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Transition Metals Corp. (TSXV: XTM) (‘Transition’, ‘the Company’), is pleased to announce that it has vested a 100% interest in the Pike Warden property, a porphyry-epithermal exploration asset located in southern Yukon. This acquisition consolidates the Company’s control over the property and positions it for continued exploration activities and partnering opportunities. The Company will seek a partner to more aggressively explore the large mineralized system opportunity.

‘This acquisition represents an important step in expanding Transition Metals’ portfolio of high-quality exploration assets,’ said Scott McLean, CEO of Transition Metals. ‘The Pike Warden property has strong exploration potential, and the work carried out by Transition to date has identified over 30 high grade Au-Ag epithermal and Cu-Mo porphyry showings, which together with the geophysical and mapping data demonstrate a large porphyry and epithermal mineralizing system.‘

Terms of Vesting

The project was optioned from a local geologist in 2022 (see news release dated June 28, 2022). The Company has vested its interest by paying the Optionor $120,000, issuing 1,000,000 shares, and spending $1,000,000 in exploration over the four-year period. The Optionor retains a 1% Net Smelter Return royalty on the Property.

Financing

The Company is pleased to announce that it intends to raise up to $1,000,000 by way of a non-brokered private placement consisting of up to 8,695,652 Charity Flow Through Units (the ‘CFU‘) at a price of $0.115 per CFU. The initial Purchasers of the CFU may subsequently donate such CFU to registered charitable organizations, who may in turn choose to sell such CFU Units (the ‘Re-Offered Units’) to purchasers at a price of $0.08 per Re-Offered Unit (the ‘Re-Offer Price’) or sell such Re-Offered Units to purchasers at the Re-Offer Price. The Company will not be a party to any such arrangements. The Re-Offered Units will consist of a common share and a half warrant. Each full warrant entitles the investor to purchase a common share in the Company at any time for $0.115 for a period of 18 months. A finder’s fee may be paid in connection with the Offering to finders, as determined by mutual agreement between the Corporation and the finders and subject to regulatory approval. The finders’ fee will consist of 6% cash for Units sold to investors introduced by such finders, and non-transferable share purchase warrants equal to 6% of such CFU sold to investors (‘Compensation Warrants’). The Compensation Warrants will permit the purchase of one common share in the capital of the Company for 18 months from closing at a price of $0.115.

Proceeds from the CFT Shares issued in connection with the Offering will be used to explore and advance critical minerals properties in Ontario (Saturday Night PGM) and Northwest Territories (Dessert Lake U) as well as Ontario precious metal project (Gowganda Au). The securities issued in connection with the Offering, including any common shares issued upon exercise of the Compensation Warrants, will be subject to a four-month restricted resale period and applicable securities legislation hold periods outside of Canada from the closing date. Completion of the Offering will be subject to all necessary approvals, including the approval of the TSX Venture Exchange. There can be no assurance that the Offering will be completed as proposed or at all.

About Transition Metals Corp.

Transition Metals Corp. (TSXV: XTM) is a Canadian-based, multi-commodity explorer. Its award-winning team of geoscientists has extensive exploration experience which actively develops and tests new ideas for discovering mineralization in places that others have not looked, often allowing the company to acquire properties inexpensively. Joint venture partners earn an interest in the projects by funding a portion of higher-risk drilling and exploration, allowing Transition to conserve capital and minimize shareholder’s equity dilution.

Cautionary Note on Forward-Looking Information

Except for statements of historical fact contained herein, the information in this news release constitutes ‘forward-looking information’ within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as ‘plans’, ‘proposes’, ‘estimates’, ‘intends’, ‘expects’, ‘believes’, ‘may’, ‘will’ and include without limitation, statements regarding estimated capital and operating costs, expected production timeline, benefits of updated development plans, foreign exchange assumptions and regulatory approvals. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events, or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/285650

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Oreterra Metals Corp. (TSXV: OTMC,OTC:RMIOD) (OTCID: OTMCF) (OTCID: RMIOD) (FSE: D4R0) (WKN: A421RQ) (‘Oreterra’ or the ‘Company’) is pleased to announce that, further to its press releases of February 10, 2026, February 12, 2026, February 18, 2026 and February 19, 2026, it has closed the first tranche of its oversubscribed and upsized non-brokered private placement with the placement of 12,068,332 hard-dollar units (‘HD Units’) of the Company at a price of $0.45 per HD Unit for gross proceeds of $5.43M and the placement of 7,708,000 flow-through units (‘FT Units’) at a price of $0.50 per FT Unit for gross proceeds of $3.85M (collectively, the ‘First Closing’). A second closing of the private placement, bringing gross proceeds to $9.7M, is scheduled for March 4, 2026.

‘The fact that this financing has attracted the extraordinary level of interest that it has, is a testament to the strength of Trek South as a porphyry copper-gold discovery prospect and the strong resurgence of market interest in such prospects,’ said Kevin Keough, CEO. ‘More than 115 separate investors participated, 83% of whom are new to the Company, including major funds who as a group will now own approximately 25% of the Company on a fully diluted basis, and resource-knowledgeable investors from as far afield as Europe and Australia. Moreover, we also achieved exposure to most of the major mining-focused brokerage firms in the country. All of this has broadened awareness of Oreterra and its prospects as we advance, now fully financed, toward the first-ever drilling of Trek South this summer.’

Offering Details:

The non-brokered private placement is now for aggregate gross proceeds of up to $9,684,000 through the issuance of a combination of $5,500,000 in hard-dollar units (‘HD Units‘) of the Company at a price of $0.45 per HD Unit and $4,184,000 in flow-through units (‘FT Units‘) at a price of $0.50 per FT Unit (collectively, the ‘Offering‘).

Each HD Unit, priced at $0.45, comprises one (1) common share of the Company and one (1) common share purchase warrant (each a ‘HD Warrant‘). Each HD Warrant entitles the holder to acquire one additional common share of the Company at an exercise price of $0.60 per share for three years following the closing of the Offering.

Each FT Unit, priced at $0.50, comprises one (1) flow-through share of the Company (each a ‘FT Share‘) and one (1) common share purchase warrant (each an ‘FT Warrant‘). Each FT Warrant entitles the holder to acquire one additional common share of the Company at an exercise price of $0.60 per share for three years following the closing of the Offering.

First Closing Details:

The Company paid ten eligible finders. Nine received cash fees in the aggregate of $409,917.05 and 840,751 broker warrants (each a ‘Broker Warrant‘). Each Broker Warrant entitles the holder thereof to acquire one additional common share of the Company at an exercise price of $0.60 per share for three years following the closing of the Offering. The tenth finder received 18,000 HD Units in lieu of cash compensation of $8,100.

All securities issued under the First Closing are subject to a hold period expiring on June 28, 2026.

Three Insiders subscribed for $216,000 of the First Closing, with one insider subscribing for $150,000 of HD Units and two insiders subscribing for $66,000 of FT Units. Such insider private placements are exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 (‘MI 61-101‘) by virtue of the exemptions contained in sections 5.5(a) and 5.7(1) (a) of MI 61-101 in that the fair market value of the consideration for the securities of the Company which have been issued to the insiders does not exceed 25% of its market capitalization.

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ‘U.S. Securities Act‘), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

The FT Shares will qualify as ‘flow-through shares’ (within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the ‘Tax Act’). An amount equal to the proceeds received from the issuance of the FT Shares will be used to incur eligible resource exploration expenses which will qualify as (i) ‘Canadian exploration expenses’ (as defined in the Tax Act), and (ii) as ‘flow-through critical mineral mining expenditures’ (as defined in subsection 127(9) of the Tax Act) (collectively, the ‘Qualifying Expenditures‘).

