Allied Critical Metals Announces Material Increase to Mineral Resource Estimate at Borralha Tungsten Project in Northern Portugal
Allied Critical Metals Announces Material
Increase to Mineral Resource Estimate at
Borralha Tungsten Project in Northern
Portugal
Highlights:
One of Europe's Premier Emerging Tungsten Assets materially increases its mineral
resource estimates with Measured and Indicated Resource Estimate (M+I) increasing to
13.0 Mt at 0.21% WO
and Inferred Resource Estimate to 7.7 Mt at 0.18% WO
.
Significant resource growth strengthens ACM's position ahead of Q1 2026 PEA as
tungsten prices surge approx. 70% in past six months.
Vancouver, British Columbia--(Newsfile Corp. - November 19, 2025) -
Allied Critical Metals Inc.
(CSE:
ACM) (OTCQB: ACMIF) (FSE: 0VJ0) ("
Allied
" or the "
Company
"), which is focused on its 100%
owned past producing Borralha and Vila Verde tungsten projects in northern Portugal, is pleased to
announce an updated Mineral Resource Estimate ("
MRE
") at the Company's Borralha Tungsten Project.
The MRE is only with respect to the Santa Helena Breccia and does not include other potential
mineralized deposits on the property. This update incorporates results from the 2025 Phase 1 RC
drilling (4,210 metres) campaign and represents a significant step in advancing the Borralha Project
toward a Preliminary Economic Assessment ("
PEA
") targeted for Q1, 2026. It is particularly timely as
tungsten prices remain strong at approximately U.S. $700/MTU APT, up about 70% over the past six
months amid increasing demand for critical raw materials and tightening global supply.
The updated MRE marks a major step change from the 2024 MRE (4.98 Mt Indicated at 0.21% WO
and
7.01 Mt Inferred at 0.20% WO
), with the Borralha resource now at
13.0 Mt Measured and Indicated
(M+I) at 0.21% WO
and
7.7 Mt Inferred
at 0.18% WO
, confirming the Santa Helena Breccia as one
of the largest undeveloped tungsten systems in Europe.
UPDATED MINERAL RESOURCE ESTIMATE (MRE)
(Effective date: 16 November 2025; based on 0.09% WO
cut-off; undiluted in-situ; WO
-only.)
TABLE 1 — Mineral Resources at 0.09% WO
Cut-off
Classification
Tonnes (Mt)
WO
(%)
Contained WO
(t)
Measured
1.0
0.22
2,088
Indicated
12.0
0.21
24,974
M+I
13.0
0.21
27,062
Inferred
7.7
0.18
13,878
* The MRE was prepared in accordance with the CIM Definition Standards (2023) and National Instrument 43-101—
Standards for Disclosure of
Mineral Projects
("
NI 43-101
") and replaces the previous maiden resource dated March 25, 2024.
Roy Bonnell, CEO & Director of Allied, commented:
"This updated MRE is a major milestone for
the Borralha Project. Growing the Measured and Indicated resources to 13.0 million tonnes at 0.21%
WO
and Inferred resources to 7.7 million tonnes at 0.18% WO
while keeping the system open in
multiple directions confirms both the scale and continuity of the deposit. The Borralha Project
continues to impress by continuing to produce record tungsten intercepts. With our next core drilling
campaign planned for early 2026, we are confident that this project will continue to expand and
strengthen its position as one of Europe's most compelling tungsten assets."
"This updated MRE strengthens not only the technical foundation of the Borralha Project, but also our
position within the ongoing environmental and permitting processes, with anticipated approvals in Q1,
2026. It provides an excellent foundation to further build the MRE for our anticipated PEA in Q1 2026
by, among other things, pairing two or three holes to reach more mineralization which weren't
accessible with RC in this campaign. Alongside the drilling and geological work, our team has been
advancing the Environmental Impact Assessment and navigating the extensive regulatory and
administrative steps required in Portugal. Today's results support the robustness of the project as we
progress through these parallel workstreams. The combination of geological growth, improving
confidence, and continued permitting momentum gives us a clear and responsible path forward
toward development."
Note: In accordance with NI 43-101 Section 3.5, Mineral Resources are reported separately by category and must not be aggregated. Measured
and Indicated Resources may be combined for reporting purposes, but Inferred Resources cannot be added to other categories. No combined
grade is reported for Measured + Indicated + Inferred.
Highlights:
New MRE incorporates
1) RC step-outs
,
2) infill drilling
,
3) density updates
,
4) revised grade
shell
,
5) improved geological model 6) enhanced geostatistical parameters
.
