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War Secretary Pete Hegseth said Tuesday that Russia ‘should not be involved’ in the escalating conflict between the United States, Israel and Iran, even as analysts point to Russian military activity that aligns with reports Moscow may be aiding Tehran.

‘The president maintains strong relationships with world leaders, which creates opportunities and options for us in very dynamic ways,’ Hegseth said when asked about President Donald Trump’s recent call with Russian President Vladimir Putin.

But as it relates to the Middle East conflict, he added, Russia ‘should not be involved.’

The administration’s messaging comes amid reports that Russia has provided information that could help Iran identify U.S. military assets in the Middle East. Moscow has not publicly confirmed the claims.

Intelligence assessments have reportedly said Russia provided Iran with information that could help identify the locations of American warships, aircraft and other military assets. Officials reportedly stressed there is no public evidence that Moscow is directing Iranian strikes, but said the information could assist Tehran’s targeting efforts.

The scope, timing and operational impact of that information have not been publicly detailed.

While there is no public evidence definitively proving Russia is providing real-time targeting data, George Barros, a Russia expert at the Institute for the Study of War, said open-source indicators are consistent with the type of support described in the reports.

Barros pointed to Russian military reconnaissance satellites, including Cosmos-2550, a radar and electronic signature spacecraft that recently passed over the Persian Gulf and Arabian Sea — areas where U.S. forces have been operating.

‘They’re specialized for naval reconnaissance and detecting ships, because the radar signature off the water really pings it quite well,’ Barros said. ‘These are known capabilities of the Russians.’

Such radar systems can detect maritime targets and electronic emissions that reveal force positioning. Barros said those capabilities align with known gaps in Iran’s own space-based intelligence collection.

Although he cautioned that he does not have dispositive proof of real-time targeting support, Barros said the convergence of Russian reconnaissance capabilities, satellite positioning and reported cooperation ‘makes total sense.’

Trump on Monday described his recent conversation with Putin as ‘very good’ and ‘constructive,’ saying the Russian leader ‘wants to be very constructive.’ Trump suggested Moscow could be more helpful by helping bring the war in Ukraine to an end.

Iran’s foreign minister, Abbas Araghchi, acknowledged over the weekend that Russia is assisting Iran ‘in many different directions’ in its war with the United States and Israel. Pressed on whether that includes intelligence sharing, Araghchi said, ‘They are helping us in many different directions,’ but added, ‘I don’t have any detailed information.’

Beyond intelligence collection, analysts say battlefield patterns suggest tactical cross-pollination between Russia and Iran.

During the war in Ukraine, Iran supplied Russia with Shahed one-way attack drones, which Moscow deployed extensively against Ukrainian cities and infrastructure. Over time, Russian forces refined strike packages combining drones, cruise missiles and ballistic missiles to overwhelm integrated Western air defense systems.

‘The Russians got really, really good at learning how to launch drones against integrated Western air defense systems,’ Barros said.

Those lessons, he said, appear to have informed Iranian strike tactics in the Middle East, where Tehran has launched large-scale combined missile and drone attacks against U.S. and allied targets.

If confirmed, Barros argued, intelligence sharing that materially supports Iranian targeting would amount to Moscow acting as a ‘co-belligerent.’

‘The Russians are coming out with Iran as a co-belligerent,’ he said, adding that the Kremlin has long viewed the United States as a geopolitical adversary.

At the same time, Russia remains constrained in how far it can go.

Russian ground forces are tied down in Ukraine and are not in a position to deploy to assist Iran. Analysts say any Russian support is far more likely to come in the form of intelligence sharing, technology transfers or drone production rather than boots on the ground.

One potential avenue involves drone manufacturing.

Russia operates large-scale Shahed-derived drone production facilities that were initially enabled by Iranian technology transfers. If Iran’s domestic drone factories are degraded by strikes, Russian production could theoretically help sustain Tehran’s aerial campaign, though there is no confirmed evidence that such transfers are occurring.

Defense officials have publicly downplayed the operational impact of any reported Russian assistance, saying U.S. commanders are tracking foreign intelligence activity and factoring it into planning.

The contrast between Trump’s characterization of Putin as ‘constructive’ and Hegseth’s warning that Russia should stay out of the conflict underscores the delicate balance the administration is attempting to strike — pursuing diplomacy in Ukraine while confronting the possibility of deeper cooperation between Moscow and Tehran in the Middle East.

For now, analysts say the evidence stops short of conclusive proof. But the alignment of Russian reconnaissance capabilities, battlefield tactics refined in Ukraine and Tehran’s own acknowledgment of assistance has intensified scrutiny of Moscow’s role as the regional war unfolds.

Russia has not publicly responded to the allegation of intelligence sharing with Iran, but has broadly called for de-escalation of the conflict.

The Russian embassy could not immediately be reached for comment.

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Investing

Summit Royalties Announces Grant of Restricted Share Units

Summit Royalties Ltd. (TSXV: SUM,OTC:SUMMF, OTCQB: SUMMF) (the ‘Corporation’ or ‘Summit’) announces that it has granted an aggregate of 350,000 restricted share units of the Corporation (‘RSUs’) to certain senior officers of the Corporation pursuant to its omnibus incentive plan (the ‘Plan’).

Of the 350,000 RSUs, 175,000 RSUs are scheduled to vest on March 9, 2027 and the remaining 175,000 RSUs are scheduled to vest on March 9, 2028. Once vested, each RSU represents the right to receive one common share in the capital of the Corporation per RSU held, a cash amount equivalent, or a combination thereof, in each case subject to the terms and conditions of the Plan and the applicable RSU agreement.

About Summit Royalties Ltd.

Summit Royalties Ltd. is a precious metals royalty and streaming company. Its current portfolio is anchored by cash-flowing production with additional royalties on advanced development- and exploration-stage properties. Summit’s mandate is to build its portfolio on a disciplined, per-share accretive basis through royalty and streaming acquisitions that deliver high-quality precious metals exposure and long-term cash flow growth. The Corporation has no debt and has sufficient cash on hand for future acquisitions. The Corporation’s registered office is located at One First Canadian Place, Suite 3400, Toronto, ON, M5X 1A4.