Expenditures in an aggregate amount not less than the proceeds raised from the issue of the FT Shares will be incurred (or deemed to be incurred) by the Company on or before December 31, 2027 and will be renounced by the Company to the purchasers of the FT Shares with an effective date no later than December 31, 2026. The net proceeds from the issuance of HD Units will be primarily used for exploration activities at the Company’s Trek property, as well as for general working capital purposes.

About Oreterra Metals Corp.

Oreterra Metals Corp. commenced trading on February 2, 2026, under the new ticker OTMC, following a months-long effort to restructure the former Romios Gold Resources Inc. Management took on the task because it believes the Company’s wholly-owned Trek South porphyry copper-gold prospect represents, based upon the impressive results of the spectrum of geosciences applied to the target area to date, among the finest new targets of its kind in BC’s Golden Triangle. The Company recently released (news, January 22, 2026) a National Instrument 43-101 Technical Report for the Trek property which recommends two initial phases of drilling at Trek South, for execution in the approaching 2026 field season. A copy of the Technical Report is available on the Company’s website at www.oreterra.com, and on the Company’s SEDAR+ issuer profile at www.sedarplus.ca.

Additional wholly-owned Company property interests include two former producers in Nevada: the Kinkaid claims in the Walker Lane trend covering numerous shallow Au-Ag-Cu workings over what is believed to be one or more porphyry centres (source: J.Biczok, P.Geo, June 2025, Kinkaid Gold-Copper-Silver Project, www.oreterra.com), and the Scossa mine property in the Sleeper trend which is a former high-grade gold producer (source: J.Biczok, P.Geo, July 2025, Scossa Historic Gold Mine Property, www.oreterra.com). The Company also holds a 100% interest in the large Lundmark-Akow Lake Au-Cu property adjacent to the northwest of the Musselwhite Mine in northwestern Ontario, where drilling by the Company has produced highly encouraging, broad VMS-style Au-Cu intersections.

For further information visit www.oreterra.com or contact:

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain ‘forward-looking statements’ which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as ‘believes’, ‘anticipates’, ‘expects’, ‘estimates’, ‘may’, ‘could’, ‘would’, ‘will’, or ‘plan’. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and

uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

NOT FOR DISSEMINATION, DISTRIBUTION, RELEASE, OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/285881

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One Bullion Ltd. (‘One Bullion’ or the ‘Company’) (TSXV: OBUL,OTC:OBULF), a gold exploration company holding complete ownership of three highly prospective mining areas in Botswana, is pleased to announce that it has approved the consolidation of the Company’s issued and outstanding common shares on the basis of one (1) new common share for every ten (10) existing common shares (the ‘Consolidation’).

The Consolidation was approved by way of director resolution. In connection with the Consolidation, the Company has sent letters of transmittal to holders of its common shares for use in transmitting their existing share certificates (‘Existing Certificates’) to the Company’s registrar and transfer agent, Marrelli Trust Company, in exchange for new certificates (‘New Certificates’) representing the number of post-Consolidation common shares to which such shareholder is entitled as a result of the Consolidation. No delivery of a New Certificate to a shareholder will be made until the shareholder has surrendered its Existing Certificates. Until surrendered, each Existing Certificate shall be deemed for all purposes to represent the number of post-Consolidation common shares to which the holder is entitled as a result of the Consolidation. The common shares of the Company reflecting the Consolidation will commence trading on the TSX Venture Exchange effective as of March 4, 2026 under the same symbol ‘OBUL’.

In connection with the Consolidation, SLD Capital Corp. (‘SLD’) is entitled to receive an aggregate of 200,000 common shares pursuant to the consulting agreement dated July 8, 2024 between One Bullion and SLD. The shares will be subject to a statutory hold period expiring four months and one day following the issuance thereof, and the issuance remains subject to the approval of the TSX Venture Exchange.

In other news, the Company also announces that it has granted an aggregate of 1,100,000 restricted share units to officers and directors of the Company.

About One Bullion
One Bullion Ltd. is a Toronto-based gold exploration company focused on advancing high-quality gold assets in Botswana, one of Africa’s most stable and mining-friendly jurisdictions. Established in 2018, the company controls approximately 8,004 km² of prospective land across three greenstone belt-hosted gold projects, including Vumba, Kraaipan, and Maitengwe. One Bullion’s strategy centers on disciplined, data-driven exploration — combining modern geological methods with advanced targeting to identify and test high-priority gold targets — while maintaining a commitment to environmental stewardship, community engagement, and long-term value creation for stakeholders.

Forward-Looking Statements
This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as ‘forward-looking statements’) within the meaning of Canadian securities laws. All statements other than statements of historical fact are forward-looking statements. Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur, including the effective date of trading of the post-Consolidation common shares. Although the Company believes that the expectations reflected in the forward looking statements contained in this press release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause the Company’s actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

For further information, please contact:

Contact Information:
Adam Berk, Chief Executive Officer
T: 917-690-7556

Investor Contact:
KCSA Strategic Communications
Jack Perkins or Valter Pinto
T: 212-896-1254
OneBullion@kcsa.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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Quimbaya Gold Inc. (CSE: QIM,OTC:QIMGF) (OTCQX: QIMGF) (FSE: K05) (‘Quimbaya’ or the ‘Company’) reports the completion of drone-based magnetic and radiometric surveys covering approximately 800 hectares of the Tahami Center concession. The survey area includes zones where geological reconnaissance and sampling have identified features interpreted as potentially associated with a porphyry-style copper system. These features define a prospective surface trend of approximately 3.1 km by 1.3 km.

Highlights

• High magnetization vector intensity (MVI) anomalies show two subvertical zones dipping to the southeast. These are interpreted to be porphyry intrusions. They coincide with the mapped porphyry-style potassic alteration and veining with anomalous Cu, Au and Mo geochemistry.

• A MVI low anomaly on the SE side coincides with the mapped lithocap in which alteration is magnetite-destructive.

• Magnetic anomalies interpreted to be associated with a porphyry intrusive suite extend over approximately 3.1 km in length and 1.3 km in width, with a dominant northwest-southeast orientation (Figure 1).

• Pad locations for the maiden drilling program at the Tahami Center target area will be defined following the completion and integration of soil, rock and stream sediment geochemical assay results, detailed geological mapping, and preliminary 3D geological – geophysical modeling. This work is expected to be finalized this month.

Figure 1. Tahami Center 3D model of Magnetization Vector Intensity (MVI).

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11347/285591_40e1e507046a482f_001full.jpg

‘The work completed to date at Tahami continues to strengthen our confidence in the exploration potential of the project,’ said Alexandre P. Boivin, CEO of Quimbaya Gold. ‘This survey materially strengthens our technical thesis at Tahami Center. We are seeing a large, coherent subsurface magnetic system that aligns with mapped surface mineralization and alteration. That level of consistency supports advancing confidently toward drill testing as we define our initial targets.’

‘The presence of well-developed porphyry-style veinlets at surface is considered significant in the context of the Company’s exploration model for a porphyry copper-gold-molybdenum system,’ stated Ricardo Sierra, B.Sc., MAusIMM, Vice President Exploration and Qualified Person. ‘Geophysical cross-sections and a plan view at approximately -700 meters in elevation (Figure 2) demonstrate a spatial correlation between the mapped surface porphyry-style mineralization and a projected subsurface magnetic high identified in the recently completed airborne magnetic survey. These magnetic anomalies may reflect zones of increased magnetite content, which in porphyry systems can be associated with potassic alteration. This interpretation is conceptual in nature and has not yet been confirmed by drilling. Confirmation will require diamond drilling and the integration of pending radiometric survey, soil and rock geochemical assay results.’

Figure 2. Tahami Center Plan View at -700m, and cross section A-A’ of the MVI 3D Model.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11347/285591_40e1e507046a482f_002full.jpg

Detailed geological mapping has identified an area interpreted as a preserved lithocap in the east – southeastern portion of the mining concession. This zone spatially coincides with low magnetic susceptibility values observed in the MVI survey. The reduced magnetic response is interpreted to reflect magnetite destruction associated with intense advanced argillic alteration. This alteration is locally associated with quartz vein systems in which gold, silver, and copper mineralization has been identified through surface sampling.

