Core Viewpoint - Allied Critical Metals Inc. has provided additional economic and technical details regarding the Preliminary Economic Assessment (PEA) for its Borralha Tungsten Project in Portugal, confirming that the previously announced PEA economics remain unchanged while offering more clarity on capital efficiency and cash flow generation [1][2][3]. Economic Results - The PEA outlines three pricing scenarios for tungsten: - Base case at $962/mtu WO₃ (USD $704/mtu WO₃) with an NPV of $182.7 million (USD $134.0 million) and an IRR of 27.2% - Medium case at $1,365/mtu WO₃ (USD $1,000/mtu WO₃) with an NPV of $473.4 million (USD $346.6 million) and an IRR of 48.8% - High case at $2,049/mtu WO₃ (USD $1,500/mtu WO₃) with an NPV of $963.8 million (USD $706.4 million) and an IRR of 78.4% [5][6][8]. Capital Efficiency - The estimated initial capital cost for the Borralha Project is approximately $125 million (USD $91.5 million), reflecting a compact infrastructure layout designed to support efficient underground mining and processing operations [13][21]. - The project is expected to generate an average annual revenue of approximately $252.52 million (USD $184.89 million) and an average annual EBITDA of approximately $142.18 million (USD $104.10 million) at a tungsten price of USD $1,000/mtu WO₃ [8][22]. Infrastructure and Site Requirements - The Borralha Project benefits from a well-developed infrastructure platform, including a planned hydro-electric power connection, water supply and recycling systems, and road access, which minimizes environmental impact [25][30]. - The project design integrates processing, backfill, water management, and power supply systems to support efficient underground mining operations [30][36]. Mineral Resource Estimate - The PEA is based on the updated Mineral Resource Estimate for the Santa Helena Breccia, which includes 13 million tonnes at a grade of 0.21% WO₃ for measured and indicated resources, and 7.7 million tonnes at a grade of 0.18% WO₃ for inferred resources [12][11]. Market Context - Current tungsten market prices are reported to be significantly above the USD $1,000 per mtu sensitivity case presented in the PEA, reaching approximately $2,998 per mtu (USD $2,195 per mtu) as of March 6, 2026 [7][40]. - Tungsten is recognized as a critical raw material by the United States and the European Union, emphasizing the strategic importance of the Borralha Project in securing western sources of tungsten [40].

Core Viewpoint - Allied Critical Metals Inc. has announced significant results from its 2023-2024 drill program at the Borralha Tungsten Project in Portugal, highlighting the potential for a stable and scalable source of tungsten concentrate outside of China and Russia [4][11][23]. Drill Program Highlights - The drill program involved over 3,685 meters drilled across 16 holes, with notable intercepts including 0.68% WO₃ over 2.0 meters and 0.63% WO₃ over 16.0 meters [5][6][11]. - The Borralha Technical Report indicates a mineral resource estimate of 4.98 million tonnes at 0.22% WO₃ (Indicated) and 7.01 million tonnes at 0.20% WO₃ (Inferred) [11]. Economic Context - Tungsten is classified as a critical metal, with approximately 87% of the global supply controlled by China, Russia, and North Korea, making Allied's project strategically important for Western markets [23][22]. - The focus on wolframite tungsten mineralization allows for lower processing costs and higher recoveries, enhancing the economic viability of the project even at lower grades [20][22]. Future Plans - The company plans to provide an updated Mineral Resource Report in Q4 2025, which will include results from over 5,700 meters of drilling from the current program [11]. - Continued exploration efforts are aimed at further defining the resource potential of the Borralha Tungsten Project [12].

Group 1: Recent IPO Activity - Six companies, led by two mining firms, went public in the U.S. last week, including three blank check companies [1] - Aura Minerals plans to raise $210 million with a market cap of $2.1 billion, primarily generating revenue from gold and some copper [1] - Almonty Industries aims to raise $75 million with a market cap of approximately $1.5 billion, focusing on tungsten production for the defense industry [1] - Majestic Ideal Holdings, a Chinese supply chain management company, raised $15 million but saw a significant drop in share price, closing down 45% [1][2] Group 2: Upcoming IPO Filings - Three companies submitted initial filings last week, each planning to raise over $100 million: Bullish, Miami International, and Heartflow [2][3] - Avidbank, a California-based commercial bank, filed for a $70 million IPO [3] Group 3: Upcoming IPO Outlook - NIQ Global Intelligence plans to raise $1.1 billion with a market cap of $6.5 billion, serving as a leading provider of consumer intelligence [4][7] - Accelerant aims to raise $550 million with a market cap of $4.2 billion, operating a data-driven risk exchange for professional insurance [5][7] - McGraw Hill plans to raise $500 million with a market cap of $4 billion, focusing on educational publishing and digital learning solutions [5][7] - Carlsmed, a medical technology company, plans to raise $101 million with a market cap of $430 million, specializing in spine surgery solutions [6][7]