ON BEHALF OF THE BOARD OF DIRECTORS OF Summit Royalties Ltd.

Drew Clark
President and Chief Executive Officer
Summit Royalties Ltd.

For more information, contact:

Connor Pugliese, Vice President, Corporate Development
info@summit-royalties.com
+1 (289) 380-1960

Forward–looking Statements

Certain statements contained in this news release may be deemed ‘forward‐looking statements’ within the meaning of applicable Canadian securities laws. These forward‐looking statements, by their nature, require the Corporation to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward‐looking statements. Forward‐looking statements are not guarantees of performance. Words such as ‘may’, ‘will’, ‘would’, ‘could’, ‘expect’, ‘believe’, ‘plan’, ‘anticipate’, ‘intend’, ‘estimate’, ‘continue’, or the negative or comparable terminology, as well as terms usually used in the future and the conditional, are intended to identify forward‐looking statements. Information contained in forward‐looking statements, including with respect to, the Corporation’s objectives, anticipated growth and ability to execute acquisitions that increase production and drive cash flow growth’ and the Corporation having sufficient cash on hand for future acquisitions, are based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management’s perceptions of historical trends, current conditions and expected future developments, current information available to the management of the Corporation, as well as other considerations that are believed to be appropriate in the circumstances. The Corporation considers its assumptions to be reasonable based on information currently available, but cautions the reader that its assumptions regarding future events, many of which are beyond the control of the Corporation, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect the Corporation and its businesses.

For additional information with respect to these and other factors and assumptions underlying the forward‐looking statements made in this news release concerning the Corporation, see the section entitled ‘Risks and Uncertainties’ in the most recent management discussion and analysis of Summit which is filed with the Canadian securities commissions and available electronically under the Corporation’s issuer profile on SEDAR+ (www.sedarplus.ca). The forward‐ looking statements set forth herein concerning the Corporation reflect management’s expectations as at the date of this news release and are subject to change after such date. The Corporation disclaims any intention or obligation to update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise, other than as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

News Provided by GlobeNewswire via QuoteMedia

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Investing

Homerun Resources Inc. and UC Davis Produce Fused Silica Glass from SME Silica Sand Using Fast Joule Heating and File Patent Application for Femtosecond Silica Purification Process

Homerun Resources Inc. (TSXV: HMR,OTC:HMRFF) (OTCQB: HMRFF) (‘Homerun’ or the ‘Company’) is pleased to announce that researchers at the University of California, Davis (‘UC Davis’), in collaboration with Homerun, have successfully produced fused silica glass from raw silica sand using a one-step thermoelectric Fast Joule Heating (‘FJH’) process. These tests demonstrate, at bench scale, that silica from Homerun’s Santa Maria Eterna (SME) Silica Sand Project can be converted directly into fused silica glass without chemical reagents, supporting the Company’s strategy to supply high-value advanced materials markets.

Building upon the prior test work completed by independent materials consultancy Dorfner Anzaplan (see news release), which confirmed that the raw SME silica sand is suitable as feedstock for fused silica production using conventional multi-step processing methods, Homerun and UC Davis specifically set out to evaluate whether that same material could be processed to fused silica glass using new, more efficient one-step thermoelectric processing techniques. The UC Davis testing has now produced fused silica glass.

The issue confronting wider adoption of high-purity fused silica across high volume traditional and novel end-uses is the limited supply and high price due to the cost of conventional processing techniques.

Figure 1. Image of the flash-joule heating process and setup. A conductive material (here carbon black) is sandwiched between graphite plugs and undergo a rapid heating process as a charged voltage is released from the capacitor. This entire setup is enclosed within a vacuum-sealed chamber, which can be purged and filled with various gases to enable controlled atmospheric environments.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4082/287929_657bcb83d4b91916_001full.jpg

Subhash Risbud, Director of the Risbud Research Group at UC Davis, stated, ‘Critical to the success of our FJH process was incorporating a conductive medium for the current to flow while yet keeping the silica powder separated. Thus, we developed a new tube-within-tube configuration in which silica is confined to the inner tube while the outer tube contains the conductive substrate (graphite). This approach helps sustain the high temperatures required for extended processing. Based on our results, the silica to fused silica glass synthesis has worked using our FJH equipment (as shown in Figure 1). Fused silica glass was achieved very rapidly after our processing peak temperature reached about 2000 C (above the 1710 C melting point of silica). These exciting new results in processing to fused silica glass using Flash Joule Heating are reported as part of the continuing collaborative research being conducted by the Risbud Research Group at UC Davis and adds to previous new laser-based techniques developed in the same lab for the purification of the SME silica sand, all under the continuing funding from Homerun.’

‘Utilizing the Fast Joule Heating method to process a raw silica sample from the Homerun SME Silica Sand Project into fused silica glass is a big step in our advanced materials development,’ stated Brian Leeners, CEO of Homerun. ‘The FJH method does not use any chemical reagents and therefore generates no polluting waste stream. If the energy source is renewable, then this is a completely green process. We chose FJH for this testing as it has been scaled utilizing off-the-shelf equipment in other critical materials processing. These techniques, after the necessary improvements, can produce fused silica glass used for medical, pharmaceutical, electronics, photonics and other similar technology and energy applications.’

The next step in the Homerun / UC Davis testing plan is to incorporate off-the-shelf equipment to begin scaling the production capacity of the fused silica glass using FJH. This testing was initiated immediately after the successful bench testing.

Fused silica tech markets are dominated by semiconductor fabrication, high-performance optics, and advanced electronics, driven by its extreme purity, thermal stability, and optical clarity. Key applications include lithography lenses, wafer substrates, fiber optics, and laser systems, with growing demand from 5G, IoT, and long-term data storage. Ultra-pure fused silica also serves as a high-performance, low-loss substrate for superconducting qubits and as a base material for silicon-based, spin-qubit quantum computers.

Nvidia recently announced a combined investment of US$4 billion into two photonics companies, Lumentum and Coherent to advance photonics technology for AI data centers. The multiyear agreements include purchase commitments and capacity access for advanced optical networking products, supporting U.S.-based manufacturing and R&D. The move targets performance and efficiency gains in AI systems by enhancing data transfer capabilities using photonics.

