Q3 2025 Quarter Highlights

• Record Q3 2025 production of 9,165 Gold Equivalent Ounces (GEOs)
• Q3 2025 sales of 7,709 GEOs
• Q3 Operating income of US$14.2M; Net Income of US$1.3M after US$6.4M of Exploration costs
• Consolidated cash costs of $1,500 per GEO sold and consolidated all-in sustaining costs (‘AISC’) of $1,825 for Q3 2025
• US$34.6M in cash, 1,688 unsold gold ounces, working capital of US$46.7M and no debt
• The Company is on track to achieve its annual production guidance of 31,000 to 41,000 GEOs, annual cash cost of $1,800-1,900 per GEO sold and AISC of $1,950-2,100 per GEO sold for 2025

Heliostar Metals Ltd. (TSXV: HSTR,OTC:HSTXF) (OTCQX: HSTXF) (FSE: RGG1) (‘Heliostar’ or the ‘Company’) today reported unaudited financial results for the three months ended September 30, 2025 (‘Q3 2025’), which corresponds to the second quarter of Heliostar’s fiscal reporting year 2025. Results are presented in US dollars, unless stated.

Heliostar CEO, Charles Funk, commented, ‘In Q3, Heliostar continued to generate strong cash flow from our operating mines. We grew production and strengthened our capital position while significantly reinvesting across the portfolio. In Q3, this included significant drill programs at Ana Paula and La Colorada, economic studies for La Colorada and Ana Paula as well as permissions and preparations to restart mining at San Agustin. Our strong cash balance has allowed us to internally fund this restart. This gives us a clear path to generate cash flow from operations which will fund the ongoing development of Ana Paula with little-to-no equity dilution.’

‘Our recently released PEA for Ana Paula shows that the additional 101,000 ounces per year of production at an all-in sustaining cost of just $1,011/oz will be a significant cash flow generator for Heliostar, supporting growth through the next decade. The cash generated by being a producer in the current gold price environment affords us opportunities to accelerate our plan to become a mid-tier producer with 500,000 ounces per year before the end of the decade.’

Third Quarter 2025 Quarterly Conference Call

Heliostar will host a quarterly conference call on Monday, November 24, 2025, at 2:00 PM, Eastern Time/11:00 AM Pacific Time. The call will provide a corporate update following the release of our financial and operating results for the third quarter of 2025.

Please use the link here to register for the call or visit the Company website at www.heliostarmetals.com.

Q3 2025 Operational and Financial Highlights

Total gold production of 9,165 gold equivalent ounces (‘GEO’) (8,949 gold ounces) in Q3 2025. Gold production was realized from mining the Junkyard Stockpile at the La Colorada mine, as well as re-leaching the previously stacked ore at the La Colorada and the San Agustin mines. Production year-to-date January – September 2025 (‘YTD’) remains on track to achieve the lower half of the 2025 guidance issued by the Company on February 4, 2025, of 31,000-41,000 GEOs.

Total Cash Cost of $1,500 per GEO produced in Q3 2025. The combined YTD cash cost (see ‘Non-IFRS Measures’) is $1,405 per GEO.

Total AISC of $1,825 per GEO sold in Q3 2025. The increase from Q2 reflects a change in calculation methodology to include corporate General and Administrative (‘G&A’) and stock based compensation costs, expensed exploration incurred in the period, and remove previously-included by-product credits. The higher AISC is also a function of fewer GEOs sold in the period compared to Q2 2025. The consolidated YTD AISC (see ‘Non-IFRS Measures) is $1,799 per GEO sold.

Total Cash Costs and AISC are below the 2025 guidance range due to higher production relative to the budget. The Company anticipates materially higher costs in Q4 due to one-off sustainable capital investment incurred to restart mining from the Corner Area. These expenses are anticipated to return to lower rates in early 2026 at San Agustin.

Mine Operating Earnings of $14.2 million in Q3 2025. The Company continued to report strong results in Q3 2025 with steady operating unit costs and operating margin benefiting from selling into a rising gold market. Mine operating earnings YTD 2025 are $40 million.

Net income attributable to shareholders of $1.3 million, or $0.01 per share, for Q3 2025. Net income of $1.3 million ($0.01 per share) for Q3 2025 compared to a net income attributable to shareholders of $1.9 million ($0.01 per share) for Q2 2025. This was due to the increased exploration expense as drilling activities at Ana Paula ramped up and lower GEO sales volume in the quarter.