Qualified Person

Ricardo Sierra, AusIMM, is a non-independent Officer ‘VP Exploration’ and the Qualified Person for this news release. The scientific and technical content of this press release has been reviewed and approved by Mr. Sierra, who has sufficient experience with South American exploration projects relevant to the style of mineralization and type of deposit under consideration. He consents to the inclusion of the Exploration Results in the form and context in which they appear.

About Quimbaya

Quimbaya Gold is a Colombia-focused exploration company advancing a district-scale portfolio of more than 66,000 hectares across highly prospective mineral belts in Antioquia, Colombia. Its flagship Tahami Project, located in Segovia, is immediately adjacent to Colombia’s most prolific high-grade gold mining camp, while the Berrio and Maitamac projects are strategically positioned in Puerto Berrío and Abejorral, respectively. Early-stage exploration has identified extensive mineralized vein systems and confirmed the presence of a large, multi-commodity porphyry system hosting gold, copper and molybdenum, highlighting the district-scale discovery potential of Quimbaya’s land package. The Company is led by a proven technical and management team committed to disciplined exploration and responsible mining practices.

Quimbaya Gold Inc.
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Cautionary Statements

Certain statements contained in this press release constitute ‘forward-looking information’ as that term is defined in applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, but not always, forward-looking statements and information can be identified by the use of forward-looking terminology such as ‘intends’, ‘expects’ or ‘anticipates’, or variations of such words and phrases or statements that certain actions, events or results ‘may’, ‘could’, ‘should’, ‘would’ or ‘occur’. Forward-looking statements herein include statements and information regarding the Offering’s intended use of proceeds, any exercise of Warrants, the future plans for the Company, including any expectations of growth or market momentum, future expectations for the gold sector generally, the Colombian gold sector more particularly, or how global or local market trends may affect the Company, intended exploration on any of the Company’s properties and any results thereof, the strength of the Company’s mineral property portfolio, the potential discovery and potential size of the discovery of minerals on any property of the Company’s, including Tahami South, the aims and goals of the Company, and other forward-looking information. Forward-looking information by its nature is based on assumptions and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Quimbaya to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These assumptions include, but are not limited to, that the Company’s exploration and other activities will proceed as expected. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: future planned development and other activities on the Company’s mineral properties; an inability to finance the Company; obtaining required permitting on the Company’s mineral properties in a timely manner; any adverse changes to the planned operations of the Company’s mineral properties; failure by the Company for any reason to undertake expected exploration programs; achieving and maintaining favourable relationships with local communities; mineral exploration results that are poorer or better than expected; prices for gold remaining as expected; currency exchange rates remaining as expected; availability of funds for the Company’s projects; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner; the Offering proceeds being received as anticipated; all requisite regulatory and stock exchange approvals for the Offering are obtained in a timely fashion; investor participation in the Offering; and the Company’s ability to comply with environmental, health and safety laws. Although Quimbaya’s management believes that the assumptions made and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. Readers are cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Quimbaya as of the date of this news release and, accordingly, is subject to change after such date. Except as required by law, Quimbaya does not expect to update forward-looking statements and information continually as conditions change.

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/285591

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Radisson Mining Resources Inc. (TSXV: RDS,OTC:RMRDF) (OTCQB: RMRDF) (‘Radisson’ or the ‘Company’) is pleased to report an updated Mineral Resource Estimate (‘MRE’) at its 100%-owned O’Brien Gold Project (‘O’Brien’ or the ‘Project’) located in the Abitibi region of Québec. The Company is currently undertaking a fully-funded 140,000-metre step-out drill program at the Project with the objective of determining the scope of mineralization to a depth of 2 kilometres. This program commenced in 2025 and is expected to continue through the first half of 2027. Today’s updated MRE is an interim report that demonstrates the impact of recent drilling successes completed as of December 31, 2025. Highlights include:

• 82% increase in Inferred Mineral Resources from step-out drilling intersecting new mineralization, with 1.69 million ounces (‘Moz’) in 10.37 million tonnes (‘Mt’) at 5.08 grams per tonne (‘g/t’) gold (‘Au’);

• 8% increase in Indicated Mineral Resources with 0.63 Moz in 3.49 Mt at 5.59 g/t Au;

• Estimated using US$2,500/oz Au and 2.2 g/t Au cut-off, with a refined geological model and capping strategy, establishing the go-forward basis for future, modern mine development.

Matt Manson, President and CEO: ‘Today we report the first of several planned, step-by-step updates to the MRE at the O’Brien Gold Project, quantifying the impact of our recent drilling success and establishing a clear foundation for future, modern mine development. With just 25% of our 140,000 metre step-out drill program completed, the new vein mineralization delineated beneath the historic mine workings and the previous mineral resource volume (Radisson news release dated February 12, 2026) has resulted in an 82% increase in the quantity of Inferred Mineral Resources, now 1.69 Moz (10.37 Mt at 5.08 g/t Au). At the same time, we have refined the estimate of Indicated Mineral Resources, incorporating more tonnes at a lower average grade for an 8% increase in contained ounces, now 0.63 Moz (3.49 Mt at 5.59 g/t Au). Our estimates utilize a 2.2 g/t Au cut-off at a reasonable gold price assumption of US$2,500/oz.’

‘The former O’Brien Mine was known for high-grade ore-shoots mined in small volumes. Mining ended in 1957 with the gold price at US$35/oz. Significant volumes of mineralized vein material, below what we believe to have been a 7 g/t to 8 g/t Au cut-off, were left untouched. Now, we are presenting the Project as it should be viewed for future development: not as a bespoke deposit of extreme grade and limited scale, but as an extensive Abitibi vein deposit with a substantial inventory of mineralized material amenable to modern mechanized mining at higher throughput.’

‘Our step-out drill campaign at O’Brien is ongoing with up to eight rigs. We expect to complete 72,500 metres in 2026 and 32,500 metres in the first half of 2027. This is in addition to the meterage supporting today’s updated MRE. The vein mineralization system we have been intersecting is open at depth. In fact, since our step-out drilling began in the fall of 2024, we have been seeing an impressive 84% success rate in intercepting classic O’Brien quartz-sulphide-gold veins with grades and thicknesses consistent with today’s updated MRE. Looking to a 2-kilometre exploration floor, we believe an appropriate Exploration Target at O’Brien is another 5 Mt to 10 Mt at grades of between 4.0 g/t and 6.0 g/t Au containing 0.6 Moz to 2.0 Moz. We expect to complete further step-by-step updates to the MRE as our drilling progresses.’

Cautionary statement: Readers are cautioned Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, socio-political, marketing, or other relevant issues including risks set forth in Radisson’s filings made with Canadian securities regulatory authorities. The potential quantity and grade of an Exploration Target is conceptual in nature, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

A video presentation of today’s news by Matt Manson can be found at https://www.youtube.com/watch?v=5IZwSSYbO70.

Mineral Resource Estimate (effective January 31, 2026)

The MRE is based on 428,440 metres of drilling completed to the end of December 31, 2025, and has been authored by SLR Consulting (Canada) Ltd. (‘SLR‘). The estimate utilizes a 2.2 g/t Au cut-off at US$2,500/oz and makes certain assumptions on mining and processing costs, currency exchange rate, and metallurgical recovery (Table 1 and Figure 1). A wireframe vein model prepared by Radisson and reviewed by SLR constrains the estimate and applies a minimum width of 1.2 metres. Individual assays are capped at 60 g/t Au prior to compositing to full width of the veins, and the block model utilizes 5 by 2 by 5 metre blocks consistent with recent mine design studies.