Photonics uses light instead of electrical signals through copper, enabling faster and more energy-efficient data transfer. Nvidia’s adoption of co-packaged optics in Spectrum and Quantum switches removes the need for pluggable modules on the switch side, cutting hardware requirements and power consumption. This technology is essential for connecting multiple AI systems or data centers over extended distances. Nvidia success could lead to direct integration of photonics into Nvidia’s GPUs, boosting AI training speed and efficiency. Alternatively, faster innovation from competitors such as Amazon or Google could challenge Nvidia’s position. Control over photonics supply might also lengthen lead times for rivals, reshaping the competitive dynamics in the optics market.

https://www.cnbc.com/2026/03/02/nvidia-investment-coherent-lumentum.html

‘NVIDIA is advancing the world’s most sophisticated silicon photonics to build the next generation of gigawatt-scale AI factories.’

NEW PATENT APPLICATION ADDED TO PATENT PORTFOLIO

Homerun also announces that a new patent application has been filed for an invention resulting under the Company’s partnership with UC Davis. The invention relates to a:

‘PROCESS FOR OBTAINING HIGH-PURITY SILICA SAND AND THE RESULTING PRODUCT.’

The invention describes a novel, environmentally friendly process for purifying silica sand to ultra-high purity levels, primarily targeting industrial applications such as semiconductors, LCDs, and optical glass. The process leverages femtosecond laser ablation, which eliminates the need for hazardous chemicals and energy-intensive mechanical methods traditionally used in silica purification.

Key Steps in the Process: Grinding, Vacuum, Laser Treatment and analysis.

Results and Advantages:

Purity Improvement: The analysis shows a significant reduction in impurities (Ti, Ca, Mg, Fe), with purity increasing from 99.75% to +99.99%.
Environmental Benefits: The process avoids hazardous chemicals and reduces energy consumption compared to conventional methods.
Industrial Relevance: The resulting high-purity quartz silica sand (HPQ) is suitable for demanding industrial uses.

The above UC Davis fused silica glass testing results have not been independently verified and may also be the subject of a future Homerun Patent Application.

Figure 2. Homerun’s silica value chain from extraction to advanced products, highlighting development and sales across each segment.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4082/287929_657bcb83d4b91916_002full.jpg

About Homerun

Homerun is building the silica-powered backbone of the energy transition across four focused verticals: Silica, Solar, Energy Storage, and Energy Solutions. Anchored by a unique high-purity low-iron silica resource in Bahia, Brazil, Homerun transforms raw silica into essential products and technologies that accelerate clean power adoption and deliver durable shareholder value.

Silica: Secure supply and processing of high-purity low-iron silica for mission-critical applications, enabling premium solar glass and advanced energy materials.
Solar: Development of Latin America’s first dedicated 1,000 tonne per day high-efficiency solar glass plant and the commercialization of antimony-free solar glass designed for next-generation photovoltaic performance.
Energy Storage: Advancement of long-duration, silica-based thermal storage systems and related technologies to decarbonize industrial heat and unlock grid flexibility.
⁠Energy Solutions: AI-enabled energy management, control systems, and turnkey electrification solutions that reduce costs and optimize renewable generation for commercial and industrial customers.

With disciplined execution, strategic partnerships, and an unwavering commitment to best-in-class ESG practices, Homerun is focused on converting milestones into markets – creating a scalable, vertically integrated platform for clean energy manufacturing in the Americas.

On behalf of the Board of Directors of
Homerun Resources Inc.

‘Brian Leeners’

Brian Leeners, CEO & Director
brianleeners@gmail.com / +1 604-862-4184 (WhatsApp)

Tyler Muir, Investor Relations
info@homerunresources.com / +1 306-690-8886 (WhatsApp)

FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

The information contained herein contains ‘forward-looking statements’ within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be ‘forward-looking statements’.

Neither the 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/287929

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Investing

CORRECTION FROM SOURCE: Allied Critical Metals Further Highlights Rapid Payback, Capital Efficiency and Infrastructure from Borralha PEA

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

Key Highlights:

Additional Payback Metrics: Payback^[1] of approximately 2.2 years from commencement of commercial production corresponding to approximately 4.2 years from start of construction under the medium case of USD $1,000/mtu WO₃. ^[2]
Capital Efficient Development: Initial capital cost^[3] at the Borralha Project of approximately $125.0 million (USD $91.5 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 $252.52 million (USD $184.89 million), average annual EBITDA of approximately $142.18 million (USD $104.10 million), and average annual free cash flow of approximately $96.28 million (USD $70.49 million) over the initial mine plan at USD $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 figures in North American decimal nomenclature.
All amounts in Canadian dollars unless stated otherwise.⁴

Vancouver, British Columbia–(Newsfile Corp. – March 10, 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 (the ‘Borralha Project’) in northern Portugal. The Borralha Project’s previously announced PEA economics remain unchanged.

This news release is an amending and restating news release clarifying and correcting the immediately preceding news release dated March 9, 2026 to present figures consistently using North American decimal nomenclature rather than European comma nomenclature. In addition, Table 3 was updated to address rounding errors, translation errors and currency conversion using $1.3658 CAD/USD and Table 5 was updated to clarify use of USD $M.

Roy Bonnell, CEO & Director of Allied, commented: ‘Following the release of our initial PEA for the Borralha Project, 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 the Borralha Project has to tungsten prices.’

This additional disclosure provides greater clarity on Borralha Project’s capital efficiency, expected cash flow generation and rapid capital recovery profile. The 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 estimated capital expenditures for the build out of the Borralha Project are the result of advanced project infrastructure that a planned hydro-electric power connection, water supply and recycling systems, road access, and paste backfill integration to support operations while minimizing environmental footprint.

The 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 (USD $704/mtu WO₃), $1,365/mtu WO₃ (USD $1,000/mtu WO₃), and $2,049/mtu WO₃ (USD $1,500/mtu WO₃), while mine design and cut-off grade selection were developed using a conservative tungsten price assumption of $900/mtu WO₃ (USD $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 information, please see the news release dated March 2, 2026.

