ACLARA ANNOUNCES UPDATED PEA FOR ITS FLAGSHIP CARINA MODULE

After-tax NPV ₈ of US$1 . 5 billion using base case price forecast

After-tax NPV ₈ of US$ 2 . 2 billion using incentive price forecast ( excluding C hin ese supply )

Aclara Resources Inc. ("Aclara" or the "Company") (TSX: ARA) is pleased to announce the results of the Company's updated preliminary economic analysis (the "PEA") on its regolith-hosted ion adsorption clay project located in the State of Goiás, Brazil, known as the Carina Module (the "Project").

The technical report titled "Preliminary Economic Assessment Update - Carina Rare Earth Element Project - Nova Roma , Goiás, Brazil " (the "Report" or "Carina Module PEA") dated September 5 , 2024 was prepared in accordance with National Instrument 43-101- Standards of Disclosure for Mineral Projects ("NI 43-101") by GE21 Consultoria Mineral ("GE21"), a specialized, independent mineral consulting company located in Belo Horizonte, Brazil . The Report, with an effective date of May 3, 2024 , supports the disclosures made by Aclara in its August 9, 2024 press release announcing the updated maiden mineral resources estimate (the "MRE") for the Project (the " August 2024 Press Release"). There are no material differences in the mineral resources or results of the preliminary economic assessment as described in the Report and the results disclosed in the August 2024 Press Release. The Report has been filed and can be found under the Company's profile on SEDAR+ ( www.sedarplus.ca ) and on Aclara's website ( www.aclara-re.com ).

Highlights

Robust economics

- After-tax Net Present Value ("NPV") of ~US$1.5 billion using an 8% discount rate pursuant to the base case price forecast projected by Argus Media ("Argus")
- 27% internal rate of return over the 22-year life of mine and a payback period of 4.2 years
- Low initial capital costs of US$593 million and low sustaining capital costs of US$86 million
- Average annual ¹ net revenue and EBITDA of US$505 million and US$366 million , respectively
- High average net smelter return ("NSR") of US$52.0 per tonne processed compared to a low average production cost of US$13.6 per tonne processed
- Incentive price forecast scenario projected by Argus provides significant upside. This scenario is supported by critical raw material regulations such as the European Critical Raw Materials Act and the United States Inflation Reduction Act, which focus on creating supply chains beyond China
- After-tax NPV of ~US$2.2 billion using an 8% discount rate pursuant to the incentive price forecast by Argus (which excludes Chinese supply)

Significant production of magnetic REEs and high product quality

- Average annual production ¹ of 191 tonnes DyTb representing approximately 13% of China's 2023 official production ²

_________________________________

¹ Annual average does not consider the first year of ramp-up and the last year of ramp-down.

² The resulting Chinese production of DyTb derived from its 2023 rare earth oxides quotas for mining production is approximately 1,520 tonnes (source: The Chinese Ministry of Industry and Information Technology).

- Average annual production ¹ of 1,350 tonnes NdPr contributing to a balanced mix of light and heavy REEs in the final product
- Very high content of DyTb and NdPr in the mixed carbonate of 4.0% and 28.5%, respectively
- Concentration of REEs in the mixed carbonate of 91.5% ³ . High purity product facilitates further separation and recoveries

__________________________________

³ Purity is expressed as REO equivalent.

Expedited path to early production

- Memorandum of Understanding signed with the State of Goiás and Nova Roma Municipality in Brazil to accelerate the analysis and evaluation of the permitting process and implementation of the Carina Module
- Commissioning estimated to commence in 2029. The Company is evaluating the possibility to expedite the production schedule to begin between 2027 and 2028

Low environmental impact

- Process designed to minimize environmental impact: it does not use explosives; there is no crushing nor milling; approximately 95% of the water used is recirculated; the main reagent is a common fertilizer; no liquid residue is produced, negating the need of a tailings dam
- Minimal CO ₂ footprint is supported by a combination of low energy consumption and a high percentage of renewable energy within the Goiás power grid

Upside potential

- Exploration potential for lateral expansion to the east of the Carina Module as a result of recently secured mineral rights adjacent to the Company's existing mineral rights
- Metallurgical optimization program projected to commence in Q4 2024 will serve as additional inputs for a prefeasibility study of the Carina Module and to form the basis for a new piloting operation scheduled for Q2 2025

Strong financial backing

Key shareholders in Eduardo Hochschild and Hochschild Mining provide financial support to advance the Project
Strategic partnership with CAP S.A. in its Chilean subsidiary derisks project financing for the Penco Module and allows Aclara to focus incremental corporate resources to the Carina Module

Strong bedrock for vertical integration

- Adds to the Company's Penco Module production of DyTb for a total DyTb annual average production ¹ of 241 tonnes, which represents 16% of China's 2023 official DyTb production
- Mixed REE carbonate produced expected to be separated and converted into metals and alloys by Aclara Technologies Inc., the Company's US based subsidiary developing REE processing technologies
- Strategic partnership signed with VACUUMSCHMELZE GmbH & Co. KG aimed at developing a mine to magnet solution

Ac l ara' s CEO, Ramon Barua , commented:

" The PEA highlights the Carina Module 's notable economic potential, with an after-tax NPV of US $1.5 billion based on the base case price forecast , and US $2.2 billion when considering the incentive price for e cast . These figures underscore the P roject's status as a high-quality heavy rare earth asset , designed to deliver significant annual dysprosium and terbium production , representing approximately 13% of Chin a 's official output in 2023 .

T he medium to long -term outlook for rare earth elements, particularly heavy rare earths, remain s strong due to their global scarcity. I ncreasing international regulations are enhancing the develop ment of alternative supply chains beyond China , and Argus's incentive price forecast indicates substantial upside potential for rare earths in response to future demand .

Our focus is now on expediting the path to early production. We have recently signed a Memorandum of Understanding with the State of Goiás and Nova Roma Municipality in Brazil as a means to accelerate the permitting process and facilitate the swift implementation of the Carina Module , with the goal of start ing production between 2027 and 2028."

Key Project Parameters Compared to Previous PEA

Table 1 and Table 2 list the relevant parameters associated with the Project's operating and financial metrics as compared to the previous preliminary economic assessment filed on January 23, 2024 (the "Previous PEA"):

25% increase in after-tax NPV from US$1.2 billion to US$1.5 billion using an 8% discount rate, despite lower REE price forecast
Slower growth of magnetic REE ⁴ prices following the short-term deacceleration of electric vehicle demand compared to the Previous PEA. In addition, lower expected increase in Nd price, partially offset by higher expected increase in Dy price compared to the Previous PEA. REE price forecast provided by Argus aligns well with global supply/demand fundamentals.

- Nd price compound annual growth rate 2023-2034: PEA 7% vs. Previous PEA 10%
- Dy price compound annual growth rate 2023-2034: PEA 12% vs. Previous PEA 11%

~30% increase in life of mine from 17 years to 22 years provides support for potential capacity increases in the future
Total capital costs (initial capital costs and sustaining capital costs) maintained at the same level as prior estimates

Table 1: Key Project Operating Parameters Compared to Previous PEA

		PEA		Previous PEA
	Unit	Total	Annual Average*	Total	Annual Average*
Mining and Processing
Life of Mine	years	22	-	17	-
Total Process Plant Feed	million tonnes (dry)	203.0	9.6	149.5	9.6
Total Waste Mined	million tonnes (dry)	64.2	3.0	43.3	2.6
Strip Ratio	-	0.3	0.3	0.3	0.3
Production
Total Rare Earth Oxides	tonnes	99,931	4,736	70,307	4,498
Neodymium & Praseodymium (NdPr)	tonnes	28,514	1,248	18,546	1,190
Dysprosium (Dy)	tonnes	3,420	163	2,802	178
Terbium (Tb)	tonnes	587	28	479	30

*Note: Annual average does not include the first year of ramp-up and the last year of ramp-down

__________________________________

⁴ Magnetic REE include Neodymium (Nd), Praseodymium (Pr), Dysprosium (Dy) and Terbium (Tb).

