Fulcrum Metals plc (AIM: FMET), a technology led company focused on the recovery of precious metals from mine tailings in Canada, announces final results for the year ended 31 December 2024.
Corporate Highlights
· Signed definitive option agreement monetising the Company’s uranium assets located in Saskatchewan, Canada, to Canadian Securities Exchange listed Terra Balcanica Resources Corp (CNSX: TERA) for up to CA$3.36million, CA$3.25million in work expenditures and a 1% net smelter return (“NSR”) royalty with a 0.5% buy down for CA$1 million
· Successfully raised in excess of £860,000 from supportive investors and the Board of Directors
· Entered into Letter of Intent for the sale of the Tully Gold project to TSX Venture Exchange listed Loyalist Exploration Limited (TSXV:PNGC) for up to c.CAD$1.8m in cash and shares including 2% NSR royalty with a 0.5% buy down for CA$1 million
Operational Summary
· Advanced the Company’s transformation into a technology-focused, and sustainable, gold tailings processing business
· Entered into an option agreement to acquire 100% of the Sylvanite gold tailings project containing an estimated 67,000 ounces. Sylvanite is the Company’s second tailings project, strategically located approximately 3km from Teck Hughes, the Company’s first tailings project in Kirkland Lake, Ontario
· Conducted successful exploration programmes across the Sylvanite and Teck Hughes projects:-
o Six new auger sites at Sylvanite report an average 0.58g/t gold, 1.1g/t silver and 13.9g/t tellurium
o Four new auger sites at Teck Hughes report an average 0.65g/t gold, 1.3g/t silver and 13g/t tellurium
o Silver and tellurium have not been assayed for previously and the Board believe both Teck Hughes and Sylvanite could offer co-product potential enhancing the projects further. Especially given that Canada recognises tellurium as a critical mineral which could potentially enhance the importance of these projects in Canada.
· Initiated phased testing and study programmes at Teck-Hughes and Sylvanite to evaluate the efficiency of Extrakt Processing Solutions LLC (“Extrakt”) cyanide free technology in recovering gold. The results from these programs have proven successful: –
o Initial testing at Teck Hughes delivered gold recovery rates of 59.4% with leach times of between 3 to 6 hours
o First phase testing at Sylvanite delivered gold recovery rates of 49% with leach times of between 3 to 6 hours
o The initial results of testing with Extrakt’s cyanide free technology has delivered breakthrough results nearly doubling the gold recovery and substantially reducing the leaching times by over 90% when compared to previous testing at Sylvanite in 2008 using cyanide-based test methods which achieved c.30% gold recovery in leaching times of 48 hours
o Phase 2 conceptual study commenced at Teck-Hughes based on the initial test results, to provide an initial economic viability assessment of the project delivering operating plans, cost estimates, and provide a clear pathway to production
Post-period Highlights
· Appointment of Mitchell Smith as Non-Executive Chairman, bringing extensive board experience in Canada to the Company.
· Signed a Master Licence Agreement with Extrakt for the exclusive licencing of its cyanide free cutting-edge technology to unlock the in-situ value at Kirkland Lake projects and for legacy gold tailings across two of Canadas most prolific gold camps in Timmins and Kirkland Lake.
· Discovery of Gallium, Tellurium and Silver in all holes assayed to date at the Teck Hughes and Sylvanite projects. Gallium and Tellurium are recognised as critical minerals, key to the global energy transition
· The Teck Hughes Phase 2 initial conceptual study provides positive economics and a proven concept for tailings production at Teck Hughes
· Subscription by certain directors of the Company to raise £140,000
Financial Summary
· The Company generated no revenue during the period but focussed on exploring and developing assets that the Board believes will generate revenue and value for the Company and its shareholders in the future.
· For the year ended 31 December 2024 (“FY2024”) the Company reported a pre-tax loss of £1,153,461 (year ended 31 December 2023 (“FY2023”): pre-tax loss of £1,714,423).
· The Company’s net cash balance as at 31 December 2024 was £340,517 (31 December 2023: £620,924).
· Basic loss per share of 0.022p (FY2023 loss per share: 0.037p).
Ryan Mee, Chief Executive Officer of Fulcrum Metals, commented:
“Over the past year, Fulcrum has positioned itself as a technology focused and sustainable gold tailings processing company.
“This has seen our mine tailings asset base strategically expanded in Kirkland Lake to now include Teck Hughes and Sylvanite whilst also signing value accretive disposal agreements on some of our exploration assets.
