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UNCASVILLE, CT ― The No. 1 ranked UConn women’s basketball team won its sixth consecutive Big East Tournament in dominant fashion, 90-51, over Villanova on Monday, March 9, at Mohegan Sun Arena.

The No. 1-seeded Huskies, who have 23 Big East Tournament titles overall, have won 70 straight Big East games. UConn (34-0) is riding a 50-game win streak overall, going back to last season. UConn won its 12th women’s national championship in 2025 and will likely be the No. 1 overall seed on Selection Sunday.

‘We didn’t leave Tampa (with the national championship last season) saying we are going to be undefeated (this) year,’ UConn coach Geno Auriemma said.

‘It’s been an incredible run for us, these players play the best the can every night and that’s all you can ask, their best effort.’

Sarah Strong, named the Big East Tournament Most Outstanding Player, had an impressive stat line with 18 points, eight rebounds, two assists, a steal and a block. Asked how she’s grown as a player, Strong said she tries to do it all.

‘I do a good job of being a good teammate on the court and whatever needs to be done, I always have may teammates backs,’ Strong said.

Senior Azzi Fudd, who was named to all-tournament team, led all UConn scorers with 19 points including eight in the third quarter. Junior KK Arnold, also on the all-tournament team, added 10 points and seven assists. Big East Freshman of the Year Blanca Quiñonez had 13 points and three steals.

‘We scored a lot of points in this tournament, but defense was what drove us in this tournament,’ Auriemma said.

Jasmine Bascoe had 14 points and five rebounds for Villanova (25-6), which will likely get an at-large bid to the NCAA Tournament.

Third quarter: UConn 71, Villanova 42

The Huskies are on their way to their sixth straight Big East Tournament title and 24th overall.

UConn is outscoring Villanova 38-8 in the paint and 19-2 in fast-break points. UConn has four players in double figures led by Azzi Fudd, who has 19 points. Sarah Strong has 18, Blanca Quiñonez 13 and KK Arnold 10.

Fudd around and find out

Azzi Fudd has six points in the third quarter and is up to 17. The senior first-team All-Big East player also has three steals as the Huskies lead by 31 points with five minutes to go in the third quarter.

Halftime: UConn 49, Villanova 23

The Huskies have more than doubled up Villanova, a team that held a halftime lead the last time the two teams played on Feb. 18.

UConn is not playing this time around, dominating the Wildcats in every phase of the game. The Huskies are shooting 55% from the floor, compared to 24% for Villanova. UConn is outrebounding Villanova 19-11.

Sarah Strong has 15 points and Azzi Fudd 11 to lead the Huskies.Kennedy Henry has five points for the Wildcats.

Sarah Strong headed for double-double

The Big East play of the Year has 13 points and eight rebounds. Strong has eight double-doubles this season. The sophomore forward would likely have more but often doesn’t play the fourth quarter because UConn is usually up by double digits.

UConn extends lead

The Huskies are up by 19 at the midway point of the second quarter. Azzi Fudd has four of her six point in the period.

First quarter: UConn 23, Villanova 11

Sarah Strong has seven points and seven rebounds through the first period. The Huskies have 10 fast break points compared to none by the Wildcats. UConn has also controlled the glass, outrebounding Villanova 9-3.

UConn off to a hot start

The Huskies have taken an early 11-3 led by Sarah Strong’s five points.

What time is UConn vs Villanova?

Date: Monday, March 9
Time: 7 p.m. ET
Location: Mohegan Sun Arena (Uncasville, Connecticut)

The UConn Huskies play the Villanova Wildcats in the finals of the Big East Tournament at 7 p.m. ET on Monday, March 9 in Uncasville, Connecticut.