Strengthened financial position and liquidity: On September 30, 2025, the Company had cash of $34.6 million and working capital (defined as current assets less current liabilities) of $46.7 million. The cash position decreased compared to Q2 due to the increase in exploration spending. As of September 30, 2025, the Company had 1,688 unsold ounces (worth approx. $6.9M at current spot gold prices) and no debt.

Maintained stable production at La Colorada mine. The mining of new ore restarted at the Junkyard Stockpile in January 2025. Production from the Junkyard Stockpile was steady during Q3 2025, with operating costs as expected, grade in line with the reserve model and ore tonnes reconciling slightly higher than expected. Production YTD 2025 was 13,328 GEOs (12,883 gold ounces). Ore feed from the Junkyard Stockpile is planned to continue into 2026, with other historical stockpiles identified to provide additional material to be crushed and stacked on the leach pad thereafter. Further, subject to receiving certain land access approvals, the Company intends to expand the Veta Madre pit to exploit its 43k ounces of gold reserves. In addition, drilling is ongoing at Veta Madre Plus with the aim of adding this additional Indicated material into a near-term mine plan in short order.

Restart of mining at San Agustin. Preparation work to commence mining is underway at San Agustin from the Corner area following the receipt of all necessary approvals to restart mining in Q3. The Company anticipates stacking first ore in December with production from the Corner starting near year end and continuing into 2027. Recoverable reserves at the Corner are estimated at 44.5k ounces of gold.

Strong economics and continued drilling success at Ana Paula drive additional investment. On November 6, 2025, the Company announced the results of a Preliminary Economic Study (PEA) for Ana Paula. These showed attractive economics at a conservative gold price driven by production of 101koz/yr after ramp up at an average all-in sustaining cost of $1,011/oz. On the back of this positive outcome, the Company has announced its intention to complete the underground decline access to the deposit in 2026. Technical and regulatory programs are being advanced in parallel and will continue through 2026 to complete a bankable feasibility study in early 2027.

Preparation of updated technical reports. The Company announced the results of an updated technical report for the La Colorada Mine on October 17, 2025, and is concluding an updated prefeasibility study (‘PFS’) for the Cerro del Gallo Project. The Company plans to release the results of the Cerro del Gallo PFS in Q4 2025 and continues to advance the Ana Paula Project feasibility study.

Operational and Financial Results

Results are reported for the three months ended September 30, 2025, which corresponds to the second quarter of Heliostar’s fiscal reporting year 2026.

A summary of the Company’s consolidated operational and financial results for the reporting period is presented below:

1. Non-IFRS measure. Refer to the ‘Non-IFRS Measures’ section of this news release.

Operational Review

Consolidated Production and Costs

Q3 2025 was the Company’s fourth reporting period with metals production. The Company had no production in Q3 2024.

Production of 9,165 GEOs (8,949 gold ounces) for Q3 2025 was reported from the La Colorada mine and the San Agustin mine. In late Q2, the El Castillo mine ceased production and reclamation commenced at the start of Q3. The combined YTD 2025 production of 25,642 GEOs (24,988 gold ounces) is consistent with the 2025 guidance issued by the Company. Heliostar is on track to achieve the lower half of the 2025 production guidance of 31,000-41,000 GEOs with the several week delay in being able to restart San Agustin pushing production from that asset into 2026.

The combined cash costs for the producing operations were $1,500 per GEO sold, and the consolidated AISC was $1,825 per GEO sold. The combined cash costs and AISC are currently in line with the 2025 guidance issued by the Company. Full-year results are expected to be within the guidance range of $1,800-$1,950/GEO for Cash Costs and $1,950-$2,100/GEO for AISC.

La Colorada Mine

Operating results for Q3 2025 were as follows:

In January 2025, mining of new ore restarted at the Junkyard Stockpile by the Company, alongside re-leach activities of ore stacked by previous operators.

During the reporting period, the La Colorada mine produced 5,479 GEOs (5,311 gold ounces). Total revenues of $14.7 million were reported from sales of 4,229 GEOs. The increase in production compared to Q2 was driven by higher grades placed on the leach pad and the first full quarter of solution flow from the leach pad after restart of operations. Production from the leach pad has increased steadily throughout the year and continues to meet all expected parameters.

