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Questcorp Mining Completes Induced Polarization Survey at the Marisa Zone – North Island Copper Project

Investing 4 Mins Read

Questcorp Mining Inc. (CSE: QQQ,OTC:QQCMF) (OTCQB: QQCMF) (FSE: D910) (the ‘Company’ or ‘Questcorp’) is pleased to announce the successful completion of 12.8 line kilometres of induced polarization (‘IP’) surveying over the Marisa Zone at its 1,168-hectare North Island Copper Project located near Port Hardy on Vancouver Island, British Columbia.

The Company is currently reviewing the newly acquired geophysical data and will release a detailed interpretation once the technical team has completed its evaluation. As part of this process, Peter E. Walcott and Associates Limited will integrate the historical 1992 IP survey data with the new 2026 survey results to generate a comprehensive 3D inversion model of the target area.

The results of this work are expected to assist in defining priority drill targets. Subject to final interpretation and permitting timelines, the Company intends to initiate permitting for a drill program in late H1 or early H2 2026.

Previous exploration at the Marisa Zone identified copper mineralization associated with an IP chargeability anomaly. In 1992, two of five diamond drill holes were completed to test the anomaly intersected copper mineralization, including:

  • 0.078% copper over 56.39 metres (DDH92-01)
  • 0.041% copper over 70.71 metres (DDH92-03)

Both intercepts were encountered within altered quartz diorite, with copper grades increasing with depth in DDH92-03.

Source: Geophysical and Diamond Drilling Report on the Marisa Property, G.J. Allen and P.G. Dasler, February 29, 1992, prepared for Great Western Gold Corporation.

‘This recently completed IP survey represents an important step in advancing the Marisa Zone target,’ stated Saf Dhillon, President & Chief Executive Officer of Questcorp Mining. ‘The survey has successfully confirmed the presence of the historical chargeability anomaly identified in earlier work. Once Walcott and Associates completes the 3D inversion and our technical team finishes reviewing the results, we expect to refine potential drill targets and move toward a drill program later in 2026.’

The Company cautions that a Qualified Person has not verified the historical exploration data referenced in this release. The presence of mineralization on adjacent or nearby properties, including NorthIsle Copper and Gold and BHP properties, is not necessarily indicative of mineralization on the North Island Copper Project.

The technical content of this news release has been reviewed and approved by R. Tim Henneberry, P. Geo (BC), a Director of the Company and a Qualified Person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Questcorp Mining Inc.

Questcorp is engaged in the business of the acquisition and exploration of mineral properties in North America, with the objective of locating and developing economic precious and base metal properties of merit. The Company holds an option to acquire an undivided 100-per-cent interest in and to mineral claims totalling 1,168.09 hectares comprising the North Island Copper property, on Vancouver Island, B.C., subject to a royalty obligation. The Company also holds an option to acquire an undivided 100-per-cent interest in and to mineral claims totalling 2,520.2 hectares comprising the La Union project located in Sonora, Mexico, subject to a royalty obligation.

ON BEHALF OF THE BOARD OF DIRECTORS,

Saf Dhillon
President & CEO

Questcorp Mining Corp.
saf@questcorpmining.ca
Tel. (604-484-3031)
Suite 550, 800 West Pender Street
Vancouver, British Columbia
V6C 2V6

https://questcorpmining.ca

This news release includes certain ‘forward-looking statements’ under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the intended use of proceeds from the Offering; and closing of subsequent tranches of the Offering. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties, uncertain capital markets; and delay or failure to receive board or regulatory approvals. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/288086

News Provided by TMX Newsfile via QuoteMedia

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Benchmark: Surging Copper Prices Highlight Looming Global Supply Challenges

Investing 7 Mins Read

Copper prices surged through 2025 and into 2026, placing the red metal firmly back into the spotlight as concerns about a looming global supply shortfall mount among market watchers.

Analysts say the tightening outlook reflects a powerful mix of rising demand — driven by urbanization, the energy transition and the rapid expansion of artificial intelligence infrastructure — against a backdrop of stagnant mine supply.

Speaking at the Benchmark Summit, held in Toronto on March 2, Carlos Piñeiro Cruz, principal copper analyst at Benchmark Mineral Intelligence, outlined the key forces shaping the copper market in the near term, while warning that structural supply challenges could intensify over the coming decade.

Copper supply side increasingly tight

It would be a lie to suggest that the copper supply and demand situation is tenable.

In 2025, mining disruptions led to significant declines in output. Cruz noted that production in Q4 2024 exceeded that of any quarter in 2025; in fact, the sector lost around 1 million metric tons (MT) of output in total.

Much of the reduction was due to unforeseen situations, such as the mudslide at Freeport-McMoRan’s (NYSE:FCX) Grasberg in Indonesia, seismic events at Ivanhoe Mines’ (TSX:IVN,OTCQX:IVPAF) Kamoa-Kakula in the Democratic Republic of the Congo and worker strikes at BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) Escondida in Chile.

While the operations will eventually recover, the incidents come at a time when the copper market is increasingly tight and is expected to enter into a supply deficit in the coming years.

Cruz is predicting copper production growth of 1.5 percent in 2025, suggesting that the growth rate is behind what is expected from refined copper demand. The majority of the increase will come from mines returning to normal operations, with additional amounts from projects or expansions that began ramping up in 2025.

Cruz stated that pre-disruption growth was originally forecast at around 2 million MT in 2026, but has since been downgraded by around 700,000 MT, with the majority of the reduction coming from Escondida.

“We see that supply coming in this year will be highly skewed towards H2 as mines recover, with a 9 percent increase between Q1 and Q4, with most of this growth coming from South America, Africa and Asia, ex-China,” Cruz said.

From there, he expects growth to stabilize in 2027 at a much higher rate than this year, with Africa to experience a faster growth rate than the overall market. In the long run, Cruz predicts a compound annual growth rate of 0.9 percent between 2025 and 2035, with copper output peaking in 2033 at 27 million MT.

Copper demand drivers to watch

One of the main areas Cruz focused on was the acceleration of demand driven by the energy transition, artificial intelligence and technology. A lot of the new demand is coming from electric vehicles (EVs) — while the amount of copper in each EV is seen declining, demand growth will remain strong as sales increase.

“We do think that copper density on EVs is going to go down substantially. From 2010 to 2035, it’s going to go from 85 kilograms per unit to 64 kilograms per unit. In spite of this, we still think that copper demand from battery EVs and hybrid vehicles will grow substantially from around 2.3 million MT in 2025 to 6 million MT in 2035,” Cruz said.