Table 2 : Key Project Financial Parameters Compared to Previous PEA

		PEA				Previous PEA
		Base Case (Chinese Prices)		Incentive Case (Non-Chinese Prices)		Base Case (Chinese Prices)
	Unit	Total	Annual Average*	Total	Annual Average*	Total	Annual Average*
Financials
Net Revenue	US$ million	10,554	505	13,091	626	7,355	474
Net Smelter Return	US$/t	52.0	-	64.5	-	49.2	-
Basket Price (2029-2034)	US$/kg	88.8	-	104.6	-	107.4	-
Basket Price (LOM)	US$/kg	122.4	-	142.8	-	121.2	-
Production Cost	US$ million	2,757	129	2,757	129	1,965	125
Unit Cost	US$/t processed	13.6	-	13.6	-	13.1	-
Unit Cost	US$/kg REO	27.6	-	27.6	-	27.9
EBITDA	US$ million	7,586	366	10,072	485	5,243	340
EBITDA Margin	%	72	-	77	-	71	-
Income Tax	US$ million	2,334	118	3,172	154	1,532	101
Effective Tax Rate	%	36.1	-	35.9	-	36.2	-
Initial Capital	US$ million	592.6	-	592.6	-	575.8	-
Royalty Purchase Cost	US$ million	6.5	-	6.5	-	6.5	-
Sustaining Capital	US$ million	85.8	-	85.8	-	106.2	-
Financial Returns
Pre-Tax Net Present Value (8%)	US$ million	2,337	-	3,051	-	1,880	-
Pre-Tax Internal Rate of Return	%	32.2	-	40.5	-	35.7	-
Post-Tax Net Present Value (8%)	US$ million	1,483	-	2,159	-	1,186	-
Post-Tax Internal Rate of Return	%	26.5	-	33.1	-	28.6	-
Payback Period	years	4.2	-	3.4	-	3.6	-

*Note: Annual average does not include the first year of ramp-up and the last year of ramp-down

Sensitivity Analysis

A sensitivity analysis was undertaken to evaluate the impact on NPV through variation of the basket price, discount rate, CAPEX, OPEX and metallurgical recovery rates.

The discount rate was evaluated by varying its value from 4% to 12% while the remaining attributes were evaluated by varying their values from 80% to 120% (Figure 2).

Mineral Resource Statement

The Carina Module's mineral resources have been estimated using the results obtained from 283 auger drill holes ( 2,101m ), 80 reverse circulation holes ( 2,003m ) and 3,789 samples. At a US$7.4 /t NSR cut-off, the Carina Module is estimated to contain 297.6 million tonnes ("Mt") in the inferred mineral resource category @ 1,452 ppm TREO containing an average Dy and Tb grade of 39 ppm and 6 ppm, respectively (Table 3). The MRE is reported in accordance with the requirements of NI 43-101.

Table 3 . Carina Module Inferred Mineral Resource Estimate (Effective May 3, 202 4 )

Mineral Classification	Mass (Mt)	Total Oxide Grade (ppm)				Oxide Content (t)
Mineral Classification	Mass (Mt)	TREO	NdPr	Dy	Tb	TREO	NdPr	Dy	Tb
Inferred	297.6	1,452	284	39	6	432,003	84,565	11,573	1,897
Total	297.6	1,452	284	39	6	432,003	84,565	11,573	1,897

Notes:

1. CIM (2014) definitions were followed for mineral resources.

2. Mineral resources are estimated above an NSR value of US$7.4/t.

3. Mineral resources are estimated using average long term metal prices and metallurgical recoveries (see PEA for details).

4. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

Project Description

The Project is based on standard open pit extraction techniques using conventional hydraulic excavators and 44t payload haulage trucks to extract and deliver the clays to the process plant. The process plant has been located close to the centre of mass of the mining operation to minimise the total haulage distance over the life of mine. Given the friable nature of the clays and the shallow depth of the extraction zones, no aggressive nor energy-intensive techniques such as drilling and blasting are required to extract the clays from the pits. Table 4 lists the key input parameters used in the mine design.

Table 4 : Key M ine D esign P arameters

Description	Unit	Value
Pit Optimization
Overall Slope Angle	degree	25
Reference Mining Cost	US$/t mined	2.13
Mining Recovery	%	98.5
Mining Dilution	%	1.5
Processing Cost	US$/t processed	10.46
Selling Cost	US$/kg REO	7.032
Federal Royalty	% of revenue	3
REO Price	US$/kg REO	variable by REO
Pit design
Bench Height	m	4
Berm Width	m	3.5
Bench Slope Angle	degree	38
Ramp Width	m	12
Ramp Gradient	%	10
Scheduling
Minimum Operational Area	m	25
Plant feed	Mt/year	9.6

Once the clay is delivered to the process plant, it will be washed using an ammonium sulfate solution to extract the REEs from the clay surfaces. No crushing, grinding nor milling is needed to free the REEs from the clays as they are extracted through a non-invasive ion-exchange reaction process whereby ammonium sulfate ions replace REE ions on the surface of the clay thereby liberating the REEs into solution. The REEs in solution are then removed through a pH-adjusted precipitation process and then passed through a high-pressure filter to remove any remaining liquids, resulting in the production of a high-purity REE carbonate ready for shipment to a separation facility. The process plant will have an average production rate of 4,736 t/year of REO within the concentrates.

Any unwanted impurities such as aluminium and calcium that have been extracted from the clays during the ion exchange process are similarly removed through a precipitation process and then recombined with the washed clays before being transported to a dry stacking storage facility for the first five years of the life of mine. Beginning in year 6, the washed clays will be back-filled to the mined-out extraction zones to initiate the mine closure process.

A water recovery system integrated into the process plant cleans and regenerates the remaining process liquors such that they can be reintroduced into the feed. The treated water is reused in a closed circuit to reduce water consumption thereby preventing the release of process water into the environment. This allows the process plant to operate with the minimum of make-up water and allows the main reagents to be regenerated and reused within the process plant.

Before the barren clays exit the process plant, they are washed with clean water within standard plate-and-frame filter presses. This will remove any residual ammonium sulfate from the clays before they are returned to either a dry stacking facility or used to back-fill the extraction zones to be safely used during revegetation.

The Project includes the necessary infrastructure to provide make-up water for the process plant, supply power to the site, and provide a road network to service the operation, amongst others.

Electrical power for the processing plant, truck shop, administration offices, and other facilities will be supplied by the national power utility through overhead power transmission lines from a sub-station located approximately 90 km from the project site.

REE Market Outlook and Pricing ⁵

Vehicle electrification, wind turbines and the transition to renewable energy sources will continue to drive demand for REEs in terms of volume and, especially, value. This will primarily affect the REEs used in alloys to fabricate permanent magnets (i.e., Dy, Nd, Pr, and Tb). The supply of clean heavy REEs, especially Dy, has become problematic because few projects target heavy REE deposits. For the medium term, the market will continue to rely on China and Myanmar for heavy REE feedstocks.

