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Home Depot said Monday that it is buying GMS, a building-products distributor, for about $4.3 billion as the retailer moves to draw more sales from contractors and other home professionals.

Shares of Home Depot were roughly flat in early trading Monday. GMS shares jumped more than 11%.

As part of the deal, the Home Depot-owned subsidiary SRS Distribution will buy all outstanding shares of GMS for $110 per share, which adds up to about $4.3 billion and amounts to total enterprise value including net debt of about $5.5 billion, the company said.

Home Depot said it expects the acquisition to be completed by early 2026.

Home Depot’s announcement also concludes a potential bidding war between the big-box retailer and billionaire Brad Jacobs. Jacobs’ building-products distributor QXO had offered about $5 billion in cash to acquire GMS and said it would press forward with a hostile takeover if the company’s management rejected the proposal.

As Home Depot chases growth, it’s gone after a steadier and more lucrative piece of the home improvement business: electricians, roofers, home renovators and other professionals who tackle large projects year-round and need a lot of supplies. Home Depot said it’s speeding along that strategy with the GMS deal.

Home Depot bought SRS Distribution — the subsidiary that’s acquiring GMS — last year for $18.25 billion, in the largest acquisition in its history. Texas-based SRS sells supplies to professionals in the landscaping, roofing and pool businesses and it has bought up many other smaller suppliers as it’s grown.

Home Depot’s focus on selling to professionals is well-timed. Sales from do-it-yourself customers have slowed as higher mortgage rates have decreased housing turnover and dampened homeowners’ demand for larger projects because of higher borrowing costs.

The company said it expects total sales to grow by 2.8% for the full fiscal year and comparable sales, which take out the impact of one-time factors like store openings and calendar differences, to rise about 1%.

This post appeared first on NBC NEWS

Home Depot said Monday that it is buying GMS, a building-products distributor, for about $4.3 billion as the retailer moves to draw more sales from contractors and other home professionals.

Shares of Home Depot were roughly flat in early trading Monday. GMS shares jumped more than 11%.

As part of the deal, the Home Depot-owned subsidiary SRS Distribution will buy all outstanding shares of GMS for $110 per share, which adds up to about $4.3 billion and amounts to total enterprise value including net debt of about $5.5 billion, the company said.

Home Depot said it expects the acquisition to be completed by early 2026.

Home Depot’s announcement also concludes a potential bidding war between the big-box retailer and billionaire Brad Jacobs. Jacobs’ building-products distributor QXO had offered about $5 billion in cash to acquire GMS and said it would press forward with a hostile takeover if the company’s management rejected the proposal.

As Home Depot chases growth, it’s gone after a steadier and more lucrative piece of the home improvement business: electricians, roofers, home renovators and other professionals who tackle large projects year-round and need a lot of supplies. Home Depot said it’s speeding along that strategy with the GMS deal.

Home Depot bought SRS Distribution — the subsidiary that’s acquiring GMS — last year for $18.25 billion, in the largest acquisition in its history. Texas-based SRS sells supplies to professionals in the landscaping, roofing and pool businesses and it has bought up many other smaller suppliers as it’s grown.

Home Depot’s focus on selling to professionals is well-timed. Sales from do-it-yourself customers have slowed as higher mortgage rates have decreased housing turnover and dampened homeowners’ demand for larger projects because of higher borrowing costs.

The company said it expects total sales to grow by 2.8% for the full fiscal year and comparable sales, which take out the impact of one-time factors like store openings and calendar differences, to rise about 1%.

This post appeared first on NBC NEWS

Google on Monday announced a partnership with Commonwealth Fusion Systems, or CFS, a private company spun off from the Massachusetts Institute of Technology, which marks the tech giants first commercial commitment to fusion.

The company unveiled plans to buy 200 megawatts of clean fusion power from what CFS describes as the world’s first grid-scale fusion power plant, known as ARC, based in Chesterfield County, Virginia.

ARC is expected to come online and generate 400 megawatts of clean, zero-carbon power in the early 2030s, which is enough energy to power large industrial sites or roughly 150,000 homes, according to CFS. The agreement also gives Google the option to purchase power from additional ARC plants.