It’s not just EVs, other technologies like artificial intelligence, data centers and communications are placing additional strains on the electrical infrastructure. Increasing demand for new power lines, electrical generators and energy storage is further bolstering downstream demand for copper.

“We anticipate demand from these particular sectors will grow from around 10 million MT in 2025 to 14 million MT in 2035. With most of the demand coming from energy transmission and generation,” Cruz said.

He went on to explain that transmission and generation account for 77 percent of the anticipated growth.

Cruz thinks energy demand has been overshadowed by the growth in data centers, where he suggested that copper demand will increase by only about 400,000 MT between 2025 and 2035.

“Of the growth I told you about from EVs with almost 4 million MT, or the demand from energy infrastructure with a little less than 3 million MT, it’s not that impressive. Although it still adds up to a substantial growth,” he said.

100 new copper mines by 2035?

The key takeaway from Cruz’s presentation was that a copper supply gap is developing. While he pointed out that the annual supply growth rate will come in at around 1 percent, demand is nearly double at 1.9 percent.

“This basically means that with the mines that currently exist, plus the projects that are under construction, we expect to see a difference in what needs to be mined and what will be mined in 2035 of around 7.4 million MT,” he said.

When probable projects are factored in, the supply gap narrows, but a 2.2 million MT shortfall still exists. However, these additional projects are not guaranteed. Cruz suggested that to avoid shortfalls, 100 new mines with output in the 75,000 MT range need to be built by 2035 — but this won’t be an easy task. Of the 10 largest mines in the world, only two were built after 2010; meanwhile, many of the others are decades or over 100 years old.

One reason new mines are scarce is long permitting processes, but Cruz also acknowledged that newly found large-scale deposits are at greater depths and lower grades. This has led to a scarcity of greenfield projects, with most growth coming from expansions at existing mines, a trend Cruz expects to continue over the coming years.

“Looking ahead, we expect this trend to continue to the point that we anticipate that by 2031, new production from greenfield projects will be half of what it was in 2011,” he said.

Additionally, Cruz said the copper market is becoming increasingly bifurcated, with China set to be a dominant force in both production and refinement of the red metal moving forward.

“The supply gap, or the future copper shortage, is something that the industry has been warning about for years now. The truth is, it seems not a lot of people are paying attention to it, but China has,” he said.

Cruz explained that China’s involvement in the Democratic Republic of Congo was the result of extensive planning and considerable investment. In fact, Chinese companies have collectively surpassed western producers and are securing their own supply chain.

Investor takeaway

Overall, Cruz believes the copper sector is well positioned for investment.

While he has some concern that smelting capacity is nearing saturation, he expects the situation to return to balance by 2031 and thinks that competition for concentrate will keep producer costs lower until then.

The combination of low treatment charges, high copper prices and even higher by-product gold, silver and molybdenum prices has helped increase margins and profitability for operators.

“We think that the market is in a very good position right now for miners at least. You could argue that for smelters it’s good as well despite the treatment and refinement charges, and we think that if these factors last a little bit longer, we expect some of these projects to bring the copper that humanity needs,” Cruz said.

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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Prince Silver

Investing 5 Mins Read

Investor Insight

With a strong asset foundation, C$8 million in cash, and an experienced technical team, Prince Silver is well-positioned to capitalize on the current macro tailwinds in the silver and manganese markets. The project has a US Critical Minerals advantage, hosting silver, zinc, lead, and manganese, in addition to gold.

Overview

Prince Silver (CSE:PRNC,OTCQB:PRNCF) is a Vancouver-based exploration company focused on unlocking value at the Prince silver project in southeastern Nevada.

In July 2025, the company completed a transformational acquisition of Stampede Metals Corporation and subsequently rebranded from Hawthorn Resources to Prince Silver Corp.

The flagship asset is a district-scale, past-producing silver-gold-zinc-manganese carbonate replacement system, historically mined through the early to mid-1900s. The immediate objective is to validate and expand upon the 129 historic drill holes (over 16,600 meters) to convert the exploration target into a maiden NI 43-101 mineral resource, targeted for the fourth quarter of 2026.

Company Highlights

  • Flagship Project: 100 percent ownership of the historic Prince silver mine in Lincoln County, Nevada, an open, near-surface silver-gold-zinc carbonate replacement deposit. It has an exploration target of 23 to 45 million tons, with strong historic grades.
  • Fully Funded Drilling Program Underway: A 9,000-meter reverse-circulation drill program is now underway with a steady stream of assay results expected from January to May 2026. This follows an recent funding raise of approximately C$4.75 million in gross proceeds.
  • Clean Corporate Reset: Hawthorn Resources completed the Stampede Metals acquisition and re-listed as Prince Silver Corp. on July 11, 2025.
  • Tight Share Structure: The company has 58.9 million shares issued and outstanding as of February 23, 2026.
  • US Critical Minerals Leverage: The Prince Project hosts critical and strategic minerals on the 2025 USGS list: silver, zinc, lead, and manganese, in addition to gold.
  • Experienced, Hands-on Leadership: President Ralph Shearing, CEO Derek Iwanaka, and new directors Marco Montecinos, Robert Wrixon and Darrell Rader add mine-building, corporate, and capital-markets depth to the leadership team.
  • Expanded Land Position: The land package at the Prince Silver Project has more than doubled, securing over 7 kilometers of prospective strike length along the mineralized fault system.

Key Projects

Prince Silver Project

The Prince silver project is a large-scale, polymetallic Carbonate Replacement Deposit (CRD) located just west of Pioche, a historic mining district in southeastern Nevada. The project hosts a structurally and stratigraphically controlled system of silver-rich mantos, breccias, and fissure veins. Historic underground production between 1912 and 1949 totaled approximately 1.12 million tons (Mt) at average grades of 100 grams per ton (g/t) silver, 4.5 percent zinc, and 10 percent manganese.

Highlights

  • Geological compilation work has defined an exploration target ranging between 23 and 45 Mt, grading approximately 37 to 40 g/t silver, 1.5 percent zinc, and 0.8 percent lead.
  • The fully-funded 9,000 meter drill program is underway with a steady stream of assay results expected from January to May 2026, targeting a maiden NI 43-101 Mineral Resource Estimate (MRE) in the fourth quarter of 2026.
  • The company recently expanded its land position, securing over 7 kilometers of prospective strike length along the mineralized fault system.

