Core Viewpoint - Cerrado Gold Inc. has received an unfavorable opinion from the Portuguese Environmental Agency regarding the Environmental Impact Assessment for the Lagoa Salgada Project, despite the project being deemed approved due to the expiration of the statutory deadline for a final decision [1][2][9]. Regulatory Context - Under Portuguese law, the APA was required to issue an Environmental Impact Declaration within 50 business days, which lapsed on January 22, 2026, leading to tacit approval of the EIA submitted on November 8, 2025 [2]. - The project has undergone significant improvements based on previous feedback from the APA, addressing concerns raised in May 2025 [6][10]. - The unfavorable opinion from the APA is based on potential risks to the hydrodynamic balance of aquifers, which the company argues were not previously identified and thus should not be grounds for a negative opinion [8][12]. Company Actions - The company is currently reviewing the APA's unfavorable opinion and is engaging with local authorities to seek a resolution that benefits all stakeholders [4][14]. - If constructive engagement does not yield a favorable outcome, the company plans to file a legal claim to enforce the RJAIA and confirm the project's tacit approval [5][14]. Strategic Significance - The Lagoa Salgada Project is recognized as a Project of National Interest by the Portuguese Government and aligns with the EU Critical Raw Materials Act, contributing to the secure supply of critical metals in Europe [5][15]. - The project is a high-grade polymetallic deposit containing zinc, copper, lead, tin, silver, and gold, with significant exploration potential [15][20].

Core Viewpoint - Allied Critical Metals has received a favorable environmental impact declaration for its Borralha Tungsten Project in Portugal, marking a significant regulatory milestone for the company [1][2]. Regulatory Approval - The environmental impact declaration allows the project to progress to the Project of Execution and RECAPE stage, along with subsequent licensing phases as per Portuguese regulations [2]. - The approval reflects the quality of the technical and environmental work completed and enables the company to advance to the next stage of permitting and detailed engineering [3]. Project Background - The Borralha Tungsten Project is a brownfield site with a historical production record of over 10,280 tonnes of wolframite concentrate extracted between 1904 and 1985, with an average grade of 66% tungsten trioxide [4]. - The environmental impact declaration evaluated various factors, including social, cultural, and ecological impacts [4]. Environmental Measures - Suggested measures include underground mining techniques to limit surface disruption, rehabilitation plans for historic mining sites, and protection strategies for water resources [5]. - The declaration includes closed-loop water management, dry-stacked tailings, and environmental monitoring plans to mitigate impacts [5]. Strategic Importance - The project aligns with the EU Critical Raw Materials Act, which aims to diversify supply sources for critical industrial and defense sectors within the EU [5]. - Allied Critical Metals has received recognition from idD Portugal Defense, highlighting its role in revitalizing tungsten production in Portugal and the project's strategic importance for national and European defense supply chains [6]. Economic Impact - The project is expected to stimulate regional employment and economic activity through local procurement initiatives and long-term investments [7].