Google, which has invested in CFS since 2021, said it also increased its stake in the Devens, Massachusetts-based company.

Google and CFS did not disclose the financial terms.

“We’re excited to make this longer-term bet on a technology with transformative potential to meet the world’s energy demand, and support CFS in their effort to reach their scientific and engineering milestones needed to get there,” Michael Terrell, head of advanced energy at Google, said in a statement.

Fusion is a process that takes light atomic nuclei and heats them to over 100 million degrees Celsius. At these temperatures, the fuel becomes a plasma, which eventually causes the nuclei to fuse and release significant amounts of energy. The energy is then captured to create carbon-free electricity.

CFS is one of many firms racing to achieve commercial-scale fusion energy and Google has invested in others. Earlier this month, Google announced continued funding for TAE Technologies, a California-based fusion energy company.

This post appeared first on NBC NEWS

Clean energy stocks fell Monday as President Donald Trump’s spending legislation now includes a tax on wind and solar projects using Chinese components and abruptly phases out key credits.

Shares of NextEra Energy, the largest renewable developer in the U.S., fell 4%. Solar stocks Array Technologies, Enphase and Nextracker were down between 1% and 9%.

The Senate is voting Monday on amendments to the legislation. The current draft ends the two most important tax credits for solar and wind projects placed in service after 2027.

“The latest Senate draft bill will destroy millions of jobs in America and cause immense strategic harm to our country,” Tesla CEO Elon Musk posted on X over the weekend. “Utterly insane and destructive. It gives handouts to industries of the past while severely damaging industries of the future.”

Previous versions of the bill were more flexible, allowing projects that began construction before 2027 to qualify for the investment and electricity production tax credits, according to Monday note from Goldman Sachs.

The change “compresses project timelines and adds significant execution risk,” Bank of America analyst Dimple Gosal told clients in a note Monday. “Developers with large ’25 pipelines, may struggle to meet the new deadlines — potentially delaying or downsizing planned investments.”

The Senate legislation also slaps a tax on solar and wind projects that enter service after 2027 if they use components made in China.

“The latest draft in the Senate has become more restrictive for most renewable players, moving toward a worst case outcome for solar and wind, with a few improvements for subsectors on the margin,” Morgan Stanley analyst Andrew Percoco told clients in a Sunday note.

To be sure, the rooftop solar industry is viewed by Wall Street as a relative winner from the bill, with Sunrun shares up more than 13% and SolarEdge trading more than 6% higher on Monday. The legislation seems to allow tax credits for leased rooftop systems to remain in place through the end of 2027, which was not the case in previous versions, according to Goldman Sachs.

And First Solar is up more than 9% as the legislation seems to allow the manufacturer to claim credits for both components and final products, according to Bank of America.

This post appeared first on NBC NEWS

Sen. Thom Tillis, R-N.C., denounced President Donald Trump’s ‘big, beautiful bill,’ just hours after making the surprise announcement that he would not run for a third term in 2026. 

Tillis voted against a motion to proceed with the spending package on Saturday and then announced his retirement on Sunday, citing political polarization and a desire to spend more time with family.

He then took to the Senate floor later Sunday to warn that ‘Republicans are about to make a mistake on healthcare and betraying a promise’ on Medicaid should the package clear the upper chamber. 

‘It is inescapable that this bill in its current form will betray the very promise that Donald J. Trump made in the Oval Office or in the Cabinet room when I was there with finance. He said, ‘We can go after waste, fraud and abuse’ on any programs,’ Tillis said. ‘Now, those amateurs that are advising him, not Dr. Oz, I’m talking about White House healthcare experts, refuse to tell him that those instructions that were to eliminate waste, fraud and abuse, all of a sudden eliminates a government program that’s called the provider tax. We have morphed a legal construct that admittedly has been abused and should be eliminated into waste, fraud and abuse, money laundering. Read the code. Look how long it’s been there.’

‘I’m telling the president that you have been misinformed,’ Tillis said. ‘You supporting the Senate mark will hurt people who are eligible and qualified for Medicaid.’

