Generation Mining Announces Feasibility Study Report Update for the Marathon Copper-Palladium Project

Generation Mining Limited (TSX: GENM; OTCQB: GENMF) (“Gen Mining” or the “Company”) is pleased to announce positive results on the updated Feasibility Study (“2025 FS” or the “Feasibility Study”) for the Marathon Copper-Palladium Project (the “Project”) located near the Town of Marathon in Northwestern Ontario. All dollar amounts are in Canadian dollars (“$” or “C$”) unless otherwise stated. All references to “Mlbs” are to millions of pounds and “Moz” are to millions of troy ounces and “koz” are to thousands of troy ounces.

Highlights:

Robust Base Case economics1: An after-tax NPV6% of $1.07 billion, IRR of 28% and 1.9 year payback period based on the 3-yr trailing average metal prices at the effective date2
Strong critical mineral production during pre-production and the first three years of commercial operation: 151 Mlbs of payable copper, 720 koz of payable palladium and 156 koz of platinum
Initial Capital: C$992 million3
Attractive AISC: Life of mine (“LOM”) all-in sustaining costs (“AISC”) of US$2.05/CuEq lb or US$781/PdEq oz3
At recent long-term consensus prices2: An after-tax NPV6% of $876 million, IRR of 24% and 2.2 year payback period, with 41% of payable metal revenues attributable to copper and 41% attributable to palladium
At recent spot prices2: An after-tax NPV6% of $749 million, IRR of 21% and 2.4 year payback period, with 44% of payable metal revenues attributable to copper and 37% attributable to palladium.
Average annual payable metals: 42 Mlbs copper, 168 koz palladium, 38 koz platinum, 12 koz gold and 240 koz silver over approximately 13 years of mine life
Jobs: Creation of over 800 jobs during construction and over 400 direct permanent jobs during operations
The Next Critical Mineral, Shovel-Ready Project: Fully Permitted for Construction federally and waiting for approval on last permit from the Government of Ontario.

The 2025 FS incorporates the results of the Project optimization work reported by the Company in a news release entitled “Generation Completes Optimization Work for the Marathon Project with Improved Mine Plan and Reduced Capex” issued on November 20, 2024, which focused on two key aspects: 1) optimization of the mine plan to maximize metal production and defer waste stripping in the early years of operations in order to improve early cash flows and reduce the payback period (“Mine Plan Optimization”); and 2) optimization of the process plant design and layout, including sizing of key equipment, plant footprint and foundations, in order to reduce the initial Project capital costs (“Initial Capital Optimization”, and together with the Mine Plan Optimization, the “Optimization Work”).

The Optimization Work has now been further updated to incorporate changes to Mineral Resources, Mineral Reserves, the Life-of-Mine (LOM) mining plan and operating and capital costs, using the same metal price assumptions which formed the basis of the November 20, 2024 news release.

The 2025 FS was prepared by Ausenco Engineering Canada ULC (“Ausenco”), along with contributions from Moose Mountain Technical Services (“MMTS”), Knight Piésold Ltd. (“KP”), P&E Mining Consultants Inc. (“P&E”), and JDS Energy and Mining, Inc (“JDS”).

The 2025 FS outlines the operation of an open pit mine and process plant over a mine life of 12.5 years and replaces the Company’s previous feasibility study entitled “Amended Feasibility Study Update, Marathon Palladium & Copper Project, Ontario, Canada” dated May 31, 2024.

Jamie Levy, President and CEO of the Company, commented, “The updated Feasibility Study for the Marathon Copper-Palladium Project clearly underscores its potential to be Ontario’s next producing critical mineral mine. The project not only benefits from a strong commodity mix of critical metals but also stands as a strategic Canadian response to growing threats in the global mineral supply chain.

The Marathon Project’s significant exposure to copper and palladium positions it as a uniquely attractive opportunity in the critical mineral space in North America. With copper facing long-term supply constraints and persistent supply risks from the primary palladium producers in Russia and South Africa, the Marathon Project is well positioned to support North American and European smelters. The Project’s advanced development and permitting is also a key differentiator, which positions us to bring metal to market faster than any other North American copper project not yet in construction.”

Kerry Knoll, Executive Chairman of the Company commented, “Anticipating the final permit approvals from the provincial government in the near future, the Marathon Project is on track to become the next major shovel-ready critical metal project in Ontario and Canada. The potential backing from provincial and national critical metal funds, combined with support from banks, private equity, institutional investors, and retail shareholders, provides a strong foundation for securing full financing in the near term.”