Table 1: Mineral Resource Estimate, Effective January 31, 2026

 

An MRE for the Project was previously published in March 2023 (Radisson news release dated March 2, 2023) based on 325,509 metres of drilling completed to the end of 2022. Indicated Mineral Resources (effective March 2, 2023) were estimated at 0.50 Moz (1.52 Mt at 10.26 g/t Au) with additional Inferred Mineral Resources of 0.45 Moz (1.60 Mt at 8.66 g/t Au). The 2023 study applied a 4.5 g/t Au cut-off at US$1,600/oz Au.

In July 2025, Radisson published a Preliminary Economic Assessment (‘PEA‘) for the Project that utilized the 2023 estimate re-blocked by SLR in the Z-direction from 10 metres to 5 metres to allow for more flexible underground mine design. A cut-off of 2.2 g/t Au at US$2,000/oz Au and an updated set of economic criteria were applied in the re-blocking exercise consistent with the parameters used for the optimization of the PEA’s underground mine schedule. No other changes were made. Indicated Mineral Resources (effective May 6, 2025) were estimated at 0.58 Moz (2.20 Mt at 8.22 g/t Au) with additional Inferred Mineral Resources of 0.93 Moz (6.67 Mt at 4.35 g/t Au).

The updated MRE released today benefits from 66,387 metres of additional drilling in 122 drill holes conducted between 2023 and 2025, which is the most significant factor in the increase of Inferred Mineral Resources (Figure 2). Radisson has also validated an additional 36,544 meters of historic drilling. The updated MRE utilizes similar estimation parameters to previously, but a more restrictive approach to capping. In the March 2023 estimate, and as incorporated in the re-blocked May 2025

Figure 1: Block Models for the Mineral Resource Estimates Effective May 6, 2025 (Top) with Recently Published Drill Results and the Updated MRE Effective January 31, 2026 (Bottom) 

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estimate, capping at 40 g/t Au was applied to the full-length composites. In the updated MRE, capping has been applied at 60 g/t Au to the underlying assays prior to compositing. This has the effect of reducing the average grade by approximately 12%, and in the opinion of Radisson and SLR is an appropriate approach to a narrow high-grade vein deposit such as O’Brien.

Figure 2: 3D View of Block Model by Resource Classification (Left) and Gold Grade (Right) Illustrating Volume Utilized in the Previous May 2025 MRE 

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Compared to previous estimates, the aggregate impact on the Indicated Mineral Resources of the new drilling, the 2.2 g/t Au cut-off, and the updated capping strategy has been to add more tonnes at a lower average grade for an overall increase in contained ounces. The aggregate impact of these three factors on the Inferred Mineral Resources has been the addition of more tonnes at a higher average grade for an overall increase in contained ounces. Indicated Mineral Resources have increased by 8% to 0.63 Moz, based on an increase in tonnes of 58% to 3.49 Mt and a decrease in grade of 32% to 5.59 g/t Au. Inferred Mineral Resources have increased by 82% to 1.69 Moz, based on an increase in tonnage of 55% to 10.37 Mt and an increase in grade of 17% to 5.08 g/t Au.

O’Brien’s system of Quartz-Sulphide-Gold vein mineralization remains open to depth across a broad front beneath the historic mine workings and the updated MRE. The potential continuation of this mineralization to a 2 kilometres depth defines an Exploration Target of an additional 5 Mt to 10 Mt at grades of between 4.0 g/t and 6.0 g/t Au containing 0.6 Moz to 2.0 Moz. The potential quantity and grade of an Exploration Target is conceptual in nature, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

Table 2: Sensitivities of the Mineral Resource Estimate Based on Cut-Off

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A New Vision for the O’Brien Gold Project

The historic O’Brien mine produced over half a million ounces of gold at an average grade exceeding 15 g/t Au. It is clear that the former mine was ‘high-graded’, with manual mining methods applied to the highest-grade veins and ore shoots at an estimated cut-off grade of 7 g/t to 8 g/t Au. Parallel but lower-grade mineralized zones, which would be well above an economic cut-off grade today, were left unmined.

The updated MRE does not incorporate any mineral resources potentially remaining in the former mine. However, in applying the lower grade cut-off of 2.2 g/t Au based on a gold-price estimate of US$2,500, the new estimate captures the overall volume attributes of the O’Brien mineralizing system, with more tonnes and more ounces at a lower average grade. This has the benefit of improving the continuity of mineralization for future mine planning, with larger stopes and more development headings supporting a higher potential mining rate. The Project has existing mining infrastructure to support such a vision, such as a shaft in the former mine extending to a 1,000 metres depth and multiple mills in the region with significant future capacity.

Table 2 illustrates sensitivities on Indicated and Inferred Mineral Resources and the MRE block model based on cut-off grade. These are:

• a) 8.0 g/t Au (US$700/oz) representing the former mine,

• b) 4.5 g/t Au (US$1,250/oz) representing the MRE effective March 2, 2023,

• c) 2.2 g/t Au (US$2,500/oz) representing the updated MRE, and

• d) 1.5 g/t Au (US$3,800/oz) representing the recent long-term consensus price of gold.

The comparison clearly indicates the relationship between volume and grade based on cut-off, the directionality of steeply-plunging grade shoots at O’Brien, and the increased continuity of mineralization achieved at progressively lower cut-offs.

Gold Mineralization at O’Brien and Step-Out Drill Program

Gold mineralization at O’Brien occurs within quartz-sulphide veins developed primarily within the interlayered mafic volcanic rocks, conglomerates, and porphyritic andesitic sills of the Piché Group occurring in contact with the regionally significant Larder Lake-Cadillac Break (‘LLCB’). Individual veins are generally narrow, ranging from several centimetres up to several metres in thickness, and are associated with mineralized alteration envelopes of up to several metres in thickness. Multiple veins occur sub-parallel to each other, as well as sub-parallel to the Piché lithologies and the LLCB. As mapped at the historic O’Brien mine, and now replicated in the modern drilling, individual veins have well-established lateral continuity, with steeply plunging grade shoots developed over significant lengths.

Since the end of 2024, Radisson has been pursuing a program of broad step-out drilling at O’Brien with the objective of determining the overall scope of mineralization at the Project to a depth of 2 kilometres (Figure 1). The priority is the quantity and distribution of mineral resources with step-outs rather than in-filling to upgrade the classification of the existing mineral resources.

This drilling is accomplished with pilot holes followed by wedges and directional drilling to maximize drill efficiency. In October 2025, Radisson announced the expansion of the program to 140,000 metres employing an eventual eight drill rigs (see Radisson news release dated October 16, 2025). An initial 35,000 metres of the program were completed in 2025, with 72,500 metres budgeted for 2026, and a further 32,500 metres scheduled for the first half of 2027.

QP Disclosure

Disclosure of a scientific or technical nature in this news release was prepared under the supervision of Mr. Richard Nieminen, P.Geo., (QC), a geological consultant for Radisson and a Qualified Person for purposes of NI 43-101. Mr. Luke Evans, M.Sc., P.Eng., ing., of SLR Consulting (Canada) Ltd., is the Qualified Person responsible for the preparation of the MRE at O’Brien. Both Mr. Nieminen and Mr. Evans are independent of Radisson and the O’Brien Gold Project.