Stampede Gap Copper-Gold-Molybdenum Project

The Stampede Gap Copper-Gold-Molybdenum Project is a large, early-stage porphyry target in Nevada featuring over 200 claims. Historical geophysics have identified multiple IP-resistivity anomalies, and a single 700 meter drill hole encountered extensive skarn alteration. Its location is only 150 kilometers south of KGHM’s Robinson copper-gold-silver-molybdenum mine. The project presents a deep-seated exploration target that has the hallmarks of a large-scale copper-molybdenum deposit.

Management Team

Derek Iwanaka – Chief Executive Officer and Director

Derek Iwanaka is a mining-sector executive with over 23 years of investor relations, corporate development, and capital markets experience. He has supported more than 20 corporate transactions and helped raise over US$100 million, including one of Canada’s first at-the-market financings. Iwanaka previously held senior roles at BeMetals and First Mining Gold Corp., contributing to strategic acquisitions, project advancement, and significant market-cap growth.

Ralph Shearing – President and Director

Ralph Shearing is a professional geologist and mine developer with over 35 years in mineral exploration development and public company management. Since 1987, Shearing has held senior executive positions with public junior mining and exploration companies, notably Luca Mining, a company he founded and guided through exploration, development, construction, and pre-production of the Tahuehueto mine in Mexico. He currently acts as a Qualified Person for Prince Silver’s technical disclosure.

Rob Scott – Chief Financial Officer and Corporate Secretary

Rob Scott’s professional experience has helped raise over $200 million in equity with past and current executive and board positions with TSXV issuers, including Great Bear Resources, Valore Metals, Riverside Resources, Capitan Silver, and First Helium.

Dr. Robert Wrixon – Independent Director

Robert Wrixon is the managing director of Starboard Global, a Hong Kong-based project incubator and VC firm. Wrixon is a seasoned executive and engineer with over 20 years’ experience across ASX- and LSE-listed mining companies. He holds a PhD in mineral engineering from UC Berkeley and brings deep technical, corporate development, and mergers and acquisitions experience.

Darrell Rader – Independent Director

Darrell Rader is the president and chief executive officer of Minaurum Gold, a silver explorer in Mexico. He has directly raised over $150 million for mineral exploration and development and has strong relationships with institutional investors and bankers. Rader founded Defiance Silver Corp, a silver developer, and previously was the head of corporate development at IMPACT Silver. Rader holds a BBA in Finance from Simon Fraser University.

Marco Montecinos – Independent Director

Marco Montecinos has over 40 years of mineral exploration experience across the Americas, including a key role in the three-million-ounce Marlin Gold discovery, multiple gold discoveries, and current roles as chief president of exploration at Gunpoint Exploration and US Critical Metals, as well as president of Tigren, Inc.

This post appeared first on investingnews.com

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Crypto Market Update: Iran war Drives Oil Derivatives Boom On Crypto Exchange

Investing 3 Mins Read

Here’s a quick recap of the crypto landscape for March 11 as of 9:00 a.m. UTC.

Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin (BTC) was priced at US$69,624.27, down by 1.7 percent over the last 24 hours.

Bitcoin price performance, March 11, 2026.

Chart via TradingView

Ether (ETH) was priced at US$2,022.91, down by 1.6 percent over the last 24 hours.

Altcoin price update

  • XRP (XRP) was priced at US$1.37, down by 2.0 percent over 24 hours.
  • Solana (SOL) was trading at US$85.39, up by 2.1 percent over 24 hours.

Today’s crypto news to know

Oil trading surges on crypto derivatives platform

Volatility in global energy markets is spilling into crypto trading platforms, where oil derivatives have suddenly become one of the most active markets.

On decentralized exchange Hyperliquid, an oil-linked perpetual futures contract tracking West Texas Intermediate crude generated about US$1.32 billion in trading volume over the past 24 hours.

The surge made oil the second-most traded contract on the platform after Bitcoin.

The surge followed the escalation of the US-Israel conflict with Iran, which sent oil prices briefly soaring above US$118 per barrel before retreating. Prior to the conflict, the contract typically saw about US$21 million in daily trading.

Data from Hyperliquid shows Bitcoin still dominates trading activity with roughly US$3.64 billion in daily volume, but the WTI contract has now leapfrogged assets such as Ether, silver, and gold.

Strategy adds nearly 18,000 Bitcoin in US$1.28 billion purchase

Strategy (NASDAQ:MSTR) continued its aggressive accumulation strategy last week, revealing it purchased 17,994 Bitcoin for about US$1.28 billion between March 2 and March 8.

According to a regulatory filing, the company paid an average price of roughly US$70,946 per coin. The latest purchase lifts Strategy’s total holdings to 738,731 Bitcoin, acquired at a combined cost of about US$56.04 billion.

China’s top court warns of tougher penalties for crypto crime

China’s Supreme People’s Court has signaled a harder line against cryptocurrency-related financial crime, pledging stricter penalties for individuals using digital assets to launder money or move funds overseas.

Chief Justice Zhang Jun issued the warning in the court’s annual report to the National People’s Congress, highlighting the growing role of crypto in cross-border financial offenses.

Authorities say the crackdown is part of a broader campaign against technology-enabled crime, which increasingly includes artificial intelligence-driven fraud and coordinated online harassment campaigns known as “human flesh search.”

Despite the ban, enforcement agencies say criminals have continued to exploit digital assets to bypass China’s strict capital controls, which limit individuals to transferring US$50,000 abroad each year.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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1911 Gold Announces Closing of US$15 Million Drawdown Under Credit Facility with Auramet International

Investing 8 Mins Read

/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

1911 Gold Corporation (‘1911 Gold’ or the ‘Company’) (TSXV: AUMB) (OTCQX: AUMBF) (FRA: 2KY) is pleased to announce that, further to the news release dated February 20, 2026, the Company has closed the initial drawdown of US$15 million (the ‘Tranche 1 Amount’) under the loan agreement dated February 19, 2026 (the ‘Loan Agreement’) with Auramet International, Inc. (‘Auramet’), which provides for a US$30 million secured credit facility (the ‘Credit Facility’). It is anticipated that the proceeds from the Credit Facility, including the Tranche 1 Amount, will be used to advance critical operational milestones at the True North Gold Project, specifically providing the capital required to purchase essential mining equipment, underground development at the True North mine, and the installation of the new crushing circuit at the mill.

The outstanding principal amount under the Credit Facility accrues interest at a rate of 12% per annum calculated and payable monthly in arrears on the last business day of each calendar month; provided, however, that no interest shall accrue on the Tranche 1 Amount for a period of six months following the closing date of the initial drawdown of the Tranche 1 Amount (the ‘Closing Date‘). The Tranche 1 Amount shall be amortized and repaid to Auramet in 12 equal monthly instalments of US$1.25 million commencing on the date that is 13 months following the Closing Date and ending on the date that is 24 months following the Closing Date (the ‘Maturity Date‘).