For the reporting period, cash costs were $1,592 per GEO ($1,354 per GEO YTD 2025). AISC was $1,648 per GEO ($1,439 per GEO YTD 2025), on track to be at the lower end or below 2025 AISC guidance of $1,850-$1,975/GEO.

The Company plans to continue mining of the Junkyard Stockpile through 2025 and into 2026, with other historical stockpiles identified to provide additional, continued feed to the crushers thereafter. Further, subject to receiving certain land access approvals, the Company intends to expand the Veta Madre pit to exploit 43k ounces of gold reserve, which will be timed sequentially with the ore feeds from the historical stockpiles. Drilling is ongoing to define the mineralization at Veta Madre Plus, with the aim of bringing it into the near-term mine plan in short order.

Subsequent to the reporting period, Heliostar released the results of an updated technical report for La Colorada showing and increased resource and a lower capital expenditure. This showed a mine with a six-year life producing 286k gold ounces at an AISC of $1,626 per GEO. This resulted in upside case economics of an NPV5% of $243.3M and an IRR of 168.4% at a $3,500/oz gold price. For more details, see the press release here.

San Agustin Mine

Operating results for Q3 2025 were as follows:

In September 2024, the previous owners of San Agustin placed the mine under care and maintenance, with metals production continuing from the re-leaching of leach pads.

During the reporting period, the San Agustin mine produced 3,686 GEOs (3,638 gold ounces). Total revenues of $12.1 million were reported from sales of 3,480 GEOs. Re-leaching performance continued well above expectations in the quarter as a result of enhanced recovery initiatives conducted earlier in the year. Gold production through the first nine months of the year exceeded full-year 2025 guidance for re-leaching from the mine.

For the reporting period, cash costs were $1,389 per GEO ($1,437 per GEO YTD 2025). AISC was $1,587 per GEO ($1,546 per GEO YTD 2025), YTD on track to achieve full year AISC guidance of $1,700-$1,850/GEO.

During the quarter, the Company completed all regulatory requirements to enable the restart of mining at San Agustin from the Corner area (see News Release dated July 22, 2025). Work to commence mining of the Corner Area cut back was undertaken subsequently, including moving road access, a power line and contractor selection. First ore is on track to be stacked on the leach pad in the coming weeks. Initial gold production from this new material is expected to start near year end 2025 and continue into 2027. Recoverable reserves at the Corner are estimated at 44.5k ounces of gold.

Ana Paula Project

Development and Exploration expenditures at the flagship Ana Paula Project were $3.9 million in Q3 2025 ($1.8 million in Q3 2024).

During Q3 2025, the Company progressed its ongoing 15,000 metre drilling program at Ana Paula with the objective of delivering mineral reserves to support a 10-year life of mine in the Feasibility Study planned to be released in 1H 2027. On October 6, 2025, the Company announced results from the infill drill program (including 88.1m metres at 8.82 g/t) and the addition of a third rig. Subsequent to quarter end on November 18, 2025, the Company announced additional infill results of 83.2m of 17.4 g/t and 70.7m of 9.38 g/t. The drill program continues to successfully define wide zones of high grade mineralization.

Subsequent to the reporting period, Heliostar released the results of a Preliminary Economic Study (PEA) for Ana Paula showing strong economics at a conservative gold price. This showed a mine with a nine year life producing 101koz/yr after ramp up at an AISC of $1,011/oz. This resulted in upside case economics of an NPV5% of $1,012M, an IRR of 51.3% and average annual after-tax free cash flow of $168M at a $3,800/oz gold price. For more details, see the press release here.

Cerro del Gallo Project

During Q3 2025, the Company conducted advanced study work towards releasing a prefeasibility study for the Cerro del Gallo project based on information collected by previous owners. This work includes updated resources and reserves based on an updated gold price as well as better definition of transition material and an optimized mining and stacking plan. The results of this study are planned to be released in the coming weeks. All major environmental and other permits will need to be obtained before an investment decision can be considered by the Company.

Funding Overview

In the three months ended September 30, 2025, 5,916,250 warrants and 766,250 stock options were exercised for total proceeds of $1.5 million and 1,299,579 RSUs were converted.

As of September 30, 2025, the Company had no debt.

Change of Year End

The Company has changed its financial year-end from March 31 of each year to December 31 of each year. The next financial year-end of the Company will occur on December 31, 2025, for the nine months then ended.

