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.
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.
Federal authorities are investigating a close call this week involving a military helicopter and a United Airlines plane approaching John Wayne Airport in Santa Ana.
United Airlines Flight 589 was approaching the airport in Orange County around 8:40 p.m. Tuesday when a Sikorsky Black Hawk helicopter crossed its path, according to the Federal Aviation Administration.
Pilots on the United Airlines plane were advised by air traffic control to watch for the military helicopter flying near the airport, United Airlines said.
“They saw the helicopter, and also received a traffic alert, which they responded to by leveling the aircraft,” United said.
The United flight with 162 passengers and six crew members landed safely.
The new investigation comes a week after the FAA issued a new airport safety order designed to improve safety near airports where helicopters cross both arrival and departure paths. The order suspends use of visual separation between airplanes and helicopters and requires air traffic controllers to use radar to manage lateral and vertical separation between aircraft.
A close call earlier this month between a twin-engine Beechcraft 99 and helicopter at Hollywood Burbank Airport was cited by federal authorities as a key factor behind a new airport safety measure.
In another example, the agency said American Airlines Flight 1657 was cleared to land at San Antonio International Airport when a police helicopter was on its final approach path. The helicopter turned to avoid the American Airlines plane, the FAA said.
The new requirement applies to more than 150 of the nation’s busiest airports and extends a restriction already in place at Ronald Reagan Washington National Airport.
The upgraded safety measure was rolled out after a year-long FAA safety team review. In a news release, the FAA also referenced the Jan. 29 American Airlines jet and Army Black Hawk crash that killed 67 people. A key factor in the crash was the placement of a helicopter route in the approach path of Reagan National Airport’s secondary runway, the NTSB board said, also identifying air traffic controllers’ over reliance on asking helicopter pilots to avoid other aircraft as a factor.
A week after President Donald Trump urged Sydney Gruters to run for an open GOP-held congressional seat in Florida, the former executive director of the state’s New College Foundation and wife of Republican National Committee (RNC) Chair Joe Gruters declared her candidacy.
“As a working mother of three, I see firsthand how much pressure rising prices are putting on families across Southwest Florida,” Sydney Gruters said as she launched her campaign on Thursday. “From groceries and gas to housing and insurance, too many families, seniors and veterans are being stretched thin. I’m running for Congress to protect our conservative values and fight for the people of this district and give them a strong voice in Washington.”
With Trump’s support, Gruters is considered the clear frontrunner to succeed retiring longtime GOP Rep. Vern Buchanan, her former boss, in Florida’s right-leaning 16th Congressional District, which stretches from Tampa’s eastern suburbs south to Bradenton. Republicans currently control the House 218-214 and will be defending their fragile majority in this year’s midterm elections.
Trump, in a social media post on March 24, emphasized that Gruters would “fight tirelessly.”
RNC CHAIR BETS ON ‘SECRET WEAPON’ TO DEFY MIDTERM HISTORY, PROTECT GOP MAJORITIES
“Should she decide to enter this Race, Sydney Gruters has my Complete and Total Endorsement. RUN, SYDNEY, RUN!” the president declared.
While her husband, a Florida state senator and top Trump supporter in the Sunshine State, is well known nationally as he steers the RNC, the 44-year-old Sydney Gruters is well known in her district and very familiar with Congress.
SCOOP: HOUSE GOP CAMPAIGN ARM LAUNCHES ‘MAGA MAJORITY’ PROGRAM TO BOOST TRUMP-ALIGNED CANDIDATES
Gruters served as Buchanan’s operation director for a decade (2007-2017) and later as district director to GOP Rep. Greg Steube (2019-2023) in the neighboring 17th Congressional District.
In-between her two congressional stints, she served in Trump’s first administration as state director for Florida and the U.S. Virgin Islands in the Department of Agriculture.
Prior to launching her congressional campaign, Gruters finished up her tenure as vice president of advancement and executive director of the New College Foundation.
Gruters took her position at the smaller liberal arts state college in Sarasota soon after Republican Gov. Ron DeSantis installed a conservative board of trustees at the school. The one-time progressive-minded college subsequently created a classical education curriculum, which emphasizes liberal arts and Western teachings. Last autumn, the college was among the first to sign on to Trump’s education compact, which offers schools federal funding for backing his education priorities.