The obligations under the Loan Agreement are secured by a first-ranking security interest on all personal property of the Company and a continuing collateral mortgage against the Company’s True North Gold Project and Rice Lake exploration properties. The Loan Agreement includes terms and conditions customary for a transaction of this nature, including certain specified positive and negative covenants and mandatory prepayment terms.

Subject to the satisfaction of certain conditions precedent, the remaining US$15 million of the Credit Facility will be made available during the period commencing on the date that is 90 days following the Closing Date and ending on the date that is 180 days following the Closing Date.

In consideration for the arrangement of the Credit Facility, on the Closing Date, the Company paid Auramet an arrangement fee of US$1,050,000, representing 3.5% of the aggregate principal amount of the Credit Facility, which fee was satisfied by the issuance of 1,369,600 common shares in the capital of the Company (‘Common Shares‘) at a deemed price of C$1.05 per Common Share. Additionally, in consideration for the lending of the Tranche 1 Amount, on the Closing Date, the Company paid Auramet a drawdown fee of US$375,000, representing 2.5% of the Tranche 1 Amount, which fee was satisfied by the issuance of 489,142 Common Shares at a deemed price of C$1.05 per Common Share, and issued to Auramet 4,500,000 common share purchase warrants of the Company (the ‘Tranche 1 Warrants‘), with each Tranche 1 Warrant exercisable to purchase one Common Share at an exercise price equal to C$1.07 per Common Share, representing a 10% premium to the 5-day volume-weighted average price of the Common Shares on the TSXV for the five consecutive trading days ending on (and including) the date of the Loan Agreement, with such Tranche 1 Warrants expiring on the Maturity Date, subject to acceleration.

The Common Shares and the Tranche 1 Warrants issuable pursuant to the Loan Agreement and the Common Shares underlying the Tranche 1 Warrants are subject to a four-month statutory hold period under applicable Canadian securities laws, which will expire on July 10, 2026.

The securities issuable pursuant to the Loan Agreement have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ‘U.S. Securities Act‘), or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration under the U.S. Securities Act and all applicable state securities laws or compliance with the requirements of an applicable exemption therefrom. This news release shall not constitute an offer to sell or the solicitation of an offer to buy in the United States, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

About Auramet

Auramet is a private company established in 2004 by seasoned professionals who have assembled a global team of industry specialists with over 400 years combined industry experience. It is one of the largest physical precious metals merchants in the world and has provided over $1.5 billion in term financing facilities to date. Auramet offers a full range of services, including physical metals trading, metals merchant banking (including direct lending), and project finance advisory services to all participants in the precious metals supply chain.

About 1911 Gold Corporation

1911 Gold is an advanced gold explorer and developer focused on its 100%-owned True North Gold Project in the Archean Rice Lake Greenstone Belt in Manitoba, Canada. The Company controls a large, highly prospective ~62,000-hectare land package with numerous past-producing gold operations within trucking distance of the fully built and permitted True North mine and mill complex. 1911 Gold is positioning itself to restart operations in 2027 and offers a unique, near-term production opportunity with significant exploration upside. The strategy is to build a district-scale gold mining operation around a centralized, and readily expandable infrastructure to support a socially and environmentally responsible, long-term mining operation with little development risk and a growing mineral resource base.

1911 Gold’s True North complex and the exploration land package are located within and among the First Nation communities of the Hollow Water First Nation and the Black River First Nation. 1911 Gold looks forward to maintaining open, cooperative, and respectful communications with all of our local communities and stakeholders to foster mutually beneficial working relationships.

ON BEHALF OF THE BOARD OF DIRECTORS

Shaun Heinrichs
President and CEO

www.1911gold.com

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This news release contains forward-looking information or forward-looking statements within the meaning of applicable securities laws (collectively, ‘forward-looking statements‘). Often, but not always, forward-looking statements can be identified by the use of words and phrases such as ‘plans’, ‘expects’ or ‘does not expect’, ‘is expected’, ‘budget’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’ or ‘does not anticipate’, or ‘believes’, or that describe a ‘goal’, or variations of such words and phrases, or statements that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will’ be taken, occur or be achieved.

All statements that address expectations or projections about the future, including, but not limited to, statements about the use of proceeds of the Credit Facility, including the Tranche 1 Amount, the timing and ability of the Company to satisfy the conditions precedent in respect of the drawdown of the remaining principal amount under the Credit Facility and the Company’s objectives, goals and future plans and strategies, are forward-looking statements. 

All forward-looking statements reflect the Company’s beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company’s forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements.

Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, predictions, projections, forecasts, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the Company’s inability to satisfy the conditions precedent in respect of the drawdown of the remaining principal amount under the Credit Facility and the Company’s inability to repay the Credit Facility or comply with the covenants set out in the Loan Agreement.

Although 1911 Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

All forward-looking statements contained in this news release are given as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE 1911 Gold Corporation

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2026/09/c6182.html

News Provided by Canada Newswire via QuoteMedia

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Garrett Goggin: Gold, Silver in New Era, My Stock Strategy Now

Investing 1 Min Read

Garrett Goggin, founder of Golden Portfolio, says although gold and silver haven’t gone mainstream yet, the metals — and the mining sector overall — have entered a new era.

‘It’s a real mind shift — it’s a new era in mining right here,’ he said.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

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Jaime Carrasco: Gold Going “Much Higher,” Silver Force Majeure Inevitable

Investing 1 Min Read

Jaime Carrasco, senior portfolio manager and senior financial advisor at Harbourfront Wealth Management, shares his outlook for gold and silver, saying prices must rise much higher.

He also talks about how to build a strong precious metals portfolio.

‘We’re moving from a credit-based economy, a bubble that is blowing up, to a resource-based economy — and that’s very healthy going forward,’ Carrasco said.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

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Byron King: Gold, Silver, Oil/Gas — Stock Ideas and Strategy Now

Investing 1 Min Read

Byron King, editor at Paradigm Press, shares his approach to the gold and silver sectors as tensions in the Middle East intensify, also touching on oil and gas.

Overall he sees hard assets becoming increasingly key as global uncertainty escalates.

‘Own gold, own silver — physically own the metal for your own benefit,’ said King.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

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Allied Critical Metals Further Highlights Rapid Payback, Capital Efficiency and Infrastructure from Borralha PEA

Investing 21 Mins Read

After-tax NPV(8%) of $473M (US$346.6M) and 2.2-year payback from start of production with IRR of 48.8% at US$1,000/mtu WO3

Key Highlights:

  • Additional Payback Metrics: Payback1 of approximately 2.2 years from commencement of commercial production corresponding to approximately 4.2 years from start of construction under the medium / US$1,000/mtu WO₃2 case.