‘I love the work requirement. I love the other reforms in this bill. They are necessary, and I appreciate the leadership of the House for putting it in there,’ Tillis said. ‘But what we’re doing, because we have a view of an artificial deadline on July 4, that means nothing but another date in time. We could take the time to get this right if we lay down the House mark of the Medicaid bill and fix it.’ 

The two-term senator said he consulted with Republican experts in the state legislature, Democrats loyal to Gov. Josh Stein and an independent body from the hospitals’ association to gain insight on how the provider tax cuts would impact North Carolinians. In the best-case scenario, he said, the findings showed a $26 billion cut in federal support for Medicaid. Tillis said he presented the report to the Administrator of the Centers for Medicare & Medicaid Services, Dr. Mehmet Oz. 

‘After three different attempts for them to discredit our estimates, the day before yesterday they admitted that we were right,’ Tillis said. ‘They can’t find a hole in my estimate.’

‘So what do I tell 663,000 people in two years or three years when President Trump breaks his promise by pushing them off of Medicaid because the funding is not there anymore, guys?’ Tillis said. ‘I think the people in the White House, those advising the president are not telling him that the effect of this bill is to break a promise, and do you know the last time I saw a promise broken around healthcare? With respect to my friends on the other side of the aisle, it’s when somebody said, ‘If you like your healthcare, you could keep it, if you like your doctor, you could keep it.’ We found out that wasn’t true.’ 

In promoting the Affordable Care Act (ACA), also known as Obamacare, from 2009 to 2010, former President Barack Obama repeatedly claimed, ‘If you like your healthcare plan, you can keep it. If you like your doctor, you can keep your doctor.’ Tillis argued that it was the failures of that package that led to him becoming the second Republican Speaker of the North Carolina House since the Civil War and later to his election to the U.S. Senate. 

Trump celebrated Tillis’ retirement announcement and issued a warning to other ‘cost-cutting Republicans.’ 

‘For all cost-cutting Republicans, of which I am one, REMEMBER, you still have to get reelected. Don’t go too crazy!’ Trump wrote Sunday night. ‘We will make it all up, times 10, with GROWTH, more than ever before.’ 

After his Senate speech, Tillis told reporters that he had told Trump that he ‘probably needed to start looking for a replacement.’

‘I told him I want to help him,’ Tillis said, according to Politico. ‘I hope that we get a good candidate that I can help and we can have a successful 2026.’

The senator told reporters Trump is ‘getting a lot of advice from people who have never governed and all they’ve done is written white papers.’ He condemned ‘people from an ivory tower driving him into a box canyon.’

In his retirement announcement, Tillis said that ‘it’s become increasingly evident that leaders who are willing to embrace bipartisanship, compromise, and demonstrate independent thinking are becoming an endangered species.’ 

This post appeared first on FOX NEWS

A multi-year grant to a Washington-area nonprofit focused on promoting fishing, boating and outdoor activities was canceled by the Interior Department after Senate DOGE leadership flagged the original Fox News Digital report to the Cabinet agency.

More than $26 million has already been paid out – on top of $164 million since 2012 – to the Recreational Boating and Fishing Foundation (RBFF), based in Alexandria, Virginia.

From the government website USA Spending, the grant’s purpose highlights RBFF’s ‘Take Me Fishing’ consumer campaign that includes a social and digital media component, as well as ads on Walt Disney Company-branded streaming services and ‘mobile fishing units’ that cater to urban communities and ‘underserved audiences.’

At least $40.5 million will be saved in the near-term, the Senate DOGE Caucus told Fox News Digital, citing Interior’s response.

‘Today’s catch of the day is Washington waste,’ said Senate DOGE Caucus Chairwoman Joni Ernst, R-Iowa.

‘I am proud to have exposed bloated overhead costs and worked with Secretary Burgum to ensure tax dollars collected to boost fishing are not siphoned into the pockets of slick D.C.-based consultants.’

‘There’s more pork in the sea, and I am going to keep fishing for it!’

Burgum’s office struck a similar tone, saying the agency is committed to fiscal responsibility, efficiency and accountability – while still fully supporting the recreational boating, fishing and outdoors industries.

A spokeswoman for the agency, which oversees the National Park Service that provides outlets for all of the above, said that ‘under President Donald J. Trump’s leadership, we are ensuring that every taxpayer dollar serves a clear purpose and aligns with our core mission.’

