Eight uranium target zones identified at Fontaine Lake Project
18 uranium targets and target zones across Fontaine Lake and Charlot-Neely
Fulcrum Metals plc (AIM: FMET; OTCQB: FULMF), which is 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 2 November 2026, that its spin-out, Terra North Resources Corp. (“Terra North”), has identified eight uranium target zones following completion of an airborne radiometric and magnetic survey over the Fontaine Lake uranium project (“Fontaine Lake” or the “Project”) in northern Saskatchewan.
The results follow the identification of ten high-confidence uranium targets at Charlot-Neely Lake, announced on 28 October 2026, bringing the combined total to 18 targets and target zones across the two projects within Fulcrum’s Saskatchewan uranium portfolio, which is under option to Terra North.
Highlights
- Eight high-confidence uranium target zones identified by an airborne radiometric and magnetic survey at Fontaine Lake, bringing the combined total to 18 uranium targets and target zones across Fontaine Lake and Charlot-Neely;
- Uranium anomalies principally align with the Grease River Shear Zone (“GRSZ”) and associated structures, where previous surface rock samples returned 1.08% and 1.44% U₃O₈, with ground radiometric readings of up to 53,000 counts per second;and
- Additional targets highlight potential for uranium and polymetallic mineralisation, including rare-earth elements (“REE”); a previously reported surface sample returned 0.81% U₃O₈ and 4,732 ppm total rare-earth elements.
Ryan Mee, Chief Executive Officer, commented:
“These are excellent results, bringing the combined total of high-confidence uranium targets and target zones at Fontaine Lake and Charlot-Neely to 18. The survey highlights compelling targets along the Grease River Shear Zone, with additional uranium and rare-earth potential adding to the exploration opportunity
“We look forward to these projects advancing through follow-up exploration, and are delighted to have retained exposure to these highly prospective projects at a time when uranium is attracting renewed investor interest. ”
Fulcrum’s interest in the Saskatchewan uranium portfolio
Fulcrum’s Saskatchewan uranium portfolio comprises the Charlot-Neely, Fontaine Lake, Snowbird and South Pendleton properties. Terra North holds an option to acquire a 100% interest in the portfolio, subject to satisfying the remaining payment, share issuance and exploration expenditure commitments under the agreement, comprising:
- C$225,000 in cash
- C$1.9 million in Terra North shares
- minimum cumulative exploration expenditure of C$3.25 million on the portfolio
The option agreement was originally entered into with Terra and subsequently assigned to Terra North, Terra’s uranium-focused spin-out, together with the associated payment and exploration commitments.
Fulcrum currently holds:
- 5,801,498 shares in Terra (approximately 6.9% of its issued share capital).
This provides exposure to Terra’s wholly owned Viogor polymetallic exploration project in Bosnia and Herzegovina, targeting silver, zinc, lead, gold, copper and antimony, including at Čumavići and Brezani. It also provides indirect exposure to the Saskatchewan uranium portfolio through Terra’s 34.7% equity interest in Terra North.
- 5,600,000 shares in Terra North (approximately 13% of its issued share capital), issued under the amended option agreement at a deemed value of C$560,000.
This provides direct equity exposure to the company advancing the Saskatchewan uranium portfolio, with further Terra North shares receivable under the option agreement.
Upon exercise of the option and transfer of the portfolio, 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 North identifies additional uranium targets at Fontaine Lake — 2 November 2026
Fontaine Lake uranium exploration update: five key investor questions
1. What has been identified at Fontaine Lake?
An airborne radiometric and magnetic survey has identified eight high-confidence uranium target zones at Fontaine Lake in northern Saskatchewan, Canada. These follow the ten uranium targets recently identified at Charlot-Neely Lake, bringing the combined total across the two projects to 18.
2. Why are these results encouraging?
The uranium anomalies principally align with the Grease River Shear Zone and associated structures, providing priority areas for follow-up exploration. The survey also highlights potential for uranium and polymetallic mineralisation, including rare-earth elements. Previous surface samples provide further geological context, but the new survey targets require ground verification.
3. How does Fulcrum retain exposure to the uranium portfolio?
Fulcrum holds 5.6 million shares in Terra North, representing approximately 13% of its issued share capital. It also holds approximately 6.9% of Terra Balcanica, which retains a 34.7% interest in Terra North. These holdings provide direct and indirect equity exposure to the company advancing the uranium portfolio.
4. What further consideration could Fulcrum receive?
Under the option agreement, further potential consideration comprises C$225,000 in cash and C$1.9 million in Terra North shares. Terra North must also complete minimum cumulative exploration expenditure of C$3.25 million to exercise its option to acquire 100% of the portfolio. Upon exercise, Fulcrum will retain a 1% NSR royalty, half of which may be purchased for C$1 million.
5. What happens next, and who funds the exploration?
Terra North intends to undertake ground verification of the airborne survey findings to assess and prioritise the targets for further exploration. Terra North funds this work, allowing Fulcrum to retain exposure to potential exploration success while focusing its resources on its cyanide-free mine-waste recovery platform in Ontario.
Ends
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