Non-IFRS Measures. This news release refers to certain financial measures, such as all-in-sustaining costs, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These measures may differ from those made by other companies and, accordingly, may not be comparable to such measures as reported by other companies. These measures have been derived from the Company’s financial statements because the Company believes that they are of assistance in understanding the results of operations and its financial position. Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the Company’s MD&A for Q3 2025, available on SEDAR+.

Cash costs. The Company uses cash costs per gold equivalent ounce sold to monitor its operating performance internally. The most directly comparable measure prepared in accordance with IFRS is cost of sales. The Company believes this measure provides investors and analysts with useful information about its underlying cash costs of operations. The Company also believes it is a relevant metric used to understand its operating profitability and ability to generate cash flow. Cash costs are measures developed by metals companies in an effort to provide a comparable standard; however, there can be no assurance that the Company’s reporting of these non-GAAP financial measures are similar to those reported by other mining companies. They are widely reported in the metals mining industry as a benchmark for performance, but do not have a standardized meaning and are disclosed in addition to IFRS measures. Cash costs include production costs, refinery and transportation costs and extraordinary mining duty. Cash costs exclude non-cash depreciation and depletion and site share-based compensation. Production costs include mining, crushing, processing, and direct overhead at the operation sites.

AISC. AISC more fully defines the total costs associated with producing precious metals. The AISC is calculated based on guidelines published by the World Gold Council (WGC), which were first issued in 2013. In light of new accounting standards and to support further consistency of application, the WGC published an updated Guidance Note in 2018. Other companies may calculate this measure differently because of differences in underlying principles and policies applied. Differences may also arise due to a different definition of sustaining versus growth capital. Note that in respect of AISC metrics within the technical reports, because such economics are disclosed at the project level, corporate general and administrative expenses were not included in the AISC calculations. AISC per GEO includes mining, processing, direct overhead, reclamation and sustaining capital.

Statement of Qualified Persons

Gregg Bush, P.Eng., Mike Gingles, and Stewart Harris, P. Geo., Qualified Persons, as such term is defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, have reviewed the scientific and technical information that forms the basis for this news release and have approved the disclosure herein. Mr. Bush is employed as Chief Operating Officer of the Company, Mr. Gingles is employed as Vice President of Corporate Development, and Mr. Harris is employed as Exploration Manager.

About Heliostar Metals Ltd.

Heliostar aims to grow to become a mid-tier gold producer. The Company is focused on increasing production and developing new resources at the La Colorada and San Agustin mines in Mexico, and on developing the 100% owned Ana Paula Project in Guerrero, Mexico.

Neither 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’ within the meaning of the United States Private Securities Litigation Reform Act of 1995 and ‘forward-looking information’ under applicable Canadian securities laws. When used in this news release, the words ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘target’, ‘plan’, ‘forecast’, ‘may’, ‘would’, ‘could’, ‘schedule’ and similar words or expressions, identify forward-looking statements or information. These forward-looking statements or information relate to, among other things: the Company’s goal of becoming a mid-tier producer, the mine performance, production plans and the free cashflow generation from our operating mines, all profits generated from operations to be reinvested directly into our Companies growth and this reinvestment will focus on expanding production and growing resources across our portfolio.

Forward-looking statements and forward-looking information relating to the terms and completion of the Facility, any future mineral production, liquidity, and future exploration plans are based on management’s reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the receipt of necessary approvals, price of metals; no escalation in the severity of public health crises or ongoing military conflicts; costs of exploration and development; the estimated costs of development of exploration projects; and the Company’s ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.

These statements reflect the Company’s respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: precious metals price volatility; risks associated with the conduct of the Company’s mining activities in foreign jurisdictions; regulatory, consent or permitting delays; risks relating to reliance on the Company’s management team and outside contractors; risks regarding exploration and mining activities; the Company’s inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of public health crises; the economic and financial implications of public health crises, ongoing military conflicts and general economic factors to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company’s interactions with surrounding communities; the Company’s ability to successfully integrate acquired assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified under the caption ‘Risk Factors’ in the Company’s public disclosure documents. Readers are cautioned against attributing undue certainty to forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275395

Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQX: SYHBF ) (Frankfurt: SC1P ) (‘Skyharbour’, ‘SYH’ or the ‘Company’) is pleased to announce that it has engaged Emerging Markets Consulting, LLC (‘EMC’), for a 12-month marketing and investor awareness campaign, commencing on November 20 th 2025, for a upfront, non-refundable fee of USD $200,000. Pursuant to an agreement dated November 20 th 2025, EMC will assist the Company with the design, development, and dissemination of approved corporate information, as well as general investor outreach activities conducted through its internal marketing channels and broker-focused networks. Services under the agreement may include electronic media and webcast support, drafting or assembling approved corporate materials, distribution through EMC’s email databases, and communications with brokers and institutions selected by EMC. The engagement of Emerging Markets Consulting remains subject to the approval of the TSX Venture Exchange. EMC is an arm’s length party to the Company and to the Company’s knowledge EMC does not currently own any securities of the Company as of the date hereof. There are no performance factors contained in the agreement between EMC and the Company and EMC nor will any of its affiliates receive any shares or options from the Company as compensation for services under the agreement.

About Emerging Markets Consulting LLC:

Based in Orlando, Florida, Emerging Markets Consulting, LLC (EMC) brings multiple decades of combined experience in the investor relations industry. EMC is an international investor relations firm with affiliates around the world. EMC is relationship-driven and results-oriented with the goal of seeking attractive emerging companies and concentrating its resources and efforts to serve a limited number of high-quality clients. EMC is a syndicate of investor relations consultants consisting of stockbrokers, investment bankers, fund managers and institutions that actively seek opportunities in the microcap and small-cap equity markets. For more information, visit EMC’s website at https://emergingmarketsconsulting.com/ .

About Skyharbour Resources Ltd.:

Skyharbour holds an extensive portfolio of uranium exploration projects in Canada’s Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with interest in thirty-seven projects covering over 616,000 hectares (over 1.5 million acres) of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project, which is located 15 kilometres east of Denison’s Wheeler River project and 39 kilometres south of Cameco’s McArthur River uranium mine. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization in several zones at the Maverick Corridor. Adjacent to the Moore Project is the Russell Lake Uranium Project, which hosts widespread uranium mineralization in drill intercepts over a large property area with exploration upside potential. The Company is actively advancing these projects through exploration and drilling programs.

Skyharbour also has joint ventures with industry leaders Denison Mines, Orano Canada Inc., Azincourt Energy, and Thunderbird Resources at the Russell, Preston, East Preston, and Hook Lake Projects, respectively. The Company also has several active earn-in option partners, including CSE-listed Basin Uranium Corp. at the Mann Lake Uranium Project; TSX-V listed North Shore Uranium at the Falcon Project; UraEx Resources at the South Dufferin and Bolt Projects; Hatchet Uranium at the Highway Project; CSE-listed Mustang Energy at the 914W Project; and TSX-V listed Terra Clean Energy at the South Falcon East Project.

In aggregate, Skyharbour has now signed earn-in option agreements with partners that total to potentially over $76 million in partner-funded exploration expenditures and over $42 million in cash and share payments coming into Skyharbour, assuming that these partner companies complete their entire earn-ins at the respective projects.

Skyharbour’s goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.

Skyharbour’s Uranium Project Map in the Athabasca Basin:
http://www.skyharbourltd.com/_resources/images/SKY-SaskProject-Locator-2025-11-14-Updated.jpg

To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company’s website at www.skyharbourltd.com .

Skyharbour Resources Ltd.

‘Jordan Trimble’

Jordan Trimble
President and CEO

For further information contact myself or:
Nicholas Coltura
Corporate Communications Manager
Skyharbour Resources Ltd.
Telephone: 604-558-5847
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

This release includes certain statements that may be deemed to be ‘forward-looking statements’. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements, including receipt of TSXV approval to the agreement with EMC. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, exploration and development successes, regulatory approvals including TSXV approval, and general economic, market or business conditions. Please see the public filings of the Company at www.sedarplus.ca for further information.

Highlights:

• One of Europe’s Premier Emerging Tungsten Assets materially increases its mineral resource estimates with Measured and Indicated Resource Estimate (M+I) increasing to 13.0 Mt at 0.21% WO₃ and Inferred Resource Estimate to 7.7 Mt at 0.18% WO₃.