Economic Analysis

The updated Feasibility Study underscores the continued economic robustness of the Marathon Project with an after-tax NPV6% of $1.07 billion, IRR of 28% and 1.9 year payback period based on the 3-yr trailing average metal prices as of November 1, 2024.

The following table presents the key outputs of the economic analysis for the 2025 FS using 3-year trailing average metal prices, together with the same analysis performed using spot and consensus metal prices, and foreign exchange rate assumptions:

Item	Units	2025 FS(c)	March 25, 2025 Spot(d)	March 2025 long-term consensus(e)
Key Assumptions
Exchange rate (C$/US$)	C$/US$	1.35	1.44	1.37
Palladium Price	US$/oz	1,525	965	1,133
Copper Price	US$/lb	4.00	4.43	4.52
Platinum Price	US$/oz	950	1,003	1,240
Gold Price	US$/oz	2,000	2,983	2,511
Silver Price	US$/oz	24.00	33.68	31.19

Revenue Split (a)
Palladium	%	52	37	41
Copper	%	34	44	41
Platinum	%	7	9	10
Gold	%	5	9	7
Silver	%	1	2	2

Economic Results (b)(f)
Pre-Tax Cash Flow (undiscounted)	$M	3,009	2,291	2,576
Pre-Tax NPV6%	$M	1,660	1,189	1,375
Pre-Tax IRR	%	1.7	2.0	1.8
Pre-Tax Payback	years	35.1%	27.6%	30.6%
After-Tax Cash Flow (undiscounted)	$M	2,032	1,554	1,744
After-Tax NPV6%	$M	1,070	749	876
After-Tax IRR	%	1.9	2.4	2.2
After-Tax Payback	years	27.6%	21.4%	23.8%
Notes:
(a) Totals may not add to 100% due to rounding. Splits presented before adjustments for the impact of the Precious Metals Purchase Agreement (“PMPA”) with Wheaton Precious Metals Corp. (“Wheaton”).
(b) The economic analysis was carried out in real terms (i.e., without inflation factors) in Q4 2024 Canadian dollars, assuming no project construction financing but inclusive of mining equipment leasing.
(c) Metal price assumptions are based on the adjusted 3-year historical trailing averages as of November 1, 2024 for each of the metals. The 3-year averages are as follows: Palladium - US$1,523/oz, Copper at U$4.02/lb, Platinum at US$964/oz, Gold at US$1,995/oz and Silver at US$24.02/oz.
(d) March 25, 2025 spot prices of US$965/oz palladium, US$4.58/lb copper US$981/oz platinum, US$3,020/oz gold, US$33.68/oz silver and exchange rate of C$1.43 : US$1.00, source: Bloomberg
(e) Long-term consensus pricing provided by Haywood Securities as of March 24, 2025.
(f) See Non-IFRS Financial Measures, below, for additional information on Pre-Tax and After-Tax Cash Flows.

Sensitivities

The Project has significant leverage to palladium and copper prices. The after-tax valuation sensitivities for the key metrics are shown below.

After-Tax NPV6% Results	Palladium Price Sensitivity (US$/oz)
800	1,000	1,250	1,500	1,525	1,750	2,000	2,200
Copper Price Sensitivity (US$/lb)	2.50	(291)	(9)	308	612	643	916	1,214	1,466
3.00	(120)	145	452	758	788	1,057	1,368	1,606
3.50	41	296	598	899	929	1,211	1,509	1,746
4.00	194	438	741	1,040	1,070	1,352	1,649	1,886
4.50	337	582	883	1,195	1,225	1,492	1,788	2,023
5.00	484	723	1,023	1,335	1,365	1,632	1,927	2,165
5.50	625	866	1,178	1,475	1,505	1,771	2,067	2,306

After-Tax IRR Results	Palladium Price Sensitivity (US$/oz)
800	1,000	1,250	1,500	1,525	1,750	2,000	2,200
Copper Price Sensitivity (US$/lb)	2.50	-	5.7%	13.5%	19.9%	20.5%	25.5%	30.7%	34.5%
3.00	2.8%	9.6%	16.4%	22.4%	23.0%	27.8%	32.7%	36.4%
3.50	7.0%	12.9%	19.2%	24.8%	25.4%	30.0%	34.7%	38.3%
4.00	10.5%	15.8%	21.7%	27.1%	27.6%	32.1%	36.6%	40.1%
4.50	13.6%	18.5%	24.1%	29.3%	29.8%	34.1%	38.5%	41.9%
5.00	16.4%	21.0%	26.4%	31.4%	31.9%	36.0%	40.3%	43.6%
5.50	19.0%	23.5%	28.6%	33.4%	33.8%	37.8%	42.1%	45.3%