About Radisson Mining

Radisson is a gold exploration company focused on its 100% owned O’Brien Gold Project, located in the Bousquet-Cadillac mining camp along the world-renowned Larder-Lake-Cadillac Break in Abitibi, Québec. A July 2025 PEA described a low cost and high value project with an 11-year mine life and significant upside potential based on the use of existing regional infrastructure. Indicated Mineral Resources are estimated at 0.63 Moz (3.49 Mt at 5.59 g/t Au), with additional Inferred Mineral Resources estimated at 1.69 Moz (10.37 Mt at 5.08 g/t Au). Please see the NI 43-101 ‘O’Brien Gold Project Technical Report and Preliminary Economic Assessment, Québec, Canada’ effective June 27, 2025, and other filings made with Canadian securities regulatory authorities available at www.sedarplus.ca for further details and assumptions relating to the O’Brien Gold Project. For more information on Radisson, visit our website at www.radissonmining.com or contact:

Forward-Looking Statements

This news release contains ‘forward-looking information’ within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections, and interpretations as at the date of this news release. Forward-looking statements including, but are not limited to, statements with respect to the ability to execute the Company’s plans relating to the O’Brien Gold Project as set out in the Preliminary Economic Assessment; the Company’s ability to complete its planned exploration and development programs; the absence of adverse conditions at the O’Brien Gold Project; the absence of unforeseen operational delays; the absence of material delays in obtaining necessary permits; the price of gold remaining at levels that render the O’Brien Gold Project profitable; the Company’s ability to continue raising necessary capital to finance its operations; the ability to realize on the mineral resource and mineral reserve estimates; assumptions regarding present and future business strategies; local and global geopolitical and economic conditions and the environment in which the Company operates and will operate in the future; planned and ongoing drilling; the significance of drill results; the ability to continue drilling; the impact of drilling on the definition of any resource; and the ability to incorporate new drilling in an updated technical report and resource modelling; the Company’s ability to grow the O’Brien Gold Project; and the ability to convert inferred mineral resources to indicated mineral resources.

Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as ‘expects’, or ‘does not expect’, ‘is expected’, ‘interpreted’, ‘management’s view’, ‘anticipates’ or ‘does not anticipate’, ‘plans’, ‘budget’, ‘scheduled’, ‘forecasts’, ‘estimates’, ‘believes’ or ‘intends’ or variations of such words and phrases or stating that certain actions, events or results ‘may’ or ‘could’, ‘would’, ‘might’ or ‘will’ be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements Forward-looking information is based on estimates of management of the Company, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others; the risk that the O’Brien Gold Project will never reach the production stage (including due to a lack of financing); the Company’s capital requirements and access to funding; changes in legislation, regulations and accounting standards to which the Company is subject, including environmental, health and safety standards, and the impact of such legislation, regulations and standards on the Company’s activities; price volatility and availability of commodities; instability in the global financial system; the effects of high inflation, such as higher commodity prices; the risk of any future litigation against the Company; changes in project parameters and/or economic assessments as plans continue to be refined; the risk that actual costs may exceed estimated costs; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; risks relating to the drill results at O’Brien; the significance of drill results; and the ability of drill results to accurately predict mineralization. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Company believes that this forward-looking information is based on reasonable assumptions, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law. These statements speak only as of the date of this news release.

Please refer to the ‘Risks and Uncertainties Related to Exploration’ and the ‘Risks Related to Financing and Development’ sections of the Company’s Management’s Discussion and Analysis dated April 29, 2025 for the year ended December 31, 2024, and the Company’s Management’s Discussion and Analysis dated November 26, 2025 for the three month period ended September 30, 2025, all of which are available electronically on SEDAR+ at www.sedarplus.ca. All forward looking statements contained in this press release are expressly qualified by this cautionary statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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After-Tax NPV(8%) of $473M and IRR of 49% at USD $1,000/mtu WO3; Fully funded 20,000m Drill Program Underway to Expand Scale of the Borralha Project

Key Highlights:

• Robust Economics: After-tax NPV(8%)¹ of $473.4 million (USD $346.6 million) and IRR² of 48.8% at USD $1,000/mtu WO₃³.

• Capital Efficient Development: Initial capital⁴ of approximately $124.2 million (USD $91 million) with 4.2-year payback⁵.

• Strong Base Case: After-tax IRR² of 27.2% and NPV(8%)¹ of $182.7 million (USD $134.0 million) at ~USD $704/mtu WO₃ (Argus long-term forecast).

• Significant Upside Leverage: After-tax IRR² of 78.4% and NPV(8%)¹ of $963.8 million (USD $706.4 million) at USD $1,500/mtu WO₃.

• Resource Growth Just Beginning: Fully funded 20,000-metre drill program underway at the Borralha Project targeting resource expansion and potential mine life extension well beyond the initial 11-year mine plan.

All amounts in Canadian dollars unless stated otherwise.

Vancouver, British Columbia–(Newsfile Corp. – March 2, 2026) – Allied Critical Metals Inc. (CSE: ACM,OTC:ACMIF) (OTCQB: ACMIF) (FSE: 0VJ0) (‘Allied‘ or the ‘Company‘) is pleased to announce the results of its initial Preliminary Economic Assessment (‘PEA‘) for its 100%-owned Borralha Tungsten Project (‘Borralha‘ or the ‘Project‘) in northern Portugal.

‘The completion of the PEA marks another important milestone for the Company. In addition to the significant tailwinds provided by the significant increase in the price of tungsten, which has surged to more than USD $1,900/mtu [Source: Fastmarkets], we are very pleased to see have been able to receive support from idD Portugal Defence, the Portuguese public entity overseeing the nation’s Defence Industry, which has endorsed the Borralha Project as a strategic initiative of national importance. We have also received a favourable Environmental Impact Declaration, subject to standard regulatory conditions (Declaração de Impacte Ambiental Favorável Condicionada – ‘DIA’) from the Portuguese Environment Agency (Agência Portuguesa do Ambiente, I.P. – APA),’ commented Roy Bonnell, CEO and Director of Allied. ‘We could not be more pleased with the considerable advancement of the Borralha Project and look forward to continuing to more progress at the Borralha Project and the Vila Verde Project, which are both strategic critical mineral tungsten assets well positioned within the EU.’

The PEA outlines a technically robust and capital-efficient underground tungsten development project within the European Union, delivering strong economics across a range of pricing assumptions. Importantly, the study reflects only the Santa Helena Breccia deposit and an initial 11-year mine plan. The Company is committed to long term expansion of the current resource estimate and as such has recently commenced a fully funded 20,000-metre drill program designed to expand the current resource and enhance long-term project scale.

Initial PEA Economic Summary (After-Tax) for the Borralha Project

 

Notes:
1. NPV is a Non-GAAP measure; see notes below for additional information regarding NPV.
2. IRR is a Non-GAAP measure; see notes below for additional information regarding IRR.
3. Payback is a Non-GAAP measure. see notes below for additional information regarding payback.
4. Canadian dollar (CAD) equivalents calculated used a foreign exchange rate of CAD $1.3658/USD.

Mine design and cut-off grade selection were developed using a conservative USD $659/mtu WO₃ assumption. Recent reported tungsten market prices have reached approximately USD $1,998/mtu [Source: Fastmarkets; February 27, 2026], demonstrating meaningful leverage to current market conditions.

Initial Mine Plan – Strong Base with Expansion Potential

• Mine life: 11 years

• Average annual production: ~1,708 tonnes WO₃

• Peak annual production: 2,388 tonnes WO₃

• Processing rate: 1.4 million tonnes per annum

• Average mill feed grade: 0.20% WO₃

• All-in sustaining cost (AISC)⁶ estimate: ~USD $303/mtu WO₃ (CAD $413.84/mtu WO₃)

The PEA mine plan incorporates Measured, Indicated and Inferred Mineral Resources from the Santa Helena Breccia deposit. Mineralization remains open along strike and at depth.

The ongoing 20,000-metre drill program is targeting:

• Expansion of the current 13.0 Mt Measured & Indicated resource

• Conversion of Inferred resources into higher-confidence categories

• Potential extension of mine life beyond 11 years

• Evaluation of throughput optimization and scale growth

The Company views this initial PEA as a foundational step in what is expected to be a multi-stage growth strategy at the Borralha Project.

Roy Bonnell, CEO & Director commented, ‘This initial PEA confirms the Borralha Project as a high-return, capital-efficient tungsten development project in a Tier-1 European jurisdiction. At USD $1,000 per mtu (significantly below current reported market pricing) the Borralha Project generates a 48.8% after-tax IRR with modest initial capital of approximately USD $91 million.