Allied Critical Metals Inc. (CSE: ACM,OTC:ACMIF) (OTCQB: ACMIF) (FSE: 0VJ0) (‘Allied’ or the ‘Company’), which is focused on its 100% owned past producing Borralha and Vila Verde tungsten projects in northern Portugal, is pleased to announce an updated Mineral Resource Estimate (‘MRE’) at the Company’s Borralha Tungsten Project. The MRE is only with respect to the Santa Helena Breccia and does not include other potential mineralized deposits on the property. This update incorporates results from the 2025 Phase 1 RC drilling (4,210 metres) campaign and represents a significant step in advancing the Borralha Project toward a Preliminary Economic Assessment (‘PEA’) targeted for Q1, 2026. It is particularly timely as tungsten prices remain strong at approximately U.S. $700MTU APT, up about 70% over the past six months amid increasing demand for critical raw materials and tightening global supply.

The updated MRE marks a major step change from the 2024 MRE (4.98 Mt Indicated at 0.21% WO₃ and 7.01 Mt Inferred at 0.20% WO₃), with the Borralha resource now at 13.0 Mt Measured and Indicated (M+I) at 0.21% WO₃ and 7.7 Mt Inferred at 0.18% WO₃, confirming the Santa Helena Breccia as one of the largest undeveloped tungsten systems in Europe.

UPDATED MINERAL RESOURCE ESTIMATE (MRE)
(Effective date: 16 November 2025; based on 0.09% WO₃ cut-off; undiluted in-situ; WO₃-only.)

TABLE 1 — Mineral Resources at 0.09% WO₃ Cut-off

* The MRE was prepared in accordance with the CIM Definition Standards (2023) and National Instrument 43-101—Standards for Disclosure of Mineral Projects (‘NI 43-101‘) and replaces the previous maiden resource dated March 25, 2024.

Roy Bonnell, CEO & Director of Allied, commented: ‘This updated MRE is a major milestone for the Borralha Project. Growing the Measured and Indicated resources to 13.0 million tonnes at 0.21% WO₃ and Inferred resources to 7.7 million tonnes at 0.18% WO₃ while keeping the system open in multiple directions confirms both the scale and continuity of the deposit. The Borralha Project continues to impress by continuing to produce record tungsten intercepts. With our next core drilling campaign planned for early 2026, we are confident that this project will continue to expand and strengthen its position as one of Europe’s most compelling tungsten assets.’

‘This updated MRE strengthens not only the technical foundation of the Borralha Project, but also our position within the ongoing environmental and permitting processes, with anticipated approvals in Q1, 2026. It provides an excellent foundation to further build the MRE for our anticipated PEA in Q1 2026 by, among other things, pairing two or three holes to reach more mineralization which weren’t accessible with RC in this campaign. Alongside the drilling and geological work, our team has been advancing the Environmental Impact Assessment and navigating the extensive regulatory and administrative steps required in Portugal. Today’s results support the robustness of the project as we progress through these parallel workstreams. The combination of geological growth, improving confidence, and continued permitting momentum gives us a clear and responsible path forward toward development.’

Note: In accordance with NI 43-101 Section 3.5, Mineral Resources are reported separately by category and must not be aggregated. Measured and Indicated Resources may be combined for reporting purposes, but Inferred Resources cannot be added to other categories. No combined grade is reported for Measured + Indicated + Inferred.

Highlights:

• New MRE incorporates 1) RC step-outs, 2) infill drilling, 3) density updates, 4) revised grade shell, 5) improved geological model 6) enhanced geostatistical parameters.

• WO₃-only cut-off grade is 0.09% WO₃, consistent with the expectable underground LHOS potential and gravity-dominant metallurgy.

• Strong continuity of mineralization confirmed; extensions defined toward the north dip and western flank.

• Metallurgy indicates simple, low-cost gravity flowsheet with ~75-85% WO₃ recovery and potential Cu-Sn-Ag by-product upside to be defined in the PEA.

• Updated block model supports growing potential for scalable, long-life underground operation.

• The final RC holes were terminated before reaching the anticipated mineralized corridors, leaving the western and northern down-dip extensions open. This indicates that significant potential remains for additional resource growth with only modest further drilling, which will be addressed in the next core drilling campaign planned for Q1 2026.