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:

NPV is a Non-GAAP measure; see notes below for additional information regarding NPV. M = million.
IRR is a Non-GAAP measure; see notes below for additional information regarding IRR.
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 USD $1,000 per mtu sensitivity case presented in the PEA, reaching approximately $2,998 per mtu (USD $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 at the Borralha Project, 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

*Mt denotes millions of tonnes (t).

Initial Capital Allocation and Operational Costs

The Borralha PEA estimates initial capital^[7] of approximately USD $91.5 million, with sustaining capital^[8] of approximately USD $87 million and total life-of-mine capital^[9] of approximately USD $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*	USD $M*
Underground development	$52.93	$38.755
Processing plant	$26.54	$19.435
Paste backfill plant	$5.34	$3.910
Surface infrastructure	$6.13	$4.485
Power connection	$8.95	$6.555
EPCM / indirect costs**	$19.16	$14.03
Contingency	$5.97	$4.356
Initial Capital Costs	$125.0	$91.5
Tax incentives	$34.3	$25.1

*Canadian dollar (CAD) equivalents calculated used a foreign exchange rate of CAD $1.3658/USD.
M denotes million.
**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 Cost^[10] Breakdown

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

*USD $/t denotes USD $/tonne.
**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 Borralha 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 but not limited to:

compact underground mining footprint
gravity-dominant processing flowsheet
access to regional infrastructure including electrical 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 Project mine plan is expected to generate strong annual cash flow^[11] 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 (USD $M) USD $704/mtu WO₃	Medium Case (USD $M) USD $1,000/mtu WO₃	High Case (USD $M) USD $1,500/mtu WO₃
Average annual revenue	$131.75	$184.89	$274.69
Average annual EBITDA	$53.37	$104.10	$189.86
Average annual pre-tax operating cash flow	$40.41	$91.13	$176.89
Average annual free cash flow	$35.82	$70.49	$128.79
Life-of-mine revenue	$1,449.23	$2,033.75	$3,021.55
Life-of-mine free cash flow	$393.97	$775.43	$1,416.64

*All figures presented in USD $M, which denotes USD $ million.

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/287936

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Investing

QIMC Completes 711 Metre Discovery Hole DDH-26-01 at West-Advocate, Nova Scotia: Hydrogen System Confirmed at Depth

Quebec Innovative Materials Corp. (CSE: QIMC) (OTCQB: QIMCF) (FSE: 7FJ) (‘QIMC’ or the ‘Company’) today announced the completion of Discovery Hole DDH-26-01 to a depth of 711 metres at its West-Advocate hydrogen project in Nova Scotia. Drilling intersected a persistent hydrogen-bearing system beginning at approximately 505 metres, where visible gas was observed at the drill head and well water returned headspace hydrogen concentrations that exceeded the detection limits of the Company’s GA5000 gas analyser. Hydrogen concentrations remained elevated to the end of the hole, confirming that the system remains open at depth as drilling advances, with Hole 2 targeting structural zones to the north-west.

Borehole DDH-26-01 has returned hydrogen concentrations so elevated that the Company’s field instruments were pushed beyond their maximum detectable range on multiple separate depth intervals. These readings were obtained from wellhead water samples already subject to dilution factors of 100 to 10,000 times, according to independent analysis by Prof. Marc Richer-LaFlèche of the Institut National de la Recherche Scientifique (INRS), Québec. The surface headspace gas measurements, extraordinary in their own right, are a fraction of what the fractured geological formation is holding at depth.

This is not a trace detection. This is not background noise. This is a live, pressurised, hydrogen-generating system, confirmed by instrument, confirmed by water geochemistry, and confirmed visually in the field, whose true magnitude current surface instrumentation cannot fully characterise.

Why This Discovery at Depth Matters

Natural hydrogen, increasingly referred to as ‘gold hydrogen’ by the global energy community, is one of the most transformative emerging resource categories of this decade. It is carbon-free, generated naturally within the Earth’s crust, and requires no energy-intensive manufacturing process. The global race to identify and develop commercially viable natural hydrogen deposits is intensifying rapidly. QIMC’s West-Advocate results, independently validated by one of Canada’s foremost geochemical institutions, position the Company as one of the most scientifically rigorous natural hydrogen exploration programmes in North America.

Hole 2 Drilling Underway

Hole 2 of the West-Advocate 2026 drilling program is currently underway and is targeting structural zones similar to those observed in DDH-26-01 borehole and identified from geophysical and soil-gas hydrogen and radon geochemistry. The hole is oriented to the northwest in order to approach the contact zone between a gravity and magnetic high interpreted as an uplift of the bedrock sub-basement and the carboniferous sedimentary rock basin. Gas monitoring, well water sampling and core logging remain active as drilling progresses.

Sampling Methodology

Water sampling was conducted at the top of borehole DDH-26-01 casing and gas analyses were carried out using standard headspace gas measurements (2-L) at room temperature and pressure and using 1,300 mL of water and 700 mL of air. Sampling for headspace gas, ranged from depths of 368 m to 710 m, and was conducted between February 25 and March 5, 2026.

Hydrogen Results

At 638 metres, gas bubbles were physically observed rising from the drill head – direct visual confirmation of free hydrogen escaping the formation at the moment of intersection. This field observation is among the most unambiguous forms of evidence available to an exploration team: gas under sufficient pressure to physically exsolve and migrate upward through the drill column in real time.

From 505 m to 680 m, a sustained zone of significantly elevated hydrogen concentrations was identified. Within this interval, on multiple separate occasions, hydrogen concentrations exceeded the maximum detectable range of the GA5000 gas analyzer entirely, logged simply as instrument maximum exceedance. Where exceedance was recorded, samples were subsequently reanalysed using a second independent Eagle-2 H₂ gas detector, confirming concentrations of 2,150 ppmV in diluted wellhead water – itself already subject to dilution factors of 100 to 10,000 times relative to true formation concentrations at depth. The 2,150 ppmV is not the peak. It is the confirmed minimum floor of what was measured at surface. The true deep well water concentration above it remains open.