After-Tax Payback	Palladium Price Sensitivity (US$/oz)
800	1,000	1,250	1,500	1,525	1,750	2,000	2,200
Copper Price Sensitivity (US$/lb)	2.50	-	7.8	4.3	2.5	2.5	2.0	1.8	1.5
3.00	10.4	5.6	3.3	2.3	2.2	1.9	1.5	1.4
3.50	6.8	4.9	2.9	2.1	2.1	1.8	1.5	1.4
4.00	5.6	4.2	2.4	2.0	1.9	1.6	1.4	1.3
4.50	5.0	3.0	2.1	1.9	1.8	1.5	1.4	1.3
5.00	4.2	2.4	2.0	1.6	1.6	1.4	1.3	1.2
5.50	3.0	2.2	1.9	1.5	1.5	1.4	1.3	1.2

After-Tax Results	OPEX Sensitivity
+30%	+15%	0%	-15%	-30%
NPV6% ($M)	669	871	1,070	1,282	1,479
Payback (yrs)	2.3	2.1	1.9	1.8	1.6
IRR (%)	21.2%	24.6%	27.6%	30.5%	33.1%

After-Tax Results	CAPEX Sensitivity
+30%	+15%	0%	-15%	-30%
NPV6% ($M)	860	966	1,070	1,173	1,277
Payback (yrs)	3.0	2.3	1.9	1.5	1.2
IRR (%)	19.6%	23.1%	27.6%	33.8%	42.7%

After-Tax Results	FX Sensitivity
1.25	1.30	1.35	1.40	1.45
NPV6% ($M)	840	955	1,070	1,199	1,313
Payback (yrs)	2.2	2.0	1.9	1.9	1.6
IRR (%)	23.7%	25.7%	27.6%	29.5%	31.3%

Capital Costs

The initial capital costs for construction and ramp-up, together with expected sustaining capital and closure costs, are presented in the table below:

Capital Area	2025 FS ($M)
Mobile Equipment for Construction(a)	74
Processing Plant	280
Infrastructure	88
TSF, Water Management and Earthworks	97
EPCM, General and Owners Cost	198
Preproduction, Startup, Commissioning	169
Contingency	87
Initial Capital	992
Preproduction revenue(b)	(184)
Total	809
Sustaining Capital	565
Closure and Reclamation Costs	72
Notes:
(a) Mobile equipment acquired for Construction is presented as the cost of equipment deposits and lease payments during the construction and pre-production period. The remainder of the equipment leasing costs are incurred during operations and included in sustaining capital.
(b) Revenue net of Related Off-Site Costs (Transport, Smelter, and Royalties) and working capital adjustments. See Economic Analysis, above, for additional information on the metal price assumptions used in the 2025 FS.

Operating Costs

The Project operating costs have been updated and are reflected in the table below.

Description	Units	Operating Cost
Mining(a)	$/t processed	12.93
Processing	$/t processed	8.57
General & Administration	$/t processed	2.62
Concentrate Transport Costs	$/t processed	1.96
Treatment & Refining Charges	$/t processed	2.38
Royalties	$/t processed	0.10
Total Operating Costs	$/t processed	28.56
Average Operating Cost	US$/oz PdEq(c)	663
Average All-in Sustaining Cost (b)	US$/oz PdEq(c)	781
Average Operating Cost	US$/lb CuEq(c)	1.74
Average All-in Sustaining Cost (b)	US$/lb CuEq(c)	2.05
Notes:
(a) Mining cost per tonne mined is C$3.49/t .
(b) All-in sustaining cost excludes the impact of the Wheaton PMPA.
(c) See Non-IFRS Financial Measures, below, for additional information on Operating Costs, AISC, PdEq and CuEq.

Mine Plan

The life of mine plan has been updated and the production details are summarized in the table below.

