Allied Critical Metals Reports 23.8-Metre High-Grade Tungsten Intersection at Santa Helena; Progresses 20,000-Metre Borralha Drilling Program

Santa Helena Drill Results Confirm PEA Geological Model and Mining Approach

The initial drill hole of Allied Critical Metals’ 2026 campaign, Bo_13/26, returned multiple significant tungsten intervals that collectively reinforce the geological basis for the Borralha Project’s development strategy. The hole achieved an overall intersected length of 81.5 metres grading 0.22% WO3, which includes a 57.6-metre zone grading 0.30% WO3, containing a higher-grade 23.8-metre interval at 0.68% WO3. The highest-grade portion measured 4.0 metres grading 2.96% WO3, beginning at a depth of 44.0 metres.

Estimated true widths for these intervals range around 24.0 metres for the narrower high-grade section and approximately the same for the broader mineralized corridor, based on current geological interpretations. The presence of high-grade tungsten within extensive bulk-mineralization zones supports the bulk underground mining method outlined in the company’s Preliminary Economic Assessment dated 14 April 2026. Such expansive, lower-cost mining envelopes containing pockets of higher-grade material are economically advantageous for large-scale operations and were key assumptions in the PEA model.

Resource Conversion and Engineering Drilling in Progress

Unlike the concurrent exploratory drilling at the Venise Breccia, the Santa Helena development drilling program focuses on advancing the project through resource conversion, geological model validation, and engineering characterization. The program aims to convert resources and validate the current mineral resource estimate, confirm the geological model, conduct geotechnical characterization for underground mine design, sample metallurgical variability across the planned mining sequence, and selectively test mineralization beyond the current PEA mine plan.

This work is expected to progressively enhance confidence in the existing mineral resource and provide vital engineering data for future feasibility studies. Results from Bo_13/26 demonstrate that Santa Helena Breccia intersections align with the current geological and resource model, indicating the systematic drilling approach is effective. Reported intervals represent downhole lengths, with estimated true widths calculated from the interpreted orientation of mineralized corridors and drill-hole geometry, subject to refinement as geological interpretation evolves.

Venise Breccia Exploration Expands District-Scale Potential Beyond Current PEA

Alongside Santa Helena development drilling, Allied is advancing district-scale exploration at the newly discovered Venise Breccia, approximately 400 metres northwest. Two drill rigs are evaluating the geometry, continuity, and vertical extent of this tungsten-molybdenum breccia system. Drill hole Bo_BV_04a is complete with assays pending, while Bo_BV_02b and Bo_BV_05a remain in progress. The Venise discovery is not yet included in the current Borralha resource estimate, mine plan, or PEA, representing potential for future resource expansion.

The Venise Breccia remains open, with drilling focused on assessing its geometry, continuity, and scale. This parallel exploration program provides an opportunity to demonstrate district-scale growth potential while advancing Santa Helena’s resource base and mine planning. CEO and Director Roy Bonnell stated the Venise Breccia "has the potential for district-scale growth at Borralha," and the company’s strategy is "twofold: continue expanding the district’s long-term potential through Venise exploration while simultaneously increasing confidence in the Santa Helena Mineral Resource via infill, technical, and engineering drilling."

20,000-Metre Drilling Campaign Accelerates with Six Active Rigs

Allied Critical Metals is executing what it calls "the largest drilling campaign in Borralha’s recent history," with six drill rigs currently operating and a seventh expected soon. This fully funded 20,000-metre program addresses development priorities at Santa Helena and exploration objectives at Venise and other Borralha targets. The ramp-up in drilling capacity reflects the company’s commitment to systematically de-risk the Borralha Project while creating opportunities for resource growth.

The multi-rig strategy enables concurrent workstreams—resource conversion drilling, geotechnical and metallurgical sampling, and exploration drilling across multiple prospects—rather than sequential operations. This parallel approach maintains project momentum and delivers periodic assay updates to investors. Additional assay results from Santa Helena development and Venise exploration will be provided as available.