As she launches her congressional bid, Gruters is also backed by Maggie’s List, a political group that works to elect conservative women to Congress.
Three other Republicans, as well as three Democrats, are also running to succeed Buchanan.
Joe Gruters, in a statement to Fox News Digital, said he’s “incredibly proud of Sydney as she launches her campaign, and it’s an honor to see her earn President Trump’s support. As always, the RNC remains neutral in Republican primaries, so any support I offer will be purely in my personal capacity.”
Trump won 57% of the vote in the district in his 2024 presidential election victory. And Buchanan grabbed nearly 60% of the vote as he won re-election. But the seat may be refigured ahead of this year’s midterms, as the GOP-dominated Florida legislature meets in a special session later this month to deal with congressional redistricting in the red-leaning state.
“TODAY” co-anchor Savannah Guthrie will return to the NBC morning show on April 6, as investigators continue to search for her 84-year-old mother in Arizona.
In her first interview since Nancy Guthrie went missing in February, Savannah Guthrie told Hoda Kotb she believes returning to “TODAY” is “part of my purpose right now” — even if it’s hard to imagine coming back to a workplace “of joy and lightness.”
“I can’t come back and try to be something that I’m not. But I can’t not come back because it’s my family,” Guthrie said in the interview about returning to work. “I don’t know if I can do it. I don’t know if I’ll belong anymore, but I would like to try. I would like to try.”
“I’m not gonna be the same. But maybe it’s like that old poem, ‘More beautiful in the broken places,’” she added.
Tune into “Savannah Speaks: A Dateline Special” at 9 p.m. EST on NBC.
Kotb revealed Guthrie’s return Friday on “TODAY.” Her co-host, Craig Melvin, added that the team “can’t wait to welcome her back with open arms.”
“It’s where she belongs. It’s where we all want her to be,” Melvin said.
A spokesperson for “TODAY” did not have additional comment.
Nancy Guthrie was reported missing Feb. 1 after she did not show up at a friend’s house for virtual church services, authorities said. She was last seen the previous night around 9:45 p.m. after having dinner at her daughter Annie Guthrie’s home.
Authorities have described the case as a possible kidnapping or abduction, but clues have been scarce. The Pima County Sheriff’s Office has not publicly specified a motive.
Guthrie told Kotb that her religious faith is “how I will stay connected to my mom.” She alluded to her mother’s experience with loss after her husband, Charles Guthrie, died at the age of 49 in 1988.
“I saw her belief. I saw her faith. She taught me, she taught all of us,” said Guthrie, who was 16 at the time of her father’s death. “I may not do it as well as her, but I will do it. I will do it for my kids. I will. I will not fall apart. I will not let whoever did this take my children’s mother from them.”
Guthrie repeated her pleas for information about her mother’s possible abduction, saying in part: “We need someone to tell the truth. I have no anger in my heart. I have hope in my heart. I have love. But this family needs peace.”
“We need an answer, and someone has it in their power to help,” she added.
Guthrie also opened up about her visit earlier this month to the New York City set of the “TODAY” show, describing her NBC colleagues as her “greater family.”
“I really wanted to come and see everybody. I just love this beautiful place that we call home, where we get to come and be every day,” she said, adding, “When times are hard, you want to be with your family.”
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:
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:
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
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:
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.
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President Donald Trump revealed during Wednesday night’s Iran address that one of his top achievements against Iran, which he described as spanning across both his terms, was shredding former President Barack Obama’s 2015 nuclear deal.
Trump described the efforts in the Middle East as making “tremendous progress” and called Operation Epic Fury “necessary for the safety of America and the security of the free world.”
Meanwhile, he slammed Iran as “fanatical,” “murderous” and “thuggish,” arguing that letting them have a nuclear weapon “would be an intolerable threat.” While slamming Obama’s 2015 deal, the president cited the $400 million cash payment the former president’s administration flew to Iran in an effort to “buy their respect and loyalty.”
“The most violent and thuggish regime on Earth would be free to carry out their campaigns of terror, coercion, conquest and mass murder from behind a nuclear shield. I will never let that happen, and neither should any of our past presidents,” Trump said, leading into his comments about Obama’s “terrible” deal with Iran.
