Fulcrum Metals plc (LON:FMET) Directorate change & Posting of Annual Report, Notice of AGM

Posting of Annual Report and Notice of AGM

Fulcrum Metals plc (LON: FMET), a company focused on mineral exploration and development in Canada, announces that Clive Garston, currently Independent Non-Executive Chairman, will be stepping down from the board of Fulcrum.

Mr Garston will remain on the board until the Company’s forthcoming annual general meeting (“AGM”), which will take place on 3 June 2024, where he will not seek re-election as a director. The Company is making good progress with respect to the appointment of a new Non-Executive Chair and a further announcement will be made by the Company at the appropriate time.  

Mr Clive Garston, Independent Non-Executive Chairman, said:

“It has been a pleasure to have guided Fulcrum on its journey from a private company to being a quoted company on AIM. The commitment of the board in executing deals, which in the long term have the potential to increase shareholder value, has been admirable and I am confident that Fulcrum will prosper in the future.”

Ryan Mee, Chief Executive Office of Fulcrum Metals plc, added:

“I would like to take this opportunity to thank Clive for his support, expertise and service during the last 15 months. I am deeply grateful for his invaluable guidance and wish him continued success in all his future endeavours.”

Posting of Annual Report and Notice of AGM

The Annual Report and Accounts and Notice of AGM, which sets out the arrangements for the AGM and how shareholders may vote and ask questions, will be sent shortly to the registered shareholders of the Company and are available on the Company’s website at www.fulcrummetals.com.

The AGM will be held at 11:00 a.m. on 3 June 2024 at the offices of Fladgate LLP, 16 Great Queen Street, London, WC2B 5DG.

Final results for the year ended 31 December 2023

 Fulcrum Metals plc (LON: FMET), a company focused on mineral exploration and development in Canada, announces final results for the year ended 31 December 2023. 

Corporate and Operational Highlights:

·    Admission to trading on the AIM market of the London Stock Exchange (“AIM”) and fundraise of £3.0 million (before expenses).

·      Conducted successful exploration programmes across the Schreiber-Hemlo Gold Project, Ontario:

·      Exceptional gold in rock assays including 45g/t Au, 37.4g/t Au and 33.6g/t Au.

·      Established a 3km high grade gold corridor with multiple drill targets for testing and open to the North, East and South.

·      Completed high quality airborne surveys identifying an additional five high priority targets for investigation.

·      Conducted successful exploration programmes across Charlot-Neely and Fontaine Lake Uranium Projects in Saskatchewan:

·      Identifed high grade uranium mineralisation and new uranium trends.

·      Significantly increased the exploration footprint of the uranium portfolio in Saskatchewan by 220% to over 59,000 hectares.

·      Raised £520,000 through the issue of convertible loan notes to acquire the Tully Gold Project which has:

·      A historic gold resource of 107,000 ounces Au.

·      Expansion potential in the world class Timmins Porcupine Gold camp that has produced over 70 million ounces of gold. 

·      Took a strategic step toward lower discovery-risk, nearer cash flow potential, tailings assets through entering an option agreement to acquire 100% of Teck-Hughes Gold Tailings Project in Ontario, Canada.

·      Took significant first mover strategic steps in Canada by entering advanced discussions with Extrakt Process Solutions on using Extrakt’s proven, environmentally friendly, non-cyanide, technology which can process tailings from historical mines.

Financial Highlights:

·      The Company generated no revenue during the period but focussed on exploring and developing assets that the Board believes will generate revenue for the Company in the future.

·      For the year ended 31 December 2023 (“FY2023”) the Company reported a pre-tax loss of £1,714,423 (year ended 31 December 2022 (“FY2022”): pre-tax loss of £619,597).

·      The Company’s net cash balance as at 31 December 2023 was £620,924 (FY2022: £96,985).

·      Basic loss per share of 0.037p (FY2022: loss of 0.072p per share).

Post Period Highlights: 

·      *Entered into option agreement to divest uranium projects to Terra Balcanica Resources Corp (CSE: TERA) for a potential CA$3.3 million in cash and shares and CA$3.25 million in exploration expenditures. Funds to be used by Fulcrum to accelerate the Company’s other projects.

·      Preliminary sampling programme completed at the Teck-Hughes gold tailings project and testing started using Extrakt’s technology.

·      Entered into option agreement to acquire 100% of the Sylvanite Gold Tailings Project, the fourth largest gold producing mine in the Kirkland Lake Gold Camp, which:

o  Produced approximately 1.6 million tonnes of gold between 1927 and 1961.

o  Has an estimated 67,000 ounces of gold in the tailings.

o  Is within 3km of Teck Hughes, boosting the company’s presence in the area, creating a Kirkland Lake Gold Tailings hub and the opportunity for synergizing costs and economies of scale.

·      Appointed Jason Brewer, who has over 28 years’ experience in international mining, financial markets, and investment banking as a strategic adviser to the Company.

·      The Tully Gold project is now permitted and drill ready for 2024.

·      Across the non-core Ontario projects potentially significant copper and nickel exploration targets have been identified.

*This is a non-binding agreement and sets out the intention of both parties to enter into a definitive agreement on the terms set out in the Company’s announcement on 3 April 2023 (“LOI Announcement”). There can be no guarantee that a definitive agreement will be entered into nor that the terms will be the same as set out the LOI Announcement.

Ryan Mee, Chief Executive Officer of Fulcrum, commented: 

“Whilst recognition of Fulcrum on the market has been frustrating, I am delighted with our operational and exploration achievements.

“Fulcrum started its life as a quoted company with multiple highly prospective early-stage hard rock exploration projects, but we have not been afraid of change. Quite the opposite, in fact.

“At Fulcrum’s core is a unique, driven, entrepreneurial spirit that strives to create opportunity and success to reward every shareholder. This is exemplified in our deal making, such as the acquisition of the Tully Gold project and the sale of our uranium assets for a significant return on investment. Fulcrum now has an exciting hard rock exploration business, with two drill ready gold projects in Big Bear and Tully, which are ready for growth, discovery, and expansion alongside a carried investment in the uranium portfolio we are in the process of disposing of.

“I believe that a key differentiator for Fulcrum is the development of a tailings business through key acquisition agreements in Kirkland Lake which, essentially, creates a tailings hub with an estimated 200,000 ounces of gold. The Directors of Fulcrum believe this provides the Company with lower exploration-risk assets, and the ability to turn them in to cash generative assets through collaboration with Extrakt and their disruptive, proven, tailings technology.

“Fulcrum’s evolution has been significant since the Company’s admission to AIM and it continues at pace. The year ahead promises to be an exciting period of growth for the Company.”

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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