The prices of permanent magnet REEs dropped significantly in 2023 due to a weak recovery from lockdowns in China and economic challenges in other areas. The prices of Nd, Pr, and Tb fell 40–45% from early 2023 and July 2024 . However, the Dy price outperformed the market, falling only 20–25% over the same period, indicating a more constrained supply of Dy as compared to other permanent magnet REEs. Argus expects permanent magnet REE prices to increase steadily for the remainder of the decade, with the possibility of increasing at a faster rate in the early 2030s absent additional supply from new projects or increases in the availability of secondary (recycled) REEs. Dy prices are expected to continue to outperform the general permanent magnet REE market due to a tighter supply/demand balance going forward. Between the years 2023 to 2034, Nd, Pr, and Tb prices are predicted to rise at a rate of 5–8% per year, whereas Dy prices are expected to increase 12% per year.

According to Argus, there are two external factors which could have the potential to positively affect future REE prices: so-called 'green' premiums; and critical material policies (particularly within Europe and the US). Critical materials policies and regulations being enacted globally, specifically the European Critical Raw Materials Act and the United States Inflation Reduction Act, are focussed on creating raw material supply chains that are not reliant on China , which could provide advantages to non-Chinese suppliers of REEs in terms of market access and, potentially, pricing premiums. In May 2023 , the US Department of Energy identified Dy as the most critical mineral in terms of its importance to the energy sector and the risks of supply chain disruption.

In an effort to account for critical raw material regulations, Argus has modelled an incentive price for magnetic rare earths, where the rare earths market effectively has a dual pricing model (Chinese and non-Chinese) that forecasts the level that REE prices would have to reach to incentivize the supply of REE from producers outside of China. Under the incentive price scenario, the forward curve for Dy grows at 15% per year, compared to 12% per year in the base case scenario (Table 5).

Table 5: Dysprosium Price Forecast

	2022	2023	2028	2034	2023 vs 2022 (%)	2028 vs 2023 (%)	2034 vs 2028 (%)	CAGR 2023– 2034 (%)
Dy
Base Case Price* (US$/kg)	384	331	595	1,100	–14	80	85	12
Incentive Price (US$/kg)	384	331	515	1,400	–14	56	170	15
Total supply (×1,000 t REO)	1.7	2.6	3.6	4.4	50	39	23	5
Total demand (×1,000 t REO)	2.8	3.3	5.3	7.0	16	62	32	7
Surplus/deficit index (2018 = 100)	98	96	77	43	–	–	–	–

*99.5–99.9% fob China

The following provides an example of illustrating the potential decoupling of rare earths prices between those sourced from and outside of China , modelled using gallium, germanium and antimony. In September 2024 , China will be adding antimony to its export controls for certain metals (in addition to gallium and germanium, which were made subject to its export controls in August 2023 ). US-delivered prices for antimony have increased approximately 25% as compared to prices for antimony sourced from China , while prices for gallium and germanium sourced on an ex-works China basis have reflected a potential premium of up to 85% in the case of gallium (currently a premium of 45%) and up to 25% in the case of germanium (currently a premium of 10%) (Figure 3). The incentive pricing scenario seeks to emulate a situation where the main economies such as the United States , Europe and Japan are required to supply rare earths outside of China supported by critical materials policies/regulations being enacted in such countries.

_______________________________

⁵ Argus Media

In consideration of the price forecasts provided by Argus, the basket price of the Carina Project has been modelled through the life of mine, reflecting expected commercial discounts (Figure 4 and Figure 5).

Targeted Development Timeline

The permitting process is currently underway and the technical development of the Project will continue with a feasibility study of the Carina Module scheduled to be delivered in 2026 and commencement of operations projected to begin in 2029 (Table 6). Following the Memorandum of Understanding signed with the Government of Goiás and the Municipality of Nova Roma , the Company is evaluating the possibility to expedite the production schedule to begin between 2027 and 2028.

Proposed Next Steps

Continuation of the Carina Module pre-feasibility study as previously reported in the Company's press release dated May 6, 2024
Completion of a 15,200m Phase 2 reverse circulation drill campaign aimed at converting inferred mineral resources to a measured and indicated mineral resources category, which is expected to be completed by Q4 2024
Completion of the environmental and social baseline studies required for environmental permitting process during H2 2024
Execution of a metallurgical test campaign during H2 2024 and H1 2025 with sample collections to be obtained through sonic drilling and sent to SGS Lakefield for mineralogical and recovery characterization, to serve as additional inputs for the Carina Module prefeasibility study and to form the basis for a new piloting operation
The Company is aiming to complete the installation and operation of a new semi-industrial scale pilot plant in the State of Goias, Brazil during Q2 2025. The piloting operation is intended to (i) confirm the processing parameters and the final process flowsheet design for the feasibility study, (ii) generate a high purity HREE carbonate for separation trials in support of future off-take agreements, and (iii) demonstrate to relevant stakeholders the environmental sustainability of the final process design

Qualified Person s

The technical information in this press release has been reviewed and approved by geologist Fábio Xavier, mining engineer Porfírio Cabaleiro Rodriguez, geographer and environmental analyst Mrs. Branca Horta of GE21 Consultoria Mineral Ltd., as well as Chemical Engineer Stuart J Saich of Promet101 Consulting Pty Ltd. GE21 is a specialized, independent mineral consulting company based in Belo Horizonte, Brazil , and Promet101 is an independent process engineering consulting company based in Santiago, Chile . Mr. Jorge Frutuoso , Aclara Geology Manager, and Mr. Juan Pablo Navarro Ramirez , Chief Geologist for Aclara, acted as the Qualified Person for the geological sections of the report.

Mr. Xavier is a Member of Australian Institute of Geoscientists (MAIG #5179) and is a Qualified Person as defined under NI 43-101. He is responsible for the mineral resource estimate and has reviewed and approved the scientific and technical information related to the mineral resource estimate contained in this press release.

Mr. Rodriguez is a fellow of the Australian Institute of Geoscientists (FAIG #3708) and is a Qualified Person as defined under NI 43-101. He has more than 40 years of experience in mineral resource/reserve estimation and is the leader of the Project acting as overall supervisor with respect to the objectives of the Report.

Mrs. Horta is a Member of the Australian Institute of Geoscientists (MAIG #8145) and is a Qualified Person as defined under NI 43-101. She has reviewed and approved the content of the Report as it relates to environmental and permitting attributes of the Project.

Messrs. Rodriguez and Xavier visited the project from August 16 to August 18, 2023 , during the auger drilling campaign executed by the GE21 team under the coordination of Geologist André Costa (FAIG#7967). Mr. Xavier returned to the project from July 17 to July 18, 2024 , during the reverse circulation drilling campaign conducted by the Aclara team under the coordination of Geologist Luiz Jorge Frutuoso Junior (FAIG#8100).

Mr. Frutuoso Junior , Aclara's Exploration Manager, supported both visits.Mr. Saich is a professional chemical engineer with more than 37 years' relevant experience in metallurgy and process design development. He is with a member of the Australian Institute of Mining and Metallurgy (FAUSIMM, (#222028), the Canadian Institute of Mining (CIM # 631368), the Society for Mining, Exploration & Metallurgy (SME# 04101270) and is a Qualified Person as defined under NI 43-101.

Mr. Frutuoso is a Fellow of Australian Institute of Geoscientists (FAIG #8100) and Fellow of Australasian Institute of Mining and Metallurgy (FAusIMM #3044851) is a Qualified Person as defined under NI 43-101. He is responsible for the geological sections and has reviewed and approved the scientific and technical information related to the mineral resource estimate contained in this press release.

