Diamond Equity Research Releases Update Note on Allied Critical Metals Inc. (CSE: ACM) (OTCQB: ACMIF) (FSE: 0VJ0)

New York, Sept. 25, 2026 (GLOBE NEWSWIRE) -- Diamond Equity Research LLC, an equity research firm with a focus on small capitalization public companies has released an update report on Allied Critical Metals Inc. (CSE: ACM) (OTCQB: ACMIF) (FSE: 0VJ0). The research summary below is from a report commissioned by Allied Critical Metals Inc. and produced by Diamond Equity Research. The report includes detailed information on Allied Critical Metal’s business model, industry overview, financials, management profile, and risks factors. 

The full research report is available below.

Allied Critical Metals Inc. September 2026 Update Note

Highlights from the report include:

Santa Helena Drilling Continues to Validate Broad Mineralised Continuity and Internal Higher-Grade Zones: ACM continues to advance the Borralha Tungsten Project through its ongoing infill and technical drilling program at the Santa Helena Breccia (SHB), with four additional holes supporting the continuity of tungsten mineralisation within the current Mineral Resource envelope. The results form part of the company's fully funded 20,000-metre exploration and development drilling program, which combines resource conversion, technical and engineering drilling at Santa Helena with exploration drilling at Venise Breccia. The latest results comprise 63.4 metres at 0.16% WO₃ from Bo_19/26, including 45.5 metres at 0.19% WO₃, 15.8 metres at 0.36% WO₃ and 7.9 metres at 0.45% WO₃; 43.4 metres at 0.17% WO₃ from Bo_18/26, including 25.6 metres at 0.25% WO₃ and 7.9 metres at 0.38% WO₃; 22.1 metres at 0.10% WO₃ from Bo_16/26, including 11.0 metres at 0.16% WO₃ and 1.8 metres at 0.61% WO₃; and 7.9 metres at 0.22% WO₃ from Bo_14/26, including 2.0 metres at 0.72% WO₃. Together with the previously reported Bo_13/26 intercept of 81.5 metres at 0.22% WO₃, including 57.6 metres at 0.30% WO₃, 23.8 metres at 0.68% WO₃ and 4.0 metres at 2.96% WO₃, the results demonstrate broad mineralised intervals containing narrower higher-grade tungsten zones, broadly consistent with the geometry and grade distribution of the current resource model and the bulk underground mining approach evaluated in the PEA. The Bo_18/26 cross-section illustrates the relationship between the latest drilling and the current SHB Mineral Resource block model, providing additional support for the geological interpretation being used in ongoing resource and mine-planning work. The broader drilling program is also generating the technical dataset required for resource conversion, mine planning and future feasibility-level studies. We believe the significance of the current program extends beyond confirming mineralisation, as improved resource confidence and the accumulation of geotechnical, metallurgical and engineering data should progressively reduce technical uncertainty as Borralha advances beyond the PEA stage.

Broader SHB Program Targets Mine Design Inputs and Resource Expansion Beyond the Current PEA: Beyond resource-focused infill drilling, the broader SHB program is collecting the geotechnical, metallurgical and engineering data required to support subsequent underground mine design and more advanced technical studies. Bo_15/26 and Bo_17/26 have been completed primarily for geotechnical and mine-planning purposes, while Bo_23/26 and Bo_26/26 have been completed with assays pending and additional holes remain in progress. The program is also testing extensions to the SHB mineralised system beyond the current PEA mine plan and collecting metallurgical variability samples across the anticipated mining sequence, with the resulting data being incorporated into ACM’s geological and resource-model work. In parallel with providing inputs for future engineering studies, step-out drilling offers the potential to delineate additional mineralisation outside the current mine plan, which could ultimately support resource growth and potential mine-life extension.

Board Renewal Adds Mining, Governance and U.S. Strategic Expertise as ACM Advances Toward Development: ACM has proposed four new director nominees for election at its October 22, 2026 annual and special meeting, materially broadening the Board’s experience across mine development and operations, Portuguese mining, public-company governance and U.S. national security. The nominees include Major General (Ret.) James A. “Spider” Marks, former Commanding General of the U.S. Army Intelligence Center and a director of Allied Critical Metals USA; Richard “Rick” LaBelle, former CEO of Atlas Salt and Dumas Mining with extensive mine-development and operating experience; David Danziger, CPA, CA, a former senior public-company assurance executive at MNP with significant capital-markets and governance experience; and António Salvador, former Managing Director and Country Manager of Somincor, operator of the Neves-Corvo mine in Portugal. We note that the proposed Board renewal is particularly relevant as ACM transitions from exploration and PEA-stage evaluation toward more advanced project development. Current directors Sean O’Neill and Andrew Lee will not stand for re-election and will remain on the Board until the conclusion of the meeting. The proposed appointments remain subject to shareholder election at the October 22 meeting.

