Diamond Equity Research initiates coverage on Allied Critical Metals

New York, June 22, 2026 (GLOBE NEWSWIRE) -- Diamond Equity Research LLC, an equity research firm with a focus on small capitalization public companies has initiated coverage of Allied Critical Metals Inc. (CSE: ACM) (OTCQB: ACMIF) (FSE: 0VJ0). The research summary below is from a report commissioned by Allied Critical Metals Inc. and produced by Diamond Equity Research. The in-depth 40-page initiation report includes detailed information on Allied Critical Metal’s business model, services, industry overview, financials, management profile, and risks.

The full research report is available below. Allied Critical Metals Initiation of Coverage Highlights from the report include: Strategic Exposure to a Structurally Tight and Geopolitically Critical Tungsten Market : Allied Critical Metals provides direct exposure to tungsten, a strategically important critical mineral increasingly essential across defense, semiconductors, aerospace, industrial tooling, energy infrastructure, and next-generation technologies. With China controlling approximately 79% of global tungsten supply and Western governments implementing restrictions on Chinese tungsten sourcing, non-Chinese supply sources are becoming increasingly valuable.

The company’s Portugal-based tungsten portfolio positions ACM as a potential strategic supplier into emerging Western critical mineral supply chains amid tightening global supply conditions and rising geopolitical focus on resource security. Strategic Positioning Within European Critical Raw Materials Policy: ACM's Portuguese tungsten assets are uniquely positioned within the European Union's drive to secure domestic supplies of critical and strategic raw materials under the Critical Raw Materials Act (CRMA). Portugal is currently the European Union's largest producer of tungsten concentrate and is widely recognized as one of the few jurisdictions capable of materially increasing domestic tungsten production in the coming years.

Borralha and Vila Verde therefore represent potential strategic contributors to European industrial resilience, defence supply chains and long-term resource security. This positioning has been formally recognized by idD Portugal Defence, the Portuguese public entity overseeing the nation's Defence Industry, which issued ACM a Letter of Recognition endorsing the Borralha Project as a strategic initiative of national importance and acknowledging the Company's leadership role in re-establishing tungsten production in Portugal.                                                          Borralha Represents a Large-Scale, PEA-Stage Tungsten Development Asset with Strong Economic Basis: The Borralha Tungsten Project provides ACM with a defined resource-backed development platform supported by an updated 2025 Mineral Resource Estimate of 13.0 Mt Measured & Indicated grading 0.21% WO₃ and 7.7 Mt Inferred grading 0.18% WO₃. The April 2026 PEA demonstrated robust economics across multiple pricing scenarios, including an after-tax NPV(8%) of approximately C$473 million and an IRR of 48.8% under the medium-case tungsten price assumption.

Importantly, the PEA was completed using tungsten price assumptions materially below prevailing market prices. The study’s medium-case scenario was based on approximately US$1,000/mtu WO₃, while the high-case scenario used US$1,500/mtu WO₃, both of which remain substantially below recent spot prices that have exceeded US$3,000/mtu during 2026.  Favourable Permitting Positioning: Borralha is one of the most advanced undeveloped tungsten projects in Europe from a permitting perspective. The Project has received a favourable Environmental Impact Declaration (DIA) from the Portuguese environmental authorities, significantly reducing permitting risk and positioning the Project to advance toward the next stages of engineering, environmental compliance and feasibility development.  Santa Helena Breccia Supports Scalable Underground Mining Optionality Beyond Traditional Narrow Vein Tungsten Deposits:  Borralha’s Santa Helena Breccia system materially differentiates the project from many conventional narrow-vein tungsten operations.

The breccia system demonstrates widths of up to 200 meters, strike length exceeding 600 meters, and remains open at depth, supporting potential scalability through bulk underground mining methods. Wide mineralized intercepts together with localized high-grade zones support operational flexibility and potentially improved mining efficiency relative to traditional vein-restricted tungsten deposits.    Strengthened Liquidity Position Significantly Improves Near- to Medium-Term Execution Visibility: The company materially strengthened its financial position through a recently announced approximately US$40 million strategic financing and offtake package, including US$15 million of project financing for Vila Verde and a tungsten concentrate offtake agreement. ACM indicated available liquidity exceeding approximately C$45 million, providing improved funding visibility for pilot plant construction, ongoing drilling programs, metallurgical optimization, and future prefeasibility-related work.

The improved balance sheet reduces near-term financing pressure and allows the company to transition from a purely exploration-focused issuer toward a project execution and development story. The financing package also represents a significant third-party validation of the quality of ACM's asset portfolio and development strategy, supporting the Company's transition from exploration and resource delineation toward project development and execution.   Portfolio Approach Provides Multiple Development Pathways: ACM benefits from a dual-asset strategy through the Borralha and Vila Verde Projects. While Borralha represents a large-scale, long-life development asset with significant resource expansion potential, Vila Verde provides a potentially lower-capital pathway toward near-term production through the planned pilot plant and processing operations.

Together, the projects provide operational flexibility, diversified development timelines and multiple opportunities for value creation. Valuation: Allied Critical Metals has been valued primarily using a DCF-based NAV methodology, to which we assign a 75% weighting, complemented by a 25% weighting to a comparable company analysis. The DCF framework applies an 8.0% discount rate and assumes no terminal value.

