Mr. Roy Bonnell reports

ALLIED CRITICAL METALS DRILLS 10.0 METRES OF 1.11% TUNGSTEN (WO3) AT BORRALHA

Allied Critical Metals Inc. has released new assay results from its continuing reverse circulation drill program at the 100-per-cent-owned Borralha tungsten project in northern Portugal.

The latest results include one of the longer and highest-grade intervals drilled to date at Borralha's Santa Helena breccia, further confirming the continuity of high-grade mineralization within the backbone of the deposit.

Borralha is delivering stronger, wider and higher-grade intercepts than expected, positioning Allied to unlock significant resource growth and advance one of the most strategic tungsten projects in the Western world. Tungsten price reached a high of $670 (U.S.) per MTU, up approximately 50 per cent in the past six months as demand for the critical mineral increases with further supply chain restrictions from non-Western countries.

Highlights:

• Bo-RC-16:
  • 90.0 metres of 0.24 per cent WO3 from 60.0 m, including:
    • 40.0 m of 0.40 per cent WO3 from 100.0 m;
    • 10.0 m of 1.11 per cent WO3 from 100.0 m, including 6.0 m of 1.78 per cent WO3;
  • Additional 12.0 m of 0.33 per cent copper, 25 grams per tonne silver and 138 parts per million molybdenum from 188.0 m;
• Bo-RC-18:
  • 74.0 m of 0.12 per cent WO3 from 154.0 m, including:
    • 14.0 m of 0.15 per cent WO3 from 192.0 m;
    • 2.0 m of 0.35 per cent WO3 from 226.0 m;
• Bo-RC-19:
  • 4.0 m of 0.19 per cent WO3 from 124.0 m.

Geological context

Bo-RC-16 was drilled at the western dip edge of the central-south backbone of the current mineral resource estimate. The objective was to strengthen resource resolution for the forthcoming preliminary economic assessment in an area where higher-grade mineralization was previously interpreted to taper off. Instead, the hole returned higher and more consistent grades than anticipated, significantly widening the central-south mineralization and delivering one of the highest metal factor intercepts ever recorded at Borralha's SHB.

Bo-RC-18 and Bo-RC-19 targeted the transition gap central zone between the central-south high-grade backbone and the recently discovered north-dipping large medium-grade lode, an area historically interpreted as lower grade. Results exceeded current MRE expectations, returning grades above the deposit average and strengthening the geological bridge between two high-grade domains. This continuity is expected to be an important factor in resource growth and future mine design.

Roy Bonnell, chief executive officer and director of Allied, commented: "Borralha continues to surprise us on the upside. Bo-RC-16 has delivered one of the strongest intercepts ever drilled on the project, expanding the high-grade central-south mineralization. Meanwhile, Bo-RC-18 and Bo-RC-19 has successfully demonstrated mineralization continuity in what was considered a weaker zone. Together, these results confirm both scale and grade potential as we advance towards our updated MRE and PEA."

Drill program progress

To date, 4,210 metres of drilling have been completed from the initially planned 5,625-metre phase 1 campaign. The program focus was:

• Expanding and upgrading the current National Instrument 43-101 mineral resource estimate, expected in fourth quarter 2025;
• The development of a robust preliminary economic assessment;
• Supporting underground mine design and integration with continuing environmental impact assessment review.

Further assay results are expected in the coming weeks as drilling advances toward completion.

Next steps

Phase 1 drilling campaign is just finished, with further results expected in the coming weeks. Stepout holes targeted both western and northern extensions of SHB while infill drilling will refine the core resource model. Results will continue to inform the MRE and subsequent economic studies.

Sampling, quality assurance/quality control and analytical notes

Drilling was completed using reverse circulation. All sample bags were prelabelled with a unique internal sequence number used consistently for the assay sample and corresponding reject. Sampling was conducted on 2.0-metre intervals for analytics. For each 2.0-metre interval, two 1.0-metre reject samples were also collected as representative splits. Splitting was performed at the rig through a rotary splitter integral to the RC cyclone.

Sampling followed preprepared sample lists that recorded downhole metreage, sequence, and the placement of certified reference materials and field duplicates. CRMs were inserted at a rate of one in 20 samples (5 per cent) and field duplicates at one in 20 samples (5 per cent), arranged so that every 10th sample alternated between a CRM and a duplicate.

Analytical and reject samples were boxed at the drill site and transported by company personnel to the project core/logging facility. Analytical samples were stored on labelled pallets pending direct shipment to ALS's preparation laboratory in Seville, Spain. Pulps and rejects were subsequently stored securely in the project logging room.

At ALS Seville, samples were crushed to 70 per cent passing two millimetres, riffle-split to approximately 250 grams and pulverized using hardened steel to 85 per cent passing 75 micrometres. Pulps were shipped to ALS Loughrea (Ireland) for analysis. The primary analytical method was ME-MS81 (lithium borate fusion with ICP-MS finish). Base metals were also reported using ME-4ACD81 (four-acid digestion with ICP-MS finish). Overlimit tungsten results were reassayed using W-XRF15b (lithium borate fusion with XRF). Analytical results were delivered directly by ALS to the company through secure electronic transfer.

Primary disclosure remains the reported grade and interval length (and true width where known).

To the best of the company's knowledge, no drilling, sampling, recovery or other factors have been identified that would materially affect the accuracy or reliability of the data referenced herein.

Qualified person

The scientific and technical information in this release has been reviewed and approved by Vitor Arezes, BSc, MIMMM (QMR), vice-president, exploration, of Allied Critical Metals, a qualified person under National Instrument43-101. Mr. Arezes is not independent of Allied Critical as he is an officer of the company.

About the Borralha tungsten project

Allied's Borralha tungsten project is one of the largest and most historically significant past-producing tungsten operations in Western Europe. Located in northern Portugal, Borralha was once the second-largest tungsten mine in the country and supplied strategic materials to European and Allied industries during the 20th century, including both World Wars and the Cold War period.

Today, the project is undergoing a modern revitalization based on a combination of scale, grade, metallurgy and jurisdictional strength. Mineralization is dominated by coarse-grained wolframite, which is highly desirable in global markets due to its favourable processing characteristics and higher recoveries compared with scheelite-bearing deposits.

Borralha benefits from existing infrastructure, shallow mineralization and a simple processing route, making it one of the most advanced tungsten development projects in the European Union. These attributes are particularly important in the context of the European Union Critical Raw Materials Act (2024/1252) and North Atlantic Treaty Organization strategic autonomy initiatives, both of which explicitly identify tungsten as a defence critical raw material subject to severe supply risk.

With the European Union currently dependent on over 80 per cent of its tungsten imports from China, Borralha represents a rare and strategic opportunity to develop a secure, domestic and NATO-aligned supply source. As Allied continues to advance drilling, resource expansion and economic studies, Borralha is poised to play a central role in reshaping Europe's tungsten landscape -- supporting both decarbonization technologies and defence industrial resilience.

We seek Safe Harbor.