, IRR 48.8%, Initial CapEx ~US$91M.
• Permitting: Environmental Impact Declaration (DIA) received Jan 2026; RECAPE and construction permitting pending.
• Production Target: Industrial-scale processing plant targeted for end of 2027.

Strategic Importance

• Recognized by idD Portugal Defence as a strategic national initiative.
• Aligns with EU Critical Raw Materials Act objectives to reduce reliance on Asian supply chains.