From 683 m to 711 m, the deepest section drilled in hole DDH-26-01, the hydrogen system did not fade. Sustained readings of 525, 612, 623, 633, and 962 ppmV in diluted wellhead water were recorded in successive intervals, confirming that even at the furthest extent of the borehole, the system remains active, consistent, and measurable.

Throughout the entire sampled interval from 368 m to 710 m, methane (CH₄) was recorded at concentrations below the limit of detection of the GA5000 instrument in 97.3% of all samples. The statistical correlation between H₂ and CH₄ concentrations across the full dataset is R² = 0.06, confirming that hydrogen and methane are uncorrelated and that the gas system is purely hydrogen-dominant with no thermogenic hydrocarbon association.

Hydrogen concentrations are equally uncorrelated with CO₂ (R² = 0.009), with 97.3% of samples showing CO₂ at only 0.1% by volume. The combined absence of methane, the extremely low CO₂ levels, and the dominance of H₂ across both drilling and previously conducted soil-gas surveys confirm a pure inorganic hydrogen source – not a petroleum leakage, not a biodegradation plume, and not a thermogenic system of any kind.

The Dilution Factor

Investors and analysts reviewing the surface measurements should understand the hydrodynamic context that makes them truly extraordinary. Due to the operational constraints of diamond drilling, water samples are collected at the wellhead outlet, not at depth. For example, for borehole DDH-26-01 at 725 m depth, the internal water volume is approximately 717 imperial gallons. With a surface pumping rate of 13.5 gallons per minute, the residence time of water within the borehole is on the order of 54 minutes, resulting in substantial dilution of any gases present in the formation before samples reach surface.

Furthermore, as Prof. Richer-LaFlèche’s analysis establishes, if a gas leak occurs along a porous interval within a deep fracture zone approximately 2 metres thick, the contact time between circulating water and the fractured zone is only approximately 9 seconds. Under such highly hydrodynamic conditions, hydrogen concentrations measured in headspace samples collected at the wellhead are expected to be strongly diluted compared with samples obtained directly at depth under static or near-static conditions.

The result, as independently established by INRS, is that dilution factors of 10² to 10⁴ – that is, 100 to 10,000 times – are expected at this borehole. The confirmed 2,150 ppmV in diluted headspace water measurement represents a very diluted fraction of the true hydrogen concentrations coming out of faulted zones at depth.

Applying the lower bound of Prof. Richer-LaFlèche’s dilution range alone, true in-situ deep well concentrations in the fault zone could exceed 215,000 ppmV which is near 21.5%V H2 (headspace gas measurements). At dilution ratios approaching 465×, the theoretical formation concentration would approach hydrogen saturation (~100% by volume). This modelling illustrates the magnitude of dilution occurring during circulation drilling and why surface measurements represent only a fraction of the hydrogen present at depth.

Why the Dilution Model Matters

Surface hydrogen measurements collected during active drilling represent only a diluted fraction of the hydrogen entering the borehole from hydrogen-bearing fracture zones at depth. During diamond drilling, circulating drilling fluids and subsurface fluids move continuously through the borehole before reaching surface sampling points. This process introduces significant hydrodynamic mixing and dilution within a large water column prior to measurement.

For borehole DDH-26-01, the internal borehole water volume and circulation rates indicate that hydrogen measured at the wellhead is subject to dilution factors estimated by INRS to range from approximately 10² to 10⁴ (100× to 10,000×). As a result, surface headspace measurements represent only a small portion of the hydrogen actually entering the borehole from fractured zones at depth.

Applying the lower bound of this dilution range to the confirmed 2,150 ppmV surface measurement implies potential in-situ formation concentrations exceeding approximately 215,000 ppmV (≈21.5% hydrogen by volume). Higher dilution ratios would imply proportionally higher formation concentrations. These calculations illustrate the scale of dilution occurring within the circulating borehole system and demonstrate why surface measurements cannot directly represent the full hydrogen concentration present in the subsurface.

Equally important, hydrogen remained repeatedly measurable at surface despite this dilution, borehole circulation, and transport to surface. The persistence of hydrogen readings across a broad depth interval therefore supports the interpretation that DDH-26-01 intersected an active hydrogen-bearing fracture system rather than a small isolated gas occurrence.

‘I want to be precise with the market about what we have found and what the instruments told us,’ stated John Karagiannidis, CEO of QIMC. ‘On multiple separate depth intervals, our GA5000 field instruments were pushed past their maximum detection ceiling entirely – the instruments had no higher reading to give us. When we reanalysed those samples with a second independent Eagle-2 detector, we confirmed concentrations exceeding instrument detection thresholds in diluted wellhead water – water that Prof. Richer-LaFlèche has established carries a dilution factor of 100 to 10,000 times relative to what the formation holds at depth. Every single methane reading across the entire hole came back zero. This is a hydrogen system whose true magnitude our instruments could not fully measure at surface. The data from DDH-26-01 has not set a ceiling for this project. It has set a floor. Hole 2 is underway and we are going deeper.’

INRS Analysis by Prof. Marc Richer-LaFlèche

The complete gas geochemistry dataset (headspace analysis of well water samples) and drill core from DDH-26-01 have been submitted to and independently analysed by Prof. Marc Richer-LaFlèche of the Institut National de la Recherche Scientifique (INRS), Québec. Prof. Richer-LaFlèche worked on the Reactivated Rift and Graben Geostructure (R2G2) exploration model that underpins QIMC’s targeting methodology, and is serving as independent third-party scientific analyst for the West-Advocate 2026 programme.

