Fulcrum Metals PLC Announces Uranium Targets Identified at Charlot-Neely

Fulcrum retains exposure through equity and contractual rights while Terra North funds exploration.

Rhea-AI Summary

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.

4 points · 0 major

PositiveiHow this balance works

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0 major · 1 point

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointC$3.25 million minimum cumulative exploration expenditure is committed by Terra North, which funds exploration.
• Moderate point. Forward-looking: it has not happened yet and may not happen.C$2.125 million in potential further cash and equity consideration remains available to Fulcrum, subject to agreement terms.
• Minor pointTen uranium targets identified at Charlot-Neely advance exploration of a project in which Fulcrum retains exposure.
• Minor point. Forward-looking: it has not happened yet and may not happen.1.0% net smelter return royalty will be retained by Fulcrum upon option exercise and project transfer.

Negative

• Minor point. Forward-looking: it has not happened yet and may not happen.0.5% of the royalty may be purchased for C$1.0 million, reducing Fulcrum's retained royalty interest.

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BROMSGROVE, UK / ACCESS Newswire / October 28, 2026 / Fulcrum Metals plc (AIM:FMET)(OTCQB:FULMF), a company developing a scalable platform to recover precious and critical metals from mine waste using Extrakt Process Solutions ("Extrakt") cyanide-free technology, notes the announcement released by Terra Balcanica Resources Corp. ("Terra") on 27 October 2026, that its spin-out, Terra North Resources Corp. ("Terra North"), has identified multiple uranium targets at the Charlot-Neely Lake uranium project ("Charlot-Neely" or the "Project"), following the completion of an airborne geophysical survey.

The survey identified strong uranium anomalies aligned with magnetic structures associated with the Black Bay Fault system, highlighting priority targets for follow-up exploration. Terra North plans to undertake ground-based verification and rock sampling to assess the targets.

Highlights

• Ten (high confidence) uranium targets have been identified over the Charlot-Neely Lake landmass showing strong, statistically significant uranium peaks that coincide with total-count (TC) readings highs (of up to 3,200 cps) and minimal K/Th co-elevation;
• Uranium trends define tight, linear anomalies and align with magnetic lineaments but diverge from broader thorium peaks indicative of hydrothermal mobilization of uranium independent of hosts - a hallmark of Beaverlodge-style structural vein-type mineralization; and
• The spatial correlation between magnetic lineaments and uranium highs validates that the Black Bay Fault system and its associated splays served as the key structural controls for uranium mobilization. The primary target areas are located where the uranium anomalies overlap with cross-cutting structures identified in the Tilt Derivative (TDR) and Total Horizontal Gradient (THG) magnetic datasets.

Ryan Mee, Chief Executive Officer of Fulcrum, commented:

"We are delighted with the progress being made by Terra North at Charlot-Neely. The identification of ten uranium targets demonstrates the Project's potential and provides a basis for further exploration; we look forward to the results of the planned ground-based work."

Fulcrum's interest in Charlot-Neely

Fulcrum retains exposure to the Project through its equity holdings and contractual rights under the option agreement with Terra North, which is funding exploration and is committed to minimum cumulative exploration expenditure of C$3.25 million.

Fulcrum currently holds 5,801,498 shares in Terra and 5,600,000 shares in Terra North, the latter issued at a deemed value of C$560,000. Following the amendment to the option agreement in August 2026, Fulcrum remains entitled to further potential cash and equity consideration totalling C$2.125 million, subject to the terms of the agreement. Upon exercise of the option and transfer of the project, Fulcrum will retain a 1.0% net smelter return (NSR) royalty, of which 0.5% may be purchased for C$1.0 million.

Click here to view a copy of Terra's full announcement: Terra Balcanica Spin Off Terra North Resources Confirms Multiple Uranium Targets Over Charlot-Neely Lake Claims North of Athabasca Basin, Saskatchewan - Terra Balcanica Resources Corp.

Ends

Engage with the Fulcrum Metals PLC management team directly by asking questions, watching video summaries and seeing what other shareholders have to say. Navigate to our interactive investor hub here: https://fulcrummetals.com/s/7fc3a5

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For further information, please contact:

Investor questions on this announcement We encourage all investors to share questions on this announcement via our investor hub	https://fulcrummetals.com/link/PdVMLe
Fulcrum Metals plc Ryan Mee, Chief Executive Officer	Via our investor hub; Or through St Brides
Allenby Capital Limited (Nominated adviser) Nick Athanas / Ashur Joseph	Tel: +44 (0) 203 328 5656
Clear Capital Markets Limited (Broker) Bob Roberts	Tel: +44 (0) 203 869 6081
St Brides Partners Ltd (Financial PR) Ana Ribeiro / Charlotte Page	Tel: +44 (0) 20 7236 1177

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Notes to Editors

About Fulcrum Metals PLC

Fulcrum Metals plc (AIM:FMET)(OTCQB:FULMF)(FSE:J2M) is a technology-led natural resources company developing a scalable platform to recover precious and critical metals from historical mine waste and support the potential regeneration of legacy mine sites. Its model combines project ownership, a multi-project pilot facility and commercial development capability to advance projects using cyanide-free technology developed by Extrakt Process Solutions LLC and its associates (together, "Extrakt") from laboratory testing towards commercial deployment, supported by exclusive regional rights.

The Company's initial projects comprise the legacy mine-waste sites of the former Teck-Hughes and Sylvanite gold mines in the Kirkland Lake region of Ontario. Historical estimates, which require verification by Fulcrum, indicate that the sites combined contain more than 10 million tonnes. Fulcrum also holds a portfolio of mineral exploration and development interests across Ontario and Saskatchewan, Canada.

Fulcrum holds exclusive rights to deploy Extrakt's technology at legacy gold mine-waste sites across the Kirkland Lake and Timmins mining districts, which have produced more than 110 million ounces of gold historically and contain more than 70 documented legacy mine-waste sites^.

The multi-project pilot facility is intended initially to accelerate development decisions at Teck-Hughes and Sylvanite. These programmes will generate the knowledge, operating capability and repeatable development pathway needed to establish a scalable pipeline of projects across Fulcrum's exclusive Extrakt rights in Kirkland Lake and Timmins, as well as wider opportunities pursued through flexible commercial structures.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Fulcrum Metals plc

View the original press release on ACCESS Newswire

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did the Charlot-Neely uranium survey identify for Fulcrum Metals?

The airborne survey identified ten uranium targets at Charlot-Neely Lake. Uranium peaks coincided with elevated total-count radiation readings of up to 3,200 counts per second and aligned with magnetic structures associated with the Black Bay Fault system. Terra North plans ground verification and rock sampling.

What shares does Fulcrum Metals hold in Terra and Terra North?

Fulcrum holds 5,801,498 shares in Terra and 5,600,000 shares in Terra North. The Terra North shares were issued at a deemed value of C$560,000. These holdings provide equity exposure alongside Fulcrum's contractual rights under the option agreement.