Fulcrum Metals plc / EPIC: FMET / Market: AIM / Sector: Mining

1 July 2024

Fulcrum Metals plc

("Fulcrum" or the "Company" or the "Group")

Exercise of Dunn Option Agreement

Update on the Sale of Saskatchewan Uranium Projects

Fulcrum Metals plc (LON: FMET), a company focused on mineral exploration and development in Canada, announces that its wholly owned subsidiary Fulcrum Metals (Canada) Ltd ("FMCL"), has exercised an agreement (the "Dunn Option"), to acquire a 100% interest in the Charlot-Neely Lake, South Pendleton and Snowbird uranium projects (the "Dunn Option Uranium Projects") located in Saskatchewan, Canada. The Dunn Option Uranium Projects cover 11,481 hectares and details were announced by the Company on 27 November 2023.

The Dunn Option Uranium Projects were owned by Gary Clayton Dunn and Jonathan Stewart Dunn (the "Dunn Option Vendors"), who granted the Dunn Option to Fulcrum, thereby giving Fulcrum the option to acquire a 100% interest in the Dunn Option Uranium Projects. On receipt of the Dunn Option, Fulcrum paid a cash consideration to the Dunn Option Vendors of CA$5,000 and upon exercising the Dunn Option on 28 June 2024, Fulcrum has paid the Dunn Option Vendors a further cash consideration of CA$60,000. Following the exercise of the Dunn Option, the Dunn Option Uranium Projects have been transferred to FMCL. 

This takes the Company one step closer to a definitive agreement with Terra Balcanica Resources Corp. over the sale of all of its uranium projects totalling over 59,000 hectares and comprising: Charlot-Neely Lake, Fontaine Lake, Snowbird and South Pendleton.  The Company anticipates the completion of the definitive agreement imminently and will update the market in due course.

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Notes to Editors

FULCRUM METALS - BACKGROUND

Fulcrum Metals PLC (LON: FMET) is an AIM quoted exploration and development company which finances and manages exploration projects focused on Canada, widely recognised as a top mining jurisdiction. Fulcrum's ambition is to create an environmentally friendly and sustainable tailings and mine waste business, driving mining change through combining low discovery risk assets and jurisdictions with transformative technology capable of near-term cash flow whilst capitalising on a portfolio of highly prospective exploration assets.

Creating an environmentally friendly and sustainable tailings and mine waste business

Through the adoption of potentially industry disruptive technologies to deliver near-term cash producing assets. Fulcrum has acquired two gold tailings projects via option agreements, the Teck-Hughes and Sylvanite gold tailings projects, in the prolific Kirkland Lake gold camp, Ontario. The projects are within 3km proximity of each other, with non-compliant estimates of 138,460 ounces of gold and 67,051 ounces of gold respectively, totalling 205,511 ounces, subject to verification by Fulcrum. In addition, Fulcrum is working on delivering a licensing framework in Ontario with Technology partners Extrakt Process Solutions and alliance partners Bechtel Engineering.

Growth stage gold projects in Ontario

Fulcrum has two drill ready gold projects in Ontario.

The Big Bear and Jackfish Schreiber - Hemlo properties have a history of prospecting and localised extraction since the late 19th century. However, coherent property-level exploration programmes have been limited or absent, particularly in recent times. The work completed by Fulcrum at Big Bear has established a gold corridor of 3km in the Schreiber-Pyramid area with high grade gold in rock samples of up to 45g/t and historical grades of upto 233g/t, developing multiple drill targets and prospects. This trend is open to the North, East and South for further discovery. Fulcrum has also completed high resolution geophysical surveys which now fully cover Big Bear, identifying a further 5 high priority exploration targets for follow-up investigation. Big Bear is reported to have the potential to host a large, structurally controlled, stratabound-style banded iron formation (BIF) gold prospect similar to the Musselwhite deposit (McNicoll et al., 2016), in addition to an Archean greenstone, orogenic-style lode gold prospect, extending past the bounds of known historical mineral occurrences.

The Tully property is host to a NI 43-101 compliant resource of 107,000 ounces of gold with high grades reported in 1997 drilling of up to 2,555.5g/t Au over 0.5 metres within a wider intersection of 322.02g/t over 5.7 metres and 2013 drilling by SGX demonstrating potential extension and depth reporting 9.01g/t Au over 6.7 metres, and 8.0g/t Au over 6.5 metres. Tully is located 30 kilometres northeast of Timmins within the world class Timmins-Porcupine gold camp that has produced over 70m Oz of gold to date. Tully is 2 kilometres southwest of the 1.2Moz Bradshaw Gold Project of Gowest Gold Ltd., currently in development and within 30km of several multi-million ounce historical deposits including the producing Hoyle Pond gold deposit. Work undertaken by Fulcrum has identified several drill target locations with the objective of extending the deposit along strike and at depth.

Establish the prospectivity of its wider non-core Ontario and Saskatchewan portfolio

Fulcrum has highly prospective base metal projects in Ontario and Uranium projects in Saskatchewan for which cost effective exploration methods will be utilised to evaluate the projects with a view to securing potential joint venture and/or acquisition interest.

Ontario Base Metals - Fulcrum has developed a strong nickel target at Dog Lake in the Michipicoten Greenstone Belt with several rock samples in excess of 1,000ppm Ni related to a mafic/ultramafic intrusives, a strong copper exploration target at Carib Creek in the Winston Lake Greenstone belt with soil sampling surveys returning several strongly anomalous copper samples up to 737ppm whilst at Tocheri Lake in the Dayohessarah Greenstone belt a Versatile Time Domain Electromagnetics (VTEM) airborne geophysical survey conducted over the southwest corner of the property identified a weak electromagnetic conductor which may indicate buried mineralisation in addition to several magnetic targets.

Saskatchewan Uranium - Fulcrum has amassed a highly prospective uranium portfolio of over 59,000 hectares across the Charlot-Neely, Fontaine Lake, Snowbird and South Pendleton claims. All of the projects are outside the Athabasca basin along major structures, on trend with historic mines and areas of significant M&A activity. Recent discoveries such as the Arrow discovery (4.3m tonnes at 0.83% U308) and Triple R discovery (2.7m tonnes at 1.94% U308) have proved the concept of exploring along major structure outside the Athabasca Basin. Historic records at Charlot-Neely include rock samples of up to 6.2% U308, trenching samples of up to 2.1% U308 and significant electromagnetic conductors covering a 16km zone thought to be prospective for uranium mineralisation. Work completed by Fulcrum at Charlot-Neely and Fontaine Lake includes hyperspectral data compilation identifying exploration targets and field work resulting in discovery of high-grade uranium mineralisation of up to 0.8% U308 and the discovery of new uranium and radioactive trends.

The Company entered into a non-binding Letter Of Intent with Terra Balcanica Resources (CNSX:TERA) regarding disposal of the uranium portfolio, announced by the Company on 3 April 2024.

Conclusion

Fulcrum's mining assets are a combination of low discovery risk and high prospectivity in the exploration phase, so Fulcrum stands to be able to add significantly to the inherent value through exploration and development success. Fulcrum will continually review opportunities with potential and with a view to increasing shareholder value. It is the Board's intention to deliver medium and long-term growth and to establish the Group as a significant exploration and development company.