WO
-only cut-off grade is 0.09% WO
, consistent with the expectable underground LHOS potential
and gravity-dominant metallurgy.
Strong continuity of mineralization confirmed; extensions defined toward the north dip and western
flank.
Metallurgy indicates simple, low-cost gravity flowsheet with ~75-85% WO
recovery and potential
Cu-Sn-Ag by-product upside to be defined in the PEA.
Updated block model supports growing potential for scalable, long-life underground operation.
The final RC holes were terminated before reaching the anticipated mineralized corridors, leaving
the western and northern down-dip extensions open. This indicates that significant potential
remains for additional resource growth with only modest further drilling, which will be addressed in
the next core drilling campaign planned for Q1 2026.
GEOLOGICAL & METALLURGICAL CONTEXT
Drilling confirms that the Santa Helena Breccia is a large, subvertical, coarse-fragment collapse breccia,
strongly mineralized in wolframite ± ferberite, with accessory cassiterite, chalcopyrite, silver sulphosalts,
and low deleterious elements. Mineralization displays strong structural control and excellent lateral
continuity.
This updated MRE does not yet take into account any future breccia complexes or other
geological anomalies that may be present at the Borralha Project.
Metallurgy
Existing metallurgical programs (bench-scale testing, mineralogical studies, and semi-industrial work by
MinePro), together with ongoing metallurgical test work at Wardell Armstrong International (SLR),
indicate:
Coarsely liberated wolframite
, well suited to gravity concentration.
Heavy Liquid Separation (5 mm)
delivering exceptional performance, rejecting
>50% of the
mass
at high WO
recovery.
Spirals and shaking tables
effective for fine clean-up stages.
Final sulfide flotation
required to clean the gravity concentrate and remove sulfide minerals.
Cassiterite and chalcopyrite
exhibit
realistic beneficiation potential
, with metallurgy to be
provided by MinePro's independent QP for the NI 43-101 Technical Report.
Wardell Armstrong (UK) test work
is underway, with results expected in
Q1 2026
to support
PEA flowsheet definition and recoveries.
By-products (Cu-Sn-Ag)
Although not included in cut-off or resource calculation:
Chalcopyrite follows sulfide flotation which leads to potential Cu concentrate;
Cassiterite follows gravity circuit which leads to potential Sn concentrate; and
Ag could report to sulfide concentrate.
These metals represent future upside to be defined within the PEA.
Cut-off grade rationale
Resources are reported above a 0.09% WO
cut-off grade, derived from:
APT price: US $500/MTU;
Underground long-hole stoping conceptual mining; and
An implicit 0.09% WO
grade shell was constructed using a numeric-model iso-value of 0.6. Minor
isolated volumes <5,000 m³ were removed to satisfy CIM RPEEE (
Reasonable Prospects for
Eventual Economic Extraction
) continuity criteria and to avoid isolated blocks lacking reasonable
prospects for extraction.
NEXT STEPS
The updated MRE provides the foundation for Allied's maiden PEA planned for Q1 2026, evaluating a
scalable underground operation leveraging gravity-dominant processing with by-product potential. The
next steps include:
Completion of Wardell Armstrong (UK) detailed metallurgy (underway);
Engineering trade-off studies to support PEA;
Phase 2 RC & diamond drilling targeting western & down-dip expansion; and
Environmental and hydrogeological baseline program (ongoing).
QUALIFIED PERSONS
The updated MRE was prepared by Vítor Arezes, MIMMM, QMR #703197, Vice President Exploration
of Allied Critical Metals, Qualified Person under NI 43-101. The scientific and technical information
contained in this release has been reviewed and approved by Mr. Vítor Arezes, BSc, MIMMM (QMR),
Vice-President Exploration of Allied Critical Metals Inc., a Qualified Person under NI 43-101. Mr. Arezes
is not independent of the Company as he is an officer of Allied Critical Metals Inc.
The updated MRE was reviewed and validated by J. Douglas Blanchflower, P.Geo. of Minorex
Consulting. The scientific and technical information contained in this release has also been reviewed
and approved by Mr. J. Douglas Blanchflower, P.Geo. (License nr. 19086), Minorex Consulting, a
Qualified Person under NI 43-101. Mr. Blanchflower is independent of the Company and its mineral
properties.
In addition, the metallurgical information in this news release was reviewed by Mr. David Castro López,
MIMMM, QMR #685484 of MinePro Lda. The scientific and technical information contained in this
release has also been reviewed and approved by Mr. David Castro López, MIMMM, a Qualified Person
under NI 43-101. Mr. Lopez is independent of the Company and its mineral properties.