‘Following a review of discretionary spending, the Department determined that the use of this particular [RBFF] grant had not demonstrated sufficient alignment with program goals or responsible stewardship of taxpayer resources,’ Charlotte Taylor said.

The grant, largely funded by excise taxes on fishing poles, came under DOGE scrutiny when Ernst discovered an RBFF contract with Disney worth $1.99 million plus hundreds of thousands in ‘SEO consulting,’ and $5 million to a Minnesota creative media development agency. Several RBFF executives are paid from the mid-$100,000s on up.

In part of a lengthy response to the grant’s cancellation, RBFF officials told Fox News Digital the organization has ‘devised a plan we believe would meet the goals and priorities of the administration, which includes adjusted employee compensation, reduced headcount and updated investment priorities.’

But the group claimed it has not been able to connect directly with DOGE or Interior during the grant review process ‘despite repeated outreach attempts during the past three months.’ 

A source familiar with the situation indicated the group had met with Ernst’s office, and Taylor said Burgum’s office did meet with RBFF in Washington earlier this month and has been in contact ‘multiple’ times: ‘Anything to say otherwise is inaccurate.’

‘Since 1998, [RBFF] has helped build what has become a $230.5 billion industry that supports 1.1 million American jobs, generates $263 million in tax revenue, and contributes $2 billion annually to fisheries and conservation efforts in all 50 states,’ RBFF’s statement continued.

‘Alarmingly, in just the past two months since RBFF’s funding has been paused, fishing license sales are down 8.6% across 16 states, representing the loss of over $590 million in angler spending and 5,600 jobs.’

Several other groups came to RBFF’s defense.

Matt Gruhn, president of the Marine Retailers Association of the Americas, told Fox News Digital he was disappointed in Interior’s decision to terminate the grant.

‘[RBFF’s] work was pivotal to enhancing the recreational boating and fishing industry’s recruitment, retention and reactivation efforts. Their training and resources vastly improved state agency processes and marketing and has made boating and fishing licensing and registration far easier for Americans,’ Gruhn said.

‘RBFF has been a responsible steward of these taxpayer dollars from the very beginning, with oversight from the very stakeholders that paid into the fund that RBFF’s grant originates from, as well as passing every audit with flying colors.’

Additionally, the head of the American Sportfishing Association warned of the ‘severe impact’ the loss of grant money will have on the outdoors industry.

CEO Glenn Hughes said his organization’s members agreed in 1950 to self-impose a tax on fishing rods to reinvest back into the industry and bolster license sales, habitat conservation and more.

The RBFF’s ‘Take Me Fishing’ campaign began in 1998 with congressional funding from the tackle tax. Hughes claimed the effort has generated a total of $230.5 billion in economic impact since.

‘Without consultation and coordination with the recreational fishing industry, the Department of the Interior decided to withhold critical funding from RBFF, ultimately ending a 27-year history of increasing fishing participation and efforts to bolster the economic impact of the fishing industry.’

This post appeared first on FOX NEWS

House lawmakers could kick off consideration of President Donald Trump’s ‘big, beautiful bill’ as soon as Wednesday morning.

A notice sent to congressional offices on Sunday night indicated House GOP leaders think they may begin the process at 9 a.m. Wednesday with an initial House-wide vote.

Nothing is set in stone, however, and the Senate is still working its way through the massive piece of legislation as of Monday morning. 

‘The president has been very clear that it’s time to get this bill out of Congress and over to his desk,’ House GOP Policy Chair Kevin Hern, R-Okla., told Fox News Digital. ‘We’re going to celebrate Independence Day with a big, beautiful signing ceremony and finally deliver this tax relief to American families.’

The initial House-wide vote would be a ‘rule’ vote, a procedural hurdle to allow lawmakers to begin debating the bill. That could set up a final vote by Wednesday evening or Thursday morning, depending on last-minute maneuvering to rally support. The House Rules Committee, the final gatekeeper before most legislation is considered chamber-wide, is likely to consider the bill on Tuesday.

The initial version of the bill passed the House of Representatives by just one vote in late May.