  • Capital Efficient Development: Initial capital cost3 of approximately $124.2 million (USD $91 million), with a compact infrastructure layout designed to support efficient underground mining and processing operations.

  • Strong Annual Cash Flow Generation: Average annual revenue of approximately $252,517 million (US$184,886 million), average annual EBITDA of approximately $142,181 million (US$104,101 million), and average annual free cash flow of approximately $96,279 million (US$70,493 million) over the initial mine plan at US$1,000/mtu WO₃.4

  • Integrated Infrastructure Design: Project infrastructure includes planned hydro electric power connection, water supply and recycling systems, road access, and paste backfill integration to support operations while minimizing environmental footprint.

  • Significant Upside Leverage: After-tax IRR of 78.4% and NPV(8%) of $963.8 million (USD $706.4 million) at USD $1,500/mtu WO₃.

  • Resource Growth Underway: Fully funded 20,000-metre drill program continues to target resource expansion, confidence conversion and potential mine life extension beyond the initial 11-year production plan, targeting resource expansion and confidence conversion.

All amounts in Canadian dollars unless stated otherwise.4

Vancouver, British Columbia–(Newsfile Corp. – March 9, 2026) – Allied Critical Metals Inc. (CSE: ACM,OTC:ACMIF) (OTCQB: ACMIF) (FSE: 0VJ0) (‘Allied‘ or the ‘Company‘) is pleased to provide additional economic and technical detail from the recently announced Preliminary Economic Assessment (‘PEA’) for its 100%-owned Borralha Tungsten Project (‘Borralha’ or the ‘Project’) in northern Portugal. The Project’s previously announced PEA economics remain unchanged.

Roy Bonnell, CEO & Director of Allied, commented: ‘Following the release of our initial Borralha PEA, we received strong investor interest in additional project-level detail. This supplementary disclosure highlights the Project’s capital efficiency, strong annual cash generation and well-developed infrastructure platform. Importantly, the underlying economics of the PEA remain unchanged, while the additional payback presentation provides another useful reference point for investors evaluating project returns and the strong leverage Borralha has to tungsten prices.’

This additional disclosure provides greater clarity on Borralha’s capital efficiency, expected cash flow generation and rapid capital recovery profile. The Borralha PEA outlines a capital-efficient underground tungsten development project within the European Union, demonstrating strong economic returns across a range of tungsten price assumptions and significant leverage to current market prices.

The Borralha PEA continues to demonstrate a technically robust and capital-efficient underground tungsten development project within the European Union. As previously announced, the PEA was evaluated under three pricing frameworks: the Base case of $962/mtu WO₃ (US$704/mtu WO₃), $1,365/mtu WO₃ (US$1,000/mtu WO₃), and $2,049/mtu WO₃ (US$1,500/mtu WO₃), while mine design and cut-off grade selection were developed using a conservative tungsten price assumption of $900/mtu WO₃ (US$659/mtu WO₃). The Company is providing the additional metrics below to facilitate investor understanding of project capital intensity, cash flow generation and payback presentation.

For additional reference, the Company is presenting payback under two different measurement bases. The previously disclosed payback metrics were measured from the start of construction (SC), consistent with standard technical study practice. To facilitate comparison with industry benchmarks, the Company is also providing indicative payback measured from the commencement of commercial production (CCP).

Table 1 – Economic Results (After-Tax)

Scenario Price1 NPV (8%)2 IRR3 Payback SC4 Payback CCP4
Medium $1,365/mtu
(USD $1,000/mtu)		 $473.4M
(USD $346.6M)		 48.8% 2.2 years 4.2 years
Base $962/mtu
(USD $704/mtu)		 $182.7M
(USD $134.0M)		 27.2% 3.8 years 5.8 years
High $2,049/mtu
(USD $1,500/mtu)		 $963.8M
(USD $706.4M)		 78.4% 1.2 years 3.2 years

 
Notes:

  1. NPV is a Non-GAAP measure; see notes below for additional information regarding NPV. M = million.
  2. IRR is a Non-GAAP measure; see notes below for additional information regarding IRR.
  3. Payback is a Non-GAAP measure. see notes below for additional information regarding payback.

Payback measured from the start of construction reflects recovery of initial capital over the full development and operating timeline, while payback measured from the start of commercial production excludes the construction phase and is presented for comparative reference only.

The results highlight significant sensitivity to tungsten price while maintaining positive economics under conservative long-term assumptions.

In the Base Case scenario, tungsten (WO₃) represents approximately 96% of project NPV, with minor contributions from copper (~3%) and tin (<1%), based on NSR contribution. This highlights that the Borralha Project economics are overwhelmingly driven by tungsten.

For reference, current reported tungsten market prices remain materially above the US$1,000 per mtu sensitivity case presented in the PEA, reaching approximately $2,998 per mtu (US$2,195 per mtu) as of March 6, 2026 (Source: Fastmarkets).

Mineral Resource Estimate

This initial PEA is based on the updated Mineral Resource Estimate (‘MRE’ or ‘2025 MRE’) for the Santa Helena Breccia, which were presented in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (‘NI 43-101’) in the Company’s current technical report on Borralha (the ‘Technical Report’) entitled ‘Technical Report on the Borralha Property, Parish of Salto, District of Vila Real, Portugal’, dated effective December 30, 2025, which is published on the Company’s website at www.alliedcritical.com and under its profile on SEDAR+ at www.sedarplus.ca.

Under the 2025 MRE, the Santa Helena Breccia has been tested by 41 drill holes and surface trenching over approximately 400 meters of strike length and to depths exceeding 350 meters below surface. Mineralization remains open along strike and at depth. The cut-off grade of 0.09% WO3was selected based on reasonable prospects for eventual economic extraction under conceptual underground mining and gravity-dominant processing assumptions, including a very conservative tungsten price of USD$ 550/mtu WO₃ and assumed recovery of approximately 80% (for MRE cut-off determination only).

Table 2 -2025 MRE for Borralha (see also Technical Report for further details)

Clasification Tonnes (Mt) Grade (% WO3)
Measured + Indicated 13.0 0.21
Inferred 7.7 0.18

 

Initial Capital Allocation and Operational Costs

The Borralha PEA estimates initial capital7 of approximately US$91 million, with sustaining capital8 of approximately US$87 million and total life-of-mine capital9 of approximately US$178 million. The initial capital requirement reflects a compact project design integrating underground mine development, process plant construction and site infrastructure.

