Fulcrum Metals raised £733,000 through a placing at 8p per share, primarily from existing investors and directors, who contributed £114,500. The funds will support significant project developments.
Fulcrum is focused on advancing its tailings projects with further leach testing, resource evaluation, and digitizing data for clearer market communication, hoping to unlock company value and market recognition.
The company achieved a 60% gold recovery using non-toxic, non-cyanide leaching technology, surpassing previous results of 30% with cyanide. This positions them at the forefront of environmentally friendly mining technology.
The net proceeds of the Subscription will be utilised by the Company towards:
Accelerating growth and driving development of the Teck-Hughes and Sylvanite gold tailings projects including:
- The payment of CA$250,000 for the option agreement at Teck-Hughes;
- Reviewing opportunities for drone supported surveys including Ground Penetrating Radar (GPR) and Light Detection and Ranging (LiDAR) surveys, follow auger sampling and on-site bulk sample extraction and reprocessing to support defining 43-101 compliant resources;
- Continuing work with Extrakt, a sustainable technology company which uses separation technology to extract metals from tailings without the use of cyanide, on the application of its non-toxic technology to process tailings material at both projects following successful Phase 1 results at Teck-Hughes that included impressive 59.4% gold recovery rates:
- Progress Phase 1 testing at Sylvanite to establish material characterisation and gold recovery rates; and
- Progress Phase 2 conceptual study at Teck-Hughes to determine the scoping, specification and sizing of major equipment and processes using the scale up data derived from phase 1
Furthering the relationship with Extrakt, and Extrakt’s global alliance partner Bechtel Engineering, as the Company seeks to enter into an exclusivity agreement around Extrakt’s proprietary technology, following on from advanced term sheet discussions with Extrakt;
Reviewing opportunities to establish a technology testing facility in the Timmins region of Ontario, providing contracting and commercial opportunities;
Reviewing opportunities to advance the Group’s drill ready exploration assets in Ontario, in particular the Tully and Big Bear gold projects; and
Providing the Company with additional working capital and for general corporate purposes.
Ryan Mee, Chief Executive Officer of Fulcrum, commented:
“We believe there is significant potential at our gold tailings projects, offering a faster route to revenue generation while positioning Fulcrum as a leader in environmentally responsible sustainable extraction practices in Canada. To seize this opportunity, it has been essential to raise additional capital, despite the challenging market conditions, and I extend my gratitude to both existing shareholders, and the Directors, who in total intend to contribute £114.5k.
This allows us to press ahead and develop the tailings assets to illustrate not only the proof of the concept in sustainable extraction but also recognition of the scale and value of our assets and the opportunity.
I am excited about the future for Fulcrum as both a director, a significant shareholder, and investor in the business and look forward to providing updates as we deliver against key milestones.”
