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Borralha Tungsten Project

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.

Borralha

Mining Rights Concession License; advanced stage brownfield project with updated mineral resource estimate (MRE) effective November 19, 2025(1), including:

  • Measured and Indicated Resource (M+I): 13.0 Mt at 0.21% WO₃; and
  • Inferred Resource: 7.7 Mt at 0.18% WO₃

Historic production from 1904-1985 of wolframite concentrate at an avg. grade of 66%

INITIAL PEA (MARCH 2026)

  • After-tax NPV (8%):
    • CAD$473M (Medium: US$1,000/mtu)
    • CAD$963.8M (High: US$1,500/mtu)
  • After-tax IRR: 48.8% (Medium) | 78.4% (High)
  • Initial Capex: US$91M
  • Payback (Prod. Start): 2.2 yrs @ US$1,000/mtu | 1.2 yrs @ US$1,500/mtu
  • AISC: ~US$303/mtu 11-Year Initial Mine Life

HIGHLIGHTS 2025 DRILL 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

Allied Critical Metals Projects

Allied Critical Metals is advancing Borralha through a systematic, district-scale development strategy.

Located in northern Portugal, Allied Critical Metals is advancing two complementary strategic tungsten assets Borralha and Vila Verde as part of its strategy to establish a significant European source of tungsten production. Borralha is the cornerstone asset, combining a historically productive tungsten system with strong geology, established infrastructure and access to European markets, supported by a fully funded 25,000-metre drilling program focused on resource growth.

Just 45 km southeast of Borralha, the Vila Verde Tungsten-Tin Project provides a complementary near-term development opportunity. The brownfield property includes the historic Valedas Gatas Mine and is being advanced through a phased pilot-to-scale strategy, beginning with a planned 150,000-tonne-per-year operation with potential expansion to 300,000 tonnes annually. Together, Borralha and Vila Verde provide Allied with a combination of long-term resource growth and near-term production potential in Portugal.

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Drilling Program
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Borralha Land Package
Portugal

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Vila-Verde Tungsten-Tin Project

Vila Verde

The Vila Verde Project is advancing rapidly towards the execution of its Experimental Mining License with the Portuguese Government (DGEG), having secured positive endorsements from the local municipalities, underscoring strong regional support for the project.

Mineral license being converted from exploration license to an experimental mining.

  • This allows for up to 150k tpa of mineralized material until the full-scale mining license is granted following completion of the feasibility study.
  • Quarry permitting will allow for 150k tpa initially with potential to expand up to 300k tpa.

HISTORICAL DRILLING

  • 17 diamond drilled holes for 2,103 metres at the Vila Verde project area
  • Revealed a 2.1km x 1km tungsten-tin mineralized system at Cumieira zone and a 1km x 500 metres tungsten-tin mineralized system at Porqueira

Vila Verde Pilot Plant

Vila Verde

Test work conducted by GMR Consultores & MINEPRO Solutions for wolframite concentrate production at Vila Verde Project from the Justes deposit at Vila Verde.

PROJECT HIGHLIGHTS

  • Leverage prior pre-existing quarry operation to fastrack permitting process
  • Tailings and alluvial material will supply plant with estimated grade for plant design parameters for average feedstock of 0.21% WO₃
  • Construction and operations estimated to begin in 2026
  • Plant design production capacity of 150,000 tonnes per year, would result in 250 tonnes of WO₃ per year under present design parameters. May subsequently increase capacity to 300,000 tpa
  • Process: Crushing and grinding, then fed into a gravimetric and magnetic concentration system
  • Total estimated CAPEX of Pilot Plant is estimated at $7.9M (+$2.9M for later expansion) intended to be funded through non-dilutionary sources

OFFTAKE NEGOTIATION IN PROCESS

  • LOI signed with Global Tungsten & Powders based in Pennsylvania, USA for the sale of Tungsten Concentrate
  • Ongoing discussions with other refineries around the globe

Allied Critical Metals

CSE: ACM | OTCQB: ACMIF | FSE: 0VJ0

Allied Critical Metals Inc. is advancing its 100%-owned Borralha and Vila Verde tungsten projects in northern Portugal, with Borralha representing one of the European Union’s largest undeveloped tungsten resources and benefiting from a favourable Environmental Impact Declaration that supports advancement toward feasibility and development. Vila Verde adds further exploration upside in the same strategic jurisdiction. With tungsten designated a critical raw material by both the United States and European Union, and approximately 87% of global supply and reserves concentrated in China, Russia and North Korea, Allied is positioned to help strengthen secure Western tungsten supply chains.