Table 3 – Initial Capital Costs

Category CAD$M* US$M
Underground development 21.6 15.8
Processing plant 23.1 16.9
Paste backfill plant 5.9 4.3
Surface infrastructure 6.7 4.9
Power connection 9.8 7.2
EPCM / indirect costs** 16.4 12.0
Contingency 6.0 4.4
Tax incentives 34.3 25.1
Subtotal Initial Capital 123.7 91.5

 
*Canadian dollar (CAD) equivalents calculated used a foreign exchange rate of CAD $1.3658/USD.
**EPCM = Engineering, Procurement, and Construction Management.

Certain development expenditures may also qualify for applicable Portuguese investment tax incentives, which could partially offset initial capital expenditures.

Table 4 – Operating Cost10 Breakdown

Cost Category US$/t Processed
Mining 41.2
Processing 13.2
G&A 5.0
Transport 0.02
TC/RC* 0.51
Total Operating Cost** 59.3

 
*TC/RC = Treatment Changes and Refining Charges. These are fees paid by mining companies to smelters to process raw material concentrate into refined metal.
**Operating costs for life-of-mine used for mine design average approximately US$49/t processed, based on the Sub-Level Long Hole Stoping (SLOS) mining method. Limited areas may utilize Drift & Fill mining, which carries higher unit costs. In the economic model, operating costs are expressed in nominal US dollars and escalated annually for inflation, resulting in an average life of mine operating cost of approximately US$59/t processed, including transportation and treatment/refining charges.

Concentrate Marketing Assumptions

The PEA assumes production of a marketable tungsten concentrate grading approximately 65% WO₃ using a gravity-dominant flowsheet. Concentrate pricing assumptions are based on industry-standard tungsten concentrate marketing structures, incorporating typical 80% payability terms and treatment charges applicable to the tungsten market.

The Project benefits from relatively clean mineralogy dominated by wolframite, which generally reduces impurity-related penalties relative to more complex tungsten concentrates.

Capital Efficiency

The relatively modest initial capital requirement reflects several favourable project characteristics, including:

  • compact underground mining footprint
  • gravity-dominant processing flowsheet
  • access to regional infrastructure including grid power
  • limited earthworks due to site topography
  • moderate plant throughput of 1.4 million tonnes per annum (Mtpa) of mineralized material
  • potential Portuguese investment incentives

These factors contribute to a capital-efficient development scenario compared with many global tungsten projects.

Simplified Annual Cash Flow Metrics

The initial Borralha mine plan is expected to generate strong annual cash flow11 supported by life-of-mine average production of approximately 1,708 tonnes WO₃ per annum, a nominal processing rate of 1.4 Mtpa, and an average mill feed grade of approximately 0.20% WO₃.

Table 5 – Cash-Flow11 Table

Cash Flow Metric Base Case
US$704/mtu WO₃ 		Medium Case
US$1,000/mtu WO₃ 		High Case
US$1,500/mtu WO₃
Average annual revenue 131,749 184,886 274,686
Average annual EBITDA 53,374 104,101 189,860
Average annual pre-tax operating cash flow 40,405 91,132 176,890
Average annual free cash flow 35,815 70,493 128,785
Life-of-mine revenue 1,449,234 2,033,747 3,021,554
Life-of-mine free cash flow 393,973 775,428 1,416,640

 

Infrastructure and Site Requirements

The Borralha Project benefits from favourable site conditions and access to existing regional infrastructure, supporting a capital-efficient development.

Surface infrastructure has been designed to concentrate industrial and administrative facilities within a compact footprint, minimizing environmental disturbance while ensuring operational efficiency. The process plant, paste backfill facility, workshops, administrative buildings and support infrastructure will be located on a centralized platform adjacent to the orebody.

Access to the site will utilize existing regional roads connected to the municipal road CM1025-2. Dedicated routes for light and heavy vehicles have been designed to ensure safe operations while minimizing earthworks and environmental impact.

A comprehensive water management system has been designed to support mining and processing operations. Water supply is expected to be sourced from local groundwater and surface water resources, with water recycling integrated into the process flowsheet. Three retention basins will provide operational water storage, sedimentation and environmental control.

Electrical power will be supplied through connection to the Portuguese national grid via a planned 60 kV overhead line linking the Borralha substation to the SE Frades (REN) substation over approximately 6.5 km. The design complies with applicable national standards and incorporates environmental protection measures.

The project infrastructure design integrates processing, backfill, water management and power supply systems to support efficient underground mining operations while minimizing environmental impact.

Key Infrastructure Advantages

  • Grid power connection (60 kV line – 6.5 km)
  • Local groundwater and surface water available for operations
  • Existing regional road access to site
  • Compact site layout minimizing environmental footprint
  • Paste backfill and water recycling integrated into plant design

Ongoing Growth Strategy

The current initial PEA is based only on the Santa Helena Breccia deposit and an initial 11-year production plan. The Company’s fully funded 20,000-metre drill program is underway and is targeting:

  • expansion of the current Mineral Resource;
  • conversion of Inferred Mineral Resources into higher-confidence categories;
  • potential extension of mine life beyond the initial plan; and
  • evaluation of throughput optimization and future project scale growth.

The Company intends to continue advancing Borralha through additional drilling, engineering optimization, metallurgical refinement, geotechnical and hydrogeological studies, and progression toward the next stage of technical study.

Qualified Persons

The scientific and technical information contained in this news release has been reviewed and approved by the following Qualified Persons, as defined under NI 43-101:

J. Douglas Blanchflower, P.Geo.

Mr. Blanchflower is an independent Qualified Person under NI 43-101 and was retained by Allied Critical Metals Inc. to prepare the NI 43-101 Technical Report dated effective December 30, 2025. He has overall responsibility for the 2025 MRE and the Technical Report. Mr. Blanchflower is a Registered Professional Geoscientist in good standing with the Association of Professional Engineers and Geoscientists of British Columbia (No. 19086) and has more than five decades of experience in mineral exploration, resource estimation, and technical reporting. Mr. Blanchflower has reviewed and approved the scientific and technical information in this news release relating to the mineral resource estimate.

David Castro López, BSc, MIMMM, QMR

Mr. Castro López is a Mining Engineer and a Professional Member (MIMMM #685484) and Qualified for Minerals Reporting (QMR) of the Institute of Materials, Minerals and Mining (IOM3). He is independent of the Company and the Borralha Project. Mr. Castro López contributed to the metallurgical review and process design considerations supporting the PEA and takes responsibility for the metallurgical and mineral processing information contained herein. Mr. López has reviewed and approved the scientific and technical information in this news release relating to the metallurgical and mineral processing information contained herein.