UConn vs Villanova: TV, streaming

Stream: Peacock

UConn starting lineup

Villanova starting lineup

This post appeared first on USA TODAY

1 Min Read

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

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

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

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

This post appeared first on investingnews.com

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

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

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

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

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

This post appeared first on investingnews.com

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

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

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

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

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

This post appeared first on investingnews.com

21 Mins Read

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

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

Key Highlights:

Additional Payback Metrics: Payback¹ of approximately 2.2 years from commencement of commercial production corresponding to approximately 4.2 years from start of construction under the medium / US$1,000/mtu WO₃² case.
Capital Efficient Development: Initial capital cost³ of approximately $124.2 million (USD $91 million), with a compact infrastructure layout designed to support efficient underground mining and processing operations.
Strong Annual Cash Flow Generation: Average annual revenue of approximately $252,517 million (US$184,886 million), average annual EBITDA of approximately $142,181 million (US$104,101 million), and average annual free cash flow of approximately $96,279 million (US$70,493 million) over the initial mine plan at US$1,000/mtu WO₃.⁴
Integrated Infrastructure Design: Project infrastructure includes planned hydro electric power connection, water supply and recycling systems, road access, and paste backfill integration to support operations while minimizing environmental footprint.
Significant Upside Leverage: After-tax IRR of 78.4% and NPV(8%) of $963.8 million (USD $706.4 million) at USD $1,500/mtu WO₃.
Resource Growth Underway: Fully funded 20,000-metre drill program continues to target resource expansion, confidence conversion and potential mine life extension beyond the initial 11-year production plan, targeting resource expansion and confidence conversion.

All amounts in Canadian dollars unless stated otherwise.⁴

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

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

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

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

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

Table 1 – Economic Results (After-Tax)

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

Notes:

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 US$1,000 per mtu sensitivity case presented in the PEA, reaching approximately $2,998 per mtu (US$2,195 per mtu) as of March 6, 2026 (Source: Fastmarkets).

Mineral Resource Estimate

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

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

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

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

Initial Capital Allocation and Operational Costs

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

Table 3 – Initial Capital Costs

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

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

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

Table 4 – Operating Cost¹⁰ Breakdown

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

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

Concentrate Marketing Assumptions

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

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

Capital Efficiency

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

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

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

Simplified Annual Cash Flow Metrics

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

Table 5 – Cash-Flow¹¹ Table

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

Infrastructure and Site Requirements

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

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

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

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

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

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

Key Infrastructure Advantages

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

Ongoing Growth Strategy

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

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

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

Qualified Persons

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

J. Douglas Blanchflower, P.Geo.

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

David Castro López, BSc, MIMMM, QMR

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

Miguel Cabal, EurGeol, Licensed Geologist

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

Vítor Arezes, BSc, MIMMM, QMR

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

About Allied Critical Metals Inc.

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

The Borralha Project is one of the largest undeveloped tungsten resources within the European Union and benefits from a favourable Environmental Impact Declaration (DIA), positioning the Project for advancement toward feasibility and development. Vila Verde represents additional exploration upside within the same strategic jurisdiction.

Tungsten has been designated a critical raw material by the United States and the European Union due to its strategic importance in defense, aerospace, manufacturing, automotive, electronics and energy applications. Currently, China, Russia and North Korea account for approximately 87% of global tungsten supply and reserves, highlighting the importance of secure western sources.

Further details regarding the Borralha Project are available in the Company’s NI 43-101 Technical Report dated December 30, 2025, filed on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.alliedcritical.com.

ON BEHALF OF THE BOARD OF DIRECTORS

‘Roy Bonnell’
CEO and Director

Additional information is also available by contacting the Company:

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

Please also visit our website at www.alliedcritical.com.

Also visit us at:
LinkedIn: https://www.linkedin.com/company/allied-critical-metals-inc/
X: https://x.com/@alliedcritical/
Facebook: https://www.facebook.com/alliedcriticalmetals/
Instagram: https://www.instagram.com/alliedcriticalmetals/

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

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

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

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

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

Non-GAAP Financial Measures

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

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

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

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

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

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

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

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

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

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

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

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

News Provided by TMX Newsfile via QuoteMedia

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2 Mins Read

Coco Gauff forced to retire, 18-year-old phenom moves on at Indiana Wells

Coco Gauff quickly went up a break on Sunday evening at Indian Wells, then she began to favor her left arm and her lead quickly came unraveled.

The 21-year-old, who is the top seeded American at this year’s BNP Paribas Open, was forced to withdraw in the second set, pushing 18-year-old sensation Alex Eala of the Philippines into the Round of 16.

It was just the second time in her career that Gauff has withdrawn from a match. The last time was in 2022 in Cincinnati.