Venise Drilling Tests Exploration Upside Beyond Borralha’s Current Resource and PEA: Alongside the SHB program, ACM continues to advance exploration at the Venise Breccia, located approximately 400 metres northwest of Santa Helena, where drilling is testing a separate tungsten-molybdenum-bearing breccia system. The discovery hole, Bo_BV_01b, returned 13.0 metres at 1.00% WO₃, including 3.0 metres at 4.15% WO₃, while follow-up holes Bo_BV_02b and Bo_BV_04a have been completed to approximately 775.9 metres and 665.2 metres, respectively, with assays pending. Drilling is also ongoing at Bo_BV_05a and Bo_BV_06b. Unlike the development-focused work at SHB, Venise remains an early-stage exploration target and is not included in Borralha’s current Mineral Resource, mine plan or PEA. The plan view highlights the spatial separation between the SHB development area and Venise, demonstrating that exploration is testing mineralisation beyond the footprint currently supporting Borralha’s economic evaluation. We currently attribute no value to Venise in our valuation given its early exploration stage; therefore, successful delineation of a material resource could provide incremental upside to our current base-case valuation. Pending and ongoing drill results should provide greater clarity on the potential scale of the system and whether Venise warrants progression toward formal resource delineation. The reported assays have also passed the company's batch-level QA/QC review, with certified reference materials, blanks and duplicates returning within acceptable limits and no issues identified that would materially affect the accuracy or reliability of the reported results.

Strategic Financing Progress Improves Funding Visibility for Borralha and Vila Verde: ACM is progressing toward closing the US$15 million Second Tranche of its previously announced US$25 million non-brokered private placement, priced at $2.05 per common share, with the Existing Strategic Investor and New Strategic Investor. Following due diligence by both parties, the Existing Strategic Investor has confirmed its intention to backstop the contemplated investment by the New Strategic Investor. The private placement forms part of a broader funding package comprising US$25 million of equity and a separate US$15 million project financing facility. ACM has indicated that it has sufficient funding to complete the ongoing 20,000-metre Borralha drilling campaign and has already ordered certain long-lead items for the Vila Verde Pilot Plant as it advances the project toward targeted tungsten concentrate production. While the Second Tranche remains subject to closing, we believe the strategic investor commitments and broader funding package provide greater visibility over the capital required for ACM’s near-term Borralha drilling and Vila Verde pilot-plant development programs.

Nasdaq Listing Application Targets Broader U.S. Investor Access: ACM has applied to list its common shares on the Nasdaq Capital Market, with the proposed listing intended to broaden access to U.S. institutional and retail investors, expand potential sources of capital and potentially improve trading liquidity and market visibility. The initiative forms part of ACM’s broader capital-markets strategy and, if completed, would complement its existing CSE listing with access to a substantially larger U.S. equity market. The proposed listing remains subject to satisfaction of Nasdaq listing requirements, regulatory approvals and completion of customary listing processes.

Valuation: Allied Critical Metals has been valued primarily using a DCF-based NAV methodology, to which we assign a 75% weighting, complemented by a 25% weighting to comparable company analysis. The DCF framework applies an 8.0% discount rate, assumes no terminal value and incorporates separate project-level forecasts for Borralha and Vila Verde. For Borralha, we model the 13.0 Mt M&I resource as the core operating base over an 11-year mine life, while the 7.7 Mt Inferred resource is treated separately as lower-confidence mine-life extension optionality. The latest SHB drilling provides additional support for the geological interpretation underlying our existing Borralha development case; however, as the results have not yet been incorporated into an updated Mineral Resource Estimate or economic study, we have made no corresponding adjustment to our base-case NAV. Similarly, we assign no value to the Venise Breccia, which remains outside the current Mineral Resource, mine plan and PEA, leaving potential resource delineation at Venise as incremental upside not captured in our valuation. For Vila Verde, we model a near-term pilot plant case with initial throughput of 150,000 tpa over five years. We complement the project-level DCF with a comparable company analysis based on EV/contained WO₃ for publicly listed tungsten-focused peers. On a blended basis, the 75% DCF / 25% comparable-company methodology results in an illustrative equity value of C$3.50 per share, which we reaffirm following the latest operational update, contingent on successful execution by the company.