The valuation incorporates separate project-level forecasts for Borralha and Vila Verde, with Borralha treated as the company’s core long-term development asset and Vila Verde modeled as a near-term pilot plant opportunity. For Borralha, we model the 13.0 Mt M&I resource as the core operating base over an 11-year mine life, while the 7.7 Mt inferred resource is treated as a separate, lower-confidence mine-line extension optionality. For Vila Verde, we model a near-term pilot plant case with an initial throughput of 150,000 tpa over 5 years.

In addition, we have incorporated a comparable company analysis, using EV/contained WO 3 as the relevant market-based valuation metric for publicly listed tungsten-focused peers. On a blended basis, this approach results in an illustrative equity value of C$629.04 million, or C$3.50 per share, contingent on successful execution by the company. About Allied Critical Metals Inc. Allied Critical Metals Inc. is a Canadian-based critical minerals development company focused on becoming a leading European supplier of tungsten and associated critical metals.

Through its 100%-owned Borralha and Vila Verde Projects in northern Portugal, ACM is advancing a portfolio of strategically significant assets positioned to support European and North American supply chain security, defence requirements, energy transition technologies and advanced manufacturing industries.The Borralha Project is one of the largest undeveloped tungsten resources within the European Union and benefits from a favourable Environmental Impact Declaration (DIA), positioning the Project for advancement toward feasibility and development. Vila Verde represents additional exploration upside within the same strategic jurisdiction. Tungsten has been designated a critical raw material by the United States and the European Union due to its strategic importance in defense, aerospace, manufacturing, automotive, electronics and energy applications.

Currently, China, Russia and North Korea account for approximately 87% of global tungsten supply and reserves, highlighting the importance of secure western sources.  Further details regarding the Borralha Project are available in the Company's NI 43-101 Preliminary Economic Assessment Technical Report dated April 14, 2026, filed on SEDAR+ at www.sedarplus.ca and on the Company's website at www.alliedcritical.com.  About Diamond Equity Research Diamond Equity Research is an equity research and corporate access firm focused on small capitalization companies. Diamond Equity Research is an approved sell-side provider on major institutional investor platforms. For more information, visit  https://www.diamondequityresearch.com .

Disclosures:  Diamond Equity Research LLC is being compensated by Allied Critical Metals, Inc. for producing research materials regarding Allied Critical Metals, Inc. and its securities, which is meant to subsidize the high cost of creating the reports and monitoring the security, however the views in the report reflect that of Diamond Equity Research. All payments are received upfront and are billed for research engagement. As of 06/22/26 Allied Critical Metals, Inc. has paid us $50,000 for our company sponsored research services, which commenced 04/30/2026 and is billed annually, which could present a conflict of interest.

Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. Allied Critical Metals, Inc. has not paid us for non-research related services as of 06/22/2026.

Issuers are not required to engage us for these additional services. Additional fees may have accrued since then. Diamond Equity Research LLC for a distinct engagement and not for this specific report is being compensated by Almonty Industries, Inc. for producing research materials regarding Almonty Industries, Inc. and its securities, which is meant to subsidize the high cost of creating the reports and monitoring the security, however the views in the reports reflect that of Diamond Equity Research.

All payments are received upfront and are billed for research engagement. As of 06/22/26 Almonty Industries, Inc. has paid us $100,000 for our company sponsored research services, which commenced 03/07/2025 and is billed annually upfront for $50,000. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services.

The non-research related service cost is dependent on the company, but usually do not exceed $5,000. Almonty Industries, Inc. has not paid us for non-research related services as of 06/22/2026. Issuers are not required to engage us for these additional services.

Additional fees may have accrued since then. Almonty Industries Inc.’s payments are disclosed as security mentioned in this report; however, they have not paid for this specific report. Additional research cash compensation may be received in future years if issuer engagements are renewed.

Although Diamond Equity Research company sponsored reports are based on publicly available information and although no investment recommendations are made within our company sponsored research reports, given the small capitalization nature of the companies we cover we have adopted an internal trading procedure around the public companies by whom we are engaged, with investors able to find such policy on our website public disclosures page . This report and press release do not consider individual circumstances and does not take into consideration individual investor preferences.Statements within this report may constitute forward-looking statements, these statements involve many risk factors and general uncertainties around the business, industry, and macroeconomic environment.This report is based on information we consider reliable, including the subject of the report.This report does not explicitly or implicitly affirm that the information contained in this document is accurate and/or comprehensive, and as such should not be relied on in such capacity. All information contained within this report is subject to change without any formal or other notice provided.  Investors need to be aware of the high degree of risk in small capitalization equities including the complete potential loss of their investment.

Investors can find various risk factors in the initiation report and in the respective financial filings for Allied Critical Metals Inc., which may not be comprehensive. Please review initiation report attached for full report disclosures. Attachment Allied Critical Metals Initiation of Coverage Diamond Equity Research research@diamondequityresearch.com Globe Newswire June 22, 2026 - 5:00 AM PDT News by QuoteMedia www.quotemedia.com