Allied Critical Metals Confirms New High-Grade Tungsten Mineralization at the Venise Breccia with 13 Metres of 1.00% WO3 including 3 Metres of 4.15% WO3

Highlights:

• First drill hole confirms a new high-grade tungsten-molybdenum discovery and establishes the Venise Breccia as a second mineralized breccia system at the Borralha Property, outside the current resource and PEA.

• The Venise Breccia is located approximately 400 metres northwest of the Santa Helena Breccia, the sole deposit underpinning the Company's recently completed PEA highlighting potential growth beyond the current mine plan.

• First drill hole (Bo_BV_01b) intersected the following: 
  
  • 13.0 metres grading 1.00% WO₃, including 3.0 metres grading 4.15% WO₃ 
  • 8.0 metres grading 0.61% WO₃ and 0.128% MoS₂, including 5.0 metres grading 0.96% WO₃ 
  • 6.0 metres grading 0.80% WO₃, including 1.0 metre grading 4.69% WO₃ 
  • 21.0 metres grading 0.25% MoS₂, including 12.0 metres grading 0.30% MoS₂

• The results demonstrate that the Venise Breccia hosts a distinct style of mineralization from Santa Helena Breccia, supporting management's interpretation that the Borralha Property has the potential to be a larger multi-phase tungsten-molybdenum hydrothermal system.

• Two drilling rigs continue to test the size, continuity and depth extensions of the Venise Breccia while four additional drilling rigs continue expanding and upgrading the Santa Helena Breccia resource. A seventh drilling rig is expected to be mobilized shortly.

Why This Discovery Matters:

• The current PEA on the Borralha Property is based solely on the Santa Helena Breccia. See the Company's press releases dated March 2, 2026 and March 10, 2026.
• The Venise Breccia is located approximately 400 metres from the Santa Helena Breccia but is not included in the current mine plan or economic evaluation.
• The first drill hole has confirmed high-grade tungsten and broad molybdenum mineralization over a new large breccia body.
• The discovery supports management's interpretation that the Borralha Property hosts multiple mineralized breccia systems.
• Successful delineation of the Venise Breccia could materially increase the scale, mine life and strategic value of the Borralha Property.
• Follow-up drilling at Venise continues, with Bo_BV_02b and Bo_BV_04a having intersected extensive brecciation, alteration and sulphide occurrences consistent with the interpreted Venise Breccia system. Assay results from these holes will be released once received and validated.

Vancouver, British Columbia--(Newsfile Corp. - July 7, 2026) - Allied Critical Metals Inc. (CSE: ACM) (OTCQB: ACMIF) (FSE: 0VJ0) ("Allied" or the "Company") is pleased to announce the first assay results from the newly confirmed Venise Breccia, as part of its ongoing exploration program at the Company's 100%-owned Borralha Tungsten Project in northern Portugal.

The results confirm that the Venise Breccia illustrates a new high-grade tungsten-molybdenum discovery located approximately 400 metres northwest of the Santa Helena Breccia, the deposit underpinning the Company's recently completed Preliminary Economic Assessment ("PEA"). Importantly, the Venise Breccia represents an entirely new mineralized system that is not included in the current mine plan, resource estimate or economic study, highlighting the potential for significant future growth beyond the Company's existing development scenario. The Venise Breccia was discovered through historical sampling programs and confirmed with this this drill program. It is not included in the existing mine plan or economic study. These results demonstrate the potential for the Borralha Property to evolve from a single-deposit project into a district-scale critical metals camp containing multiple mineralized breccia systems.

Roy Bonnell, Chief Executive Officer of Allied, commented, "These first assay results from the newly discovered Venise Breccia represent one of the most significant exploration successes at the Borralha Property in recent decades. For the first time, we have confirmed a second high-grade tungsten-molybdenum breccia system outside the deposit that forms the basis of our current PEA. This discovery demonstrates that the Borralha Property is evolving from a single-deposit development project into what may become one of the western world's most significant tungsten districts.

"Perhaps most importantly, the Venise Breccia is an entirely new mineralized body located only 400 metres from the Santa Helena Breccia, the deposit that underpins our current PEA. This means we are now working towards demonstrating the potential to grow the Borralha Property beyond the project currently contemplated in our development plans. The fact that the Venise Breccia displays a different mineralization style than the Santa Helena Breccia also strengthens our geological model that the Borralha Property could be a much larger multi-phase tungsten-molybdenum system capable of hosting multiple mineralized breccias. With drilling continuing at both the Venise and Santa Helena Breccias, we believe we are only beginning to unlock the full district-scale potential of the Borralha Property."

The Venise Breccia discovery further strengthens the Borralha Property's strategic importance as one of the largest emerging tungsten development projects in the world at a time when western governments are seeking secure and diversified supplies of critical minerals for defence, advanced manufacturing, semiconductor and aerospace applications.

The first drill hole completed at the Venise Breccia intersected multiple high-grade tungsten zones together with broad molybdenum mineralization throughout the breccia, confirming the presence of a robust mineralized system that remains open along strike and at depth. Drilling is continuing to test the interpreted central and deeper portions of the Venise Breccia.

The discovery of the Venise Breccia is being advanced as part of Allied's fully funded 20,000-metre exploration and development drilling program at the Borralha Property, currently the largest drilling campaign undertaken on the project in recent decades. Six drilling rigs are currently operating across the property, with a seventh rig expected to be mobilized shortly.