Mr. Navarro is a Member of Australian Institute of Geoscientists (MAIG #9021) and is a Qualified Person as defined under NI 43-101. He is responsible for the geological sections and has reviewed and approved the scientific and technical information related to the mineral resource estimate contained in this press release.

About Aclara

Aclara Resources Inc. (TSX: ARA) is a development-stage company that focuses on heavy rare earth mineral resources hosted in Ion-Adsorption Clay deposits. The Company's rare earth mineral resource development projects include the Carina Module in the State of Goiás, Brazil as its flagship project and the Penco Module in the Bio-Bio Region of Chile .

Aclara's rare earth extraction process offers several environmentally attractive features. Circular mineral harvesting does not involve blasting, crushing, or milling, and therefore does not generate tailings and eliminates the need for a tailing's storage facility. The extraction process developed by Aclara minimizes water consumption through high levels of water recirculation made possible by the inclusion of a water treatment facility within its patented process design. The ionic clay feedstock is amenable to leaching with a common fertilizer main reagent, ammonium sulfate. In addition to the development of the Penco Module and the Carina Module, the Company will continue to identify and evaluate opportunities to increase future production of heavy rare earths through greenfield exploration programs and the development of additional projects within the Company's current concessions in Brazil , Chile , and Peru .

Aclara has decided to vertically integrate its rare earths concentrate production towards the manufacturing of rare earths alloys. The Company has established a U.S.-based subsidiary, Aclara Technologies Inc., which will focus on developing technologies for rare earth separation, metals, and alloys. Additionally, the Company is advancing its metals and alloys business through a joint venture with CAP S.A., leveraging CAP's extensive expertise in metal refining and special ferro-alloyed steels.

Forward-Looking Statements

This press release contains "forward-looking information" within the meaning of applicable securities legislation, which reflects the Company's current expectations regarding future events, including statements with regard to, among other things, mineral continuity, grade, methodology, development timeline, production timing and upside at the Carina Module, the Company's exploration plan, drilling campaigns and activities in Brazil and the expectations of the Company's management as to the results of such exploration works and drilling activities, timing, cost and scope in respect of the exploration activities in Brazil , the results and interpretations of its updated maiden MRE and the PEA relating to the Carina Module, the timing and issuance of a prefeasibility study and feasibility study for the Carina Module and related exploration and other work programs in respect thereof, the initiation and timing of environmental, archeological and geological studies for the Carina Module, the progression of and pricing forecast of the REE market, and other statements that are not material facts. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control. Such risks and uncertainties include, but are not limited to risks related to operating in a foreign jurisdiction, including political and economic risks in Chile and Brazil ; risks related to changes to mining laws and regulations and the termination or non-renewal of mining rights by governmental authorities; risks related to failure to comply with the law or obtain necessary permits and licenses or renew them; cost of compliance with applicable environmental regulations; actual production, capital and operating costs may be different than those anticipated; the Company may be not able to successfully complete the development, construction and start-up of mines and new development projects; risks related to fluctuation in commodity prices; risks related to mining operations; and dependence on the Penco Module and/or the Carina Module. Aclara cautions that the foregoing list of factors is not exhaustive. For a detailed discussion of the foregoing factors, among others, please refer to the risk factors discussed under "Risk Factors" in the Company's annual information form dated as of March 22, 2024 , filed on the Company's SEDAR+ profile. Actual results and timing could differ materially from those projected herein. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained in this press release is provided as of the date of this press release and the Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws.

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Aclara Resources Inc. (TSX: ARA) is a development-stage company that focuses on heavy rare earth mineral resources hosted in Ion-Adsorption Clay deposits. The Company's rare earth mineral resource development projects include the Penco Module in the Bio-Bio Region of Chile and the Carina Module in the State of Goiás, Brazil.

Aclara's rare earth extraction process offers several environmentally attractive features. Circular mineral harvesting does not involve blasting, crushing, or milling, and therefore does not generate tailings and eliminates the need for a tailing's storage facility. The extraction process developed by Aclara minimizes water consumption through high levels of water recirculation made possible by the inclusion of a water treatment facility within its patented process design. The ionic clay feedstock is amenable to leaching with a common fertilizer main reagent, ammonium sulfate. In addition to the development of the Penco Module and the Carina Module, the Company will continue to identify and evaluate opportunities to increase future production of heavy rare earths through greenfield exploration programs and the development of additional projects within the Company's current concessions in Brazil, Chile, and Peru.

Aclara has decided to vertically integrate its rare earths concentrate production towards the manufacturing of rare earths alloys. The Company has established a U.S.-based subsidiary, Aclara Technologies Inc., which will focus on developing technologies for rare earth separation, metals, and alloys. Additionally, the Company is advancing its metals and alloys business through a joint venture with CAP S.A., leveraging CAP's extensive expertise in metal refining and special ferro-alloyed steels.

Product or service names mentioned herein may be the trademarks of their respective owners.

To learn more, visit: https://www.aclara-re.com/

SOURCE Toronto Stock Exchange

MEDIA CONTACT:
Ramon Barua
Chief Executive Officer
investorrelations@aclara-re.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227819

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Aclara Announces Update on its Rare Earths Separation Project

Aclara Resources Inc. ("Aclara" or the "Company") (TSX:ARA) is pleased to announce the completion of a conceptual engineering study for its rare earths ("REE") separation project, currently being developed by its U.S.-based subsidiary, Aclara Technologies. The separation flowsheet concept, based on solvent extraction, was developed in collaboration with the Saskatchewan Research Council. This concept provided the foundation for Hatch to complete a Class 5-AACE CAPEX and OPEX estimate, while also incorporating robust environmental features such as significant waste reduction and zero liquid discharge. The initial results are highly encouraging, and positions Aclara to become the first vertically integrated heavy rare earths company outside of Asia

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Update Regarding the Penco Module Permitting Process

Aclara Resources Inc. ("Aclara" or "Company") (TSX:ARA) informs that the evaluation process of the Penco Module's Environmental Impact Assessment ("EIA") continues and has now formally received from the Environmental Service Assessment ("SEA") the consolidated report with the observations and questions ("ICSARA") received from the different agencies involved in the evaluation process

The Company is diligently working to file its response addressing questions and observations received by the end of Q1, 2025. The Company is committed to working with the SEA throughout the assessment and review process.

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West High Yield Resources Ltd. Receives Draft Mining Permit for Its Magnesium/Silica Project

West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY,OTC:WHYRF) (FSE: W0H) (the "Company" or "West High Yield") is very pleased to announce that it has received a draft permit from the British Columbia Ministry of Mining and Critical Minerals (the "Ministry") related to its mining operations at the Record Ridge Industrial Minerals Mine Critical Minerals project (the "Project").

The draft permit outlines the proposed conditions under which the Company may proceed with its planned extraction activities for the Project. West High Yield will conduct a comprehensive review of the draft, engaging its team of internal and external subject matter experts to evaluate the conditions and ensure all technical, environmental, and operational considerations are fully addressed.

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Allied Critical Metals Expands Santa Helena Breccia in Borralha with Long Tungsten Intercepts and Confirms High-Grade Trend

Highlights:

The latest drill results build on Bo_RC_14/25 drill hole (previously released as 12.0 metres @ 4.27% WO₃ from 252.0 metres, incl. 6.0 metres @ 8.39% WO₃ from 252.0 metres) and collectively suggests a larger and higher-grade Breccia complex than previously modeled.