IRAN FIRES BACK WITH FLAT DENIAL AFTER TRUMP CLAIMS TEHRAN REQUESTED CEASEFIRE: ‘FALSE AND BASELESS’
“I did many things during my two terms in office to stop the quest for nuclear weapons by Iran. First, and perhaps most importantly, I killed Gen. Qasem Soleimani in my first term. He was an evil genius, brilliant person, a horrible human being. The father of the roadside bomb,” Trump continued. “And then, very importantly, I terminated Barack Hussein Obama’s Iran nuclear deal. A disaster. Obama gave them $1.7 billion in cash – green, green cash. Took it out of banks from Virginia, D.C. and Maryland. All the cash they had.”
Trump slammed Obama’s administration for using airplanes to transport that cash, around $400 million, in January 2016, which Trump said was done “to buy their respect and loyalty.”
“But it didn’t work,” Trump continued. “They laughed at our president and went on with their mission to have a nuclear bomb. His Iran deal would have led to a colossal arsenal of massive nuclear weapons for Iran, and they would have had them years ago, and they would have used them – would have been a different world. There would have been no Middle East and no Israel right now, in my opinion… Had I not terminated that terrible deal – I was so honored to do it. I was so proud to do it. It was so bad right from the beginning.”
Trump added that he is currently “correcting” the “mistakes” of former presidents, like Obama, noting he has been willing to do what they have not.
PRESIDENT TRUMP SAYS US COULD FINISH IRAN OPERATION WITHIN ‘TWO TO THREE WEEKS’
Obama’s Iran nuclear deal, the Joint Comprehensive Plan of Action (JCPOA), exchanged sanctions relief to Iran for certain limits and international monitoring of Iran’s nuclear program, which the administration said would push Tehran further from a bomb, a take that has been contested by critics, including Trump.
Critics argued the effort actually empowered Iran, pointing in part to the Wall Street Journal reporting that the U.S. secretly airlifted $400 million in cash to Tehran that coincided with the release of four American prisoners.
The Obama administration maintained that the payment was not part of the nuclear pact itself, but that it was the first installment of a separate settlement stemming from a decades-old pre-revolution arms dispute.
More than a dozen Democratic-led states are accusing the Trump administration of violating a federal court order by sharing Medicaid data with Immigration and Customs Enforcement, asking a judge to enforce the ruling.
The states’ complaint asks the U.S. District Court for the Northern District of California to enforce its existing injunction blocking HHS from sharing Medicaid data with ICE.
“The Trump Administration appears to be defying a direct court order blocking it from sharing the personal, sensitive data of individuals including U.S. citizens and lawful permanent residents. It’s invasive — and deeply troubling,” said California Attorney General Bonta, who led the coalition of 22 states. “When Californians signed up for Medi-Cal, they did so with the understanding that their data would not be used for purposes unrelated to administering this program. I urge the court to enforce its earlier order and make clear that these guardrails exist for anyone who is lawfully residing in the United States.”
The complaint stems from a lawsuit spearheaded by California in July 2025 against the Trump administration. The lawsuit accused Health and Human Services of violating federal law through its “mass transfer of sensitive Medicaid data” of both lawful permanent and temporary residents. The lawsuit also argued that the sharing of the personal information will likely create a “chilling effect on individuals’ willingness to enroll in Medicaid programs” for which they are legally eligible.
SECOND FEDERAL JUDGE BLOCKS IRS FROM SHARING ADDRESSES WITH ICE
A federal judge ruled last December that the Trump administration is not allowed to collect the personal information of lawful permanent residents or citizens, but that it can continue to collect basic information from individuals such as addresses, birthdates and immigration status for residents with temporary status. However, the scope of data that can be collected is limited and cannot include sensitive health information.
The attorneys general accuse Health and Human Services of sharing “a large and complex” set of data on Medicaid recipients with ICE, which is in violation of a federal court ruling allowing the exchange of limited personal information but excluding the information of legal permanent residents. The complaint also accuses the Trump administration of failing to share its criteria for determining if a resident is being “lawfully present.”
CATO Institute Senior Legal Fellow Dan Greenberg told Fox News Digital there is “a strong possibility” that HHS and ICE violated the district court’s order.
