Allied Critical Metals Announces Corporate Update and Operational Update
Allied Critical Metals Announces Corporate
Update and Operational Update
Key Highlights:
Allied is
fully funded for the next 12 months
with over $45 million in cash liquidity.
The Company secured a
transformational U.S.$40 million financing
and tungsten off-take
agreement with
U.S.$1,000/mtu floor price
.
First tungsten concentrate production
targeted for Q4 2026
, subject to regulatory approvals and
timely receipt of long-lead items.
Borralha Project drilling
intersected over 200 metres with multiple intercepts of visible
tungsten mineralization
at the new Venise Breccia target.
Insider buying increased
management ownership to approximately 14%
of the Company.
Vancouver, British Columbia--(Newsfile Corp. - May 20, 2026) -
Allied Critical Metals Inc.
(CSE: ACM)
(OTCQB: ACMIF) (FSE: 0VJ0) ("
Allied
" or the "
Company
") is pleased to provide an update with
respect to its corporate initiatives and operations progress at the Borralha and Vila Verde projects in
northern Portugal.
"We have just recently passed the one-year anniversary of Allied being a public company and are proud
to report that we have been very busy executing on our corporate and operational plans," commented
Roy Bonnell, Chief Executive Officer and Director of Allied
. "To be one year into this journey and
fully financed through the end of 2027 is a strong position to achieve. We are eagerly awaiting first
tungsten concentrates from the pilot plant at the Vila Verde Project and the drilling campaign at the
Borralha Project is in full swing.
We expect to see results from our latest drilling campaign in the coming
weeks to add the discovery of a second breccia complex at the Borralha Project. Importantly, Allied is
fully funded to achieve initial production at the Vila Verde Pilot Plant and meet its stated objectives over
the next 12 months."
Corporate Update
U.S.$40 million Transformational Strategic Financing and Off-Take Agreement with Floor Price
of U.S.$1,000/mtu
On April 24, 2026, Allied announced a non-brokered private placement offering of common shares at a
price of $2.05 per share (the "
Offering
") with an existing strategic investor (the "
Existing Strategic
Investor
") and a new strategic investor (the "
New Strategic Investor
") for gross proceeds of U.S.$25
million. The Offering is subject to approval of the CSE.
The first tranche of the Offering in the amount of
U.S.$10 million closed on April 27, 2026. The remaining tranche of the Offering is expected to close on
or before July 17, 2026. The Existing Strategic Investor has entered into a binding agreement to back-
stop the commitment of the New Strategic Investor.
In addition to the Offering, the Existing Strategic Investor has also agreed to provide the Company with
U.S.$15 million in project financing to build the Company's Vila Verde pilot project (the "
Pilot Plant
")
and has entered into an off-take agreement (the "
Off-Take Agreement
") with the Company for 50% of
the tungsten concentrates produced at the Pilot Plant. The Off-Take Agreement is subject to a floor price
of U.S.$1,000/mtu for the calendar year 2026, subject to customary price revisions. The Off-Take
Agreement provides flexibility for governmental agencies, including agencies associated with the United
States Department of War and the Portuguese defense sector, including IdD Portugal Defense, which
has recognized the Project as strategically important for Portugal, Europe and NATO supply chains, to
purchase tungsten concentrates from the Company.
Summary of Current Balance Sheet
As of the date hereof, the Company has liquid cash assets of over $25 million and an undrawn project
financing facility (the "
Facility
") in the amount of up to U.S.$15 million ($20.7 million) for total cash
availability of over $45 million. Accordingly, Allied is fully funded to start operations at the Pilot Plant and
meet its stated objectives over the next 12 months.
Common Share Purchases by Insiders
Allied today announced that certain officers, directors, and consultants, led by the Company's Chief
Executive Officer and Executive Director (together, the "
Insiders
"), in the aggregate, acquired 222,500
common shares in the capital of Allied ("
Common Shares
") on the open market. The purchase of
Common Shares by Insiders reflects their
confidence, commitment and support of the Company. With
these purchases, insiders and certain consultants, in the aggregate, now own or control approximately
23.9 million Common Shares, representing approximately 14% of the Company's issued and
outstanding Common Shares as of today.
TSX Venture Exchange Listing
Allied has applied to list its common shares on the TSX Venture Exchange ("
TSX-V
") as a Tier 1 mining
issuer. The listing application is subject to review by the TSX-V and satisfaction of applicable listing
requirements. Subject to such review and approval, the listing is expected to be completed within
approximately four weeks from the date hereof.