Bo_RC_17/25 results included 100.0 metres @ 0.21% WO₃ from 52.0 metres, including
- 32.0 metres @ 0.33% WO₃ (MF 10.6 m%) from 92.0 metres, including
- 14.0 metres @ 0.52% WO₃ (MF 5.2 m%) from 106.0 metres, including
- 6.0 metres @ 0.74% WO₃ (MF 4.4 m%) from 110.0 metres
  South infill drill hole confirms bulk-mineable medium-grade core with well-defined high-grade corridors.

Bo_RC_15/25 results included 2.0 metres @ 0.97% WO₃ from 164.0 metres
South-west deep step-out drill hole with a high-grade intersection consistent with previously reported Bo_RC_14/25 drill hole.

Bo_RC_22/25 results included 64.0 metres @ 0.12% WO₃ from 284.0 metres, including
- 16.0 metres @ 0.21% WO₃ from 316.0 metres
  New northern deep lode opens a new northern vector for resource growth.

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 additional significant assay results from its ongoing 4,200 metres reverse circulation (RC) drilling campaign at its Borralha Tungsten Project. The latest results from drill holes Bo_RC_1525, Bo_RC_1725, and Bo_RC_2225 extend mineralization both west and north of the previously announced Bo_RC_1425 high-grade intercept, reinforcing that the Santa Helena Breccia within the Borralha Project is emerging as a larger and higher-grade orebody than previously modeled. The Company will commence an additional fully funded 1,528 metre drilling in the fourth quarter of 2025 to build off the drilling success in July.

The results are especially timely as tungsten price has now reached a new high of U.S.$550/MTU, which is an increase of more than 40% over the past four months as demand for the critical mineral increases in the face of further supply chain restrictions from non-Western countries [Source: FastMarkets].

Roy Bonnell, CEO & Director of Allied, commented: "These thick, continuous intervals in the central-south and the new northern deep lode materially expand the working envelope at the Santa Helena Breccia in Borralha. Together with the previously reported ultra-high-grade intercept in Bo_RC_14/25, we see clear evidence of a system that is both bigger and better than we initially assumed. This is exactly the kind of data we want feeding into the upcoming Mineral Resource Estimate (MRE) and Preliminary Economic Assessment (PEA). Moreover, the results demonstrate the potential of Borralha as a key strategic, safe, and secure source of tungsten for Portugal, the EU and NATO."

João Barros, President & COO of Allied, stated: "Tungsten is recognized by the European Union as both a critical and strategic raw material under the CRMA. With Europe producing less than 3% of its annual needs and facing increasing Chinese export restrictions, the Borralha Project represents a vital opportunity to strengthen secure, Western-aligned supply chains. Our work directly supports the EU target of sourcing at least 10% of its critical raw materials domestically by 2030, while reinforcing Portugal's role as a key contributor to Europe's strategic independence. "

General (Ret.) James A. "Spider" Marks, Director of the Company's U.S. subsidiary, stated: "Expanding the mineral resource at the Borralha Project is an essential next step in path to fulfilling the immense need in Portugal, the EU, NATO and the United States for tungsten powders, concentrates and other byproducts. The U.S. and NATO defense military complexes are dependent on tungsten. Without domestic supply of tungsten, the Borralha Project becomes a very important piece to the critical mineral supply chains for the United States and NATO."

These latest drilling results are highly significant because they combine both scale and grade. The long intercepts at 0.21-0.33% WO₃ in Bo_RC_17/25 are particularly meaningful in wolframite systems. In addition, the drilling program is clearly growing the footprint of the Breccia complex. The Bo_RC_22/25 delineates a northern deep lode, while Bo_RC_15/25 ties the west-deep high-grade corridor back to the main body-both lines of evidence supporting a larger Santa Helena Breccia, the principal mineralized body at Borralha Project.

Table 1 - Drill Hole Collar Locations

Drill Hole ID	Coordinates (WGS84)		Az.(º)	Dip.(º)	PFD (m)	DEPTH (m)
Bo_RC_14/25	585445	4611405	109	80	250	264.00
Bo_RC_15/25	585347	4611368	109	70	300	255.00
Bo_RC_16/25	585406	4611329	105	60	240	251.00
Bo_RC_17/25	585426	4611295	109	75	250	255.00
Bo_RC_18/25	585461	4611431	109	75	300	241.00
Bo_RC_19/25	585470	4611493	109	82	350	247.00
Bo_RC_21/25	585484	4611552	109	85	400	370.00
Bo_RC_22/25	585484	4611552	109	70	360	375.00
Bo_RC_26/25	585586	4611449	289	60	400	287.00

Table 2 - Drill Hole Interval Highlights

Drill Hole ID	From (m)	To (m)	DH length (m)^[1]	True factor^[1]	True Width (m)^[1]	WO₃ (%)
Bo_RC_14/25	52.0	64.0	12.0	tbd^[2]	- ^[2]	4.27
incl.	52.0	58.0	6.0	tbd^[2]	-^[2]	8.39
Bo_RC_15/25	164.0	166.0	2.0	0.88	1.8	0.97
Bo_RC_17/25	52.0	152.0	100.0	0.90	89.9	0.21
incl.	92.0	124.0	32.0	0.90	28.8	0.33
incl.	106.0	120.0	14.0	0.90	12.6	0.52
incl.	110.0	116.0	6.0	0.90	5.4	0.74
Bo_RC_22/25	284.0	348.0	64.0	tbd^[2]	-^[2]	0.12
incl.	316.0	332.0	16.0	tbd^[2]	-^[2]	0.21

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.

Figure 1 – Drill collar plan showing planned holes for the ongoing 5,728 m RC campaign at the Borralha Project. The red outline delineates the main mineralized breccia zone.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11632/265932_59740f4fd42498c1_001full.jpg

Figure 2 – Geological Cross-Section for hole Bo_RC_17/25.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11632/265932_59740f4fd42498c1_002full.jpg

Geologic Interpretation

The geologic interpretation indicates that the Santa Helena Breccia is expanding: the combination of broad medium-grade intervals and discrete high-grade intercepts points to a larger, better-connected breccia body than previously modeled. Priority vectors for follow-up include the west-dip high-grade trend (Bo_RC_14/25 and Bo_RC_15/25) and the northern wider deep lode (Bo_RC_22/25), which will guide near-term drilling and feed the Q4 2025 MRE and subsequent PEA workstreams.

Next steps

Ongoing drilling continues to target west-deep and northern extensions while tightening spacing across the MRE backbone. Additional assays from completed holes will be released as received and validated. The program remains aligned with the timeline toward an updated MRE (Q4 2025) and PEA thereafter.

Technical Information and Quality Assurance/Quality Control (QA/QC)

Drilling was completed using reverse-circulation (RC). All sample bags were pre-labelled with a unique internal sequence number used consistently for the assay sample and corresponding reject. Sampling was conducted on 2.0 m intervals for analytics. For each 2.0 m interval, two 1.0 m reject samples were also collected as representative splits. Splitting was performed at the rig via a rotary splitter integral to the RC cyclone.

Sampling followed pre-prepared sample lists that recorded downhole metreage, sequence, and the placement of Certified Reference Materials (CRMs) and field duplicates. CRMs were inserted at a rate of 1 in 20 samples (5%) and field duplicates at 1 in 20 samples (5%), arranged so that every 10th sample alternated between a CRM and a duplicate.

Analytical and reject samples were boxed at the drill site and transported by company personnel to the project core/logging facility. Analytical samples were stored on labelled pallets pending direct shipment to ALS's preparation laboratory in Seville, Spain. Pulps and rejects were subsequently stored securely in the project logging room.

