Metals One has increased its investment in Fulcrum Metals after exercising 2,916,667 warrants at 5p per share.
The exercise lifts Metals One’s holding to 8,750,000 shares, equivalent to 6.33% of Fulcrum’s issued share capital. The move follows an initial £175,000 investment, which has generated an unrealised gain of more than 100% as Fulcrum’s share price has more than doubled over the past six months.
As part of the transaction, Metals One also received new warrants over 1,458,334 shares, exercisable at 10p and valid for 18 months.
Metals One said it is encouraged by Fulcrum’s progress across its Canadian projects, particularly its use of innovative cyanide-free technologies aimed at recovering metals from historic mine waste, which the company believes underpins Fulcrum’s recent share price performance.
Daniel Maling, Managing Director of Metals One, commented:
“Metals One is pleased with the progress Fulcrum is making with the development of the Teck-Hughes and Sylvanite projects in Canada where Fulcrum is focused on using environmentally friendly leaching technology developed by Extrakt Process Solutions to recover precious metals from mine tailings. This progress is being reflected in Fulcrum’s share price – which has already more than doubled since our investment six months ago – and Metals One is pleased to increase its exposure to this company through an increased shareholding and new warrants as Fulcrum accelerates the next stages of development work.”
TR-1: Standard form for notification of major holdings
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NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) i |
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1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii: |
Fulcrum Metals plc |
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1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate) |
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2. Reason for the notification (please mark the appropriate box or boxes with an “X”) |
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An acquisition or disposal of voting rights |
x |
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An acquisition or disposal of financial instruments |
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An event changing the breakdown of voting rights |
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Other (please specify) iii: |
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3. Details of person subject to the notification obligation iv |
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Name |
Metals One plc |
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City and country of registered office (if applicable) |
London, UK |
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4. Full name of shareholder(s) (if different from 3.) v |
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Name |
GHC Nominees Limited |
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City and country of registered office (if applicable) |
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5. Date on which the threshold was crossed or reached vi: |
23 January 2026 |
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6. Date on which issuer notified (DD/MM/YYYY): |
30 January 2026 |
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7. Total positions of person(s) subject to the notification obligation |
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% of voting rights attached to shares (total of 8. A) |
% of voting rights through financial instruments |
Total of both in % (8.A + 8.B) |
Total number of voting rights held in issuer (8.A + 8.B) vii |
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Resulting situation on the date on which threshold was crossed or reached |
6.33% |
nil |
6.33% |
8,750,000 |
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Position of previous notification (if applicable) |
4.68% |
nil |
4.68% |
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8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii |
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A: Voting rights attached to shares |
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Class/type of ISIN code (if possible) |
Number of voting rights ix |
% of voting rights |
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Direct (DTR5.1) |
Indirect (DTR5.2.1) |
Direct (DTR5.1) |
Indirect (DTR5.2.1) |
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Ordinary |
8,750,000 |
6.33% |
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SUBTOTAL 8. A |
8,750,000 |
6.33% |
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B 1: Financial Instruments according to DTR5.3.1R (1) (a) |
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Type of financial instrument |
Expiration |
Exercise/ |
% of voting rights |
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SUBTOTAL 8. B 1 |
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B 2: Financial Instruments with similar economic effect according to DTR5.3.1R (1) (b) |
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Type of financial instrument |
Expiration |
Exercise/ |
Physical or cash Settlement xii |
Number of voting rights |
% of voting rights |
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SUBTOTAL 8.B.2 |
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9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”) |
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Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii |
x |
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Full chain of controlled undertakings through which the voting rights and/or the |
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Name xv |
% of voting rights if it equals or is higher than the notifiable threshold |
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold |
Total of both if it equals or is higher than the notifiable threshold |
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10. In case of proxy voting, please identify: |
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Name of the proxy holder |
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The number and % of voting rights held |
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The date until which the voting rights will be held |
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11. Additional information xvi |
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Place of completion |
UK |
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Date of completion |
30 January 2026 |