Intention to list on the Nasdaq
Upon completion of the TSX-V listing, Allied intends to file a registration statement on Form F-10 (the
"
Registration Statement
") with the U.S. Securities and Exchange Commission pursuant to the
Canada/United States Multi-Jurisdictional Disclosure System in connection with a proposed listing of the
Company's common shares on the Nasdaq Stock Market.
The proposed Nasdaq listing is intended to
strengthen Allied's longer-term capital markets strategy, broaden its potential shareholder base and
enhance the liquidity of its common shares. The proposed listing of Allied's common shares remains
subject to satisfaction and completion of Nasdaq's initial listing requirements and procedures and the
receipt of all regulatory approvals (including approval of the Registration Statement by applicable
Canadian and U.S. regulators).
Opening of New Office / Core Shack
The Company has recently completed the relocation of its field office and core shack to an expanded
office of approximately 1,600 square feet and core facility of approximately 6,500 square feet in northern
Portugal to support the continued advancement of its exploration and development activities. The new
facility includes dedicated technical offices, meeting areas and upgraded operational space for
geological and core processing activities.
The new facility also hosts enhanced digital geological
logging and core imaging capabilities.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11632/298128_acm-figure1.jpg
Diamond Equity Research
Allied has engaged Diamond Equity Research LLC ("
Diamond Equity
") effective May 12, 2026, a firm
focusing on small-cap companies, to initiate coverage, providing in-depth research reports including
valuation analysis, business model breakdowns, and industry overviews. This 12-month engagement
with compensation of U.S.$50,000 aims to increase market visibility, with reports covering Allied's
tungsten assets and 2026 expansion plans. Diamond Equity is arm's length to the Company and has its
address at 3
rd
Floor, 1441 Broadway, New York, New York, USA 10018; Tel: (646) 300-5723;
.
Conference Appearances
On May 11 and 12, 2026, the Company's technical team attended the Iberian Mining Investment Forum
(FIM 2026) which included a workshop on project financing mechanisms. Vitor Arezes, Vice-President,
Exploration of Allied, was invited to speak during the sessions entitled "Iberian listed mining
companies".
On May 13 and 14, 2026, Roy Bonnell, CEO and Director of Allied, attended the Critical Minerals
Summit in Toronto, Canada.
On May 18 and 19, 2026, General (ret.) James "Spider" Marks, director of Allied Critical Metals USA
Inc., attended the Commodities Global Expo in Washington, DC.
On May 27, 2026, Roy Bonnell, CEO and Director of Allied, will attend Ventum Financial's "Tungsten
Titans: A Heavy Metal Gathering" conference in Montreal.
Operational Update
Borralha Project
Allied has publicly filed its new technical report entitled "Preliminary Economic Assessment – Borralha
Tungsten Project, Parish of Salto, District of Vila Real, Portugal", dated effective April 14, 2026 (the
"
Technical Report
") which supports the results of preliminary economic assessment ("
PEA
") of the
Company's 100% owned Borralha Tungsten Project in northern Portugal previously announced on March
10, 2026 and March 2, 2026. The Technical Report is available under the Company's profile on
SEDAR+ at
www.sedarplus.ca
.
A summary of the economic results of the PEA is set out below:
Scenario
Price
(1)
NPV (8%)
(2)
IRR
(3)
Payback SC
(4)
Payback CCP
(4)
Medium
$1,365/mtu
(U.S.$1,000/mtu)
$473.4M
(U.S.$346.6M)
48.8%
2.2 years
4.2 years
Base
$962/mtu
(U.S.$704/mtu)
$182.7M
(U.S.$134.0M)
27.2%
3.8 years
5.8 years
High
$2,049/mtu
(U.S.$1,500/mtu)
$963.8M
(U.S.$796.4M)
78.4%
1.2 years
3.2 years
(1)
Prices based on Argus Media price forecasts.
Canadian dollar (C$) equivalents calculated using a foreign exchange rate of C$1.3658:U.S.$1.00.
(2)
NPV is a Non-GAAP measure; see notes below for additional information regarding NPV.
M = million.
(3)
IRR is a Non-GAAP measure; see notes below for additional information regarding IRR.
(4)
Payback is a Non-GAAP measure; see notes below for additional information regarding payback.
(5)
For more information, please see the Company's news releases dated March 10, 2026 and March 2, 2026.