At ALS Seville, samples were crushed to 70% passing 2 mm, riffle-split to ~250 g, and pulverized using hardened steel to 85% passing 75 μm. Pulps were shipped to ALS Loughrea (Ireland) for analysis. The primary analytical method was ME-MS81 (lithium borate fusion with ICP-MS finish). Base metals were also reported using ME-4ACD81 (four-acid digestion with ICP-MS finish). Over-limit tungsten results were re-assayed using W-XRF15b (lithium borate fusion with XRF). Analytical results were delivered directly by ALS to the Company via secure electronic transfer.

To the best of the Company's knowledge, no drilling, sampling, recovery, or other factors have been identified that would materially affect the accuracy or reliability of the data referenced herein.

Where reported, metal factor (m·%WO₃) is the product of interval length and grade and is provided as supplemental context only. Primary disclosure remains the reported grade and interval length (and true width where known).

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Mr. Vítor Arezes, BSc, MIMMM (QMR) (Membership Nº. 703197, Vice-President Exploration of Allied Critical Metals, who is a Qualified Person for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Arezes is not independent of Allied Critical Metals Inc. as he is an officer of the Company.

Understanding Tungsten

To understand tungsten, it is critical to understand the difference between wolframite tungsten mineralization and scheelite tungsten mineralization. Scheelite often reports higher grades (0.3%-1.0% WO₃) but is more costly and complex to process, requiring flotation methods with higher capital and operating expenditures and lower recoveries.ⁱ In contrast, wolframite, which is the focus of Allied, can be processed more efficiently using gravity and magnetic separation, resulting in lower costs and higher recoveries, making lower grades (~0.15%-0.25% WO₃) economically viable in wolframite deposits. For example, a wolframite deposit with 0.4% WO₃ over 3 metres can be more profitable than a scheelite deposit with 0.7% WO₃ over the same interval due to lower processing costs and higher recovery rates.ⁱⁱ

In Western exploration drilling, tungsten grades typically range from 0.3% to 1.0% WO₃.ⁱⁱⁱ The cut-off grade for economic viability is generally around 0.1% WO₃, with highly efficient operations able to mine at grades as low as 0.08% WO₃. Skarn deposits, a common deposit type, typically range from 0.34% to 1.4% WO₃, with intercepts of 0.4% WO₃ over 1-5 metres considered very good and 0.7% WO₃ over 1-3 metres considered very high-grade.^iv Intercept lengths can range from 0.6 metres to over 100 metres, with longer intercepts at strong grades generally preferred for economic mining.

Published exploration results in Western jurisdictions demonstrate the standards for wolframite, with reported intercepts such as ~9-15 m @ 0.6-0.8% WO₃, ~18 m @ 1.0% WO₃, and typical intervals of 1-5 m @ 0.25-0.5% WO₃. A result like 0.5% WO₃ over 3 metres is generally considered strong within Western tungsten exploration benchmarks, especially for wolframite tungsten mineralization.^v

It is also important to recognize that China, Russia, and North Korea control approximately 87% of the world's tungsten supply, using cheap labor and minimal environmental standards in authoritarian regimes.^vi As a result, production costs and grades in these countries are not comparable to Western projects, which operate under higher labor, ESG, and energy cost structures. Evaluating projects outside these regions provides a realistic benchmark for what grades and intercepts are economically viable while supporting secure, NATO-aligned supply chains.

For Allied, this context is significant. Wolframite tungsten grades, ranging from 0.2% to 1.0% WO₃ are strong global wolframite benchmark values. The Company's focus on wolframite ensures lower processing costs and higher recoveries, supporting project economics even at lower grades. Allied's operations in secure jurisdictions align with Western critical mineral needs, avoiding geopolitical risks associated with China and Russia while positioning the Company to benefit from growing tungsten demand across defense, aerospace, and electrification sectors. Allied's strong grades, low-cost processing advantages, and secure location position it as a strategic and responsible tungsten exploration company, well placed to support robust project economics in a rising-demand market.^vii

*The results and intercepts referenced are drawn from publicly available disclosures of third-party mineral projects and are presented for industry benchmarking and comparison purposes only. Allied has no interests in those projects or entities.

ON BEHALF OF THE BOARD OF DIRECTORS,

"Roy Bonnell"

Roy Bonnell, CEO and Director

For further information or investor relations inquiries, please contact:

Dave Burwell
Vice President, Corporate Development
Email: daveb@alliedcritical.com
Tel: 403-410-7907
Toll Free: 1-888-221-0915

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 with advantageous wolframite tungsten mineralization. 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 86% of the total global supply and reserves. Tungsten 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/
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 documents incorporated by reference therein, filed under its SEDAR+ profile at www.sedarplus.ca for a description of additional risk factors. The Company disclaims any intention or obligation to revise forward-looking statements whether as a result of new information, future developments or otherwise, except as required by law.

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Offshore construction platform with cranes on calm blue sea.

Trump’s Deep-Sea Mining Push Gains Momentum with Bahrain Backing

US President Donald Trump’s push to build an American stockpile of critical minerals from the seabed has gained fresh momentum with Bahrain throwing its weight behind a California startup.

According to a Financial Times report, Bahrain has agreed to sponsor Impossible Metals, a Silicon Valley startup that wants to mine a patchwork of zones in the Pacific Ocean spanning about 75,000 square kilometers.

As the situation currently stands, US companies cannot directly obtain licenses through the Jamaica-based International Seabed Authority (ISA), the body that regulates deep-sea mining in international waters.

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West High Yield Resources Ltd. Announces Exercise of Warrants

West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY,OTC:WHYRF) (FSE: W0H) (the "Company" or "West High Yield") announces announces the exercise share purchase warrants (the "Warrants") of the Company.

One holder of Warrants exercised an aggregate of 50,000 Warrants resulting in the issuance of 50,000 common shares of the Company. The specific Warrants held and exercised by the one warrantholder were exercisable at a price of CAD$0.30 per Warrant, resulting in proceeds to the Company in the amount of CAD$15,000.00 upon such exercise.

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Allied Critical Metals Intersects 12 Metres of 4.27% Tungsten Incl. 6 Metres of 8.39% Tungsten at Its 100% Owned Borralha Tungsten Project in Northern Portugal

Highlights:

Drill hole Bo_RC_14/25 intersects 12.0 metres @ 4.27% WO₃ including 6.0 metres @ 8.39% WO₃ from 252.00 metres downhole, confirming one of the highest-grade tungsten intercepts reported in Western exploration, especially for high quality wolframite tungsten mineralization. This validates early visual observations and supports the presence of a controlled high-grade breccia corridor.

Over 2,500 metres of drilling completed across nine holes, with multiple intercepts of visible wolframite and chalcopyrite. The remaining 1,600 metres of the 4,200 metre campaign now underway with a further fully funded 1,528 metres now also planned with two rigs active on site.

Tungsten price reaches high of $545 USD/MTU, up approximately 40% in last 4 months as demand for the critical mineral increases with further supply chain restrictions from non-Western countries.

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 update on its ongoing 4,200-metre Reverse Circulation (RC) drill program at the Borralha Tungsten Project. The initial phase of the campaign was launched in early June 2025 and continues to deliver strong technical progress, supporting: (i) an updated Mineral Resource Estimate (MRE), anticipated in Q4 2025; (ii) advanced metallurgical testing; and (iii) the Company's Preliminary Economic Assessment (PEA) for a large scale processing facility located at Borralha, targeted for completion later this year. A further fully funded 1,528 metre drilling is now also planned for the fourth quarter of 2025 to build off of the successes in July.