Importantly, this PEA reflects only the Santa Helena Breccia and an initial 11-year mine plan. With future exploration work and the 20,000 meters of drilling currently underway, we are focused on expanding resources, extending mine life and enhancing overall project scale. We believe we are at the beginning of unlocking the Borralha Project’s full potential.

Combined with a favourable Environmental Impact Declaration, we believe that this PEA opens the door to project level financing for both our industrial scale plant and our pilot plant at the Vila Verde Project.’

Introduction

This initial PEA contemplates development of an underground mining operation at the Santa Helena Breccia deposit within Borralha with a nominal processing capacity of 1.4 million tonnes per annum, utilizing conventional crushing, grinding and gravity concentration to produce a saleable Wolframite concentrate grading approximately 65% WO₃.

The Borralha Project has received a favourable Environmental Impact Declaration (‘DIA’), materially advancing permitting and reducing development risk relative to many global tungsten projects.

Economic Summary

This initial PEA was developed using three pricing frameworks: (i) Low/Base Case: Argus long-term forecast (variable annually) averaging approx. USD $704 per mtu WO₃; (ii) USD $1,000 per mtu WO₃; and (iii) USD $1,500 per mtu WO₃.

Mine design and cut-off grade selection were developed using a conservative price assumption of USD $659 per mtu WO₃.

Table 1 — Economic Results (After-Tax)

 
Notes:
1. Prices based on Argus Media Group price forecasts. Canadian dollar (CAD) equivalents calculated used a foreign exchange rate of CAD $1.3658/USD.
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.

The results highlight significant sensitivity to tungsten price while maintaining positive economics under conservative long-term assumptions.

For reference, current reported tungsten market prices are materially above the $1,365 per mtu (USD $1,000 per mtu) sensitivity case presented herein, reaching recently $2,729 per mtu (USD $1,998 per mtu) as at February 27, 2026 [Source: Fastmarkets.]

1. Project Overview

The Borralha Tungsten Project is located in the parish of Salto, municipality of Montalegre, district of Vila Real, Portugal. The project comprises a continuous exploitation concession area of approximately 382.48 hectares (3.82 km²).

This initial PEA has been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (‘NI 43-101‘) and is based on the updated Mineral Resource Estimate for the Santa Helena Breccia, effective December 30, 2025. See Company’s current technical report on Borralha (the ‘Technical Report‘) entitled ‘Technical Report on the Borralha Property, Parish of Salto, District of Vila Real, Portugal’, dated effective December 30, 2025, which is published on the Company’s website at www.alliedcritical.com and under its profile on SEDAR+ at www.sedarplus.ca.

Borralha represents one of the largest undeveloped tungsten resources within the European Union and benefits from gravity-dominant processing, reducing metallurgical risk relative to flotation-dependent systems. The project aligns with European critical raw material supply objectives.

2. Mineral Resource Estimate

This initial PEA is based on the updated Mineral Resource Estimate (‘MRE‘ or ‘2025 MRE‘) for the Santa Helena Breccia, which were presented in accordance with NI 43-101 in the Company’s current Technical Report.

Mineral Resources are reported in situ and undiluted and do not incorporate modifying factors such as mining dilution, mining recovery, metallurgical recovery, capital costs, operating costs, or economic analysis. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

MRE Cut-off Grade: 0.09% WO₃

The cut-off grade 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 USD$ 550/mtu WO₃ and assumed recovery of approximately 80% (for MRE cut-off determination only). The 2025 MRE reflects a material increase in tonnage and geological confidence relative to the previous mineral resource estimate published in March 2024.

Under the 2025 MRE, the Santa Helena Breccia has been tested by 41 drill holes and surface trenching over approximately 400 meters of strike length and to depths exceeding 350 meters below surface. Mineralization remains open along strike and at depth.

Table 2 — 2025 MRE for Borralha (see also Technical Report for further details)

 

3. Mining Method and Production Plan

3.1 Selected Mining Method

The planned mining method for the Santa Helena Breccia involves using mostly long-hole open stoping with cemented paste backfill. This method was selected based on: (i) steeply dipping geometry of the breccia-hosted mineralization; (ii) demonstrated geological continuity; (iii) favorable rock mass conditions; (iv) productivity and operating cost advantages; and (v) reduced surface footprint.

Drift-and-fill mining is incorporated locally in narrower high-grade zones to enhance resource recovery. Open-pit mining and alternative underground methods were evaluated during the conceptual study stage and were not selected due to environmental constraints, scale suitability, and relative operating efficiency.

3.2 Mine Production Schedule

Key operating parameters:

• Nominal processing rate: 1.4 million tonnes per annum
• Estimated mine life: approximately 11 years
• Total life-of-mine processed tonnes: approximately 13.4 million tonnes
• Average life-of-mine mill feed grade: approximately 0.20% WO₃

The production schedule supports consistent mill feed and stable concentrate production throughout the mine life.

Table 3 — LoM Totals and Averages

 

Table 4 — Life-of-Mine Schedule Summary

 

3.3 Dilution and Recovery Assumptions

The mine plan incorporates Measured, Indicated, and Inferred Mineral Resources within a stope optimization framework consistent with long-hole open stoping methods.

Applied modifying factors include:

• Mining dilution: approximately 8% (average between primary and secondary stopes)
• Mining recovery: approximately 89%
  • ~90% for primary stopes
  • ~88% for secondary stopes
• Drift-and-fill: approximately 7.5% dilution and 95% recovery

After application of these factors, the projected average life-of-mine mill feed grade is approximately 0.20% WO₃.

The PEA includes Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied that would enable them to be categorized as Mineral Reserves. There is no certainty that the results of the PEA will be realized.

Inferred material represents less than approximately 40% of the life-of-mine stope inventory on a volumetric basis and is predominantly located along the margins and outer extents of the deposit.

4. Metallurgy and Processing

4.1 Metallurgical Test Work

Metallurgical test work completed to date indicates that Santa Helena Breccia mineralization is amenable to gravity-dominant processing.

The initial metallurgical program (2023–2024) evaluated crushing, grinding, sulfide flotation, gravimetric concentration, and magnetic separation. Subsequent optimization reduced reliance on flotation by incorporating dense media separation (‘DMS‘) pre-concentration and enhanced gravity recovery.

4.2 Process Flow Sheet

The proposed process plant includes:

• Three-stage crushing to approximately 6 mm
• DMS pre-concentration on the 6–2 mm fraction (rejecting approximately 40% of mass)
• Grinding of DMS product and -2 mm fraction to 1 mm
• Gravimetric concentration using spirals and shaking tables
• Magnetic and electrostatic separation for final concentrate upgrading
• Flotation circuit for copper and tin recovery
• Filtered tailings with dewatering and partial paste backfill return underground

4.3 Recovery and Concentrate Grades

Preliminary metallurgical recovery estimates:

• Tungsten: 75%
• Copper: ~60%
• Tin: 30%

Expected concentrate specifications:

• Tungsten concentrate: ~65% WO₃
• Copper concentrate: ~21% Cu
• Tin concentrate: ~50% Sn

Silver credits may partially report to the copper concentrate, subject to further test work confirmation.

5. Infrastructure and Site Requirements

The Borralha Project benefits from:

• Regional road access
• Grid power availability
• Underground mining configuration minimizing surface disturbance
• Filtered dry-stack tailings concept
• Closed-loop water management system

6. Environmental and Permitting

In January 2026, the Portuguese Environment Agency issued a Favourable Environmental Impact Declaration (‘DIA‘) for the Borralha Project, subject to standard regulatory conditions.

This milestone confirms environmental acceptability of the proposed development and enables progression to the RECAPE stage and subsequent construction permitting.

The Borralha Project aligns with European Union critical raw material strategy and contributes to regional economic development objectives.