‘I really didn’t want to win this way,’ Eala said after the match. ‘But this is still a really big moment for me to be able to play on Stadium 1 at Indian Wells, against such a great competitor.’

Eala, who has attracted a massive crowd of followers at Indian Wells, had won the first set, 6-2, and was leading the second set, 2-0, before Gauff withdrew. It was Eala’s first career match on Stadium Court at the Indian Wells Tennis Garden.

Eala will move on to play Linda Nosková of Croatia on Tuesday.

Gauff was leading 2-1 in the first set before the arm injury. Eala won the last five games to close out the set, then the first two of the second set before Gauff opted not to continue.

Eala’s first match, on Stadium 3 on Friday, was packed. The line to get to the general admission seating was more than 100 people long midway through the match.

On Sunday, Eala spent much of her post-match interview on the court thanking her parents and those who’ve helped her get to this point in her career so far. She seemed to really take in the moment and wasn’t overlooking how special it was to advance at such a big tournament.

‘I do my best to be humble and to keep my feet on the ground because I am surrounding by so many amazing players,’ she said. ‘Tennis is a really humbling sport because you really learn how to lose and learn to be self-aware.’

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3 Mins Read

Blaney snaps Reddick’s 3-race NASCAR winning streak with Phoenix victory

The man to do it was Ryan Blaney, the last driver to reach victory lane before Reddick’s streak. Blaney won the 2025 NASCAR Cup Series season finale at the Avondale, Arizona track.

The Team Penske driver deftly navigated through the field multiple times throughout a caution-filled 312-lap race. His 49 passes got him to the front as the laps wound down, and he kept in front of Christopher Bell, who led 176 laps in Sunday’s race. Blaney led 28 laps, including the final 10.

Blaney, the 2023 NASCAR Cup Series champion, was relieved to see the checkered flag.

‘I don’t know how many more laps I could’ve hold him off,’ he said. ‘Really proud of everybody at Team Penske.’

He was so focused on getting the win his No. 12 Ford wasn’t completely shut off during his post-race interview.

Bell was disappointed after leading the most laps all day and winning Stage 2.

‘You win some, you lose some,’ he said. ‘This one stings. But on a positive side, I’m really proud of our entire team. The pit crew did amazing … it’s something to build on. It was a day that we needed.’

Kyle Larson, Ty Gibbs and Denny Hamlin rounded out the top-five finishers.

Blaney’s win was significant for Team Penske. The motor sports titan swept two huge races at Phoenix with Blaney taking the checkered flag Sunday and Josef Newgarden winning Saturday’s IndyCar race.

‘Newgarden winning yesterday, us winning today, can’t wait to see Roger [Penske],’ Blaney said.

Here’s the highlights and final leaderboard from the Straight Talk Wireless 500 NASCAR Cup Series race at Phoenix Raceway:

NASCAR Cup Series race at Phoenix highlights

NASCAR Cup race at Phoenix: Full results

Here’s how the field finished the Straight Talk Wireless 500:

Ryan Blaney, No. 12 Team Penske Ford
Christopher Bell, No. 20 Joe Gibbs Racing Toyota
Kyle Larson, No. 5 Hendrick Motorsports Chevrolet
Ty Gibbs, No. 54 Joe Gibbs Racing Toyota
Denny Hamlin, No. 11 Joe Gibbs Racing Toyota
Bubba Wallace, No. 23 23XI Racing Toyota
William Byron, No. 24 Hendrick Motorsports Chevrolet
Tyler Reddick, No. 45 23XI Racing Toyota
Michael McDowell, No. 71 Spire Motorsports Chevrolet
Erik Jones, No. 43 Legacy Motor Club Toyota
Shane van Gisbergen, No. 97 Trackhouse Racing Chevrolet
Todd Gilliland, No. 34 Front Row Motorsports Ford
Ryan Preece, No. 60 RFK Racing Ford
Chris Buescher, No. 17 Roush Fenway Keselowski Racing Ford
Brad Keselowski, No. 6 Roush Fenway Keselowski Racing Ford
Austin Dillon, No. 3 Richard Childress Racing Chevrolet
Kyle Busch, No. 8 Richard Childress Racing Chevrolet
Riley Herbst, No. 35 23XI Racing Toyota
AJ Allmendinger, No. 16 Kaulig Racing Chevrolet
Carson Hocevar, No. 77 Spire Motorsports Chevrolet
Austin Hill, No. 33 Richard Childress Racing Chevrolet
Ricky Stenhouse Jr., No. 47 HYAK Motorsports Chevrolet
Chase Elliott, No. 9 Hendrick Motorsports Chevrolet
Cody Ware, No. 51 Rick Ware Racing Chevrolet
John Hunter Nemechek, No. 42 Legacy Motor Club Toyota
Ty Dillon, No. 10 Kaulig Racing Chevrolet
Zane Smith, No. 38 Front Row Motorsports Ford
Connor Zilisch, No. 88 Trackhouse Racing Chevrolet
Ross Chastain, No. 1 Trackhouse Racing Chevrolet
Daniel Suarez, No. 7 Spire Motorsports Chevrolet
Joey Logano, No. 22 Team Penske Ford
Josh Berry, No. 21 Wood Brothers Racing Ford
Anthony Alfredo, No. 48 Hendrick Motorsports Chevrolet
Austin Cindric, No. 2 Team Penske Ford
Cole Custer, No. 41 Haas Factory Team Chevrolet
Noah Gragson, No. 4 Front Row Motorsports Ford
Chase Briscoe, No. 19 Joe Gibbs Racing Toyota

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2 Mins Read

Newly acquired NFL standout lands record contract after blockbuster trade

Four days after a trade that sent him from the Kansas City Chiefs to the Los Angeles Rams, Trent McDuffie locked in even more certainty about his future.

McDuffie and the Rams on Sunday agreed to a four-year, $124 million contract extension, according to multiple reports, making the cornerback the highest-paid player at his position in league history.

His $31 million in average annual value rockets past the previous high of $30.1 million, which was set by Sauce Gardner last summer, when the Indianapolis Colts cornerback was still with the New York Jets.

McDuffie’s deal also includes $100 million guaranteed, per reports – more than $10 million higher than the next closest player in the Houston Texans’ Derek Stingley Jr. ($89 million).

The Rams sent a package of four draft picks – including the No. 29 overall selection this year – to the Chiefs in exchange for McDuffie. The swap can not become official until the start of the new league year on Wednesday.

McDuffie, an All-Pro selection in 2023, had widely been expected to strike an extension with the Rams after news of the trade broke. The 2022 first-round pick had been set to play on his fifth-year option for $13.63 million.

In Los Angeles, McDuffie will be counted on to shore up the most glaring weakness for a team that general manager Les Snead is trying to make the most of its remaining time with reigning NFL MVP Matthew Stafford. Los Angeles’ pass defense unraveled down the stretch, and the defense finished the year ranked 22nd in passing yards allowed per game (225.6).

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3 Mins Read

He did it again. Jeremy Fears Jr. kicks another opponent in the groin

Jeremy Fears Jr. did it again.

This season, the Michigan State star guard has been at the center of a number of plays that border the line of dirty.

Early in Sunday’s game against Michigan, Fears once again lifted his leg after a foul call and kicked Michigan’s Elliot Cadeau in the groin.

‘We’d like a basketball game to break out at some point,’ Michigan’s Dusty May told CBS’ Tracy Wolfson during a first-half timeout.

After the officials reviewed the play, Fears was assessed a dead-ball technical foul.

Michigan State coach Tom Izzo did not hold back with his opinions of Fears’ technical foul when asked about it by Wolfson during the CBS broadcast.

‘It’s all because of what happened earlier and now the microscope’s on him. And I don’t like that,’ Izzo said.

He expanded on Fears’ foul in his postgame news conference following the Spartans’ 90-80 loss to the Wolverines on Sunday by saying that he’s ‘sick of it being one-sided,’ according to Chris Solari of the Detroit Free Press, part of the USA TODAY Network. Izzo also mentioned that after re-watching it on tape, Michigan guard Elliot Cadeau pushed Fears in the back.

Some other notable examples of similar plays include him kicking Minnesota’s Langston Reynolds in the groin, for which he received a technical foul for in a 76-73 loss, and being called out by Michigan coach Dusty May for ‘dangerous’ plays in the first meeting between the two Big Ten rivals.