	Units	2025 TR
LOM Throughput
Peak Process Plant Throughput	tpd	27,700
	Mt/year	10.1
Peak Mining Rate	tpd	164,000
	Mt/year	60
Mine Production (LOM)
Total Mined	Mt	489.7
Total Waste Mined	Mt	361.4
Total Ore Mined	Mt	128.3
Strip Ratio	waste:ore	2.8
Payable Metal (LOM)
Palladium	koz	2,161
Copper	Mlbs	532
Platinum	koz	488
Gold	koz	160
Silver	koz	3,051

Mineral Resources

The Mineral Resource Estimate below is for the combined Marathon, Geordie and Sally Deposits. The Mineral Resource Estimates for Marathon, Geordie and Sally were prepared by P&E.

Pit Constrained Combined Mineral Resource Estimate for the Marathon, Geordie and Sally Deposits (Effective date November 1, 2024)

Mineral Resource Classification	Tonnes	Pd	Cu	Pt	Au	Ag
Mt	g/t	koz	%	Mlbs	g/t	koz	g/t	koz	g/t	koz
Marathon Deposit
Measured	164.0	0.56	2,973	0.20	712	0.18	970	0.07	358	1.7	9,089
Indicated	38.1	0.39	476	0.18	153	0.13	159	0.06	71	1.6	1,896
Meas. + Ind.	202.0	0.53	3,449	0.19	865	0.17	1,129	0.07	429	1.7	10,985
Inferred	2.9	0.36	34	0.16	10	0.13	12	0.06	6	1.2	112
Geordie Deposit
Indicated	17.3	0.56	312	0.35	133	0.04	20	0.05	25	2.4	1,351
Inferred	12.9	0.51	212	0.28	80	0.03	12	0.03	14	2.4	982
Sally Deposit
Indicated	24.8	0.35	278	0.17	93	0.2	160	0.07	56	0.7	567
Inferred	14.0	0.28	124	0.19	57	0.15	70	0.05	24	0.6	280
Total Project
Measured	164.0	0.56	2,973	0.20	712	0.18	970	0.07	358	1.7	9,089
Indicated	80.1	0.41	1,066	0.21	379	0.13	339	0.06	152	1.5	3,814
Meas. + Ind.	244.1	0.51	4,039	0.20	1,091	0.17	1,309	0.06	510	1.6	12,903
Inferred	29.8	0.39	370	0.22	147	0.10	94	0.05	44	1.4	1,374
*Notes*:
a. Mineral Resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
b. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues. Mineral Resources are reported inclusive of Mineral Reserves.
c. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
d. The Marathon Mineral Resource is reported within a constrained pit shell at a NSR cut-off value of $13.6/t.
e. Marathon NSR ($/t) = (Cu % x 111.49) + (Ag g/t x 0.73) + (Au g/t x 80.18) + (Pd g/t x 56.02) +(Pt g/t x 36.49) – 2.66
f. The Marathon Mineral Resource Estimate was based on metal prices of US$1,550/oz Pd, US$4.250/lb Cu, US$1,100/oz Pt, US$2,300/oz Au and US$27/oz Ag, and a C$:US$ exchange rate of C$1.35 to US$1.00.
g. The Sally and Geordie mineral resources are reported within a constraining pit shell at a NSR cut-off value of $13/t.
h. Sally and Geordie NSR ($/t) = (Ag g/t x 0.48) + (Au g/t x 42.14) + (Cu % x 73.27) + (Pd g/t x 50.50) + (Pt g/t x 25.07) – 2.62
i. The Sally and Geordie Mineral Resource Estimate was based on metal prices of US$1,600/oz Pd, US$3.00/lb Cu, US$900/oz Pt, US$1,500/oz Au and US$18/oz Ag, and a C$:US$ exchange rate of 1.30 C$ to 1.00 US$.
j. Contained metal totals may differ due to rounding.

Mineral Reserves

The Mineral Reserve estimate for the Project includes only the Marathon Deposit. The Mineral Reserve Estimate was prepared by MMTS.