7. Economic Framework

7.1 Pricing Framework

The life-of-mine design, cut-off grade selection and production schedule were developed using a conservative tungsten price assumption of USD $659 per metric tonne unit (‘mtu‘) WO₃, consistent with the Argus long-term base case forecast. The Base Case economic model applies the Argus high-case long-term forecast on a year-by-year basis, ranging from approximately USD $763 per mtu in 2028 and gradually declining toward approximately USD $677 per mtu by 2040, for an average price of approximately USD $704 per mtu. [Source: Argus Media Group.]

This approach maintains a conservative technical design basis while allowing the economic analysis to reflect updated long-term market expectations without re-optimizing mine geometry.

Flat price sensitivity scenarios at USD $1,000/mtu and USD $1,500/mtu WO₃ are presented for comparative purposes.

7.2 Operating Cost Summary

The Borralha Project is based on conventional underground mining and gravity-dominant processing, resulting in a competitive cost structure.

Life-of-mine average operating costs⁷ are estimated at:

• US$49 per tonne processed
• Equivalent to approximately USD $245 per mtu WO₃ produced (based on a 0.20% average mill feed grade and 75% metallurgical recovery)

Operating cost components include:

• Underground mining
• Processing and plant operations
• General and administrative costs
• Site services and infrastructure support

The cost structure incorporates modifying factors of approximately 8% mining dilution, 89% mining recovery, and 75% metallurgical recovery.

7.3 All-In Sustaining Cost (AISC)

The Project’s estimated all-in sustaining cost⁸, inclusive of sustaining capital and site-level costs, is approximately: USD $303 per mtu WO₃.

This positions the Borralha Project competitively within the global tungsten cost curve.

7.4 Capital Costs

The PEA estimates capital costs⁹ as follows:

• Initial capital cost: approximately USD $91 million (CAD $124.3 million)
• Sustaining capital: approximately USD $87 million (CAD $118.8 million)
• Total life-of-mine capital: approximately USD $178 million (CAD $243.1 million)

Capital estimates are preliminary in nature and carry an accuracy range of ±35%, consistent with PEA-level studies.

7.5 Economic Metrics (After-Tax)

 

Notes:
1. NPV is a Non-GAAP measure; see notes below for additional information regarding NPV.
2. IRR is a Non-GAAP measure; see notes below for additional information regarding IRR.
3. Payback is a Non-GAAP measure. see notes below for additional information regarding payback.
4. Canadian dollar (CAD) equivalents calculated used a foreign exchange rate of CAD $1.3658/USD.

Mine design and cut-off grade selection were developed using a conservative USD $659/mtu WO₃ assumption. Recent reported tungsten market prices have reached approximately USD $1,998/mtu [Source: Fastmarkets; February 27, 2026], demonstrating meaningful leverage to current market conditions.

7.6 Sensitivity Analysis

Sensitivity analysis demonstrates that Project economics are most sensitive to: (i) tungsten price; (ii) capital costs; (iii) operating costs; and (iv) metallurgical recovery.

The Project retains positive economics across a range of tungsten price assumptions. At the Base Case price assumption, the Project generates robust operating margins, with significant leverage to higher tungsten price scenarios.

The Project demonstrates strong leverage to tungsten price. The following sensitivity analysis illustrates the post-tax IRR and NPV (8%) across a flat tungsten price range of USD $500 to USD $1,700 per mtu WO₃.

Figure 1 — After-Tax NPV (8%) and IRR Sensitivity to Tungsten Price

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11632/285820_ede9ceca64ea6a8e_001full.jpg

Notes: IRR is a Non-GAAP measure; see notes below for additional information regarding IRR. NPV is a Non-GAAP measure; see notes below for additional information regarding NPV.

8. Growth and Expansion Opportunities

Mineralization at the Santa Helena Breccia remains open along strike and at depth, providing potential for future Mineral Resource expansion through additional drilling. The current underground mine design is based on the defined Mineral Resource; however, further infill and step-out drilling may support resource conversion and potential extension of mine life. The process plant has been designed at a nominal throughput of 1.4 Mtpa. Subject to further engineering studies and market conditions, the plant layout may allow for future throughput expansion. Selective mining and continued geological refinement may enhance grade control and support optimization of the life-of-mine grade profile.

9. Strategic Positioning

The Borralha Project represents one of the largest undeveloped tungsten resources within the European Union and is positioned to contribute to European supply chain security for this designated critical raw material. The combination of underground mining, gravity-dominant processing and significant permitting advancement materially reduces technical and development risk relative to many global tungsten development projects.

The favourable Environmental Impact Declaration (DIA) provides regulatory clarity and supports advancement toward the next stage of engineering and feasibility.

10. Project Risks and Uncertainties

This initial PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied that would enable them to be categorized as Mineral Reserves. There is no certainty that the results of the PEA will be realized.

Key risks and uncertainties include:

• Inclusion of Inferred Mineral Resources within the mine plan
• Variability in tungsten price and foreign exchange rates
• Capital cost escalation and schedule risk
• Metallurgical recovery variability
• Underground geotechnical and hydrogeological conditions
• Regulatory and permitting timelines
• Availability of equipment and human resources

11. Recommended Work Program

The Company intends to advance Borralha toward the next stage of engineering through:

• Infill drilling to upgrade Inferred Mineral Resources to higher confidence categories
• Step-out drilling to expand Mineral Resources and potentially extend mine life.
• Additional metallurgical optimization and variability testing
• Detailed geotechnical and hydrogeological investigations
• Engineering advancement toward a Pre-Feasibility Study
• Ongoing permitting and RECAPE progression

These activities are intended to further de-risk the Borralha Project and support advancement toward a Feasibility Study.

12. Quality Control

The Company has implemented a comprehensive and well-documented quality assurance and quality control (‘QA/QC‘) program consistent with industry best practices. Drill core and reverse circulation samples were prepared at ISO-accredited ALS Global facilities in Seville, Spain, and analyzed at ALS Global’s certified laboratory in Loughrea, Ireland, using XRF methods for tungsten (W-XRF05 and W-XRF10), with routine internal laboratory QA/QC procedures including pulp duplicates. The Company inserted certified reference materials (‘CRMs‘), blank samples, and field duplicates into the sample stream at regular intervals, including one CRM every 20 routine samples and two blanks per analytical batch.

Five independent CRMs covering multiple grade ranges were used. Samples exceeding ±3 standard deviations from expected CRM values, or blanks exceeding three times detection limits, triggered re-assay of the affected batch. Reverse circulation samples were weighed to monitor recovery and reject materials were securely stored. Independent verification sampling by a Qualified Person confirmed the reliability of the analytical database. The Qualified Persons are satisfied that the QA/QC procedures and resulting analytical data are appropriate for use in the Mineral Resource Estimate and the PEA.

13. Qualified Persons

The scientific and technical information contained in this news release has been reviewed and approved by the following Qualified Persons, as defined under NI 43-101:

J. Douglas Blanchflower, P.Geo.

Mr. Blanchflower is an independent Qualified Person under NI 43-101 and was retained by Allied Critical Metals Inc. to prepare the NI 43-101 Technical Report dated effective December 30, 2025. He has overall responsibility for the 2025 MRE and the Technical Report. Mr. Blanchflower is a Registered Professional Geoscientist in good standing with the Association of Professional Engineers and Geoscientists of British Columbia (No. 19086) and has more than five decades of experience in mineral exploration, resource estimation, and technical reporting. Mr. Blanchflower has reviewed and approved the scientific and technical information in this news release relating to the mineral resource estimate.

David Castro López, BSc, MIMMM, QMR

Mr. Castro López is a Mining Engineer and a Professional Member (MIMMM #685484) and Qualified for Minerals Reporting (QMR) of the Institute of Materials, Minerals and Mining (IOM3). He is independent of the Company and the Borralha Project. Mr. Castro López contributed to the metallurgical review and process design considerations supporting the PEA and takes responsibility for the metallurgical and mineral processing information contained herein. Mr. López has reviewed and approved the scientific and technical information in this news release relating to the metallurgical and mineral processing information contained herein.