‘I go out every game and I play hard. I don’t intentionally try to hurt anyone,” Fears said after Michigan State’s game at Minnesota back in February, according to the Detroit Free Press, part of the USA TODAY Network. ‘I go out and play every game like it’s my last, because at one point it was my last. So I don’t take a game for granted. I don’t take a moment for granted. So I’m going to go out there and play as hard as I can every possession, every game.

‘Like at one point, I had basketball taken away from me, so something I love to do, I couldn’t do it for a whole year. So most people wouldn’t understand that. And that’s on them, I guess. At the end of the day, it doesn’t change who I am or what I do. I’m just go out there and play 150(%) no matter what.’

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4 Mins Read

Inside Tarik Skubal’s difficult WBC dilemma

Detroit Tigers pitcher Tarik Skubal is reconsidering his plan to leave Team USA during the World Baseball Classic.
Skubal is torn between his commitment to the Tigers and the emotional experience of representing his country.
The two-time Cy Young winner is also weighing the decision ahead of becoming a free agent after the season.
Team USA teammates and officials have expressed their support for Skubal regardless of his final choice.

HOUSTON — Two-time Cy Young Award winner Tarik Skubal, who originally was scheduled to leave Team USA and rejoin his Detroit Tigers teammates in Lakeland, Florida, remained in Houston on Sunday and attended USA’s workout.

He spoke late Saturday night with Tigers manager A.J. Hinch, his agent, Scott Boras, and his family.

‘I don’t think anything has been determined …,’ Hinch told reporters Sunday. ‘He’s incredibly emotional about the experience. It’s a difficult time. It weighs heavily on players because they want to do it all.’

Skubal told FOX reporter Ken Rosenthal after throwing 41 pitches in Saturday’s 9-1 victory over Great Britain during the game that he’s not prepared to give an answer, and he reiterated his dilemma afterward to reporters outside the clubhouse.

‘This is going to be one of the toughest decisions I made in my career,’ Skubal said. ‘I didn’t expect these types of emotions to run through my brain, or my thoughts to differ. I was pretty committed to making a start and getting back to camp. Things have changed, obviously.’

Simply, Skubal didn’t anticipate the flood of emotions being around his USA teammates, the patriotism, and the significance of representing his country.

‘It just changes your perspective a little bit, you know?’ Skubal said. ‘And how proud I am to be an American and go out there and pitch and compete. (Thinking about) the people that make real sacrifices for me to play a kids’ game. …

‘It’s just hard. When you get into these environments, when you get this team, it’s hard to walk away from that.’

Team USA, which has won its first two games in the WBC, is expected to play a quarterfinal game Friday, March 13 at Daikin Park in Houston. If the U.S. wins, it would play in a semifinal game either Sunday, March 15 or Monday, March 16. The championship game is scheduled for Tuesday, March 17.

It’s possible that Skubal could return to Tigers camp and pitch Thursday, March 12 against the New York Yankees in Lakeland, and then wait and see if he’d be needed to pitch in the WBC championship game.

Skubal said players have been supportive of him, whatever he chooses, completely understanding his predicament. He not only wants to be on regular rest and start the Tigers’ season-opener in San Diego on March 26, but he’s a free agent after the season, and in line to receive a contract in excess of $400 million, the largest contract by a starting pitcher in history.

‘The guys have been cool about it,’ Skubal said earlier in the week, ‘but I mean, obviously, like publicly, it’s a little bit different perception. But I think they understand what it means for me to be here. Obviously, I want to be in the room, you know, and that’s cool for them to even take that aside and be like, it’s awesome that you’re here.’

Whatever his decision, Team USA officials insist they understand, and he has the full support of his USA teammates.

‘He’s got the two Cy Young Awards, but this guy’s about to make half a billion dollars here in the next offseason,’ Yankees three-time MVP Aaron Judge said. ‘So, for him to put it all on the line for his country, and come out here and show up for us. … You know, maybe it is just one game, but you know there’s a risk with everything you do, and for him to take that risk and come out here and be with us, the boys love it.’

Follow Bob Nightengale on X: @Bnightengale

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