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Borralha Tungsten Project

Allied Critical Metals is advancing Borralha through exploration and development

Located in northern Portugal, the Borralha Tungsten District forms the cornerstone of Allied Critical Metals’ growing portfolio of strategic tungsten projects. The district encompasses a historically productive tungsten system hosted within highly prospective geology, supported by established infrastructure, skilled local communities and access to European markets.

Allied is advancing Borralha through a systematic, district-scale development strategy that integrates diamond and reverse-circulation drilling, geological modelling, metallurgical testing and resource expansion. Allied Critical Metals is currently advancing a fully funded 20,000-metre drilling program designed to expand known mineralization, test priority targets and support the continued advancement of one of Europe’s most significant tungsten projects.

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Drilling Program
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Borralha Land Package

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Borralha Project Overview

Borralha Resource Technical Report

Brownfield project with past production and past production at northern side of the Borralha property from 1904-1985 of over 10,280 tonnes wolframite concentrate with an average grade of 66% WO₃.

In November 2025, the Borralha Tungsten project was designated of “strategic national importance” by the idD Portugal Defence. Environmental Impact Declaration (DIA) received (Jan 2026) — clearing a major permitting hurdle and enabling progression into detailed engineering and development. Borralha is advancing through Portugal’s mine licensing pathway under APA and DGEG.

Location: Town of Borralha is 60km east of the city of Braga and 100km northeast of the city of Porto.

Borralha Resource Technical Report

ACM announced a material increase to the Mineral Resource Estimate (MRE) for Borralha’s Santa Helena Breccia (SHB) — effective Nov 16, 2025, reported at a 0.09% WO₃ cut-off.(1)

Classification

Tonnes (Mt)

WO₃ %

Contained WO₃ (t)

Measured

 1.0 0.22

2,088

Indicated

 12.0 0.21

24,974

Measured + Indicated (M+I)

 13.0 0.21

27,062

Inferred

 7.7 0.18

13,878

Only about half of the Santa Helena Breccia zone has been drilled, so significant exploration potential remains in the breccia itself as well as the broader property, all of which will be a priority for the upcoming work programs.

Borralha Initial PEA – Robust Economics

Borralha Initial PEA – Robust Economics

High-Return, Capital-Efficient EU Tungsten Development Project

  • Initial PEA Announced (March 2026): Strong initial economics from the Santa Helena Breccia deposit. Mineralization remains open along strike at depth
  • Resource Growth Just Beginning: Fully funded 20,000-metre drill program underway at the Borralha targeting resource expansion and potential mine

  • Life extension well beyond the initial 11-year plan

NPV(8%): CAD$473M

@ US$1,000/mtu WO₃

IRR: 48.8%

@ US$1,000/mtu WO₃

Initial Capex:

CAD$124M

Payback:

2.2 Years

AISC:

~USD$303/mtu

Mine Life:

11-Years (Initial Plan)

idD Portugal Defence

idD Portugal Defence recognized the Borralha Project as a “strategic initiative of national importance,” after highlighting its role in rebuilding Portugal’s tungsten industry and Europe’s defence resilience.

In addition to SHB, there still remains significant exploration potential of sub-horizontal and other un-exploited areas in vicinity of the original Borralha mining area, including the Venise Breccia now being tested in the 2026 program.

2025 Drilling Program

Highlights from Drilling Program

  • 4,120 metres completed across 15 drill holes
  • 12.0 m @ 4.27% WO₃, incl. 6.0 m @ 8.39% WO₃
  • Among the highest-grade tungsten results in Western exploration
  • Confirms controlled high-grade breccia corridor
  • 18.0 m @ 0.85% WO₃, incl. 4.0 m @ 3.72% WO₃
  • 100.0 m @ 0.21% WO₃, incl. 32.0 m @ 0.33% WO₃, 14.0 m @ 0.52% WO₃ &
  • 6.0 m @ 0.74% WO₃

2026

EXPLORATION ACTIVITIES

JULY 7, 2026

13 Metres of 1.00% WO₃ including 3 Metres of 4.15% WO₃

JULY 16, 2026

23.8m @ 0.68% WO₃ from 24.0 m, incl. 4.0m @ 2.96% WO₃ from 44.0 m

The ultra high-grade tungsten discovery previously reported in Bo_RC_14 as confirmed and extended by Bo_RC_25.

Mine Plan & Processing Flowsheet

Underground stoping with paste backfill, feeding a 1.4 Mtpa gravity-dominant plant.

Mine Plan

MINING INVENTORY

12.37 Mt @ 0.21% WO₃

METHOD

Sublevel Open Stoping, supplemented by Drift & Fill

BACKFILL

Paste at 70% solids, cemented and pumped back into mine voids — no surface tailings facility

DEVELOPMENT

49,818 m total: 19,141 m capital and 30,677 m operational

PRODUCTION AREAS

Three, developed just-in-time from a single descending ramp
RAMP-UP

~900 kt in 2030, 1.0 Mt in 2031, stabilising at 1.4 Mtpa

POWER

60 kV overhead line to the SE Frades substation

Processing Flowsheet

acm-mine-illustration
  • 1

    CRUSHING
    Three-stage closed circuit, 500 mm to 6 mm. Primary jaw crusher underground

  • 2
    DENSE MEDIA SEPARATION
    Treats the 6–2 mm fraction and rejects ~40% of the barren mass as coarse tailings
  • 3
    GRINDING
    Ball mill in closed circuit with a 1 mm screen
  • 4
    GRAVIMETRIC CONCENTRATION
    Spirals and shaking tables on coarse fractions; Falcon and MGS units recover the sub-20 µm stream
  • 5
    SULPHIDE / COPPER FLOTATION
    Cleans the tungsten concentrate and produces a saleable copper concentrate
  • 6
    DEWATERING & PURIFICATION
    Drying, dry magnetic and electrostatic separation into separate W and Sn concentrates

Crushing operates 14 hours per day at 87.5% availability; downstream processes operate 24 hours per day at 94.4% availability, 360 days per year. Closure and rehabilitation provisioned at US$1.5M. Source: Allied Critical Metals Inc., NI 43-101 Technical Report — Preliminary Economic Assessment, Borralha Tungsten Project, effective April 14, 2026. All figures post-tax, nominal USD. Capital estimate precision ±35%. This PEA is preliminary in nature and includes Inferred Mineral Resources, which are considered too geologically speculative to have economic considerations applied that would enable classification as Mineral Reserves. There is no certainty the PEA results will be realized.