About Allied Critical Metals Inc.

Allied Critical Metals Inc. is a Canadian-based critical minerals development company focused on becoming a leading European supplier of tungsten and associated critical metals. Through its 100%-owned Borralha and Vila Verde Projects in northern Portugal, ACM is advancing a portfolio of strategically significant assets positioned to support European and North American supply chain security, defence requirements, energy transition technologies and advanced manufacturing industries.The Borralha Project is one of the largest undeveloped tungsten resources within the European Union and benefits from a favourable Environmental Impact Declaration (DIA), positioning the Project for advancement toward feasibility and development. Vila Verde represents additional exploration upside within the same strategic jurisdiction. Tungsten has been designated a critical raw material by the United States and the European Union due to its strategic importance in defense, aerospace, manufacturing, automotive, electronics and energy applications. Currently, China, Russia and North Korea account for approximately 87% of global tungsten supply and reserves, highlighting the importance of secure western sources. 

Further details regarding the Borralha Project are available in the Company's NI 43-101 Preliminary Economic Assessment Technical Report dated April 14, 2026, filed on SEDAR+ at www.sedarplus.ca and on the Company's website at www.alliedcritical.com. 

About Diamond Equity Research

Diamond Equity Research is an equity research and corporate access firm focused on small capitalization companies. Diamond Equity Research is an approved sell-side provider on major institutional investor platforms.

For more information, visit https://www.diamondequityresearch.com.

Disclosures:

Diamond Equity Research LLC is being compensated by Allied Critical Metals, Inc. for producing research materials regarding Allied Critical Metals, Inc. and its securities, which is meant to subsidize the high cost of creating the reports and monitoring the security, however the views in the report reflect that of Diamond Equity Research. All payments are received upfront and are billed for research engagement. As of 09/25/26 Allied Critical Metals, Inc. has paid us $50,000 for our company sponsored research services, which commenced 04/30/2026 and is billed annually, which could present a conflict of interest. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. Allied Critical Metals, Inc. has not paid us for non-research related services as of 09/25/2026. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then. Diamond Equity Research LLC for a distinct engagement and not for this specific report is being compensated by Almonty Industries, Inc. for producing research materials regarding Almonty Industries, Inc. and its securities, which is meant to subsidize the high cost of creating the reports and monitoring the security, however the views in the reports reflect that of Diamond Equity Research. All payments are received upfront and are billed for research engagement. As of 09/25/26 Almonty Industries, Inc. has paid us $100,000 for our company sponsored research services, which commenced 03/07/2025 and is billed annually upfront for $50,000. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. Almonty Industries, Inc. has not paid us for non-research related services as of 09/25/2026. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then. Almonty Industries Inc.’s payments are disclosed as security mentioned in this report; however, they have not paid for this specific report. Additional research cash compensation may be received in future years if issuer engagements are renewed. Although Diamond Equity Research company sponsored reports are based on publicly available information and although no investment recommendations are made within our company sponsored research reports, given the small capitalization nature of the companies we cover we have adopted an internal trading procedure around the public companies by whom we are engaged, with investors able to find such policy on our website public disclosures page. This report and press release do not consider individual circumstances and does not take into consideration individual investor preferences. Artificial intelligence-assisted tools were used to support certain research, information synthesis, and editorial processes. Statements within this report may constitute forward-looking statements, these statements involve many risk factors and general uncertainties around the business, industry, and macroeconomic environment.This report is based on information we consider reliable, including the subject of the report.This report does not explicitly or implicitly affirm that the information contained in this document is accurate and/or comprehensive, and as such should not be relied on in such capacity. All information contained within this report is subject to change without any formal or other notice provided.  Investors need to be aware of the high degree of risk in small capitalization equities including the complete potential loss of their investment. Investors can find various risk factors in the initiation report and in the respective financial filings for Allied Critical Metals Inc., which may not be comprehensive. Please review update report attached for full report disclosures.

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• Allied Critical Metals Inc. September 2026 Update Note

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