Unaudited interim results for the six months to 30 June 2025
Fulcrum Metals plc (LON: FMET), a company pioneering the use of innovative technology to recover precious and critical metals from mine waste, announces its unaudited consolidated interim results for the six months to 30 June 2025.
Operational Highlights:
· March 2025: Published results of Phase 2 high-level conceptual study at Teck-Hughes Gold Tailings Project in Ontario:
o NPV7.5 of US$33m and IRR of 21.4% based on a 9-year operational life.
o c.3-year payback from production.
o Initial study based on US$2,899 gold price, 2,000 tonnes per day, 59.4% recovery and 6-hour leach time.
o Recovery rates could reach 70%+ with further optimisation.
o Sensitivity analysis showed that a 25% increase in either the gold price to US$3,624 or recovery rates to 74% would:
§ Increase NPV7.5 to US$75.5 million pre-tax
§ Increase IRR to 37.7%; and
§ Reduce payback period to less than 2 years from production.
· April 2025: Signed letter of intent (“LOI”) with Loyalist Exploration Limited (“Loyalist”) for the sale of 100% interest in the Tully Gold Project. Terms include a CA$500,000 cash payment on completion and 89,255,000 common shares in Loyalist, based on and subject to adjustment on the completion of Loyalist’s financing from the date of the LOI, to represent a 19.9% equity interest.
· April 2025: Presence of gallium identified at Teck-Hughes and Sylvanite tailings projects. Gallium and tellurium are both recognised by Canada as critical minerals vital to the global energy transition and Fulcrum’s projects offer a potential Canadian domestic source of these critically important elements.
May 2025: Signed Exclusivity Agreement with Extrakt covering legacy gold mine waste sites in Timmins and Kirkland Lake. Extrakt’s non-cyanide processing technology has already delivered significantly improved recovery rates at Teck-Hughes, with gold recoveries of up to 59.4% and leaching times reduced by 60%.
Corporate:
· February 2025: Mitchell Smith appointed as Independent Non-Executive Chairman.
· April 2025: Panther Metals’ 12.33% shareholding (7,625,122 shares) in Fulcrum acquired by certain existing shareholders, demonstrating continued strong shareholder conviction in Fulcrum’s management and strategy.
· May 2025: Directors participated in a subscription raising £140,000, underlining their confidence in Fulcrum’s growth trajectory.
June 2025: Collaborative working agreement signed with Apitipi Anicinapek Nation first nations group with respect to the Teck Hughes and Sylvanite tailings projects.
Financial Highlights:
· For the six months to 30 June 2025 (“H1 2025”) the Company reported a pre-tax loss of £375,019 (the six months to 30 June 2024 (“H1 2024”): pre-tax loss of £514,654).
· The Company’s cash balance as at 30 June 2025 was £38,778 (H1 2024: £113,582).
· Basic loss per share of 0.006p (H1 2024: loss of 0.010p per share).
· The Company generated no revenue during the period.
Post-Period:
· July 2025: Closing date for Loyalist LOI on sale of Tully Gold Project was originally extended to 30 September 2025. Due to 30 September 2025 being a national holiday in Canada, the financial close is now expected on or around 2 October 2025.
· July 2025: Canadian listed Terra Balcanica Resources Corp. (“Terra”) (CNSX:TERA) exercised the First Year Option to acquire Saskatchewan Uranium Projects for consideration of C$50,000 in cash and 3,804,347 Terra common shares to the value of C$350,000. With this Fulcrum now own 5,801,498 Terra common shares,
· July 2025: Successful placing and subscription raised £1.29 million, including £175,000 strategic investment by Metals One PLC, highlighting growing interest in Fulcrum’s pioneering approach to tailings remediation and resource recovery in Canada.
· August 2025: Fulcrum removed all debt from the Company’s balance sheet with the amendment and conversion to equity of the outstanding £430,000 Convertible Loan Notes.
· September 2025: Significant Augur drilling program commenced at Teck Hughes with initial gold assay results of up to 1.2 grams per tonne.
· September 2025: Phase 3 detailed metallurgical work program commenced with Extrakt at Teck Hughes to scale up and optimise the recovery process.
· September 2025: Appointment of AP Kane & Associates Ltd as consultants to provide specialist support in advancing the Teck Hughes project, address complementary opportunities at the nearby Sylvanite project and cross sector growth opportunities.
Ryan Mee, Chief Executive Officer of Fulcrum, commented: “The first half of 2025 has been a period of considerable progress and setting the foundation for a pivotal second half of 2025 going into 2026 for Fulcrum as we advance our tailings strategy and unlock value from our projects. Securing an exclusivity agreement with Extrakt during the period was a significant and transformational milestone that gives us access to their innovative, non-cyanide processing technology across our tailings projects in Kirkland Lake. This agreement provides a unique platform to progress our tailings projects towards production, with early test work at Teck-Hughes delivering strong recovery rates and clear potential for further optimisation.
“Alongside this, the results from our Phase 2 study at Teck-Hughes demonstrated compelling project returns, while the proposed divestment of Tully, the strengthening of our shareholder base, and the identification of critical minerals such as gallium in our tailings underline the progress we are making and the opportunities that lie ahead of us. With a strong start to the second half of 2025 meeting crucial milestones, and growing industry and investor interest in our pioneering approach, Fulcrum is positioned at the forefront of sustainable tailings reprocessing in Canada and has a clear pathway towards long-term value creation for our shareholders.”
Chairman’s Statement
I am pleased to present our interim results for the six months ended 30 June 2025, a period in which Fulcrum has made significant progress in advancing its tailings strategy in Canada.
During the first half of the year, we took decisive steps to position Fulcrum as a leader in sustainable resource recovery. The signing of an exclusivity agreement with Extrakt marked a transformational development for the Company, providing Fulcrum with unique access to an environmentally superior, non-cyanide processing technology across the historic Timmins and Kirkland Lake gold camps. This agreement, together with our streamlined portfolio and strengthened shareholder base, underpins our ambition to become a leading innovator in tailings remediation and resource recovery.
Our tailings portfolio is further enhanced by the identification of critical minerals such as gallium and tellurium; materials central to the energy transition and currently dominated by Chinese supply. With no primary domestic gallium production and limited tellurium output in Canada, Fulcrum has the potential to contribute meaningfully to a secure North American supply chain.
We also deepened our relationships with local stakeholders. In June we signed a collaborative working agreement with the Apitipi Anicinapek Nation for our Teck-Hughes and Sylvanite tailings projects. Building trusted partnerships with First Nations groups and host communities is essential to our long-term success.
Environmental and social benefits remain at the heart of our strategy. Tailings management is a major challenge for the mining industry, with legacy liabilities in Canada alone estimated at over CA$10 billion. By deploying innovative, non-toxic technology to recover metals from mine waste, Fulcrum seeks to unlock commercial value while remediating historically impacted sites – a dual focus that continues to resonate strongly with industry partners, investors and local stakeholders.
Looking ahead, Fulcrum is well positioned to accelerate the development of its tailings projects, unlock the potential of critical minerals, and leverage our unique technology partnership with Extrakt. Encouragingly, Fulcrum has seen a broadening of its share register with several new shareholders following completion of the recent fundraising including Metals One plc. With a strong financial base, a streamlined portfolio and community partnerships, we have a clear pathway to long-term value creation.
On behalf of the Board, I thank our management team, shareholders, partners and local stakeholders for their continued support as we progress towards becoming a leader in sustainable resource recovery.
Mitchell Smith
Independent Non-Executive Chairman