Marathon Project Open Pit Mineral Reserve Estimates
(Effective Date of November 1, 2024)

Mineral Reserves	Tonnes	Pd	Cu	Pt	Au	Ag
Mt	g/t	koz	%	M lb	g/t	koz	g/t	koz	g/t	koz
Proven	115.5	0.66	2,434	0.22	549	0.20	754	0.07	264	1.7	6,242
Probable	12.7	0.47	193	0.20	56	0.15	61	0.06	26	1.6	635
P & P	128.3	0.64	2,627	0.21	605	0.20	815	0.07	291	1.8	6,877
*Notes*:
a. The mineral reserves estimate were prepared by Marc Schulte, P.Eng., who is also an independent Qualified Person, reported using the 2014 CIM Definition Standards, and have an effective date of November 1, 2024.
b. Mineral reserves are a subset of the Measured and Indicated Mineral Resources Estimate that has an effective date of November 1, 2024. Inferred class Mineral Resources are treated as waste.
c. Mineral Reserves are based on the 2024 Marathon Project Feasibility Study Update mine plan.
d. Mineral Reserves are mined tonnes and grade; the reference point is the process plant feed at the primary crusher. Process Plant feed tonnes and grade include consideration of mining operational dilution and recovery.
e. Mineral Reserves are reported at a cutoff grade of $16/t NSR. The NSR cut-off assumes Pd Price of US$1,525/oz, Cu price of US$4.00/lb, Pt Price of US$950/oz, Au price of US$2,000/oz, Ag price of US$24/oz, at an exchange rate of 0.74 US dollar per 1.00 Canadian dollar; payable percentages of 95% for Pd, 96.5% for Cu, 93% for Pt, 93.5% for Au, 93.5% for Ag; refining charges of US$24.5/oz for Pd, US$0.079/lb for Cu, US$24.5/oz for Pt, US$0.50/oz for Ag; minimum deductions of 2.875 g/t for Pd, 1.1% for Cu, 2.875 g/t for Pt, 1.0 g/t for Au, 30.0 g/t for Ag; treatment charges of US$79/t and transport and off-site costs of US$125/t concentrates, concentrate ratio of 90.9%; metallurgical recoveries are based on variable grade dependent metallurgical recovery curves.
f. The NSR cut off-value covers process costs of $8.27/t, general and administrative (G&A) costs of $2.63/t, sustaining and closure costs of $3.13/t, ore mining differential costs of $0.57/t, and stockpile rehandle costs of $1.40/t.
g. Numbers have been rounded, which may result in summation differences. Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (CIM (2014) definitions) were used for Mineral Reserve classification.

Qualified Persons

The news release has been reviewed and approved by Daniel Janusauskas, P.Eng., Technical Services Manager of Generation PGM Inc., a wholly-owned subsidiary of the Company, and a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 Standards of Disclosure for Mineral Projects.

The 2025 FS was prepared through the collaboration of the following consulting firms and Qualified Persons, each of whom has reviewed and approved the technical information in this news release which was within their primary area of responsibility:

Consultant Company	Primary Area of Responsibility	Qualified Persons
Ausenco Engineering Canada ULC	Overall integration, capital cost estimation compilation, process plant capital and operating costs, economic analysis, recovery methods, mineral processing and metallurgical testwork	Tommaso Roberto Raponi, P. Eng.
JDS Energy and Mining, Inc.	Infrastructure, and earthworks capital cost estimates, and project execution plan	Jean-Francois Maille, P.Eng.
Knight Piésold Ltd.	Tailings Storage Facility, water balance, geotechnical studies (mine rock storage piles, open pit and local infrastructure and foundations)	Craig N. Hall, P.Eng.
Moose Mountain Technical Services	Mineral Reserves, mining methods, mining operating and capital cost estimate	Marc Schulte, P. Eng.
P&E Mining Consultants, Inc.	Property description and location, accessibility, history, geological setting and mineralization, deposit types, exploration, drilling, sample preparation and security, data verification, Mineral Resource Estimates and adjacent properties	Eugene J. Puritch, P.Eng., FEC, CET Jarita Barry, P.Geo. Fred H. Brown, P.Geo. David Burga, P.Geo. William Stone, PhD, P.Geo.

NI 43-101 Technical Report

The 2025 FS was prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves adopted May 19, 2014, and in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Gen Mining intends to file the 2025 FS referenced in this news release as an NI 43-101 Technical Report on or before March 31, 2025. Readers are encouraged to read this Technical Report in its entirety, including all qualifications, assumptions and exclusions that relate to the details summarized in this news release. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.

About the Company

Gen Mining’s focus is the development of the Marathon Project, a large undeveloped copper-palladium deposit in Northwestern Ontario. The Marathon Property covers a land package of approximately 22,000 hectares, or 220 square kilometers. Gen Mining is dedicated to fostering a greener future by promoting sustainability, empowering communities, and delivering value to our stakeholders.