High-grade results from drill hole Bo_RC_14/25 marks a breakthrough for the Borralha Project, with further drilling and a Preliminary Economic Assessment already underway. The results are particularly timely as tungsten price has reached a new high of $545 USD/MTU, which is an increase of approximately 40% over the past four months as demand for the critical mineral increases in the face of further supply chain restrictions from non-Western countries [Source: FastMarkets].

Roy Bonnell, CEO & Director of Allied, commented, "These initial assay results are a major step forward for the Borralha Project and a clear validation of our geological model. The exceptional tungsten grades intersected in Bo_RC_14/25 place Borralha among the most exciting undeveloped critical mineral assets in Europe. As we advance toward the Mineral Resource update and Preliminary Economic Assessment, these results strengthen our confidence in Borralha's potential to become a cornerstone of Western countries' strategic raw material supply."

As of July 30, 2025, Allied had completed approximately 2,500 metres of drilling across nine drill holes. Drilling operations were temporarily paused during August in compliance with seasonal fire safety restrictions and successfully resumed on September 1, 2025. The program continues to advance towards its objectives, with a clear focus on three key technical priorities:

Expanding and upgrading the existing tungsten resource in accordance with National Instrument 43-101-Standards of Disclosure for Mineral Projects ("NI 43-101"), with emphasis on increasing tonnage and converting Inferred Resources to Indicated Resources classification; and
Collecting representative material for metallurgical testing, to validate marketable concentrate grades at 65% WO₃.

Overview of Drilling to Date:

Drill hole Bo_RC_14/25 confirmed the presence of high-grade tungsten mineralization, with visual observations of massive wolframite supporting the interpretation of a potentially enriched corridor within the breccia-hosted system.
Drill hole Bo_RC_15/25 aimed to access the west deep step-out potential at the south area of the breccia. Visual inspection confirmed the presence of breccia together with evidence of wolframite. Assays of this drill hole are ongoing.
Drill holes Bo_RC_16/25 and Bo_RC_17/25 are infill drillholes to increase the Resource resolution and knowledge of the interchange between the large bulkable medium grade central backbone of the south area of the breccia, into the medium size high-grade corridors deeper to west. As expected, breccia with visible mineralization was visible, and the pending assays results will provide proper interpretation.
Drill holes Bo_RC_18/25 , Bo_RC_19/25 and Bo_RC_26/25 are infill drillholes at the central and lower grade area of the Breccia. Here the goal was to improve the Resource model resolution and grade at this section. Some visible mineralization was identified, but the pending assays are necessary to confirm the potential upgrade.
Drill holes Bo_RC_21/25 and Bo_RC_22/25 are drillholes meant to step-out the previous discovery of a potential new high-grade large corridor at the Bo_RC_11/24 drill hole that has no resources due to lack of composites pairs. Both drillholes encountered continuous breccia and multiple zones with visible sulphides and polymetallic indicators, including wolframite and chalcopyrite, reinforcing the continuity and depth of the mineralized system. Pending assays will confirm if a new economical vector for considerable Resource expansion is present at the north deep area of the breccia.

Table 1 – Collar locations

New ID	Coordinates (WGS84)		Az.(º)	Dip .(º)	DEPTH (m)
Bo_RC_14/25	585445	4611405	109	80	265.00
Bo_RC_15/25	585347	4611368	109	70	255.00
Bo_RC_16/25	585406	4611329	105	60	251.00
Bo_RC_17/25	585426	4611295	109	75	237.00
Bo_RC_18/25	585461	4611431	109	75	241.00
Bo_RC_19/25	585470	4611493	109	82	247.00
Bo_RC_21/25	585484	4611552	109	85	370.00
Bo_RC_22/25	585484	4611552	109	70	375.00
Bo_RC_26/25	585586	4611449	289	60	287.00

Figure 1 - Drill collar plan showing planned holes for the ongoing 5,728 m RC campaign at the Borralha Project. The red outline delineates the main mineralized breccia zone.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11632/265023_a4b3ded4f486c9d6_001full.jpg

All samples from the nine completed drill holes have been dispatched to ALS Laboratories in Seville for geochemical analysis, with initial assay results now beginning to return. The first results received from hole Bo_RC_14/25 confirm the presence of tungsten mineralization, consistent with earlier visual observations. Additional assay results from the remaining holes are expected over the coming weeks.

Building on Visual Confidence with Excellent Drill Results

The early stages of the 2025 RC drill campaign at Borralha Project were marked by highly encouraging visual intercepts across several holes. With the arrival of the first assays, that confidence has now been materially validated. Initial data confirms not only the continuity of breccia-hosted mineralization but also suggests that the Borralha Project hosts very high-grade tungsten intercepts as described below.

The results from the Bo_RC_14/25 drill hole represents a major technical milestone for Allied. The grade and length of the intercept reinforce the Company's position that the Borralha Project is one of Europe's most strategically important undeveloped tungsten assets. These assays will feed directly into the upcoming Mineral Resource Estimate (MRE) and Pre-Economic Assessment (PEA), both of which are expected to underpin Allied's near-term development plans.

Assay Highlights from Bo_RC_14/25 include, from 252.00m downhole:

12.0 m @ 4.27% WO₃*, including
6.0 m @ 8.39% WO₃*

*WO₃Tungsten trioxide % converted from W ppm multiplied by 1.2611 stoichiometric factor. W ppm results are from ALS Laboratories analytical method ME-MS81. For the ME-MS81 above detection limit of >10,000 ppm assays, ME-XRF15c is used.

A geological cross section for hole Bo_RC_14/25 is presented below, illustrating the location of the high-grade intercept within the broader breccia-hosted mineralized zone. The section highlights the continuity of the tungsten-bearing structures, the correlation with visual observations, and the potential for further extensions at depth and along strike.

Figure 2 - Geological Cross-Section for hole Bo_RC_14/25.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11632/265023_a4b3ded4f486c9d6_002full.jpg

Technical Information and Quality Control / Quality Assurance

Drillholes were all conducted with RC diamond bit drilling. All sample bags were pre-marked prior to drilling. They were each identified with an internal sequence number used as a sample identifier, both the sample for analysis and its reject samples. Each analytical sample bag is filled with a portion of 2 m length of drilled rock and each reject sample bag will take another representative portion of 1 m length of drilled rock. Thus, each two reject samples will be the equivalent to one assay sample. The splitting is done as part of the drilling process using a rotary splitter.

The analytical samples were collected directly from the rig splitter according to a sampling list that documented the metres and sampling sequence for each drill hole. This list also identified which sample should be collected in duplicate as well as which certified reference material ('CRM') were to be placed in the numerical sequence. The CRMs were randomly inserted at every 20 samples (5%), and duplicate samples were collected every 20 samples (5%). Thus, there's an alternating CRM and Duplicate every 10th sample.

The analytical and reject samples are then transported in boxes from the drilling site to the core shed by a designated employee. The analytical samples were stored on labelled palettes for later direct shipping to the ALS preparation laboratories in Seville, Spain. Later, the pulp and reject samples were securely stored in the logging room on the property.

To the best of the Company's knowledge, no drilling, sampling, recovery, or other factors exist that would materially compromise the accuracy or reliability of the referenced data

RC samples were prepared by ALS preparation laboratory in Seville, Spain, crushing the sample with up to 70% of the material passing a 2 mm screen, and then each sample was split to 250 g and pulverized with hardened steel to 85% passing a 75 μm screen. Each resultant sub-sample was then direct shipped to their certified assay laboratory Dublin Road, Loughrea, Co., Ireland.