In his assessment, Prof. Richer-LaFlèche states:

*’Drilling DDH-26-01 represents a major milestone for natural hydrogen exploration in Nova Scotia, and particularly for the greater Advocate (Cumberland) area. Analytical results from this borehole clearly demonstrate that secondary faults act as conduits for natural hydrogen circulation and its transfer toward the subsurface. These findings validate the exploration model applied by QIMC and its collaborators for targeting natural hydrogen along the Cobequid-Minas Fault Zone (CMFZ) deformation corridor.’*

Prof. Richer-LaFlèche further notes that the near-absence of methane across all sampled intervals:

*’…is a pattern consistent with our working hypothesis that hydrogen production in the area is primarily related to radiolytic processes and/or water-rock reactions involving iron-rich geological materials. This observation is significant because methane was also absent from the soil-gas surveys conducted in the West-Advocate area. The convergence of these two independent datasets reinforces the interpretation that hydrogen circulating within the local rock mass may accumulate locally, offering the potential for clean hydrogen resources without the co-production of methane or other greenhouse gases.’*

Figure 1. Diagrams illustrating the variations in measured hydrogen concentrations (ppmV) in head-space gas samples obtained from water exiting the DDH-26-01 borehole casing. A) Vertical distribution of hydrogen concentrations as a function of depth along the 55°-inclined borehole. B) Statistical variability of the dataset and identification of background noise, anomalous samples, and strongly anomalous samples based on a normal probability plot derived from the head-space gas analyses performed on water samples from DDH-26-01.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7968/287951_4f6b9922a4bb5a1b_001full.jpg

Technical Interpretation – What These Results Suggest

The persistence of hydrogen concentrations toward the bottom of the borehole, combined with visible gas observations and instrument exceedances, suggests the drill hole intersected an active hydrogen migration corridor rather than an isolated gas occurrence.

The Data – Interval by Interval

Multiple intervals between approximately 500 m and 680 m returned hydrogen readings exceeding the GA5000 instrument detection limits. Independent verification using an Eagle-2 detector confirmed hydrogen concentrations exceeding 2,150 ppmV in diluted wellhead samples. Sustained hydrogen readings continued from 683 m to 711 m depth.

Geology Confirms the System

Drill cores recovered from approximately 570 m to 680 m depth present a lithological character that is both visually compelling and geologically coherent with the gas data. Dark carbonaceous and graphitic black rock alternates with lighter siltstones. The abundant fracturing and veining observed throughout the core indicates active structural pathways through which hydrogen-bearing fluids migrate and accumulate.

The geology did not change. The drill did not stop. The system did not weaken.

Next Steps

Drilling continues with Hole 2 targeting deeper portions of the interpreted structural system. Additional borehole sampling, gas geochemistry analysis and isotopic studies are ongoing in collaboration with researchers from INRS.

For More Information, Please Contact:

REGULATORY DISCLAIMER

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. This press release contains forward-looking statements based on current expectations, field observations, and preliminary data. Actual results may differ materially. All gas readings and geological interpretations are preliminary and subject to further independent verification and analysis. Instrument maximum exceedance readings indicate hydrogen concentrations beyond the GA5000’s upper detection threshold; the confirmed surface measurement of 2,150 ppmV was independently verified using an Eagle-2 H₂ gas detector from diluted wellhead water samples. Dilution factor estimates of 10² to 10⁴ are based on borehole hydrodynamic modelling by Prof. Richer-Lafleche of INRS and represent a range of expected values; true in-situ formation concentrations are undetermined pending further analysis. Projected in-situ concentration ranges derived from dilution factor modelling are illustrative estimates only and do not represent confirmed or measured formation concentrations. This release does not constitute an offer of securities or investment advice. Investors are urged to conduct their own due diligence.

Forward-Looking Statements

This press release contains ‘forward-looking statements’ and ‘forward-looking information’ within the meaning of applicable Canadian securities legislation. These statements are based on expectations, estimates, and projections as of the date of this press release and involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements of the Company to differ materially from those expressed or implied.

Forward-looking statements are generally identified by words such as ‘expects,’ ‘anticipates,’ ‘believes,’ ‘intends,’ ‘estimates,’ ‘projects,’ ‘potential,’ and similar expressions, or by statements that events or conditions ‘will,’ ‘may,’ ‘could,’ or ‘should’ occur.

Although the Company believes that the forward-looking information contained herein is reasonable as of the date of this press release, such information is subject to change and no assurance can be given that future results will be achieved. The Company undertakes no obligation to update forward-looking statements except as required by applicable law.

Source

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Politics

Private security firm helping Americans evacuate the Middle East amid war with Iran

MCLEAN, Va. – As Americans are stranded in the Middle East amid the U.S. and Israel war with Iran, government and private agencies are working around the clock to conduct evacuations.

In addition to the U.S. Department of State’s 24/7 task force aimed at evacuating Americans, private security firm Global Guardian is also working around the clock to complete the same mission.

As of Friday, Global Guardian has evacuated more than 4,000 people from the Middle East, according to its CEO and President, Dale Robert Buckner.

While operations and logistics teams sit in an office building in northern Virginia, the firm has personnel in more than 140 countries, allowing Global Guardian access to nearly every corner of the world for emergency response or evacuations.

‘We provide medical evac services, we provide kidnap, ransom, extortion negotiation payment if someone is kidnapped or extorted,’ Buckner said. ‘We’re providing about 300 missions a month of executive protection travel, in about 84 countries a month.’

The private security firm also conducts camera surveillance of residences and commercial property and has cyber analysts monitoring mobile devices.

After the U.S. and Israel struck Iran in a joint attack last weekend, the firm has been coordinating multiple emergency response evacuations — but this isn’t the first time it has assisted Americans out of a crisis zone.

‘That means getting people out of Puerto Vallarta a week ago, and Jalisco, Mexico. That means getting people out of Asheville, North Carolina when it got wiped out by a hurricane,’ Buckner said.

Logistically, getting tourists out of a war zone and back to safety is a process, but the firm works fast, completing their first border crossing within the first six hours of the missile strikes.

Immediately, the firm received a call from a pair of students studying abroad, Deputy Vice President of Operations Colin O’Brien told Fox News. He said they were trying to leave Dubai.

‘Within about four and a half hours from the phone call, we had our teams in motion to go pick these people up and it was two college-aged women,’ said O’Brien.

‘Put them in the car, we were then able to move from the Omani border and by eight hours we were at the border. Work through the border checkpoint to a hotel in Muscat, where we could stop and give them a short rest while we arrange their transportation home,’ he says.

The group said it remains active year-round to ensure evacuation plans are in place before disasters strike.

