Announcement PDF RNS Number : 8924O Fulcrum Metals PLC 30 June 2025 Fulcrum Metals plc / EPIC: FMET / Market: AIM / Sector: Mining 30 June 2025 Fulcrum Metals plc ("Fulcrum" or the "Company" or the "Group") Final Results for the year ended 31 December 2024 Fulcrum Metals plc (AIM: FMET), a technology led company focused on the recovery of precious metals from mine tailings in Canada, announces final results for the year ended 31 December 2024. Corporate Highlights · Signed definitive option agreement monetising the Company's uranium assets located in Saskatchewan, Canada, to Canadian Securities Exchange listed Terra Balcanica Resources Corp (CNSX: TERA) for up to CA$3.36million, CA$3.25million in work expenditures and a 1% net smelter return ("NSR") royalty with a 0.5% buy down for CA$1 million · Successfully raised in excess of £860,000 from supportive investors and the Board of Directors · Entered into Letter of Intent for the sale of the Tully Gold project to TSX Venture Exchange listed Loyalist Exploration Limited (TSXV:PNGC) for up to c.CAD$1.8m in cash and shares including 2% NSR royalty with a 0.5% buy down for CA$1 million Operational Summary · Advanced the Company's transformation into a technology-focused, and sustainable, gold tailings processing business · Entered into an option agreement to acquire 100% of the Sylvanite gold tailings project containing an estimated 67,000 ounces. Sylvanite is the Company's second tailings project, strategically located approximately 3km from Teck Hughes, the Company's first tailings project in Kirkland Lake, Ontario · Conducted successful exploration programmes across the Sylvanite and Teck Hughes projects:o Six new auger sites at Sylvanite report an average 0.58g/t gold, 1.1g/t silver and 13.9g/t tellurium o Four new auger sites at Teck Hughes report an average 0.65g/t gold, 1.3g/t silver and 13g/t tellurium o Silver and tellurium have not been assayed for previouslyand the Board believe both Teck Hughes and Sylvanite could offer co-product potential enhancing the projects further. Especially given that Canada recognises tellurium as a critical mineral which could potentially enhance the importance of these projects in Canada. · Initiated phased testing and study programmes at Teck-Hughes and Sylvanite to evaluate the efficiency of Extrakt Processing Solutions LLC ("Extrakt") cyanide free technology in recovering gold. The results from these programs have proven successful: o Initial testing at Teck Hughes delivered gold recovery rates of 59.4% with leach times of between 3 to 6 hours o First phase testing at Sylvanite delivered gold recovery rates of 49% with leach times of between 3 to 6 hours o The initial results of testing with Extrakt's cyanide free technology has delivered breakthrough results nearly doubling the gold recovery and substantially reducing the leaching times by over 90% when compared to previous testing at Sylvanite in 2008 using cyanide-based test methods which achieved c.30% gold recovery in leaching times of 48 hours o Phase 2 conceptual study commenced at Teck-Hughes based on the initial test results, to provide an initial economic viability assessment of the project delivering operating plans, cost estimates, and provide a clear pathway to production Post-period Highlights · Appointment of Mitchell Smith as Non-Executive Chairman, bringing extensive board experience in Canada to the Company. · Signed a Master Licence Agreement with Extrakt for the exclusive licencing of its cyanide free cutting-edge technology to unlock the in-situ value at Kirkland Lake projects and for legacy gold tailings across two of Canadas most prolific gold camps in Timmins and Kirkland Lake. · Discovery of Gallium, Tellurium and Silver in all holes assayed to date at the Teck Hughes and Sylvanite projects. Gallium and Tellurium are recognised as critical minerals, key to the global energy transition · The Teck Hughes Phase 2 initial conceptual study provides positive economics and a proven concept for tailings production at Teck Hughes · Subscription by certain directors of the Company to raise £140,000 Financial Summary · The Company generated no revenue during the period but focussed on exploring and developing assets that the Board believes will generate revenue and value for the Company and its shareholders in the future. · For the year ended 31 December 2024 ("FY2024") the Company reported a pre-tax loss of £1,153,461 (year ended 31 December 2023 ("FY2023"): pre-tax loss of £1,714,423). · The Company's net cash balance as at 31 December 2024 was £340,517 (31 December 2023: £620,924). · Basic loss per share of 0.022p (FY2023 loss per share: 0.037p). Ryan Mee, Chief Executive Officer of Fulcrum Metals, commented: "Over the past year, Fulcrum has positioned itself as a technology focused and sustainable gold tailings processing company. "This has seen our mine tailings asset base strategically expanded in Kirkland Lake to now include Teck Hughes and Sylvanite whilst also signing value accretive disposal agreements on some of our exploration assets. "The development of our mine tailings assets has seen the discovery of Silver, Tellurium and Gallium which could be valuable co-products alongside the Gold. Both Tellurium and Gallium are recognised by Canada as critical minerals, and thus in high demand. "Our collaboration with Extrakt has been a key focus, and we are very pleased with the early success of the cyanide free leaching technology when applied to our Sylvanite and Teck-Hughes sites. Initial test work has shown significant improvements in gold recovery rates and a dramatic reduction in leaching times. Post-period we were delighted to announce the signing of our Master Licencing Agreement which cements our partnership with Extrakt and opens exciting long-term opportunities across more than 70 legacy mine sites throughout the Timmins and Kirkland Lake regions. "Finally, I would like to welcome Mitchell Smith as Non-Executive Chairman. His deep regional expertise across Canadian mining jurisdictions and at corporate level will be instrumental as we continue to advance and unlock the potential of our tailings assets. "We move into the new financial year with strong momentum off the back of signing the exclusivity agreement with Extrakt, a clearer strategic focus, and a growing pipeline of opportunities." 