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

New York, Oct. 20, 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, and risks factors. 

The full research report is available below.

Allied Critical Metals Update Note October 2026

Highlights from the report include:

Second Tranche Funding Accelerates Borralha and Vila Verde Execution: ACM has successfully closed the US$15 million Second Tranche of its US$25 million non-brokered private placement by issuing 10.3 million shares at C$2.05 per share with new strategic investor Tribeca Investment Partners. As part of a broader financing structure alongside a separate US$15 million project facility, this capital injection enhances funding visibility for near-term operations. The proceeds are designated to support the ongoing 20,000-metre drilling campaign at the Borralha Tungsten Project and the development of the Vila Verde Pilot Plant, including long-lead equipment procurement, as ACM works toward planned tungsten concentrate production.

FY2026 Results Reflect Accelerated Project Spending: ACM reported a net loss of C$28.7 million (C$0.18 per share) for the fiscal year ended June 30, 2026, versus C$5.6 million (C$0.23 per share) in FY2025. The wider loss was driven primarily by non-cash share-based compensation of C$18.7 million and an increase in exploration and evaluation expenditure to C$5.6 million as drilling, metallurgical and PEA work accelerated at Borralha and Vila Verde. Excluding share-based compensation, the operating loss was C$10.6 million. Cash used in operations of C$11.0 million was more than offset by C$34.9 million of net financing inflows, lifting year-end cash to C$24.0 million (FY2025: C$0.4 million) and working capital to C$21.4 million. Adding the net proceeds of the Second Tranche and subsequent warrant and option exercises, we estimate pro forma cash of approximately C$44.4 million, with this capital intended to support near term operations.

Borralha Secures EU Strategic Project Status: ACM announced that its Borralha Tungsten Project has been selected as one of 46 Strategic Projects under the European Union's Critical Raw Materials Act (CRMA). Borralha is the only Portuguese project and the only tungsten extraction project included in this selection, providing access to streamlined permitting procedures (maximum 27-month timeline for extraction projects) and enhanced access to both public and private financing support.

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 a 7.0% 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 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 drilling-related 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. To reflect prevailing market conditions, we updated our tungsten price assumption to a 5-year normalization path, dropping from US$2,500/MTU WO₃ to a long-term price of US$1,900/MTU. On a blended basis, the 75% DCF / 25% comparable-company methodology results in an illustrative equity value of C$3.50 per share, 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 10/20/26 Allied Critical Metals, Inc. has paid us $50,000 for our company sponsored research services, which commenced 04/30/2026 and is billed annually. 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 10/20/2026. 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 10/20/26 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 10/20/26. 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 update 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 Update Note October 2026

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