This current PEA is based on the updated Mineral Resource Estimate ("
2025 MRE
") for the Santa
Helena Breccia at the Borralha Project with an effective date of November 16, 2025 (see table below),
which is also presented in the current Technical Report. Under the 2025 MRE, the cut-off grade of 0.09%
WO
3
was selected based on reasonable prospects for eventual economic extraction under conceptual
underground mining and gravity-dominant processing assumptions, including a very conservative
tungsten price of U.S$550/mtu WO
₃
and assumed recovery of approximately 80% (for MRE cut-off
determination only).
2025 MRE for the Borralha Project
(see also Technical Report for further details)
Classification
Tonnes (Mt)*
Grade (% WO
3
)
Measured + Indicated
13.0
0.21
Inferred
7.7
0.18
*Mt denotes millions of tonnes (t).
The PEA is preliminary in nature and includes inferred mineral resources that are considered too
speculative geologically to have the economic considerations applied to them that would enable them to
be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment
will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic
viability.
During the first quarter of 2026, Allied commenced a 20,000 metre drilling campaign at the Borralha
Project. Thus far, Allied is pleased to report drilling has intersected over 200 metres of breccia with
multiple intercepts of visible mineralization at the newly defined Venise Breccia target within its 100%-
owned Borralha Tungsten Project in northern Portugal. In particular, ongoing drilling at a newly defined
target within the historically documented Venise Breccia at the Borralha Tungsten Project has
intersected zones of hydrothermal alteration and quartz-sulfide veining containing visible wolframite,
molybdenite and chalcopyrite. Over 200 metres of breccia with multiple intercepts of visible
mineralization, indicating significant breccia-hosted alteration and mineralization system (true width not
yet determined). Mineralized intervals are consistent with the interpreted Venise Breccia geological
model. The Company expects first assay results from the drilling campaign to be available the first week
of June 2026. For more information about Venise, please see the Company's news release dated April
7, 2026.
Currently, there are five drilling rigs that have been mobilized as part of the drilling campaign.
The
Company expects a sixth drilling rig to be mobilized this week and this will enable the completion of the
drilling campaign by the end of July 2026.
Vila Verde Project
Following the completion of the Vila Verde Project conceptual engineering for the Pilot Plant, the
Company has initiated preparations for the procurement of long lead items required for construction and
commissioning of the Pilot Plant with an initial throughput capacity of 150,000 tonnes per year. With
financing now secured, the Pilot Plant is transitioning from engineering and test work into the equipment
procurement and implementation phase. The principal long lead items identified to date are the
following:
i
.
jaw crusher, cone crusher and vibrating screens for the crushing circuit;
ii
.
rod mill package, including motor, gearbox and VSD systems;
iii
.
hydroclassifier, rougher and cleaner spirals, and shaking tables for the gravity concentration circuit;
iv
.
thickener, dewatering unit and Warman slurry pumps for water recovery and tailings management;
and
v
.
MCCs, instrumentation, SCADA and process control systems.
The rod mill and gravity concentration equipment are currently considered the critical items due to
fabrication and supplier lead times, which are expected to range between approximately 12 and 24
weeks depending on final specifications and supplier availability. The procurement activities and vendor
engagement are expected to advance during the second and third quarters of 2026, with delivery of
major equipment packages targeted for late 2026 and Pilot Plant assembly and commissioning
thereafter.
The Company has initiated preliminary internal beneficiation and concentrate production test works
utilizing previously collected surface and historical material samples, which have successfully generated
maiden wolframite concentrates for initial marketability assessment and mineralogical characterization
purposes.
In addition, the Company has initiated follow-up mineralogical, liberation and concentrate
optimization studies utilizing material generated from the previously completed internal test work
program at the Vila Verde Project.
The Company is expecting tungsten concentrate production to commence in the fourth quarter of 2026,
subject to regulatory approvals and timely receipt of long-lead items.
Examples of wolframite-bearing material samples from the "Justes" area of the Vila Verde Project.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11632/298128_acm-figure2.jpg
Photographs of gravity concentration equipment utilized during the preliminary internal test work
program.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11632/298128_acm-figure3.jpg
Example of gravity separation behaviour observed during preliminary internal concentration test work.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11632/298128_8f5d847e84655a14_010full.jpg
Examples of preliminary magnetic concentration products generated during internal beneficiation
testwork.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11632/298128_acm-figure4.jpg
The Pilot Plant and activities referenced herein are not based on any mineral resources or reserves and
as a result no preliminary economic analysis or feasibility study has been completed. As a result, any
production that might occur from the Pilot Plant has a high risk of economic and technical failure. There
is significant uncertainty that the project is economic and/or viable.