‘There’s a narrative of, here’s the pickup point, here’s the key crossing site,’ Buckner said. ‘This is what you’re gonna need from a paperwork standpoint, legally. And then we’re gonna put you in a hotel or straight onto a commercial flight. Most likely, at this point in the war, we’re gonna put you on a private charter.’

Buckner said most of these missions happening in the region are ground movement, done by locals. He says in the 140 countries the firm is in, they have ground teams working year-round. Consistently training year-round.

‘We’re communicating, we’re coordinating, we’re executing. Executive protection agents, armed agents, armed vehicles, large-scale event support with medical and security personnel,’ he said, describing the firm’s standard operating capabilities.

‘We’re coordinating whether the firm needs drivers. From Dubai to Oman, Israel to either Oman, Jordan or Egypt. Out of Bahrain into Saudi Arabia,’ Buckner said.

While the firm is coordinating with the State Department, it said it has not yet conducted a flight mission on behalf of the department.

Global Guardian offers these services through what it calls a ‘Duty of Care Membership,’ which Buckner said costs $15,000 per year for a family of five.

‘You are going to sign a contract — whether it’s a family, a family office or typically a large corporate logo. Then we become, at your beck and call,’ Buckner said, describing the emergency response services included in the agreement.

For Americans currently stuck in the Middle East, Buckner said the cost of evacuation using ground and air resources varies depending on the situation and location.

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Politics

Before-and-after satellite imagery offers a rare look at damage inside Iran

Fresh satellite images give a rare aerial view of the damage across Iran after U.S.-Israeli strikes and what Tehran’s retaliation left behind across the region.

Planet Labs satellite imagery captured burning ships and damaged facilities at the Konarak base in southern Iran, as well as significant destruction at Iran’s naval headquarters in Bandar Abbas on the Persian Gulf, reflecting the scale of the strikes on military infrastructure.

Imagery from Vantor shows damage to facilities and vessels located in Iran’s Bushehr port in the Persian Gulf.

In addition to naval assets, satellite photos show a bunker at Bushehr air base hit by a strike, leaving a large crater and destroying several nearby small buildings.

More strikes targeted the Choqa Balk drone facility in western Iran.

Radar systems at the Zahedan air base in eastern Iran — near the country’s borders with Pakistan and Afghanistan — were also struck.

The two facilities are about 800 to 900 miles apart, underscoring the broad reach of the coordinated strikes.

Satellite imagery also reveals damage to aircraft on the tarmac at Shiraz air base, including scorch marks and debris around several parking areas.

Satellite imagery from Planet Labs shows thick smoke plumes rising above Tehran, signaling explosions and fires inside the Iranian capital.

The smoke underscores how the conflict has moved beyond isolated military sites and into the heart of Iran’s political center.

Iran has since responded with missile and drone strikes of its own, expanding the conflict across the region.

Satellite images reveal damage to the port city of Sharjah in the United Arab Emirates. Sharjah is the third most populous after Dubai and Abu Dhabi.

The Jebel Ali Port, the region’s largest maritime hub, was also targeted, underscoring how the retaliation extended beyond military sites to key infrastructure.

The new satellite imagery comes on the heels of U.S.-Israeli strikes that killed Iran’s supreme leader, Ayatollah Ali Khamenei, and several top members of the regime, triggering a succession crisis.

President Donald Trump warned on Sunday that Iran’s new leader is ‘not going to last long’ without U.S. approval as Operation Epic Fury marches into a third week.

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Politics

Congress weighs new funding for Trump’s Iran strikes as war costs rise and Democrats cry foul

Lawmakers on Capitol Hill could soon add another priority to their growing agenda as Republicans work to navigate a partial government shutdown and other deadlines looming in the next several weeks — weighing whether to provide additional cash to fund President Donald Trump’s operation in Iran.

Early chatter is beginning in the House of Representatives over a potential supplemental funding bill to aid the U.S. and Israel’s joint strikes on Iran, depending on how long the operation lasts and how much both countries bear down on the Islamic Republic.

House Appropriations Committee Chairman Tom Cole, R-Okla., told reporters last week that he would ‘expect’ a supplemental funding request from the Department of War ‘well before the end of the year.’

‘We’ve been told the Pentagon is looking at it, but we haven’t been given anything about an amount or time frame yet,’ Cole said.

Asked by Fox News Digital about what kind of price tag he would expect, Cole speculated, ‘Maintaining two carrier battle groups in action is not a cheap thing, not to mention all the other resources that are being expended. So I would expect it to be very robust.’

‘It’s been a pretty frequent part of conversation,’ House Foreign Affairs Committee Chairman Brian Mast, R-Fla., told Fox News Digital of an Iran funding bill.

House Homeland Security Committee Chairman Andrew Garbarino, R-N.Y., also told Fox News Digital he would ‘absolutely’ back a defense supplemental funding bill.

A senior member of the House Appropriations Committee, who was granted anonymity to speak freely, said they envisioned a modest increase in funding for Iran but said there were multiple variables at work that made a total cost unknowable at this point.

‘It depends on how long it lasts,’ they said. ‘A lot of this depends on, do our Gulf Coast partners participate? If they do, that helps. It depends on how long Israel goes. But we’ll definitely need some more munitions, so I’d say a small supplemental is probably important to just restock.’

But it will likely be difficult to sell the need for more Iran funding to House Democrats, many of whom have argued Trump’s involvement has amounted to an illegal war.

‘We’ll cross that bridge when we get to it in terms of if the administration makes a request to Congress to consider additional funding,’ House Minority Leader Hakeem Jeffries, D-N.Y., told NBC’s ‘Meet The Press’ on Sunday. ‘But at this particular point in time, the administration has failed to make its case as to the rationale or justification for this war of choice in the Middle East.’

And with the House GOP’s razor-thin majority, which is expected to grow to two votes after a special election in Georgia this week, Republican leaders could have a tough time appeasing fiscal hawks in their own party.

‘We need to know what the terms of the conflict are going to be, how long — a lot of us are very happy with going after and taking out Iran’s capabilities and taking out a lot of their bad guys, but what’s the endgame?’ Rep. Chip Roy, R-Texas, said to Fox News Digital.