“The development of our mine tailings assets has seen the discovery of Silver, Tellurium and Gallium which could be valuable co-products alongside the Gold. Both Tellurium and Gallium are recognised by Canada as critical minerals, and thus in high demand.
“Our collaboration with Extrakt has been a key focus, and we are very pleased with the early success of the cyanide free leaching technology when applied to our Sylvanite and Teck-Hughes sites. Initial test work has shown significant improvements in gold recovery rates and a dramatic reduction in leaching times. Post-period we were delighted to announce the signing of our Master Licencing Agreement which cements our partnership with Extrakt and opens exciting long-term opportunities across more than 70 legacy mine sites throughout the Timmins and Kirkland Lake regions.
“Finally, I would like to welcome Mitchell Smith as Non-Executive Chairman. His deep regional expertise across Canadian mining jurisdictions and at corporate level will be instrumental as we continue to advance and unlock the potential of our tailings assets.
“We move into the new financial year with strong momentum off the back of signing the exclusivity agreement with Extrakt, a clearer strategic focus, and a growing pipeline of opportunities.”
Qualified Person Statement
The technical information in this announcement has been reviewed by Edward (Ed) Slowey, BSc, PGeo, technical advisor to Fulcrum Metals Plc. Mr Slowey is a graduate geologist with more than 40 years’ relevant experience in mineral exploration and mining and a founder member of the Institute of Geologists of Ireland. Mr Slowey has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which has been undertaken to qualify as a “Qualified Person” in accordance with the AIM Rules Guidance Note for Mining and Oil & Gas Companies. Mr Slowey consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears.
Technical Glossary
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Au |
Gold |
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Co |
Cobalt |
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Cu |
Copper |
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g/t |
grams per metric tonne |
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NI 43-101 compliant |
National Instrument 43-101 Standards of Disclosure for Mineral Projects is a securities regulatory instrument that governs how companies can disclose mining-related information in Canada. |
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ppm |
Parts per million |
For further information please visit https://fulcrummetals.com/ or contact:
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Fulcrum Metals PLC |
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Ryan Mee (Chief Executive Officer) |
Via St Brides Partners Limited |
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Allenby Capital Limited (Nominated Adviser) |
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Nick Athanas / Daniel Dearden-Williams |
Tel: +44 (0) 203 328 5656 |
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Clear Capital Markets Limited (Broker) |
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Bob Roberts |
Tel: +44 (0) 203 869 6081 |
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St Brides Partners Ltd (Financial PR) |
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Ana Ribeiro / Paul Dulieu |
Tel: +44 (0) 20 7236 1177 |
About Fulcrum Metals PLC
Fulcrum Metals PLC (AIM: FMET) is an AIM listed technology led natural resources company focused on recovery of precious metals from mine tailings (previously milled and processed ore) in Canada using environmentally friendly leaching technology developed by Extrakt Process Solutions LLC and its associates (together “Extrakt”). The Company’s initial projects are the mine waste sites of former significant producing Teck-Hughes and Sylvanite gold mines in Kirkland Lake, Ontario. The Company also has interests in a portfolio of highly prospective mineral exploration and development projects in Ontario and Saskatchewan in Canada.
Fulcrum has exclusive licenced use of Extrakt’s proven leaching technology on gold mine waste sites over the mining districts of Timmins and Kirkland Lake. These are two of Canada’s biggest gold camps with a history of over 110Moz Au produced over the past 100 years and more than 70 documented legacy mine waste sites. This presents Fulcrum with opportunity to develop into a significant environmentally friendly gold producing entity in the near term.
Chairman’s Statement
This is my first address to shareholders as Non-Executive Chairman, and I am pleased to present the Company’s final results for the year ended 31 December 2024.
2024 has been a pivotal year for Fulcrum, marked by significant progress in our transformation into a technology-driven business focused on the sustainable recovery of precious metals from mine tailings. This strategic shift reflects our commitment to creating a faster path to revenue generation and creating value for shareholders-well ahead of the typical 10 to 15 years it can take to bring a conventional mine into production.
To support this shift, in April 2024 the Company reinforced its focus on tailings processing by announcing an option agreement to acquire a 100% interest in the Sylvanite Gold Tailings project, located in Kirkland Lake, Ontario, Canada. Sylvanite is an ex-producing mine, strategically located just 3km from Fulcrum’s Teck-Hughes Gold Tailings project-our first tailings investment made in November 2023-significantly expanding our footprint in the Kirkland Lake Gold Camp, one of Canada’s most productive gold regions.