NI 43-101 TECHNICAL REPORT FILING
A Technical Report prepared supporting the updated Mineral Resource Estimate will be filed on
SEDAR+ within 45 days of this news release, in accordance with Section 4.2 of NI 43-101.
Table 2 - 2025 Campaign Interval Highlights
Table 2
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11632/275151_acmtable2.jpg
Notes:
[1] Reported intervals are downhole lengths. Estimated true widths were calculated from hole orientation and the interpreted geometry of the
mineralized corridors. Estimates may vary locally where geometry changes. Where intervals fall outside the resource block-model domains, true
widths are not estimated and only downhole lengths are reported. [2] True widths are unknown to be defined after further MRE update.
All of the above drill results were previously disclosed as first time disclosure by the Company in its past
news releases, as follows: (i) on September 4, 2025 - Bo_RC_14/25; (ii) on September 11, 2025 -
Bo_RC_15/25, Bo_RC_17/25, and Bo_RC_22/25; (iii) on September 29, 2025 - Bo_RC_21/25 and
Bo_RC_26/25; (iv) on October 22, 2025 - Bo_RC_16/25, Bo_RC_18/25, and Bo_RC_19/25; (v) on
November 5, 2025 - Bo_RC_27/25 and Bo_RC_28/25; and (vi) on November 12, 2025 -
Bo_RC_20/25, Bo_RC_25/25, Bo_RC_29/25, and Bo_RC_30/25.
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 favorable processing characteristics and higher
recoveries compared to 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 EU Critical Raw Materials Act (2024/1252) and
NATO strategic autonomy initiatives, both of which explicitly identify tungsten as a defense-critical raw
material subject to severe supply risk.
With the EU currently dependent on over 80% 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 defense-industrial resilience.
ON BEHALF OF THE BOARD OF DIRECTORS
"Roy Bonnell"
Roy Bonnell
CEO and Director
For further information or investor relations inquiries, please contact:
Dave Burwell
Vice President, Corporate Development
Email:
Tel: 403-410-7907
Toll Free: 1-888-221-0915
ABOUT ALLIED CRITICAL METALS
Allied Critical Metals Inc.
(CSE: ACM) (OTCQB: ACMIF) (FSE: 0VJ0) is a Canadian-based mining
company focused on the expansion and revitalization of its 100% owned past producing Borralha
Tungsten Project and the Vila Verde Tungsten Project in northern Portugal. Tungsten has been
designated a critical metal by the United States and other western countries, as they are aggressively
seeking friendly sources of this unique metal. Currently, China, Russia and North Korea represent
approximately 87% of the total global supply and reserves. The Tungsten market is estimated to be
valued at approximately U.S. $5 to $6 billion, and it is used in a variety of industries such as defense,
automotive, manufacturing, electronics, and energy.
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www.alliedcritical.com
.
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this release.
Cautionary Statement Regarding Forward-Looking Information
This news release contains "forward-looking statements", including with respect to the use of proceeds.
Wherever possible, words such as "may", "would", "could", "should", "will", "anticipate", "believe", "plan",
"expect", "intend", "estimate", "potential for" and similar expressions have been used to identify these
forward-looking statements. These forward-looking statements reflect the current expectations of the
Company's management for future growth, results of operations, performance and business prospects
and opportunities and involve significant known and unknown risks, uncertainties and assumptions,
including, without limitation, those listed in the Company's Listing Statement and other filings made by
the Company with the Canadian securities regulatory authorities (which may be viewed under the
Company's profile at
www.sedarplus.ca
). Examples of forward-looking statements in this news release
include, but are not limited to, statements regarding the proposed timeline and use of proceeds for
exploration and development of the Company's mineral projects as described in the Company's Listing
Statement, news releases, and corporate presentations. Should one or more of these risks or
uncertainties materialize or should assumptions underlying the forward-looking statements prove
incorrect, actual results, performance or achievements may vary materially from those expressed or
implied by the forward-looking statements contained in this news release. These factors should be
considered carefully, and prospective investors should not place undue reliance on the forward-looking
statements. This list is not exhaustive of the factors that may affect any of the Company's forward-looking
statements and reference should also be made to the Company's Listing Statement dated April 23,
2025 and news release dated May 16, 2025, and the Company's most recently filed management's
discussion and analysis, all as filed under its SEDAR+ profile at
www.sedarplus.ca
for a description of
additional risk factors. The Company disclaims any intention or obligation to revise forward-looking
statements whether as a result of new information, future developments or otherwise, except as required
by law.
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