‘Number two, is it paid for? So, you know, general support for what we’re doing to go after the bad guys, but we’ve got to know what the limits are and how much it’s gonna cost, and if it’s paid for.’

Even if it passes the House, such legislation would need 60 votes to advance in the Senate, meaning at least several Democrats would need to be on board.

Fox News Digital reached out to the Department of War for additional comment.

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Politics

Trump’s Rx plan promises savings, but economists see a hidden trade-off

President Donald Trump’s latest push to slash prescription drug prices promises relief at the pharmacy counter, but behind the headline savings lie trade-offs that could reshape how drugs are developed, priced and delivered in the United States.

To deliver on that promise, the administration has rolled out TrumpRx, a federal price-comparison platform aimed at lowering out-of-pocket costs. The effort unfolds against the backdrop of the midterm election cycle, where rising healthcare costs remain a central concern for voters and a defining campaign issue.

The political appeal is clear, but experts warn the economics are messier. Economists point to a basic trade-off: lower prices today can shape how and whether new drugs are developed tomorrow.

‘When drug prices are capped or negotiated down, companies anticipate lower returns, reducing investment in drug research and development,’ said Olivia Mitchell, a professor of business economics and public policy at the Wharton School.

‘Economic evidence shows that lower prices depress incentives to develop new drugs,’ she added.

‘In the short term, patients and payers can see meaningful savings through lower prices and out-of-pocket costs, but in the longer term, there is more risk of fewer or slower-arriving new medicines, especially in areas most exposed to price controls.’

Michael Baker, director of healthcare policy at the American Action Forum, said government price setting does not eliminate costs so much as redistribute them.

‘At the most basic level, government price setting only limits what patients pay for a drug — usually reflected in an out-of-pocket or co-insurance payment,’ Baker said. ‘This does nothing to address the overall cost of the drug, which someone still has to pay, nor does it lower the cost associated with development.’

As a result, he said, those costs could reemerge through tighter health coverage rules, fewer treatment options or reduced future innovation.

Supporters of the administration counter that the policy does not amount to strict government price caps. Instead, they describe it as a negotiated arrangement.

Ed Haislmaier of the Heritage Foundation said companies appear to be lowering prices in exchange for expanded market access or other relief, a structure he argues avoids the most disruptive effects of traditional price controls.

‘In such cases, companies are likely calculating that revenue losses from lower prices will be offset by revenue gains from more sales,’ Haislmaier told Fox News Digital.

‘The kind of government price controls that are most damaging to innovation are ones that limit the initial price a company can charge for a new product. That is the situation in some countries, but fortunately not yet in the United States,’ he added.

For patients squeezed by rising costs, the promise of immediate savings is hard to dismiss.

But economists say the long run question is whether the system can deliver cheaper drugs without dulling the incentives that produce the next generation of treatments —an issue both parties are likely to keep pressing as health costs stay front and center.

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Politics

Schumer once blocked Trump’s move to fill the nation’s oil reserves, now he wants them opened

The top Senate Democrat wants President Donald Trump to tap the nation’s oil stockpile as fuel prices skyrocket, years after blocking his attempt to replenish the supply when prices were low.

Senate Minority Leader Chuck Schumer, D-N.Y., called on Trump to unleash reserve barrels of oil from America’s Strategic Petroleum Reserve (SPR) as oil prices spike amid the ongoing conflict in the Middle East.

Schumer argued in a statement that the reserve ‘exists for moments exactly like this.’

‘When wars and global crises disrupt energy markets, the United States has the ability to act, but President Trump and his administration are refusing to do so,’ Schumer said. ‘Trump should release oil from the SPR now to stabilize markets, bring prices down, and stop the price shock that American families are already feeling thanks to his reckless war.’

During his first term, Trump wanted to use about $3 billion from a colossal COVID-19 stimulus package making its way through Congress to fill the reserve, but the move was promptly rejected by Schumer and congressional Democrats, who panned it as a ‘bailout’ for the oil industry.

The price per barrel at the time was roughly $29, according to WTI Crude Oil. Now, oil has eclipsed $110 per barrel over the weekend for the first time since 2022.

Though the SPR has capacity for over 700 million barrels of crude oil, the reserve currently has far less.

That’s because under former President Joe Biden, it was tapped twice — once to relieve soaring fuel prices as the nation still grappled with the economic fallout from the COVID-19 pandemic, and another time to combat increased energy costs at the onset of the war between Russia and Ukraine.

At the end of Biden’s term, the reserve had about 415 million barrels of crude on hand, according to data from the Department of Energy. Schumer supported both instances when Biden opened the nation’s oil reserves but, years prior, blocked Trump from building up the stockpile toward the end of his first term.

‘Senator Schumer championed Joe Biden’s Green New Scam, which raised energy costs, threatened our national security, and stifled American energy independence,’ White House spokeswoman Taylor Rogers told Fox News Digital in a statement. ‘President Trump has been unleashing American energy dominance since day one, and now, American oil and gas production is at record highs.’

Schumer lauded Biden’s first move to tap into the SPR in 2021, arguing that it provided ‘much-needed temporary relief at the pump.’

‘Of course, the only long-term solution to rising gas prices is to continue our march to eliminate our dependence on fossil fuels and create a robust green energy economy,’ he said at the time.

And toward the end of Biden’s presidency, his administration did buy back barrels of oil to refill the reserves, which Schumer did not object to.

Fast-forward, and the price per barrel of oil has launched into the stratosphere since Trump’s Operation Epic Fury and Iran’s response to put the Strait of Hormuz — a key route ferrying barrels around the globe — into a chokehold.

For now, the administration has no public plans to tap into the reserve as Americans undergo sticker shock at the pump.

Energy Secretary Chris Wright argued that the best way to lower prices was to reopen the Strait of Hormuz by neutralizing Iran’s ability to target oil tankers.

Wright told Fox News over the weekend that the disruption would last for ‘weeks, certainly not months.’

‘We believe this is a small price to pay to get to a world where energy prices will return back to where they were,’ Wright said. ‘Iran will finally be defanged, and now you can see more investment, more free flow of trade, and less ability to threaten energy supplies.’

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