About Ausenco

Ausenco is a global company redefining what's possible. The team is based out of 21 offices working across 5 continents to deliver services worldwide. Combining deep technical expertise with a 30-year track record, Ausenco delivers innovative, value-add consulting, studies, project delivery, asset operations and maintenance solutions to the minerals and metals and industrial sectors (www.ausenco.com).

Non-IFRS Financial Measures and Other Measures

The Company has included certain financial measures in this news release, including initial capital cost, operating costs, AISC, and Pre-Tax and After-Tax Cash Flows, which are not measures recognized under IFRS and do not have a standardized meaning. These non-IFRS financial measures are included in this document because these statistics are measures that management will use to monitor future financial performance, and to plan and assess the overall effectiveness and efficiency of future mining operations. The Company does not have historical non-IFRS financial measures nor historical comparable measures under IFRS, and therefore the foregoing prospective non-IFRS financial measures may not be reconciled to the nearest comparable measures under IFRS. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore, they may not be comparable to similar measures employed by other companies. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.

Non-IFRS performance measures used herein are defined as follows:

Initial Capital includes all costs incurred from the effective date of the 2025 FS (excluding historical sunk costs) until the point where commercial production is achieved, including expenses related to engineering, equipment purchase and installation, process plant and mine infrastructure construction, and any other costs associated with putting the Project into operations.
Operating Costs includes mining, processing, general and administrative and other, concentrate transportation costs, treatment and refining charges, and royalties. Costs related to the Wheaton PMPA are excluded.
AISC includes Operating Costs, closure and reclamation costs, and sustaining capital.
Pre-tax Cash Flow includes total revenue less Operating Costs, working capital adjustments, equipment financing, initial capital, sustaining capital, closure costs. Costs related to the Wheaton PMPA are included.
After-tax Cash Flow includes Pre-tax Cash Flow less income taxes payable.

The Marathon Project is a polymetallic deposit. For purposes of estimating the Company’s anticipated costs and future financial performance, the Company discloses certain financial measures herein based on estimates of future palladium equivalent (“PdEq”) and copper equivalent (“CuEq”) metal production. The Company’s estimated PdEq and CuEq are calculated using the payable metals estimates derived from the Company’s LOM, as follows:

Palladium Equivalent ounces uses the formula PdEq oz = Pd oz + (Cu lb x 4.00 US$/lb + Pt oz x US$950/oz + Au oz x US$2000/oz + Ag oz x US$24.00/oz) / US$1525 Pd/oz.
Copper Equivalent pounds uses the formula CuEq lbs = Cu lbs + (Pd oz x US$1,525/oz + Pt oz x US$950/oz + Au oz x US$2000/oz + Ag oz x US$24.00/oz) / US$4.00 Cu/lb.

Information Concerning Estimates of Mineral Reserves and Resources

The Mineral Reserve and Mineral Resource Estimates in this press release have been disclosed in accordance with NI 43-101, which differs from the requirements of the U.S. Securities and Exchange Commission (the “SEC”), and information with respect to mineralization and Mineral Reserves and Mineral Resources contained herein may not be comparable to similar information disclosed by U.S. companies.

The SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). These amendments became effective February 25, 2019 (the “SEC Modernization Rules”) with compliance required for the first fiscal year beginning on or after January 1, 2021. Under the SEC Modernization Rules, the historical property disclosure requirements for mining registrants included in Industry Guide 7 under the U.S. Securities Act of 1933, as amended, will be rescinded and replaced with disclosure requirements in subpart 1300 of SEC Regulation S-K. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources.” In addition, the SEC has amended its definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” to be “substantially similar” to the corresponding standards under NI 43-101. While the SEC will now recognize “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”, U.S. investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of Mineral Resources or into Mineral Reserves. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, U.S. investors are cautioned not to assume that any Measured Mineral Resources, Indicated Mineral Resources, or Inferred Mineral Resources that the Company reports are or will be economically or legally mineable. Further, “Inferred Mineral Resources” have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, U.S. investors are also cautioned not to assume that all or any part of the “Inferred Mineral Resources” exist. There is no assurance that any Mineral Reserves or Mineral Resources that the Company may report as “Proven Mineral Reserves”, “Probable Mineral Reserves”, “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources” under NI 43-101 would be the same had the Company prepared the Reserve or Resource Estimates under the standards adopted under the SEC Modernization Rules.