Miguel Cabal, EurGeol, Licensed Geologist

Mr. Cabal is a licensed geologist with the European Federation of Geologists (EuroGeol #1439) with over 28 years of experience in mineral exploration, resource evaluation and mine development. He is Managing Director of Geomates (Spain) and has contributed to multiple NI 43-101 and JORC-compliant technical reports, including PEA, PFS and feasibility studies. Mr. Cabal is independent of Allied Critical Metals Inc. and the Borralha Project and has reviewed and approved the mining and economic components of the PEA. Mr. Cabal has reviewed and approved the scientific and technical information in this news release relating to the mining and economic components of this news release.

Vítor Arezes, BSc, MIMMM, QMR

Mr. Arezes is Vice President Exploration of Allied Critical Metals Inc. and a Qualified Person under NI 43-101. He is not independent of the Company due to his role as an officer. Mr. Arezes has extensive experience in tungsten and polymetallic mineral systems and has conducted multiple site visits to the Borralha Project, including during the 2025 drilling campaign. He contributed to geological interpretation, exploration oversight, and technical review supporting the PEA. He is a member of the Institute of Materials, Minerals and Mining (MIMMM #703197) and a Qualified Mineral Resources and Ore Reserves Professional (QMR), and by reason of education, professional experience, and accreditation, meets the definition of a Qualified Person as defined in NI 43-101. Mr. Arezes has reviewed and approved all of the scientific and technical information in this news release.

Figure 2 — South – North longitudinal section on mine design at Sta. Helena Breccia

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11632/285820_ede9ceca64ea6a8e_002full.jpg

Figure 3 — East – West transversal section on mine design at Sta. Helena Breccia

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11632/285820_ede9ceca64ea6a8e_003full.jpg

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 Technical Report dated December 30, 2025, 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:

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

This news release contains ‘forward-looking information’ within the meaning of applicable Canadian securities laws (‘FLI‘). FLI in this release includes, without limitation, statements regarding: (A) the PEA results and economic indicators (e.g., NPV, IRR, payback and related sensitivities); (B) the conceptual mine plan and operating framework (mining approach, processing rates, production profiles, cost ranges and schedules); (C) the technical basis and process assumptions (cut-off approach, flowsheet concept and anticipated concentrate specifications); (D) the status and trajectory of permitting and approvals, infrastructure access and other site requirements; (E) market-related assumptions and the Project’s sensitivity and leverage to commodity pricing; (F) growth, conversion and expansion opportunities, including planned drilling and other technical programs; (G) the anticipated sequence of future studies, potential financing pathways and indicative timelines; and (H) the Project’s strategic positioning relative to regional and policy objectives. Such FLI 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.

Material assumptions underlying the FLI include, but are not limited to: the accuracy of the 2025 MRE; geological continuity; the PEA-level capital/operating cost estimates (with typical PEA accuracy ranges); metallurgical recoveries and process performance consistent with test results to date; availability of labour, equipment and consumables at quoted/priced levels; access to grid power and water on contemplated terms; the ability to obtain land access, permits and approvals (including RECAPE) in a timely manner; tungsten pricing consistent with Argus long-term forecasts or stated sensitivity cases; foreign exchange and inflation consistent with study inputs; and availability of financing on acceptable terms. The Company believes these assumptions are reasonable as of the date hereof, but no assurance can be given that they will prove correct.

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. There is no certainty that the PEA results will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Any reference to potential production, mine life, NPV, IRR, payback, costs, recoveries, or other economic or technical parameters is preliminary and conceptual.

Key risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the FLI include, but are not limited to: (i) exploration, geological, modelling and grade-continuity risks, including the risk that further work does not confirm Inferred material or resource extensions; (ii) risks that metallurgical performance, WO₃ recoveries, concentrate quality or processing costs differ from test work and assumptions; (iii) capital cost escalation, schedule delays, contractor availability and supply-chain constraints; (iv) operating cost inflation (power, reagents, labour, transportation); (v) commodity price and FX volatility (including sustained periods below the Argus long-term or sensitivity prices assumed); (vi) permitting, environmental, social, community, land access and regulatory risks in Portugal (including RECAPE outcomes and permit conditions); (vii) water, tailings and geotechnical/hydrogeological risks inherent in underground operations; (viii) offtake, marketing and market-access risks for tungsten concentrates; (ix) availability and cost of equity, debt or project finance on acceptable terms; (x) changes in laws, regulations, taxes, royalties, or government policies; and (xi) other risks described under ‘Business Risks’ in the Company’s most recent MD&A and in other continuous disclosure filings available on SEDAR+. Readers are urged to carefully review those risk factors, which are expressly incorporated by reference into this cautionary note.

Non-GAAP Financial Measures

The Company has included certain non-GAAP financial measures in this press release. These financial measures are not defined under International Financial Reporting Standards (‘IFRS‘) and should not be considered in isolation. The Company believes that these financial measures, together with financial measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. The inclusion of these financial measures is meant to provide additional information and should not be used as a substitute for performance measures prepared in accordance with IFRS. These financial measures are not necessarily standard and therefore may not be comparable to other issuers.

Net Present Value (NPV) – is the present value calculation of net profit from operations determined using a particular discount rate. All NPV values stated herein are on an after tax basis.

Internal Rate of Return (IRR) – is a financial metric used to assess an investment’s profitability by calculating the annual rate of return that makes the NPV of all cash flows (both positive and negative) equal to zero.

Payback – is calculated in years as the length of time that it takes to pay off the capital costs from annual net profit expected from operations at the Borralha Project.

Initial capital – is the initial capital cost amount required to be expended to construct the mine and tungsten concentrator process equipment and buildings to begin processing mineralized material into saleable tungsten concentrate at commercial quantities according to the life of mine plan at the Borralha Project. This is an estimate accurate to +/-35%.

Sustaining capital – is a supplementary financial measure which reflects cash basis expenditures which are expected to maintain operations and sustain production levels at the Borralha Project.

Capital costs – include the Initial capital and the sustaining capital.

Operating costs – are the costs required to process mineralized material into saleable tungsten concentrate at the Borralha Project. This includes: underground mining; processing and plant operations; general and administrative costs; and site services and infrastructure support. This can be calculated on the unit basis per mtu WO₃ produced.

All-In Sustaining Costs (AISC) – are comprised of sustaining capital expenditures and site level costs to support ongoing operations and closure costs. All-in sustaining costs per mtu WO₃ is calculated as AISC divided by the amount of mtu WO₃ produced during the period that the costs are incurred. All-in sustaining costs capture the important components of the Company’s production and related costs and are used by the Company and investors to understand projected cost performance at the Borralha Project.

¹ NPV(8%) = net present value at a 8% discount rate. NPV is a Non-GAAP measure; see notes below for additional information regarding NPV. USD = United States dollars. Canadian dollar (CAD) equivalents calculated used a foreign exchange rate of CAD $1.3658/USD.
² IRR = internal rate of return. IRR is a Non-GAAP measure; see notes below for additional information regarding IRR.
³ mtu/WO₃ = metric tonne unit of tungsten; WO₃ is tungsten trioxide.
⁴ Initial capital is a Non-GAAP measure. see notes below for additional information regarding initial capital.
⁵ Payback is a Non-GAAP measure. see notes below for additional information regarding payback.
⁶ All-in sustaining cost (AISC); AISC is a Non-GAAP measure; see notes below for additional information regarding AISC.
⁷ Operating costs are a Non-GAAP measure; see notes below for additional information regarding operating costs.
⁸ All-in sustaining costs (AISC) is a Non-GAAP measure; see notes below for additional information regarding AISC.
⁹ Capital costs are a Non-GAAP measure; see notes below for additional information regarding capital costs.

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