Announcement PDF RNS Number : 4191Y Fulcrum Metals PLC 30 July 2024 Fulcrum Metals plc / EPIC: FMET / Market: AIM / Sector: Mining 30 July 2024 Fulcrum Metals plc ("Fulcrum" or the "Company" or the "Group") Completion of option agreement for sale of Saskatchewan Uranium Projects Further to the Company's announcement of 3 July 2024, Fulcrum Metals plc (LON: FMET), a company focused on mineral exploration and development in Canada, is pleased to announce the closing of the definitive option agreement (the "Agreement") dated 2 July 2024 for the sale of the Company's uranium projects located in Saskatchewan, Canada (the "Uranium Projects") to Terra Balcanica Resources Corp. (CNSX: TERA) ("Terra"). Under the terms of the Agreement, and as announced on 3 April 2024, Terra has the option to acquire 100% of Fulcrum's Uranium Projects, consisting of the Charlot-Neely, Fontaine Lake, Snowbird and South Pendleton projects by completing four years of exploration programmes and making a series of cash and equity payments as outlined below: Cash to Fulcrum Value of Shares in Exploration Terra to Fulcrum Expenditures required by Terra Payment received CA$7,500 by Fulcrum on 4 April 2024 Payment received CA$25,000 less by Fulcrum on 18 CA$7,500 June 2024 CA$250,000 Complete minimum exclusivity work expenditures agreement totalling CA$3,250,000 Year 1 CA$50,000 CA$350,000 Prior to fourth Year 2 CA$75,000 CA$560,000 anniversary of the Year 3 CA$75,000 CA$650,000 Option Agreement Year 4 CA$75,000 CA$1,250,000 Total CA$300,000 CA$3,060,000 CA$3,250,000 On closing of the Agreement, Fulcrum has been issued a total of 1,997,151 common shares in Terra (the "Initial Terra Consideration Shares") at a deemed issue price of $0.125 per Terra share representing 4.49% per cent. of the issued share capital of Terra. The Initial Terra Consideration Shares will be subject to a hold period of four months from the date of issuance in accordance with applicable securities laws in Canada. Thereafter Fulcrum has agreed to orderly sales provisions with respect to the Initial Terra Consideration Shares. In addition, and following the exercise of the option, Fulcrum will retain 1 per cent. net smelter return ("NSR") royalty on all claims with a buydown option of 0.5 per cent. NSR for CA$1 million. Ryan Mee, Chief Executive Officer of Fulcrum, commented: "I am pleased to be able to announce the closing of the option agreement for the sale of Fulcrum's uranium assets to Terra Balcanica Resources, which validates the ability of Fulcrum to be able to realise value from its highly prospective exploration portfolio for shareholders. Fulcrum maintain exposure to the uranium assets through the share equity payments totalling CDN$3m and the 1 per cent net smelter royalty, whilst the obligated exploration expenditures of CDN$3.25m will leverage against the value of that share equity with no dilution to Fulcrum shareholders. It is an exciting time at Fulcrum as we concentrate our energy on our innovative and lowenvironmental impact tailings processing assets, Teck-Hughes and Sylvanite, as well as our drill ready gold projects in Ontario. We believe that focusing on these assets, whilst maintaining exposure to the uranium assets will be instrumental in our ability to deliver value for our shareholders." For further information please visithttps://fulcrummetals.com/or contact: Fulcrum Metals PLC Ryan Mee (Chief Executive Officer) Via St Brides Partners Limited Allenby Capital Limited (Nominated adviser) Nick Athanas / George Payne Tel: +44 (0) 203 328 5656 Clear Capital Markets Limited (Broker) Bob Roberts Tel: +44 (0) 203 869 6081 St Brides Partners Ltd (Financial PR) Ana Ribeiro / Paul Dulieu / Will Turner Tel: +44 (0) 20 7236 1177 This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END MSCZZGFNGGRGDZM