Venise Breccia - First Drill Assay Results

Drill hole Bo_BV_01b was designed to test the newly identified Venise Breccia following visual confirmation of more than 200 metres of brecciation, alteration and tungsten mineralization announced by the Company on April 7, 2026.

The assay results have confirmed several high-grade tungsten intervals distributed throughout the breccia, including near-surface and deeper mineralized zones. In addition, significant molybdenum mineralization was identified over broader intervals, supporting the interpretation of a multi-phase W-Mo system.

Table 1 - Venise Breccia Drill hole Collar Locations and Status

Table 2 - Venise Breccia Current Campaign Interval Highlights Update

To view an enhanced version of this graphic, please visit:
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Figure 1 - Cross section of the newly discovered Venise Breccia showing drill hole Bo_BV_01b assay results, including multiple high-grade tungsten corridors and broader molybdenum-bearing zones within the interpreted breccia envelope. Ongoing drilling is currently testing the central and deeper portions of the system. Reported intervals represent downhole lengths and true widths are currently unknown.

To view an enhanced version of this graphic, please visit:
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Figure 2: Plan view showing the Venise Breccia discovery area, including the Bo_BV_01b discovery hole, ongoing down-dip extension drilling (Bo_BV_02b), and orthogonal drilling (Bo_BV_04a and Bo_BV_05a) designed to constrain the three-dimensional geometry and continuity of the mineralized breccia system.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11632/304149_216fa109c43c5a45_003full.jpg

Ongoing Exploration at the Venise Breccia

Following the successful results from Bo_BV_01b, Allied has continued drilling at the Venise Breccia to evaluate the geometry, continuity and scale potential of the newly discovered breccia system.

The ongoing drill program is targeting the interpreted central and deeper portions of the Venise Breccia, with the objective of testing the vertical continuity of both the high-grade tungsten corridors and broader molybdenum-rich zones identified in the initial drilling.

In addition to down-dip extension drilling, the Company has completed Bo_BV_04a and commenced Bo_BV_05a along an approximately perpendicular drill orientation to the discovery section. These holes are designed to test the three-dimensional geometry, orientation and continuity of the newly identified Venise Breccia system.

Additional assay results will be released as they become available. Visual logging from ongoing drilling has continued to identify brecciation, hydrothermal alteration and sulphide mineralization consistent with the interpreted Venise Breccia system.

Santa Helena Resource Expansion Drilling Continues

In parallel with the Venise Breccia exploration program, Allied continues to advance drilling at the Santa Helena Breccia, the cornerstone deposit supporting the Borralha PEA.

The current drilling program is focused on infilling and testing extensions of the known mineralized breccia system, improving geological confidence and evaluating opportunities to expand mineral resources beyond the current mine plan.

Additional Critical Metals Potential

As part of the Company's multi-element geochemical evaluation, the Venise Breccia drill samples were also analyzed for additional critical metals. The initial results have identified consistent gallium enrichment associated with the mineralized breccia system.

Gallium is recognized as a strategic critical mineral due to its importance in advanced semiconductor and defense-related applications. The Company is undertaking additional mineralogical studies to better understand gallium deportment, mineral association and potential recovery pathways.

No economic contribution from gallium has been included in the current PEA and additional studies are required to determine whether gallium may represent a future by-product opportunity.

Next Steps

Allied's ongoing exploration program at the Borralha Property is focused on:

• expanding and upgrading the Santa Helena resource base supporting future development studies;
• defining the scale and continuity of the newly discovered Venise Breccia; and
• evaluating additional tungsten and critical metals opportunities across the broader Borralha district.

Ongoing Growth Strategy

The current initial PEA is based only on the Santa Helena Breccia deposit and an initial 11-year production plan, as described in the Company's news releases dated March 2, 2026 and March 10, 2026.

The Company's fully funded 20,000-metre drill program is currently underway, with six drill rigs actively operating on site and a seventh drill rig expected to be mobilized shortly, representing the largest exploration and development drilling campaign completed at the Borralha Property in recent decades.

The ongoing drill program is focused on multiple parallel objectives:

• resource expansion and conversion drilling at the Santa Helena Breccia, targeting growth of the current mineral resource estimate and conversion of inferred resources into higher-confidence categories;

• geotechnical and metallurgical development drilling at the Santa Helena Breccia to support future engineering studies and project advancement;

• step-out drilling along extensions of the Santa Helena Breccia system, targeting potential mine-life extensions beyond the initial PEA production plan;

• exploration drilling at the Venise Breccia, where two drill rigs are currently testing the scale, geometry and continuity of the newly discovered tungsten-molybdenum breccia system; and

• evaluation of additional tungsten and critical metals opportunities across the broader Borralha district.

The current program initially prioritizes resource conversion and technical de-risking at the Santa Helena Breccia while simultaneously advancing district-scale exploration at the Venise Breccia. As drilling progresses, additional rigs are expected to transition toward step-out and growth targets designed to evaluate the broader scale potential of the Borralha Property.

The exploration targets and potential implications for mineral resource expansion, conversion, or future mine life extension at the Borralha Property are conceptual in nature. There has been insufficient drilling, geological modelling, and analysis to define additional mineral resources beyond currently disclosed resources, and it is uncertain whether further exploration will result in such targets being delineated as mineral resources. Any reference to possible future resource or mine-life impacts is forward-looking and subject to additional drilling, assay results, and completion of further technical studies.

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