Mineral Resources are not Mineral Reserves, and do not have demonstrated economic viability, but do have reasonable prospects for economic extraction. Measured and Indicated Mineral Resources are sufficiently well defined to allow geological and grade continuity to be reasonably assumed and permit the application of technical and economic parameters in assessing the economic viability of the Mineral Resource. Inferred Mineral Resources are estimated on limited information not sufficient to verify geological and grade continuity or to allow technical and economic parameters to be applied. Inferred Mineral Resources are too speculative geologically to have economic considerations applied to them to enable them to be categorized as Mineral Reserves. There is no certainty that Mineral Resources of any classification can be upgraded to Mineral Reserves through continued exploration.

The Company’s Mineral Reserve and Mineral Resource figures are estimates and the Company can provide no assurances that the indicated levels of mineral will be produced or that the Company will receive the price assumed in determining its Mineral Reserves. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information becomes available. While the Company believes that these Mineral Reserve and Mineral Resource Estimates are well established and the best estimates of the Company’s management, by their nature Mineral Reserve and Mineral Resource Estimates are imprecise and depend, to a certain extent, upon analysis of drilling results and statistical inferences which may ultimately prove unreliable. If the Company’s Mineral Reserve or Mineral Reserve Estimates are inaccurate or are reduced in the future, this could have an adverse impact on the Company’s future cash flows, earnings, results or operations and financial condition.

The Company estimates the future mine life of the Marathon Project. The Company can give no assurance that its mine life estimate will be achieved. Failure to achieve this estimate could have an adverse impact on the Company’s future cash flows, earnings, results of operations and financial condition.

Forward-Looking Information

This news release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as "forward-looking statements"). Forward-looking statements reflect current expectations or beliefs regarding future events or the Company’s future performance. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects”, “predicts”, “intends”, “anticipates”, “targets” or “believes”, or variations of, or the negatives of, such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved, including statements related to mineral resource and reserve estimates; proposed mine production plans; projected mining and process recovery rates (including mining dilution); estimates related to reclamation and closure costs; the timing for receipt of government permits, sufficient financing or to commence construction of the Marathon Project, metal prices and other economic assumptions (including currency exchange rates); projected capital and operating costs (including the AISC); the timing and volume of payable metal production and revenues; and the economic analysis and results (including cash flows, IRRs, NPVs and payback period).

Although the Company believes that 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 statements. There are certain factors that could cause actual results to differ materially from those in the forward-looking information. These include the timing for a construction decision; the progress of development at the Marathon Project, including progress of project expenditures and contracting processes, the Company’s plans and expectations with respect to liquidity management, continued availability of capital and financing, the future prices of palladium, copper and other commodities, permitting timelines, exchange rates and currency fluctuations, increases in costs, requirements for additional capital, and the Company’s decisions with respect to capital allocation, and the impact of COVID-19, inflation, global supply chain disruptions, global conflicts, including the wars in Ukraine and Israel, the project schedule for the Marathon Project, key inputs, staffing and contractors, continued availability of capital and financing, uncertainties involved in interpreting geological data and the accuracy of Mineral Reserve and Resource Estimates, environmental compliance and changes in environmental legislation and regulation, the Company’s relationships with Indigenous communities, results from planned exploration and drilling activities, local access conditions for drilling, and general economic, market or business conditions, as well as those risk factors set out in the Company’s annual information form for the year ended December 31, 2023, and in the continuous disclosure documents filed by the Company on SEDAR+ at http://www.sedarplus.ca/.

Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date or dates specified in such statements. The Company disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law. For more information on the Company, investors are encouraged to review the Company’s public filings on SEDAR+ at www.sedarplus.ca.

Footnotes:

1 Unless otherwise noted, the economic analysis includes the impact of the WPM PMPA

2 See Economic Analysis, below, for metal price and exchange rate assumptions

3 See Non-IFRS Financial Measures, below, for additional information on Initial Capital, AISC, PdEq and CuEq.

Contacts

For further information please contact:
Jamie Levy
President and Chief Executive Officer
(416) 640-2934 (O)
(416) 567-2440 (M)

jlevy@genmining.com

Source

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GENM:CA

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.

Please visit our website at www.alliedcritical.com.

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LinkedIn: https://www.linkedin.com/company/allied-critical-metals-inc
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The Canadian Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.

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