Preliminary Economic Assessment Validated by Current Results

The company’s recent Preliminary Economic Assessment, effective 14 April 2026 and filed on SEDAR+ and the company website, evaluated the economic viability of the Santa Helena deposit as the foundation of the Borralha Project’s mine plan. The PEA is preliminary and includes inferred mineral resources considered too speculative geologically to be classified as mineral reserves. There is no certainty the PEA will be realized, and mineral resources are not proven economic reserves.

However, results from Bo_13/26 support key PEA assumptions, particularly the presence of broad mineralized corridors suitable for bulk underground mining containing higher-grade tungsten zones. The company states these results "demonstrate the continuity of the Santa Helena Breccia while providing important information for ongoing resource conversion, mine planning, geotechnical engineering, and metallurgical variability studies." This validation work is typical as projects transition from PEA stage toward feasibility and development.

Quality Assurance and Analytical Protocols

The company’s disclosure details rigorous quality assurance and control procedures. Diamond drilling at Borralha followed industry standards. Drill core was transported to a secure logging facility, where it was geologically logged, photographed, and sampled under company geologists’ supervision. Core was sampled at nominal 2.0-metre intervals throughout mineralized zones, with geological interpretations refined after analytical results.

Certified Reference Materials, blanks, and duplicates were inserted to monitor accuracy, precision, and contamination. Samples were securely stored and sent to ALS Seville (Spain) for preparation, then analyzed at ALS Loughrea (Ireland) using ME-MS81 (lithium borate fusion with ICP-MS finish) for multi-element analysis. Samples exceeding 10,000 ppm W were re-assayed by W-XRF15b (lithium borate fusion with XRF finish). ALS is independent and ISO/IEC 17025 accredited. All QA/QC samples returned within acceptable limits, with no issues affecting result reliability.

Strategic Importance of Tungsten and Supply Security

Tungsten is designated a critical raw material by the US and EU for its strategic role in defense, aerospace, manufacturing, automotive, electronics, and energy sectors. The company notes China, Russia, and North Korea supply about 87% of global tungsten reserves, underscoring the geopolitical significance of developing secure western sources. The Borralha Project is one of the largest undeveloped tungsten resources in the EU.

This strategic context highlights the importance of advancing Borralha toward feasibility and development. The project benefits from a favorable Environmental Impact Declaration (DIA), positioning it well for progression. Allied is also advancing the Vila Verde Tungsten Project in the same region, offering additional exploration upside.

Equity Incentives Granted as Part of Compensation

Alongside the technical update, Allied Critical Metals announced grants of 1,675,000 stock options at an exercise price of $2.01 per share and 4,635,000 restricted share units vesting immediately to directors, officers, employees, and consultants. Most options vest immediately except 100,000 options granted to an investor relations consultant, which vest 25% every three months post-grant. All options and RSUs are subject to a four-month hold period per Canadian Securities Exchange policies and securities laws.

Qualified Person Review and Technical Oversight

Technical information in this announcement was reviewed and approved by Vitor Arezes, BSc, MIMMM (QMR), Vice President Exploration for Allied Critical Metals Inc., a Qualified Person under NI 43-101 standards. Mr. Arezes, who is not independent as Vice-President Exploration, verified the technical data including sampling, analytical, and test results through review of drill logs, geological interpretations, sampling records, analytical certificates, and QA/QC outcomes. No limitations were imposed on his verification process.

Forward-Looking Statements and Associated Risks

The announcement includes extensive forward-looking information regarding the ongoing 20,000-metre drill program’s potential to expand mineral resources, convert inferred resources to higher confidence categories, and support future growth. It also discusses expectations for drilling toward the Venise Breccia system center and implications for resource delineation and project modeling. Forward-looking statements address the significance, continuity, distribution, and recoverability of molybdenum, gallium, and other critical minerals identified.

Material risks that could cause actual results to differ include exploration and geological uncertainties, metallurgical performance, capital cost increases, delays, contractor or supply chain issues, operating cost inflation, commodity price and currency volatility, permitting and environmental challenges, geotechnical and hydrogeological risks, marketing and offtake uncertainties, financing and liquidity risks, and changes in laws, taxes, royalties, or government policies. Readers should review risk factors in the company’s latest management discussion and analysis and Annual Information Form filed on SEDAR+.