GEOLOGICAL & METALLURGICAL CONTEXT

Drilling confirms that the Santa Helena Breccia is a large, subvertical, coarse-fragment collapse breccia, strongly mineralized in wolframite ± ferberite, with accessory cassiterite, chalcopyrite, silver sulphosalts, and low deleterious elements. Mineralization displays strong structural control and excellent lateral continuity. This updated MRE does not yet take into account any future breccia complexes or other geological anomalies that may be present at the Borralha Project.

Metallurgy

Existing metallurgical programs (bench-scale testing, mineralogical studies, and semi-industrial work by MinePro), together with ongoing metallurgical test work at Wardell Armstrong International (SLR), indicate:

• Coarsely liberated wolframite, well suited to gravity concentration.
• Heavy Liquid Separation (5 mm) delivering exceptional performance, rejecting >50% of the mass at high WO₃ recovery.
• Spirals and shaking tables effective for fine clean-up stages.
• Final sulfide flotation required to clean the gravity concentrate and remove sulfide minerals.
• Cassiterite and chalcopyrite exhibit realistic beneficiation potential, with metallurgy to be provided by MinePro’s independent QP for the NI 43-101 Technical Report.
• Wardell Armstrong (UK) test work is underway, with results expected in Q1 2026 to support PEA flowsheet definition and recoveries.

By-products (Cu-Sn-Ag)

Although not included in cut-off or resource calculation:

• Chalcopyrite follows sulfide flotation which leads to potential Cu concentrate;
• Cassiterite follows gravity circuit which leads to potential Sn concentrate; and
• Ag could report to sulfide concentrate.

These metals represent future upside to be defined within the PEA.

Cut-off grade rationale

Resources are reported above a 0.09% WO₃ cut-off grade, derived from:

• APT price: US $500/MTU;
• Underground long-hole stoping conceptual mining; and
• An implicit 0.09% WO₃ grade shell was constructed using a numeric-model iso-value of 0.6. Minor isolated volumes <5,000 m³ were removed to satisfy CIM RPEEE (Reasonable Prospects for Eventual Economic Extraction) continuity criteria and to avoid isolated blocks lacking reasonable prospects for extraction.

NEXT STEPS

The updated MRE provides the foundation for Allied’s maiden PEA planned for Q1 2026, evaluating a scalable underground operation leveraging gravity-dominant processing with by-product potential. The next steps include:

• Completion of Wardell Armstrong (UK) detailed metallurgy (underway);
• Engineering trade-off studies to support PEA;
• Phase 2 RC & diamond drilling targeting western & down-dip expansion; and
• Environmental and hydrogeological baseline program (ongoing).

QUALIFIED PERSONS

The updated MRE was prepared by Vítor Arezes, MIMMM, QMR #703197, Vice President Exploration of Allied Critical Metals, Qualified Person under NI 43-101. The scientific and technical information contained in this release has been reviewed and approved by Mr. Vítor Arezes, BSc, MIMMM (QMR), Vice-President Exploration of Allied Critical Metals Inc., a Qualified Person under NI 43-101. Mr. Arezes is not independent of the Company as he is an officer of Allied Critical Metals Inc.

The updated MRE was reviewed and validated by J. Douglas Blanchflower, P.Geo. of Minorex Consulting. The scientific and technical information contained in this release has also been reviewed and approved by Mr. J. Douglas Blanchflower, P.Geo. (License nr. 19086), Minorex Consulting, a Qualified Person under NI 43-101. Mr. Blanchflower is independent of the Company and its mineral properties.

In addition, the metallurgical information in this news release was reviewed by Mr. David Castro López, MIMMM, QMR #685484 of MinePro Lda. The scientific and technical information contained in this release has also been reviewed and approved by Mr. David Castro López, MIMMM, a Qualified Person under NI 43-101. Mr. Lopez is independent of the Company and its mineral properties.

NI 43-101 TECHNICAL REPORT FILING

A Technical Report prepared supporting the updated Mineral Resource Estimate will be filed on SEDAR+ within 45 days of this news release, in accordance with Section 4.2 of NI 43-101.

Table 2 – 2025 Campaign Interval Highlights

Table 2

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11632/275151_acmtable2.jpg

Notes: [1] Reported intervals are downhole lengths. Estimated true widths were calculated from hole orientation and the interpreted geometry of the mineralized corridors. Estimates may vary locally where geometry changes. Where intervals fall outside the resource block-model domains, true widths are not estimated and only downhole lengths are reported. [2] True widths are unknown to be defined after further MRE update.