During the reporting period, we advanced operational activities across all our projects, with a particular focus on progressing a four-phase development programme at Teck-Hughes and Sylvanite aimed at testing Extrakt’s proprietary non-toxic separation technology. This approach has proved prudent and has delivered exceptional results.
Phase 1 test work at Sylvanite showed up to 63% increase in gold recovery and significantly reduced leach times-from 48 hours to as little as 3 hours. Of particular note were the results of the Phase 2 high-level conceptual study at Teck-Hughes, undertaken by Extrakt and Testing Design Implement Solutions LLC (“TDI”), and announced post period.
The study indicated a Net Present Value at a 7.5% discount rate (“NPV7.5”) of US$33 million and an Internal Rate of Return (“IRR”) of 21.4%, based on a nine-year operational life and an estimated four-year payback period. This scenario assumes processing 2,000 tonnes of tailings per day, with an unoptimised gold recovery rate of 59.4% and a leach time of six hours. However, optimisation of the process could increase recovery rates to at least 70%.
A sensitivity analysis showed that a 25% increase in recovery rates to 74.25% could significantly enhance the economics of the project-raising the net present value to US$75.5 million, boosting the IRR to 37.7%, and reducing the payback period to under three years. Further upside potential exists through reduced leach times, improved reagent and water recycling, vacuum filtration of residue, and recovery of other valuable minerals from the pregnant leach solution.
Building on this strong technical foundation, a major strategic milestone was achieved post year-end. On 22 May 2025, Fulcrum signed a Master Licence Agreement (“MLA”) with Extrakt Process Solutions LLC, granting Fulcrum exclusive rights to apply Extrakt’s cutting-edge non-cyanide leach technology to legacy gold mine tailings across the Kirkland Lake and Timmins gold camps-two of Canada’s most prolific mining regions, which together host over 70 known mine waste sites.
This exclusivity agreement positions Fulcrum as a leader in sustainable tailings reprocessing, providing a clear pathway to production at our flagship Teck-Hughes project, with scalability through Sylvanite and other local sites. With an estimated in situ value of over US$700 million in gold, gallium, tellurium and silver across Teck-Hughes and Sylvanite alone, the opportunity for long-term value creation is significant. The MLA spans an initial four-year term and can be extended for upto a total of 12 years, aligning with our strategic growth vision.
To accelerate these efforts, the Company announced on 13 September 2024 a successful equity financing in excess of £860,000 at 8p per share. This included an investor subscription, conversion of supplier fees, Director subscriptions, and the conversion of accrued Director salaries. The net proceeds of the financing were primarily used to support testing and onsite evaluation at Teck-Hughes and Sylvanite, as well as to fund working capital. Post year end, in May 2025, there was also a subscription for shares by certain directors of the Company which raised £140,000.
Our sharpened focus on tailings technology has also led to strategic decisions regarding our non-core portfolio. On 8 July 2024, Fulcrum announced the divestment of its Saskatchewan uranium assets for up to CA$3.36 million, enabling the redirection of resources toward tailings processing and gold exploration. Post year-end, on 9 April 2025, the Company signed a binding letter of intent to divest the Tully Gold Project to Loyalist Exploration. The consideration includes CA$500,000 in cash, 89.3 million Loyalist shares (representing a 19.9% equity stake), a 2% net smelter return royalty, and milestone-based payments. The definitive agreement is subject to Loyalist completing a financing which is underway and is expected to be extended beyond 30 June 2025 to allow for the completion of the financing and relevant documentation. We continue to retain the Big Bear Gold Project, which remains drill-ready and is well-positioned for future growth, exploration, and development-or potential joint venture or divestment opportunities, depending on market conditions.
At the start of 2025, Fulcrum announced a restructuring of the Board. I was appointed Non-Executive Chairman, with Alan Mooney returning to his prior role as Non-Executive Director. These changes reflect and support Fulcrum’s strategic growth ambitions and our geographical focus on Canada.
We have entered 2025 with strong momentum, a clear path to value creation, and a deep commitment to delivering results for our shareholders. I am confident that the year ahead will bring continued progress as we advance our projects, optimise our technology, and unlock new opportunities.
Mitchell Smith
Chairman
27 June 2025