LETITIA JAMES SUES HHS OVER TYING FEDERAL FUNDS TO TRANSGENDER POLICY
“The reason this is a strong possibility is that DHHS communications apparently indicate that it shared a ‘large and complex’ dataset of Medicaid recipients with ICE,” Greenberg said. “That phrase suggests that the dataset that was shared with ICE may have included information that is outside the scope of the court order. That is a question of fact: that is why the states are now asking the court to compel the federal government to explain just what was shared and how it is now being used.”
Greenberg also pointed out that the Transformed Medicaid Statistical Information System database does not “appear to have any simple or direct way to identify/single out immigrants who are undocumented,” making “information-sharing that complies with that court order difficult or impossible.”
“The TMSIS identifies people who are only eligible for emergency Medicaid services, but the problem is that this class of people includes both undocumented and lawfully present immigrants,” Greenberg said. “In short, it is as if the court order said that only some of the information in one particular file should be disclosed, but there is reason to believe that DHHS decided that — because they can’t figure out how to separate out this particular type of information – they may have handed over the whole filing cabinet.”
In addition to California, attorneys general of Arizona, Colorado, Connecticut, Delaware, Hawaii, Illinois, Massachusetts, Maine, Maryland, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont, Washington, Wisconsin, and the governor of Kentucky signed on to the complaint.
Fox News Digital reached out to the White House and Health and Human Services for comment.
U.S. stocks surged Monday, after President Donald Trump announced that he was postponing all military strikes on Iranian power plants for a five-day period.
Trump said the U.S. and Iran had engaged in what he called “very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East.”
Reporting about the nature and timing of these “conversations” evolved over the course of the day, and included conflicting accounts from various stakeholders.
But for markets, the talks offered a glimmer of hope that a path toward the de-escalation of the conflict — and the oil crisis it created — were within reach.
Iranian state media responded to Trump’s post by saying the U.S. president has “backed down” after Iran’s firm response.
Trump, however, said that Iran had “called” to discuss trying to resolve the war diplomatically.
“They want to make a deal, and we are very willing to make it,” Trump told reporters before boarding Air Force One in Florida.
The Strait of Hormuz, a crucial transit point for global oil supplies, could be “open very soon,” Trump added, but he provided few details.
Experts and analysts quickly pointed out that even if the fighting were to end this week, it would still take months for the strait to reopen.
The S&P 500 and Nasdaq 100 futures initially soared about 3% on Trump’s post shortly after 7 a.m. ET. By the time the closing bell rang, both indexes still recorded significant gains, but less than futures had indicated early in the morning. The S&P 500 closed up 1.1% and the Nasdaq Composite ended the day higher by 1.4%.
The gains were also broad based, with every S&P sector ending the day higher.
The Dow Jones Industrial Average also shot higher immediately after Trump’s statement. By the end of the trading session, the Dow was higher by 631 points, and the Russell 2000 index closed up 2.7%.
It was the best day for the S&P, Nasdaq and Dow since Feb. 6.
Oil prices plunged around 11% and U.S. crude oil settled for the day at $88.13 per barrel. International Brent crude oil fell to $99.94 per barrel, settling under $100 per barrel for the first time since March 11.
Still, crude oil prices have risen more than 30% since the war began on Feb. 28, and more than 50% since the start of the year.
Trump’s Monday announcement on social media came after the president on Saturday said that he had given the Iranian regime 48 hours to “fully open, without threat, the Strait of Hormuz.” That ultimatum was set to expire Monday night.
U.S. natural gas prices dropped 6% Monday, European natural gas futures slid 9% and heating oil prices dropped 12%. Heating oil futures can also be a proxy for the price of jet fuel.
U.S. Treasury bonds also rose in the minutes after Trump’s comments, and the yields which guide borrowing rates for consumers dropped after posting big moves higher on Thursday and Friday on rising inflation fears stemming from soaring energy prices. Yields were down only slightly in mid-morning trading after the statements from Iranian media and Trump.
Investors were already grappling with how to trade headlines about the war before Monday’s volatility.