Miguel Cabal, EurGeol, Licensed Geologist

Mr. Cabal is a licensed geologist with the European Federation of Geologists (EuroGeol #1439) with over 28 years of experience in mineral exploration, resource evaluation and mine development. He is Managing Director of Geomates (Spain) and has contributed to multiple NI 43-101 and JORC-compliant technical reports, including PEA, PFS and feasibility studies. Mr. Cabal is independent of Allied Critical Metals Inc. and the Borralha Project and has reviewed and approved the mining and economic components of the PEA. Mr. Cabal has reviewed and approved the scientific and technical information in this news release relating to the mining and economic components of this news release.

Vítor Arezes, BSc, MIMMM, QMR

Mr. Arezes is Vice President Exploration of Allied Critical Metals Inc. and a Qualified Person under NI 43-101. He is not independent of the Company due to his role as an officer. Mr. Arezes has extensive experience in tungsten and polymetallic mineral systems and has conducted multiple site visits to the Borralha Project, including during the 2025 drilling campaign. He contributed to geological interpretation, exploration oversight, and technical review supporting the PEA. He is a member of the Institute of Materials, Minerals and Mining (MIMMM #703197) and a Qualified Mineral Resources and Ore Reserves Professional (QMR), and by reason of education, professional experience, and accreditation, meets the definition of a Qualified Person as defined in NI 43-101. Mr. Arezes has reviewed and approved all of the scientific and technical information in this news release.

About Allied Critical Metals Inc.

Allied Critical Metals Inc. is a Canadian-based mining company focused on the advancement and revitalization of its 100%-owned Borralha Tungsten Project and the Vila Verde Tungsten Project in northern Portugal.

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 Technical Report dated December 30, 2025, filed on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.alliedcritical.com.

ON BEHALF OF THE BOARD OF DIRECTORS

‘Roy Bonnell’
CEO and Director

Additional information is also available by contacting the Company:

Dave Burwell
Vice President, Corporate Development
daveb@alliedcritical.com
Tel:403-410-7907
Toll Free: 1-800-221-0915

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/
Facebook: https://www.facebook.com/alliedcriticalmetals/
Instagram: https://www.instagram.com/alliedcriticalmetals/

The Canadian Securities 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 information’ within the meaning of applicable Canadian securities laws (‘FLI‘). FLI in this release includes, without limitation, statements regarding: (A) the PEA results and economic indicators (e.g., NPV, IRR, payback and related sensitivities); (B) the conceptual mine plan and operating framework (mining approach, processing rates, production profiles, cost ranges and schedules); (C) the technical basis and process assumptions (cut-off approach, flowsheet concept and anticipated concentrate specifications); (D) the status and trajectory of permitting and approvals, infrastructure access and other site requirements; (E) market-related assumptions and the Project’s sensitivity and leverage to commodity pricing; (F) growth, conversion and expansion opportunities, including planned drilling and other technical programs; (G) the anticipated sequence of future studies, potential financing pathways and indicative timelines; and (H) the Project’s strategic positioning relative to regional and policy objectives. Such FLI is identified by, among other things, words such as ‘plans’, ‘expects’, ‘is expected’, ‘aims’, ‘budget’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’, ‘potential’, ‘target’, ‘opportunity’, ‘may’, ‘could’, ‘would’, ‘might’, ‘will’ and similar terminology, as well as statements regarding outcomes that ‘will’, ‘should’ or ‘would’ occur.

Material assumptions underlying the FLI include, but are not limited to: the accuracy of the 2025 MRE; geological continuity; the PEA-level capital/operating cost estimates (with typical PEA accuracy ranges); metallurgical recoveries and process performance consistent with test results to date; availability of labour, equipment and consumables at quoted/priced levels; access to grid power and water on contemplated terms; the ability to obtain land access, permits and approvals (including RECAPE) in a timely manner; tungsten pricing consistent with Argus long-term forecasts or stated sensitivity cases; foreign exchange and inflation consistent with study inputs; and availability of financing on acceptable terms. The Company believes these assumptions are reasonable as of the date hereof, but no assurance can be given that they will prove correct.

The PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the PEA results will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Any reference to potential production, mine life, NPV, IRR, payback, costs, recoveries, or other economic or technical parameters is preliminary and conceptual.

Key risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the FLI include, but are not limited to: (i) exploration, geological, modelling and grade-continuity risks, including the risk that further work does not confirm Inferred material or resource extensions; (ii) risks that metallurgical performance, WO₃ recoveries, concentrate quality or processing costs differ from test work and assumptions; (iii) capital cost escalation, schedule delays, contractor availability and supply-chain constraints; (iv) operating cost inflation (power, reagents, labour, transportation); (v) commodity price and FX volatility (including sustained periods below the Argus long-term or sensitivity prices assumed); (vi) permitting, environmental, social, community, land access and regulatory risks in Portugal (including RECAPE outcomes and permit conditions); (vii) water, tailings and geotechnical/hydrogeological risks inherent in underground operations; (viii) offtake, marketing and market-access risks for tungsten concentrates; (ix) availability and cost of equity, debt or project finance on acceptable terms; (x) changes in laws, regulations, taxes, royalties, or government policies; and (xi) other risks described under ‘Business Risks’ in the Company’s most recent MD&A and in other continuous disclosure filings available on SEDAR+. Readers are urged to carefully review those risk factors, which are expressly incorporated by reference into this cautionary note.

Non-GAAP Financial Measures

The Company has included certain non-GAAP financial measures in this press release. These financial measures are not defined under International Financial Reporting Standards (‘IFRS‘) and should not be considered in isolation. The Company believes that these financial measures, together with financial measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. The inclusion of these financial measures is meant to provide additional information and should not be used as a substitute for performance measures prepared in accordance with IFRS. These financial measures are not necessarily standard and therefore may not be comparable to other issuers.

Net Present Value (NPV) – is the present value calculation of net profit from operations determined using a particular discount rate. All NPV values stated herein are on an after tax basis.

Internal Rate of Return (IRR) – is a financial metric used to assess an investment’s profitability by calculating the annual rate of return that makes the NPV of all cash flows (both positive and negative) equal to zero.

Payback – is calculated in years as the length of time that it takes to pay off the capital costs from annual net profit expected from operations at the Borralha Project.

Initial capital – is the initial capital cost amount required to be expended to construct the mine and tungsten concentrator process equipment and buildings to begin processing mineralized material into saleable tungsten concentrate at commercial quantities according to the life of mine plan at the Borralha Project. Table 3 above provides a breakdown of the initial capital costs. This is an estimate accurate to +/-35%.