House GOP leaders are facing similarly slim odds now, with just four Republican defections being enough to sink the bill, assuming all Democrats vote against it as expected.

Some House Republicans have already voiced concerns about some of the Senate’s key modifications to the bill. Moderates are wary of additional cost-sharing burdens for states that expanded their Medicaid populations under the Affordable Care Act, while conservatives argue other measures in the bill will mean it adds more to the $36 trillion national debt than the House version.

House Speaker Mike Johnson, R-La., and House Majority Leader Steve Scalise, R-La., urged Republicans to take their concerns to leadership or their Senate counterparts rather than airing those grievances on social media.

Meanwhile, leadership allies have been hitting the media sphere in support of the bill.

‘The One, Big, Beautiful Bill delivers President Trump’s pro-worker promises by eliminating tax on tips, overtime, and auto interest, while also delivering tax relief for seniors,’ House Ways & Means Committee Chairman Jason Smith, R-Mo., posted on X amid a litany of other statements promoting the bill.

Republican Study Committee Chair August Pfluger, R-Texas, wrote, ‘The average taxpayer in my district would face a 26% tax increase if we don’t pass the One Big Beautiful Bill. Failure is not an option. We must pass this bill to prevent the largest tax hike in history!’

The 940-page legislation is aimed at advancing Trump’s priorities on taxes, the border, energy, defense and the national debt.

The president has said he wants the bill on his desk on or around the Fourth of July.

Additionally, the legislation could still change before it gets to Trump – the Senate is kicking off a marathon ‘vote-a-rama’ on the bill with various senators on both sides offering an unlimited number of amendments.

This post appeared first on FOX NEWS

President Donald Trump is leaning on Israel to end its conflict in Gaza and secure a hostage deal as he looks to expand the Abraham Accords – a cornerstone achievement of his first term.

The pressure is mounting as Israeli Strategic Affairs Minister Ron Dermer is set to hold White House meetings on Monday on ending the 20-month-long war in Gaza.

In a 1 a.m. Sunday post on his social media platform Truth Social, Trump said, ‘Make the deal in Gaza. Get the hostages back!!!’

Reports on Sunday suggested mediators overseeing the hostage negotiations – which are closely tied to securing an end to Israel’s military operations and a day-after plan for Gaza – are pushing Israel to send negotiators to Egypt. But Israeli Prime Minister Benjamin Netanyahu has thus far refused to do so. 

Instead, Dermer was reportedly sent to Washington to ensure the U.S. and Israel are aligned before indirect negotiations continue. 

Israel maintains that Hamas has been the roadblock in returning the remaining 50 hostages still held by the terrorist network, including 49 of whom were abducted on Oct.7, 2023, as well as one deceased hostage who has been held since 2014. 

According to the Israeli Ministry of Foreign Affairs, another 27 of the hostages are assessed to have been killed either during or since the October 2023 attack, including two Americans, Itay Chen and Omer Neutra. 

Netanyahu has also said there are ‘doubts’ about the fate of several other hostages. 

On Monday, the Israeli Minister of Foreign Affairs Gideon Sa’ar said, ‘Israel is serious in its will to reach a hostage deal and ceasefire in Gaza.’

He pointed to Jerusalem’s acceptance of a recent proposal presented by Special Envoy Steve Witkoff, but which Hamas rejected as it did not include a solution to a permanent ceasefire and a plan to withdraw Israeli forces from Gaza.

Witkoff is expected to head to Cairo in the coming days to begin hashing out new negotiations.

Ending Israel’s military operations in Gaza will prove a crucial step in expanding Trump’s ambitions to bring new nations into the Abraham Accords. 

On Monday, Sa’ar echoed Jerusalem’s ambitions in this effort and said, ‘We have opportunities in front of us. We paid for the new reality in the Middle East with the blood of our soldiers and citizens.’ 

‘Israel is interested in expanding the Abraham Accords circle of peace and normalization. We have an interest in adding countries, such as Syria and Lebanon, our neighbors, to the circle of peace and normalization – while safeguarding Israel’s essential and security interests,’ he added. 

Trump has not detailed which nations are interested in normalizing diplomatic relations with Israel, though nations like Saudi Arabia have made clear that so long as Palestinians continue to suffer in the Israel-Hamas conflict, normalization is off the table. 

