Fulcrum Metals plc (AIM: FMET), a company pioneering the use of innovative cyanide-free technologies to recover precious and critical metals from mine waste and support site remediation, announces that it has signed agreements to acquire surface rights at the Teck Hughes tailings project (“Teck Hughes” or the “Project”).
The Company has secured five surface rights totalling 270 acres of the Project area representing a significant milestone in advancement of the Project. It provides the Company with the necessary land access and operational flexibility to support ongoing exploration activities, environmental studies, infrastructure planning and future development work.
Highlights
· Long-term access secured to key project and infrastructure areas
· Reduced development risk through strengthened land tenure and operational certainty
· Enhanced ability to advance exploration programmes and technical studies efficiently
· Improved project development flexibility for future mine planning and infrastructure positioning
· Positive step towards future permitting and development activities
· The close date of the transaction is within 30 days
The surface rights agreement strengthens the Company’s overall land position within the Project area and supports the Company’s strategy to advance Teck Hughes into the next stage of development.
Ryan Mee, Chief Executive Officer of Fulcrum, commented:
“Securing these surface rights for the Teck Hughes tailings project is an important strategic step. We now have the access and operational certainty needed to advance the project and to further derisk future development. Achieving this milestone strengthens the long-term value of Teck Hughes and positions us for the next phase of development and project evaluation.
“We will continue to progress technical work programmes and stakeholder engagement initiatives as we advance our broader tailings strategy.“
Transaction details
Agreements have been signed with North American Land Holdings, Inc., and White Cliff Holdings LLC to acquire five surface rights totalling 270 acres at the Teck Hughes tailings projects.
The consideration for the surface rights includes CAD$220,000 in cash and the granting of a 1.5% Net Smelter Royalty (“NSR”) to the vendors. Fulcrum retains the right to buy down the NSR to 0.75% for a total payment ofCAD$750,000, with a further CAD$500,000 reducing the NSR to 0.5%.
The vendors retain an option to re-purchase the surface rights (the “Owners Option”) should Fulcrum abandon the surface rights for CAD$110,000, with the Owners Option self-extinguishing upon Fulcrum providing any of a combination of CAD$320,000 through NSR payments, buy-backs, or one-off payments.
The agreements also include a 1km area of interest around the boundaries of Fulcrum’s Teck Hughes and Sylvanite tailings projects for both Surface and Mining Rights. As part of the agreements, Fulcrum has first right of refusal for any existing or newly acquired property for a period of 5 years based on a fixed price of twice the original acquisition cost and a similar NSR structure.
The terms are binding and subject to close within 30 days, subject to satisfactory final documentation.
Figure 1 – Teck Hughes project – Mining rights in yellow, surface rights in green
Issue of Service Provider Shares
In addition, the Company has agreed to issue 85,714 new ordinary shares of 1 pence in the Company (the “New Ordinary Shares”), totalling £7,500, to a service provider in lieu of fees.
An application will be made shortly for the admission of the New Ordinary Shares to trading on AIM (“Admission”). The New Ordinary Shares will rank pari passu with the existing ordinary shares, and it is expected that Admission will become effective at 8.00 a.m. on or around 26 May 2026.
Total Voting Rights
Following Admission, the Company’s issued share capital will consist of 153,158,025 ordinary shares with voting rights. The Company does not hold any ordinary shares in treasury. This figure of 153,158,025 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they require to notify their interest in, or a change to their interest in, the share capital of the Company under the UK Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
FOR FURTHER INFORMATION
Visit: www.fulcrummetals.com
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You can engage with the management team about this announcement here: https://fulcrummetals.com/link/yEvg6e
Contact:
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Fulcrum Metals PLC |
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Ryan Mee (Chief Executive Officer) |
Via St Brides Partners Limited |