Any disclosure related to the Pilot
Plant is on the basis of it being a pure infrastructure development scenario and that it is unclear if any
mineralized material from the property will be processed at the Pilot Plant.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Mr.
Vítor Arezes, BSc, MIMMM (QMR) (Membership Nº. 703197), Vice-President Exploration of the
Company, who is a Qualified Person for the purposes of National Instrument 43-101
– Standards of
Disclosure for Mineral Projects
. Mr. Arezes is not independent of the Company as he is an officer of the
Company. The Qualified Person has verified the data disclosed in this news release.
About Allied Critical Metals Inc.
Allied Critical Metals Inc. is a Canadian-based mining company focused on the advancement and
revitalization of its 100%-owned Borralha Tungsten Project and the Vila Verde Tungsten Project in
northern Portugal.
The Borralha Project is one of the largest undeveloped tungsten resources within the European Union
and benefits from a favourable Environmental Impact Declaration (DIA), positioning the Project for
advancement toward feasibility and development. Vila Verde represents additional exploration upside
within the same strategic jurisdiction.
Tungsten has been designated a critical raw material by the United States and the European Union due
to its strategic importance in defense, aerospace, manufacturing, automotive, electronics and energy
applications. Currently, China, Russia and North Korea account for approximately 87% of global
tungsten supply and reserves, highlighting the importance of secure western sources.
Further details regarding the Borralha Project are available in the Company's NI 43-101 Preliminary
Economic Assessment Technical Report dated April 14, 2026, filed on SEDAR+ at
www.sedarplus.ca
and on the Company's website at
www.alliedcritical.com
.
ON BEHALF OF THE BOARD OF DIRECTORS
"Roy Bonnell"
CEO and Director
Additional information is also available by contacting the Company:
Dave Burwell
Vice President, Corporate Development
Tel:
403-410-7907
Toll Free: 1-800-221-0915
Please also visit our website at
www.alliedcritical.com
.
Also visit us at:
LinkedIn:
https://www.linkedin.com/company/allied-critical-metals-inc/
X:
https://x.com/@alliedcritical/
Facebook:
https://www.facebook.com/alliedcriticalmetals/
Instagram:
https://www.instagram.com/alliedcriticalmetals/
The Canadian Securities Exchange does not accept responsibility for the adequacy or
accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
Forward-looking information involves known and unknown risks, uncertainties and other factors which
may cause our actual results, performance or achievements, or other future events, to be materially
different from any future results, performance or achievements expressed or implied by such forward-
looking information. Such factors and risks include, among other statements regarding the completion of
the Offering (including any applicable regulatory approvals of the Offering); the proposed use of
proceeds from the Offering; the anticipated listing on the TSX-V and the Nasdaq; the expected timing of
the completion of the Pilot Plant and commencement of tungsten concentrate production at the Pilot
Plant; the purchase of any of Company's tungsten concentrate by the US Department of War or any other
governmental agency or department of the United States or any other country; the Facility and the terms
thereof; the timing of obtaining the assay results; the mobilization of the sixth drilling rig; the delivery of
major equipment packages and Pilot Plant assembly and commissioning; and any other activities,
events or developments that the Company expects or anticipates will or may occur in the future. Such
forward-looking information is identified by, among other things, words such as "plans", "expects", "is
expected", "aims", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "potential",
"target", "opportunity", "may", "could", "would", "might", "will" and similar terminology, as well as
statements regarding outcomes that "will", "should" or "would" occur. All forward-looking information
should be considered carefully, and the reader should not place undue reliance thereon.
In addition, reference should also be made to the risk factors listed in the Company's most recently filed
management's discussion and analysis and Annual Information Form dated April 24, 2026, all as filed
under its SEDAR+ profile at
www.sedarplus.ca
for a description of additional risk factors. Readers are
urged to carefully review those risk factors, which are expressly incorporated by reference into this
cautionary note.
The forward-looking information contained in this news release represents the expectations of the
Company as of the date of this news release and, accordingly, is subject to change after such date.
Readers should not place undue importance on forward-looking information and should not rely upon this
information as of any other date. The Company undertakes no obligation to update this forward-looking
information in the event that management's beliefs, estimates or opinions, or other factors, should