‘We have some really great countries in there right now, and I think we’re going to start loading them up, because Iran was the primary problem,’ Trump told Maria Bartiromo during an exclusive ‘Sunday Morning Futures‘ interview this week.

This post appeared first on FOX NEWS

President Donald Trump is cheering on the GOP’s landmark spending and tax cut bill, as it faces judgment day in the Senate.

‘ONE GREAT BIG BEAUTIFUL BILL, is moving along nicely!’ the president wrote in a social media post hours before the Senate on Monday began to take a slew of votes on the Republican-crafted measure.

The bill, which the president is insisting pass Congress and reach his desk by this Friday, July 4, is stuffed full of Trump’s campaign trail promises and second-term priorities on tax cuts, immigration, defense, energy and the debt limit. 

It includes extending his signature 2017 tax cuts and eliminating taxes on tips and overtime pay, providing billions for border security and codifying his controversial immigration crackdown.

However, many of the latest national surveys indicate that Americans are far from thrilled with the measure.

By a 21-point margin, voters questioned in the most recent Fox News national poll opposed the federal budget legislation (38% favored vs. 59% opposed), which passed by the House of Representatives by just one vote last month.

The bill was also underwater in national surveys conducted this month by the Washington Post (minus 19 points), Pew Research (minus 20 points) and Quinnipiac University (minus 26 points).

As Democrats attack the bill, they’re highlighting the GOP’s proposed restructuring of Medicaid — the nearly 60-year-old federal program that provides health coverage to roughly 71 million low-income Americans. Additionally, Senate Republicans increased cuts to Medicaid over what the House passed.

The changes to Medicaid, as well as cuts to food stamps, another one of the nation’s major safety net programs, were drafted in part as an offset to pay for extending Trump’s 2017 tax cuts, which are set to expire later this year. The measure includes a slew of new rules and regulations, including work requirements for many of those seeking Medicaid coverage.

Meanwhile, Republicans criticize Democrats opposing the bill for voting to increase taxes on most Americans.

About half of respondents questioned in the Fox News poll said the bill would hurt their family (49%), while one quarter thought it would help (23%), and another quarter didn’t think it would make a difference (26%).

Sixty percent felt they had a good understanding of what is in the measure, formally known as the One, Big, Beautiful Bill, and while those voters were more likely to favor the legislation than those who are unfamiliar with it, more still think it will hurt rather than help their family (45% vs. 34%).

The latest surveys all indicate a wide partisan divide over the measure.

According to the Fox News poll, which was conducted June 13-16, nearly three-quarters of Republicans (73%) favored the bill, while nearly nine in ten Democrats (89%) and nearly three-quarters of independents (73%) opposed the measure.

Fox News’ Dana Blanton contributed to this report.

This post appeared first on FOX NEWS

Investor Insight

With a strategic foothold in Portugal and a commodity focus on tungsten – a metal deemed critical by both NATO and US defense agencies – Allied Critical Minerals is advancing two past-producing projects toward near-term production. Backed by a $4.6 million financing, offtake interest from major buyers, and a leadership team with proven capital markets and operational success, ACM is well-positioned to become the largest tungsten producer outside of China.

Overview

Allied Critical Minerals (CSE:ACM,FSE:0VJ0) is advancing two highly strategic, past-producing tungsten projects – Borralha and Vila Verde – located in northern Portugal. These brownfield assets present a compelling combination of near-term production potential and district-scale exploration upside, positioning the company to become the largest tungsten producer outside of China. With 100 percent ownership of both projects and supportive local communities, ACM is well-placed to contribute to the critically needed supply of this strategic metal to Western markets.

Tungsten is essential for defense systems, electric vehicles, semiconductors and artificial intelligence (AI), yet current global supply is dominated by China and Russia, accounting for about 90 percent of production. ACM’s projects are aligned with national security strategies in the US and EU, seeking secure and stable sources of tungsten supply. The company has already signed a letter of intent with Global Tungsten & Powders, a major Pennsylvania-based end-user with ties to the US military and is actively engaging with other global refineries.