Sustaining capital – is a supplementary financial measure which reflects cash basis expenditures which are expected to maintain operations and sustain production levels at the Borralha Project.

Capital costs or Total life of mine capital costs – include the Initial capital and the sustaining capital.

Operating costs – are the costs required to process mineralized material into saleable tungsten concentrate at the Borralha Project. This includes: underground mining; processing and plant operations; general and administrative costs; and site services and infrastructure support (see Table 4 above for a breakdown of the operating costs). This can be calculated on the unit basis per mtu WO3 produced.

Cash flow – includes average annual revenue, average annual EBITDA (earnings before interest, taxes, depreciation and amortization), average annual pre-tax cash flow, average annual free cash flow, life of mine revenue, life of mine free cash flow. Average annual revenue is the average annual gross revenue over the life of mine. Average annual EBITDA is the average annual EBITDA over the life of mine. Average annual pre-tax cash flow is the average over the life of mine of the annual free cash flow prior to deduction of taxes. Life of mine revenue is the total gross revenue over the life of mine. Life of mine free cash flow is the total free cash flow over the life of mine. Free cash flows are revenues net of operating costs, royalties, working capital adjustments, capital expenditures and cash taxes. The Company believes that this measure is useful to readers in assessing the Company’s ability to generate cash flows from Borralha.

All-In Sustaining Costs (AISC) – are comprised of sustaining capital expenditures and site level costs to support ongoing operations and closure costs. All-in sustaining costs per mtu WO3 is calculated as AISC divided by the amount of mtu WO3 produced during the period that the costs are incurred. All-in sustaining costs capture the important components of the Company’s production and related costs and are used by the Company and investors to understand projected cost performance at the Borralha Project. Adoption of the all-in sustaining cost metric is voluntary and not necessarily standard, and therefore, this measure presented by the Company may not be comparable to similar measures presented by other issuers. The Company believes that the all-in sustaining cost measure complements existing measures and ratios reported by the Company. All-in sustaining cost includes both operating and capital costs required to sustain WO3 production on an ongoing basis. Sustaining operating costs represents expenditures expected to be incurred at the Project that are considered necessary to maintain production. Sustaining capital represents expected capital expenditures comprising mine development costs, including capitalized waste, and ongoing replacement of mine equipment and other capital facilities, and does not include expected capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements.

1 Payback is a Non-GAAP measure. See notes below for additional information regarding payback.
2 mtu/WO3 = metric tonne unit of tungsten; WO3 is tungsten trioxide.
3 Initial capital cost is a Non-GAAP measure. See Table 3 below for a breakdown of the costs and the notes below for additional information regarding initial capital cost.
4 Average annual revenue, average annual EBITDA, and average annual free cash flow are Non-GAAP measures. See notes below for additional information.
5 NPV(8%) = net present value at a 8% discount rate. NPV is a Non-GAAP measure; see notes below for additional information regarding NPV. USD = United States dollars. Canadian dollar (CAD) equivalents calculated used a foreign exchange rate of CAD $1.3658/USD.
6 IRR = internal rate of return. IRR is a Non-GAAP measure; see notes below for additional information regarding IRR.
7 Initial capital cost is a Non-GAAP measure. See Table 3 above for a breakdown of the costs and the notes below for additional information regarding initial capital cost.
8 Sustaining capital is a Non-GAAP measure. See notes below for additional information regarding sustaining capital.
9 Total life of mine capital cost is a Non-GAAP measure. See notes below for additional information regarding total life of mine capital cost.
10 Operating cost is a Non-GAAP measure. See Table 4 for a breakdown of the Operating Costs and the notes below for additional information regarding Operating Cost.
11 Cash flow is a Non-GAAP measure. See Table 5 for a breakdown of the cash flow and the notes below for additional information regarding cash flow.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/287858

News Provided by TMX Newsfile via QuoteMedia

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Investing

Final Assay Results Highlight Potential for New Discoveries

Investing 2 Mins Read

Vital Metals Limited (ASX: VML) (“Vital Metals” or “the Company”) is pleased to report final overlimit assay results from grab samples collected at Nechalacho, confirming exceptional rare earth grades of up to 292,145ppm TREO.

Highlights:

  • F009416 (target 1029A) returned the highest TREO value recorded at Nechalacho to date (based on Company data) as follows:
    • 29.2% TREO (292,145 ppm), including:
      • 7.0% Nd₂O₃ (70,333 ppm); and
      • 1.7% Pr₆O₁₁ (17,398 ppm).
    • NdPr oxides totalled 8.7% (87,731 ppm), representing 29.8% of TREO, highly significant as NdPr is typically the highest-value payable component within the light rare earth elements.
  • F009445 (R Zone target) returned 12.5% TREO (125,920 ppm), including 1.5% Dy₂O₃ (15,609 ppm) and 1.0% Gd₂O₃ (10,719 ppm), representing the highest dysprosium result at the project reported to date.
  • The excellent assays from the completed regional grab sample exploration program have identified 6 targets located outside of the current resource and demonstrates the significant potential at the Nechalacho Rare Earths and Niobium Project for more discoveries.
  • A 1000m exploration drill program is now underway at R Zone, S Zone and Cressy Ridge and is expected to be completed by mid-April 2026.

The results demonstrate significant potential to support the district scale of mineralisation across its Nechalacho Rare Earths and Niobium Project (Upper Zone, top 150m RL) located 100km southeast of Yellowknife, Northwest Territories, Canada.

Managing Director and CEO Lisa Riley said:

“These results demonstrate that Nechalacho is a large, dynamic rare earth system rather than a single deposit. Mineralisation has been identified outside the defined US$445m Tardiff Deposit underscoring a broad district-scale multi-target opportunity and supporting our strategy of expanding the resource base beyond Tardiff and North T while advancing Tardiff toward development.”

“We are executing a three-pronged approach:

1. Exploration work on the new targets, expanding the broader Nechalacho footprint.

2. Pre-Feasibility Study of the Tardiff deposit toward completion by February 2027.

3. Preparing to process stockpiles at North T to generate cash as soon as possible.”

Overview of Work Recently Conducted

As announced to the ASX on 23 February 2026, analyses from three grab samples, F009416, F009445 and F009446, were reported with overlimit values (i.e. Nd > 50,000 ppm, Dy >5,000ppm). These samples have since undergone a third round of analysis at ALS Canada, with final certified assay results reported outlined below.

Click here for the full ASX Release

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