All of the above drill results were previously disclosed as first time disclosure by the Company in its past news releases, as follows: (i) on September 4, 2025 – Bo_RC_14/25; (ii) on September 11, 2025 – Bo_RC_15/25, Bo_RC_17/25, and Bo_RC_22/25; (iii) on September 29, 2025 – Bo_RC_21/25 and Bo_RC_26/25; (iv) on October 22, 2025 – Bo_RC_16/25, Bo_RC_18/25, and Bo_RC_19/25; (v) on November 5, 2025 – Bo_RC_27/25 and Bo_RC_28/25; and (vi) on November 12, 2025 – Bo_RC_20/25, Bo_RC_25/25, Bo_RC_29/25, and Bo_RC_30/25.

About the Borralha Tungsten Project

Allied’s Borralha Tungsten Project is one of the largest and most historically significant past-producing tungsten operations in Western Europe. Located in northern Portugal, Borralha was once the second-largest tungsten mine in the country and supplied strategic materials to European and Allied industries during the 20th century, including both World Wars and the Cold War period.

Today, the project is undergoing a modern revitalization based on a combination of scale, grade, metallurgy, and jurisdictional strength. Mineralization is dominated by coarse-grained wolframite, which is highly desirable in global markets due to its favorable processing characteristics and higher recoveries compared to scheelite-bearing deposits.

Borralha benefits from existing infrastructure, shallow mineralization, and a simple processing route, making it one of the most advanced tungsten development projects in the European Union. These attributes are particularly important in the context of the EU Critical Raw Materials Act (2024/1252) and NATO strategic autonomy initiatives, both of which explicitly identify tungsten as a defense-critical raw material subject to severe supply risk.

With the EU currently dependent on over 80% of its tungsten imports from China, Borralha represents a rare and strategic opportunity to develop a secure, domestic, and NATO-aligned supply source. As Allied continues to advance drilling, resource expansion, and economic studies, Borralha is poised to play a central role in reshaping Europe’s tungsten landscape—supporting both decarbonization technologies and defense-industrial resilience.

ABOUT Allied Critical Metals

Allied Critical Metals Inc. (CSE: ACM,OTC:ACMIF) (OTCQB: ACMIF) (FSE: 0VJ0) is a Canadian-based mining company focused on the expansion and revitalization of its 100% owned past producing Borralha Tungsten Project and the Vila Verde Tungsten Project in northern Portugal. Tungsten has been designated a critical metal by the United States and other western countries, as they are aggressively seeking friendly sources of this unique metal. Currently, China, Russia and North Korea represent approximately 87% of the total global supply and reserves. The Tungsten market is estimated to be valued at approximately U.S. $5 to $6 billion, and it is used in a variety of industries such as defense, automotive, manufacturing, electronics, and energy.

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/alliedcriticalmetalscorp/
Instagram: https://www.instagram.com/alliedcriticalmetals/

The Canadian Stock 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 statements’, including with respect to the use of proceeds. Wherever possible, words such as ‘may’, ‘would’, ‘could’, ‘should’, ‘will’, ‘anticipate’, ‘believe’, ‘plan’, ‘expect’, ‘intend’, ‘estimate’, ‘potential for’ and similar expressions have been used to identify these forward-looking statements. These forward-looking statements reflect the current expectations of the Company’s management for future growth, results of operations, performance and business prospects and opportunities and involve significant known and unknown risks, uncertainties and assumptions, including, without limitation, those listed in the Company’s Listing Statement and other filings made by the Company with the Canadian securities regulatory authorities (which may be viewed under the Company’s profile at www.sedarplus.ca). Examples of forward-looking statements in this news release include, but are not limited to, statements regarding the proposed timeline and use of proceeds for exploration and development of the Company’s mineral projects as described in the Company’s Listing Statement, news releases, and corporate presentations. Should one or more of these risks or uncertainties materialize or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this news release. These factors should be considered carefully, and prospective investors should not place undue reliance on the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements and reference should also be made to the Company’s Listing Statement dated April 23, 2025 and news release dated May 16, 2025, and the Company’s most recently filed management’s discussion and analysis, all as filed under its SEDAR+ profile at www.sedarplus.ca for a description of additional risk factors. The Company disclaims any intention or obligation to revise forward-looking statements whether as a result of new information, future developments or otherwise, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275151