To capitalize on these market dynamics, ACM closed a $4.6 million financing to fund an aggressive value creation plan. This includes an ongoing drill program at Borralha aimed at expanding its existing NI 43-101 resource, and the construction of a pilot processing facility at Vila Verde, targeted to begin in Q4 2025 and become operational by 2026. The pilot plant will process tailings and alluvial material from existing deposits, with an estimated annual output of ~250 tons tungsten trioxide (WO₃) and projected revenues of $4 million to $5 million, supporting near-term cash flow with minimal dilution.

ACM differentiates itself from competitors such as American Tungsten and Fireweed through its permitting progress, advanced technical groundwork and strong leadership. CEO Roy Bonnell brings a proven track record of successful exits and rapid value creation, having been instrumental in the success of both Founders Metals (TSXV:FDR) and Thesis Gold (TSXV:TAU) — two of the TSX Venture’s top-performing issuers in recent years.

Company Highlights

  • Strategic Focus on Critical Metals: Allied Critical Minerals is developing two tungsten projects – Borralha and Vila Verde – in mining-friendly northern Portugal, targeting near-term production and long-term scale.
  • Advanced Brownfield Assets: Both projects are historic producers with significant infrastructure, community support and technical momentum. Borralha produced tungsten from 1904 to 1986, and holds a newly updated NI 43-101 compliant resource.
  • Pilot Plant Launch in 2026: A pilot plant at Vila Verde is slated for construction in Q4 2025 with 150,000 tpa throughput capacity, expandable to 300,000 tpa. Target output of ~250 tons WO₃ annually is expected to generate $4 million to $5 million in revenue, funded through non-dilutive financing.
  • Offtake and Government Support: Allied has signed an LOI with Global Tungsten & Powders and is in discussions with additional refineries. Expressions of interest from US and EU defense-linked buyers are ongoing.
  • High Impact Drill Campaign: A fully funded 5,000 meter drill program is currently underway at Borralha, with assays expected to expand resources and define the high-grade Santa Helena Breccia zone.
  • Differentiated from Peers: Allied is one of only a few public companies in the Western world with near-term tungsten production potential, outpacing peers such as American Tungsten and Fireweed, in both timeline and resource readiness.

Key Projects

Borralha Tungsten Project

The Borralha project is ACM’s flagship development-stage asset, located approximately 100 km northeast of Porto in northern Portugal. A brownfield project with a rich production history dating back to 1904, Borralha produced over 10,280 tons of wolframite concentrate at an average grade of 66 percent WO₃, until operations ceased in 1986. Today, the project is advancing rapidly, supported by a Mining Rights Concession License and a newly updated NI 43-101 compliant resource estimate effective July 31, 2024. The estimate defines indicated resources of 4.98 million tons (Mt) at an average grade of 0.22 percent WO₃, 762 grams per ton (g/t) copper, and 4.8 g/t silver, and inferred resources of 7.01 Mt at 0.20 percent WO₃, 642 g/t copper, and 4.4 g/t silver. The project area hosts significant polymetallic enrichment, with tin and copper frequently associated with the tungsten mineralization, adding potential for by-product credits.

The primary zone of interest, the Santa Helena Breccia (SHB), is a subvertical to sub-horizontal breccia pipe-style tungsten system. Historical and recent drilling confirms broad, continuous mineralization with highlight intercepts including 106 m at 0.21 percent WO₃, 114 m at 0.23 percent WO₃, 108 m at 0.22 percent WO₃, and a high-grade zone of 10 m at 1.75 percent WO₃.

The SHB zone accounts for over 70 percent of known mineralization, but only about half of the zone has been drill-tested to date. The current drill campaign is targeting both lateral extensions and higher-grade core zones within the breccia body.

Geologically, the deposit is hosted in metasedimentary rocks intruded by late-Variscan granites, with mineralization occurring predominantly as wolframite associated with quartz-cassiterite veins and breccia infill. Breccia pipe mining techniques – similar to open-pit quarry operations – are anticipated for early-stage exploitation.

The project is currently undergoing an environmental impact assessment under review by Portuguese authorities. The mining license includes provisions for up to 150,000 tons per annum of bulk sampling ahead of full-scale operations, which will be governed by a future feasibility study. The low-cost drill environment (~$235/meter) and excellent infrastructure – including road, power, water and proximity to a skilled workforce – make Borralha a technically robust and strategically significant asset for ACM.

