Fulcrum Metals plc (AIM: FMET) said it has made significant progress over the past year as it advances its strategy of recovering precious and critical metals from historic mine tailings in Canada using cyanide-free processing technology.
In a statement to be delivered at the company’s AGM, chairman Mitchell Smith said Fulcrum had been transformed by securing 100% ownership of the Teck-Hughes gold tailings project and signing its exclusive licence agreement with Extrakt Process Solutions.
The company said these milestones give Fulcrum access to differentiated cyanide-free technology capable of recovering both precious and critical metals from historic mine waste.
A key recent step has been the signing of a pilot plant agreement with TDI Solutions, which will move the process from laboratory validation to pilot-scale demonstration.
Fulcrum said the pilot programme is expected to generate operational data to support future engineering studies, permitting and commercial development.
The company believes success at Teck-Hughes could establish a repeatable commercial model for deployment across its wider portfolio and other legacy mine waste sites in the Kirkland Lake and Timmins mining districts.
Fulcrum also highlighted the completion of a 159-hole auger programme at Teck-Hughes, which confirmed the presence of gold and silver in the tailings, as well as critical minerals including tellurium and gallium.
The results will support the maiden NI 43-101 Mineral Resource Estimate currently being prepared for the project.
The company said it is now better funded than it was 12 months ago, following a £6 million funding package with Yorkville Advisors.
Fulcrum also recently announced a non-binding royalty term sheet with Chancery Royalty, which could provide up to US$20 million of non-dilutive project financing for Teck-Hughes, subject to successful pilot plant results and definitive documentation.
Elsewhere, Fulcrum noted that the updated Mineral Resource Estimate at the Tully Gold Project triggered a milestone payment from Loyalist Exploration, entitling Fulcrum to receive 15 million Loyalist shares or a cash equivalent.
The company also pointed to encouraging exploration results at Big Bear, where a significant gold target has been identified and drill permits are already in place.
Fulcrum said its priorities for the coming year include completing the Teck-Hughes pilot plant programme, delivering the maiden resource estimate, progressing engineering and permitting work, seeking to convert the royalty financing into definitive agreements and creating further value from its wider portfolio.
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