“Investors have two related problems in pricing risks around the Gulf war,” UBS economist Paul Donovan said in a note on Monday before Trump’s post. “Statements from top U.S. administration officials give different and at times contradictory assessments of the war; in the absence of measurable objectives, this is all markets have to respond to. The result is volatility.”
WASHINGTON — On Sunday, Senate Majority Leader John Thune, R-S.D., discussed an off-ramp with President Donald Trump to reopen TSA and end the long lines and delays at airports.
It would fund all of the Department of Homeland Security except for ICE, which Democrats have refused to support without new limitations on immigration enforcement operations, two sources with knowledge of the conversation told NBC News.
White House aides initially conveyed the idea to Trump and, after that briefing, Thune spoke with the president, the two sources said. Thune discussed the idea with Republicans on Capitol Hill, one of the sources said. The second source said it’s seen by numerous Republicans as a viable path to break the logjam.
ICE would be funded separately by Republicans in a party-line “reconciliation” bill that can pass without the need for any Democratic support later in the year.
The Department of Homeland Security has been shut down for more than a month, and while key operations, such as TSA and the Federal Emergency Management Agency, are still operating, many of those employees are working without pay. As NBC News reported this weekend, more than 400 TSA officers have quit since the shutdown began. Immigration and Customs Enforcement is also shut down, but its employees are being paid through Trump’s big beautiful bill passed last year.
Republicans believe that the off-ramp Trump and Thune discussed would win support from Democrats, who have offered to fund noncontroversial parts of the Department of Homeland Security on the Senate floor while the two parties continue to negotiate on immigration.
But Trump rejected it — as he made clear in a Truth Social post Sunday night.
“I don’t think we should make any deal with the Crazy, Country Destroying, Radical Left Democrats unless, and until, they Vote with Republicans to pass ‘THE SAVE AMERICA ACT,’” Trump wrote, while instead calling on Republicans to “Kill the Filibuster, and stay in D.C. for Easter, if necessary.”
Trump’s first two ideas aren’t viable. Democrats are determined to sink the SAVE America Act, which doesn’t have enough support to pass. And Republicans have made clear they lack the votes to nuke the filibuster. They may, however, cancel recess if there’s still no deal by the end of this week.
The conversation with Thune and Trump was first reported by Punchbowl News.
Speaking Monday in Memphis, Tennessee, the president doubled down on his demands to pair Homeland Security funding with the voting bill.
“You don’t have to take a fast vote. Don’t worry about Easter, going home. In fact, make this one for Jesus. OK, make this one for Jesus,” Trump said, adding: “The most important part of homeland security is voter ID and proof of citizenship. Nobody can vote on Homeland Security without voter ID or proof of citizenship.”
Senate Minority Leader Chuck Schumer’s office said that Democrats will again seek unanimous consent to fund just the TSA on the Senate floor Monday, for the eighth time.
Republicans have so far rejected those stand-alone bills.
If Trump were to change his mind and accept the Thune-GOP idea, it carries benefits for both parties. For Republicans, they could avoid giving into Democratic demands, such as requiring immigration enforcement officers to remove their masks and requiring judicial warrants to conduct raids. For Democrats, they could keep their fingerprints off ICE funding, which has become toxic with their base since Homeland Security agents killed protesters Alex Pretti and Renee Good in Minneapolis.
“We can be out of this shutdown by the end of the week,” Sen. John Kennedy, R-La., said Sunday. “Here’s what we do. The Democrats are amenable to opening up everything at DHS but ICE. We should accept that. The very next day, we should file a budget resolution through reconciliation that funds ICE as we deem appropriate. We don’t need Democratic votes to do that.”
Democrats are also planning to seize on the Trump social media post to argue that he owns the shutdown and travel chaos.
Reconciliation bills are arduous, requiring near-unanimous support among Republicans, especially given the tiny House majority. There has been deep skepticism that the party could pull it off, even if it tried. But needing to fund an agency like ICE would raise the impetus to use that path.
Under the “big, beautiful bill” passed by Republicans last year, ICE received a cash infusion of about $75 billion for the next four years to help carry out Trump’s mass deportation program.
The path comes with another possible upside for the White House: Some Trump allies have proposed reconciliation to approve supplemental funding for Trump’s war in Iran. It’s not clear that could win enough Democratic support.