Vila Verde Tungsten-Tin Project

Located approximately 45 km southeast of Borralha, the Vila Verde project is ACM’s pilot production and near-term cash flow opportunity. Historically, this area hosted the Vale das Gatas Mine, which was one of Portugal’s largest tungsten producers prior to its closure in 1986. The project covers a significantly larger land area than Borralha and includes multiple mineralized zones, notably Cumieira and Porqueira. A historical resource estimate from 2020 defined 7.3 Mt of mineralized material above a 0.05 percent WO₃ cutoff, including 4.0 Mt at 0.14 percent WO₃ in the Cumieira zone and 3.3 Mt at 0.10 percent WO₃ in Porqueira. While historical in nature, these figures are supported by 17 diamond drill holes totaling 2,103 metres, which revealed a 2.1 km x 1.0 km mineralized footprint at Cumieira and a 1.0 km x 500 m footprint at Porqueira.

Vila Verde Pilot Plan

Vila Verde is advancing toward the construction of a 150,000-ton-per-annum pilot plant, scheduled to begin construction in Q4 2025 and be operational in 2026. Tailings and alluvial material from the Justes deposit will be used as the initial feedstock, with an average WO₃ grade of ~0.21 percent anticipated. Plant design includes standard crushing and grinding circuits followed by gravimetric and magnetic separation to produce a high-grade wolframite concentrate. Engineering work by GMR Consultores and MinePro Solutions supports an annual output of approximately 250 tons of WO₃ under current parameters. The total estimated CAPEX for the pilot plant is CA$7.9 million, with a proposed expansion to 300,000 tpa requiring an additional CA$2.9 million, both targeted for non-dilutive funding sources.

Permitting is progressing efficiently, with the mineral license being converted from exploration to experimental mining status. This permits early-stage production while full-scale licensing is pursued. The project benefits from pre-existing quarry infrastructure, strong community support, and short timelines to cash flow. A signed LOI with Global Tungsten & Powders in Pennsylvania provides an initial offtake channel, and additional negotiations with global refiners are ongoing. Vila Verde is central to ACM’s short-term revenue plan and is designed to serve as a testbed for scalable production across its broader tungsten portfolio.

Management Team

Roy Bonnell – CEO and Director

Roy Bonnell is a seasoned executive with over 30 years in capital markets, venture finance and natural resources. Bonnell holds an LLB from Western University, an MSc from the London School of Economics, and an MBA from McGill University. He brings deep leadership and financing experience and previously served as a board member for Founders Metals and Thesis Gold – two of the TSXV’s top performers.

João Barros – President and COO

With over 20 years of mining sector experience in Portugal, João Barros specializes in exploration management, environmental impact assessments and feasibility studies. He has held leadership roles at Ascendant Resources and Redcorp, and is a member of the Portuguese Engineers Association.

Sean O’Neill – Non-Executive Chairman

Sean O’Neill is head of securities at Boughton Law with 20+ years in corporate and securities law, including advising mining firms globally. He holds degrees in Chemical Engineering and Law, an MBA, and is a registered professional engineer (P.Eng).

Michael Galego – Director

Michael Galego is the CEO of Apolo Capital Advisory and CLO of LNG Energy, with extensive experience in M&A and corporate strategy. Notably, he advised on the sale of Woulfe Mining (tungsten asset) to Almonty Industries. He is a Lexpert Top 40 Under 40 awardee and member of the TSX Venture Advisory Committee.

Colin Padget – Director

CEO of Founders Metals, Colin Padget brings operational exploration experience across South America. He holds a Masters in Geology and a Bachelor in Business Administration.

Andrew Lee – Director and Corporate Secretary

Former Managing Director of York Harbour Metals, Andrew Lee has 15 years of global exploration experience across gold and phosphate projects in Ecuador and West Africa.

Sean Choi – CFO

A CPA with nearly 20 years in mining finance, Sean Choi has held CFO roles at York Harbour Metals, Ecuador Gold & Copper, and Northern Sun Mining. He holds a degree from the Western University.

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