Fulcrum Metals (FULMF) has published an updated investor presentation outlining its strategy for advancing mine-waste recovery projects through a standalone pilot facility.
The presentation is available on the company's website. Fulcrum plans to use one facility to generate project-specific data using Extrakt's cyanide-free recovery technology, rather than build a dedicated pilot for each project. Teck-Hughes is the first planned pilot programme, with Sylvanite next in the pipeline.
Fulcrum Metals (FULMF) reported preliminary laboratory extraction of three additional critical minerals at its Teck-Hughes tailings project in Ontario. Non-optimised, two-stage testing extracted 74.5% strontium, 52.5% rubidium and 47.8% scandium using Extrakt's cyanide-free technology. Gold, silver and tellurium extractions were 62.4%, 85.4% and 91.1%, respectively, at an approximately 60-micrometre grind.
The results measure extraction from solids, not saleable products. Independent solution assays, repeat testing and downstream recovery studies remain necessary. Earlier optimised precious-metal recoveries were not demonstrated simultaneously with the new critical-mineral results. Fulcrum targets end-Q1 2027 for pilot-facility fit-out and commissioning and Q2 2027 for Teck-Hughes piloting. Applying the technology at Sylvanite requires project-specific metallurgical testing.
Fulcrum Metals (FULMF) has agreed settlement arrangements that will increase its Loyalist Exploration holding to approximately 19.9% following initial issuance.
The Tully Gold Project resource milestone triggered entitlement to 15,000,000 Loyalist shares, or cash in lieu. Initially, 13,400,000 shares will raise Fulcrum's holding to 92,372,740 shares. The remaining 1,600,000 shares remain payable, with issuance dependent on increases in Loyalist's share capital allowing Fulcrum to stay below 20% ownership.
Further conditional entitlements include C$50,000 for a financing milestone, C$100,000 for a qualifying drilling intercept and 15,000,000 shares, or cash in lieu, upon a decision to mine. Fulcrum retains a 2% net smelter return royalty, a share of proceeds from mineral sales after specified costs; Loyalist may repurchase half for C$1 million, subject to contractual adjustment.
Fulcrum Metals (FULMF) reported eight uranium target zones identified by Terra North following an airborne survey at Fontaine Lake in Saskatchewan. Together with ten targets at Charlot-Neely Lake, the portfolio now has 18 targets and target zones. The Fontaine Lake anomalies principally follow the Grease River Shear Zone and associated structures; the new targets require ground verification.
Terra North holds an option to acquire 100% of the Saskatchewan portfolio, with remaining commitments comprising C$225,000 cash, C$1.9 million in shares and minimum cumulative exploration spending of C$3.25 million. Fulcrum holds direct and indirect equity exposure to Terra North. Upon option exercise and portfolio transfer, Fulcrum will retain a 1.0% net smelter return royalty, a share of production revenue after specified costs; half may be purchased for C$1.0 million. Terra North plans to fund ground verification.
Fulcrum Metals (FULMF) reported that Terra North Resources identified ten uranium exploration targets at the Charlot-Neely Lake project following an airborne survey. Uranium anomalies align with magnetic structures associated with the Black Bay Fault system. Terra North plans ground verification and rock sampling.
Fulcrum retains equity holdings and contractual rights, while Terra North funds exploration with a C$3.25 million minimum cumulative spending commitment. Fulcrum remains entitled to potential further cash and equity consideration of C$2.125 million, subject to agreement terms. Upon option exercise and project transfer, Fulcrum will retain a 1.0% net smelter return royalty, a share of mineral sales proceeds; 0.5% may be purchased for C$1.0 million.
Fulcrum Metals (FULMF) has arranged £1 million of financing before expenses to support development of its pilot facility in Mississauga, Ontario. The financing comprises £488,699 in cash subscriptions and conversion of £511,301 of scheduled debt payments into equity, both at 6.5 pence per share.
The subscription proceeds will fund delivery, fit-out and commissioning ahead of the first programme using Teck-Hughes material, alongside working capital. Fulcrum intends the facility to support subsequent Sylvanite and potential third-party programmes using Extrakt's cyanide-free recovery technology. The conversion settles £500,000 of principal and £11,301 of accrued interest owed to YA II PN. In total, 15,384,620 new ordinary shares will be issued. Subscription payments are due in November and December 2026; admission of the remaining subscription shares depends on receipt of £200,000 in December.
Fulcrum Metals (FULMF) secured a Mississauga pilot facility site and signed a technology demonstration agreement with Extrakt and TDI. The funded facility and initial Teck-Hughes programme will use Extrakt's cyanide-free metal recovery technology, with TDI operating the equipment. The approximately 12,526-square-foot premises carry a six-year lease starting October 1, 2026, with a six-year extension option. Planned capacity is up to 2.4 tonnes per day; Fulcrum targets fit-out and commissioning by end of Q4 2026.
Successful Teck-Hughes pilot testing is a key condition of proposed US$20 million financing from Chancery Royalty. The non-binding proposal would exchange funding for a 5% net smelter return royalty on future Teck-Hughes gold production, subject to due diligence and definitive documentation. Fulcrum intends to use the facility for successive projects, initially Teck-Hughes and Sylvanite, rather than separate pilot builds.
Fulcrum Metals (FULMF) reported first-half 2026 results, including 78% gold recovery in Teck-Hughes Phase 3 testing.
That recovery was a 31% relative improvement over Phase 1. A completed 159-hole auger programme covered an approximately 6.5 million-tonne tailings deposit; the data is intended to support a 43-101 compliant Mineral Resource Estimate. Fulcrum signed an agreement with TDI for a reusable pilot facility with capacity of up to 2.4 tonnes per day. Certain equipment has been ordered, but site arrangements remain unfinished.
Fulcrum secured a £6 million Yorkville package comprising up to £5 million in convertible loan notes and up to £1 million in equity funding. It drew the first £2.5 million loan tranche. Based on current budgets, the company expects the pilot and initial Teck-Hughes programme to be funded without drawing the second tranche. Proposed US$20 million Chancery royalty financing depends on successful pilot testing and other conditions.