The samples are analyzed by the ME-MS81 ALS method that applies a lithium borate fusion to the sample and the result of this fusion is measured by applying an ICP-MS. It is also applied to the ALS ME-4ACD81 procedure which reports base metals by a 4-acid digestion and later analyzed by an ICP-MS procedure. Any over-limit tungsten values were re-analysed at the same laboratory by a W-XRF15b procedure that uses a lithium borate fusion with an XRF analysis. The analytical results were then securely emailed to the Company.

Qualified Person's Statement and Data Verification

The scientific and technical information in this news release has been reviewed and approved by Mr. Vítor Arezes, BSc, MIMMM (QMR), Vice-President Exploration of Allied Critical Metals, who is a Qualified Person for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Arezes is not independent of Allied Critical Metals as he is an officer of the Company.

The Qualified Person has verified the data disclosed herein by reviewing core logs and drill records, validating collar and downhole survey data, assessing database integrity, reviewing assay QA/QC (CRMs, blanks, and duplicates), and reconciling reported intervals to the original laboratory certificates. The verification did not identify any factors that would materially affect the accuracy or reliability of the information presented.

Project Momentum and Strategic Positioning

The drill program is a cornerstone of Allied's strategy to position Borralha as Europe's leading high-grade tungsten development, combining grade, scale, and near-term production potential in a secure EU jurisdiction. With tungsten designated as a Critical and Strategic Raw Material by both the European Union and the United States, Borralha directly addresses Western supply vulnerabilities at a time of rising global demand and constrained Chinese exports. As one of the only advanced-stage tungsten assets in Western Europe, Borralha is uniquely placed to support defense readiness, AI, EVs, and the EU's Critical Raw Materials Act objectives for domestic sourcing.

This campaign also supports Allied's permitting and development milestones, including the submission of additional technical information in response to follow-up questions from the Environmental Impact Assessment (EIA) evaluation committee–a standard step in the review process. The Company expects to deliver its formal response by third quarter of 2025, with a final decision anticipated in fourth quarter of 2025 or early first quarter of 2026.

Next Steps

Allied is now preparing to complete the final 1,600 metres of drilling to reach the planned total of 4,200 metres for the current Phase 1 campaign. The remaining holes, including Bo_RC_20/25, Bo_RC_23/25, and Bo_RC_24/25 and Bo_RC_25/25, have been selected based on strong visual intercepts, structural continuity, and geological insights from previously completed drilling. Minor adjustments to the drill plan are being implemented to maximize coverage of key mineralized corridors while maintaining program efficiency. In addition, a further 1,528 metres drilling is now also planned for the fourth quarter of 2025 to build off of the successes in July.

Following a scheduled pause in August due to the regional fire season, drilling resumed on September 1 with two rigs operating simultaneously. The campaign has quickly regained momentum and remains on track to complete the targeted meterage within the planned timeframe. Field operations continue to run efficiently, positioning Allied to generate the technical data required for the upcoming Mineral Resource Estimate (MRE) update and Preliminary Economic Assessment (PEA).

New Advisory Role; Other Corporate

The Company is announcing that Colin Padget has resigned his position as director effective September 1, 2025, but is being retained as an advisor to the Company going forward. The Company wishes to thank Colin for his contributions and looks forward to his continued involvement as an advisor to the Company.

In addition, the Company prematurely announced the grant of stock options (Options) and restricted share units (RSUs) in its news release dated September 2, 2025. In light of the drill results in this press release, the Company is postponing the grant to a future date.

ON BEHALF OF THE BOARD OF DIRECTORS,

"Roy Bonnell"

Roy Bonnell
CEO and Director

For further information or investor relations inquiries, please contact:

Dave Burwell
Vice President, Corporate Development
Email: daveb@alliedcritical.com
Tel: 403-410-7907
Toll Free: 1-888-221-0915

About Tungsten

It is critical to understand the difference between wolframite mineralization of tungsten and scheelite mineralization of tungsten. Scheelite often reports higher grades (0.3%-1.0% WO₃) but is more costly and complex to process, requiring flotation methods with higher capital and operating expenditures and lower recoveries.ⁱIn contrast, wolframite, which is the focus of Allied Critical Metals can be processed more efficiently using gravity and magnetic separation, resulting in lower costs and higher recoveries, making lower grades (~0.15%-0.25% WO₃) economically viable in wolframite deposits.ⁱⁱ For example, a wolframite deposit with 0.4% WO₃ over 3 metres can be more profitable than a scheelite deposit with 0.7% WO₃ over the same interval due to lower processing costs and higher recovery rates.ⁱⁱⁱ

In Western exploration drilling, scheelite tungsten grades typically range from 0.3% to 1.0% WO₃.^iv The cut-off grade for economic viability is generally around 0.1% WO₃, with highly efficient operations able to mine at grades as low as 0.08% WO₃.^v Skarn deposits, a common deposit type, typically range from 0.34% to 1.4% WO₃, with intercepts of 0.4% WO₃ over 1-5 metres considered very good and 0.7% WO₃ over 1-3 metres considered very high-grade.^vi Intercept lengths can range from 0.6 metres to over 100 metres, with longer intercepts at strong grades generally preferred for economic mining. For example, two leading western tungsten mines demonstrate the standards for scheelite with results like 9.5 m @ 0.76% WO₃ and 14.1 m @ 0.58% WO₃^vii at the Sangdong Mine* in South Korea and 18 m @ 1.00% WO₃ reported at the Mt. Carbine Tungsten Project* in Australia.^viii

In contrast, the Panasqueira Mine* in Portugal typically reports 1-5 m @ 0.25-0.5% WO₃ as a wolframite deposit^ix A result like 0.5% WO₃ over 3 metres is considered typical and strong within Western tungsten exploration standards, especially for wolframite tungsten mineralization.^x

To understand tungsten, it is also important to recognize that China, Russia, and North Korea control approximately 87% of the world's tungsten supply, using cheap labour and minimal environmental standards in authoritarian regimes.^xi As a result, production costs and grades in these countries are not comparable to Western projects, which operate under higher labour, ESG, and energy cost structures.^xii Evaluating projects outside these regions provides a realistic benchmark for what grades and intercepts are economically viable while supporting secure, NATO-aligned supply chains.^xiii

For Allied, this context is significant, as the Company's grades, ranging from 0.2% to 1.0% WO₃, are considerable against global wolframite benchmarks, with intercepts that meet or exceed typical Western results.^xiv The Company's focus on wolframite will correspond to lower processing costs and higher recoveries, supporting project economics even at lower grades.^xv Allied's operations in secure jurisdictions align with Western critical mineral needs, avoiding geopolitical risks associated with China and Russia while positioning the Company to benefit from growing tungsten demand across defense, aerospace, and electrification sectors.^xvi Allied's strong grades, low-cost processing advantages, and secure location position it as a strategic and responsible tungsten exploration company, well placed to support robust project economics in a rising-demand market.^xvii

*The results cited for the Sangdong Mine, the Panasqueira Mine and the Mt. Carbine Tungsten Project are based on public disclosures and are presented for industry benchmarking and comparison purposes only. Allied has no interests in those mineral projects.

About Allied Critical Metals Inc.

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 with advantageous wolframite tungsten mineralization. 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 86% of the total global supply and reserves. Tungsten is used in a variety of industries such as defense, automotive, manufacturing, electronics, and energy.

Please 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/
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 documents incorporated by reference therein, filed under its SEDAR+ profile at www.sedarplus.ca for a description of additional risk factors. The Company disclaims any intention or obligation to revise forward-looking statements whether as a result of new information, future developments or otherwise, except as required by law.

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