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 Au Gold Co Cobalt Cu Copper g/t grams per metric tonne NI 43-101 compliant National Instrument 43-101 Standards of Disclosure for Mineral Projects is a securities regulatory instrument that governs how companies can disclose miningrelated information in Canada. ppm Parts per million 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 / Daniel Dearden-Williams 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 Notes to Editors About Fulcrum Metals PLC Tel: +44 (0) 20 7236 1177 Fulcrum Metals PLC (AIM: FMET) is an AIM listed technology led natural resources company focused on recovery of precious metals from mine tailings (previously milled and processed ore) in Canada using environmentally friendly leaching technology developed by Extrakt Process Solutions LLC and its associates (together "Extrakt"). The Company's initial projects are the mine waste sites of former significant producing Teck-Hughes and Sylvanite gold mines in Kirkland Lake, Ontario. The Company also has interests in a portfolio of highly prospective mineral exploration and development projects in Ontario and Saskatchewan in Canada. Fulcrum has exclusive licenced use of Extrakt's proven leaching technology on gold mine waste sites over the mining districts of Timmins and Kirkland Lake. These are two of Canada's biggest gold camps with a history of over 110Moz Au produced over the past 100 years and more than 70 documented legacy mine waste sites. This presents Fulcrum with opportunity to develop into a significant environmentally friendly gold producing entity in the near term. Chairman's Statement This is my first address to shareholders as Non-Executive Chairman, and I am pleased to present the Company's final results for the year ended 31 December 2024. 2024 has been a pivotal year for Fulcrum, marked by significant progress in our transformation into a technology-driven business focused on the sustainable recovery of precious metals from mine tailings. This strategic shift reflects our commitment to creating a faster path to revenue generation and creating value for shareholders-well ahead of the typical 10 to 15 years it can take to bring a conventional mine into production. To support this shift, in April 2024 the Company reinforced its focus on tailings processing by announcing an option agreement to acquire a 100% interest in the Sylvanite Gold Tailings project, located in Kirkland Lake, Ontario, Canada. Sylvanite is an ex-producing mine, strategically located just 3km from Fulcrum's Teck-Hughes Gold Tailings project-our first tailings investment made in November 2023-significantly expanding our footprint in the Kirkland Lake Gold Camp, one of Canada's most productive gold regions. During the reporting period, we advanced operational activities across all our projects, with a particular focus on progressing a four-phase development programme at Teck-Hughes and Sylvanite aimed at testing Extrakt's proprietary nontoxic separation technology. This approach has proved prudent and has delivered exceptional results. Phase 1 test work at Sylvanite showed up to 63% increase in gold recovery and significantly reduced leach times-from 48 hours to as little as 3 hours. Of particular note were the results of the Phase 2 high-level conceptual study at Teck-Hughes, undertaken by Extrakt and Testing Design Implement Solutions LLC ("TDI"), and announced post period. The study indicated a Net Present Value at a 7.5% discount rate ("NPV7.5") of US$33 million and an Internal Rate of Return ("IRR") of 21.4%, based on a nine-year operational life and an estimated four-year payback period. This scenario assumes processing 2,000 tonnes of tailings per day, with an unoptimised gold recovery rate of 59.4% and a leach time of six hours. However, optimisation of the process could increase recovery rates to at least 70%. A sensitivity analysis showed that a 25% increase in recovery rates to 74.25% could significantly enhance the economics of the project-raising the net present value to US$75.5 million, boosting the IRR to 37.7%, and reducing the payback period to under three years. Further upside potential exists through reduced leach times, improved reagent and water recycling, vacuum filtration of residue, and recovery of other valuable minerals from the pregnant leach solution. Building on this strong technical foundation, a major strategic milestone was achieved post year-end. On 22 May 2025, Fulcrum signed a Master Licence Agreement ("MLA") with Extrakt Process Solutions LLC, granting Fulcrum exclusive rights to apply Extrakt's cutting-edge non-cyanide leach technology to legacy gold mine tailings across the Kirkland Lake and Timmins gold camps-two of Canada's most prolific mining regions, which together host over 70 known mine waste sites. This exclusivity agreement positions Fulcrum as a leader in sustainable tailings reprocessing, providing a clear pathway to production at our flagship Teck-Hughes project, with scalability through Sylvanite and other local sites. With an estimated in situ value of over US$700 million in gold, gallium, tellurium and silver across Teck-Hughes and Sylvanite alone, the opportunity for long-term value creation is significant. The MLA spans an initial four-year term and can be extended for upto a total of 12 years, aligning with our strategic growth vision. To accelerate these efforts, the Company announced on 13 September 2024 a successful equity financing in excess of £860,000 at 8p per share. This included an investor subscription, conversion of supplier fees, Director subscriptions, and the conversion of accrued Director salaries. The net proceeds of the financing were primarily used to support testing and onsite evaluation at Teck-Hughes and Sylvanite, as well as to fund working capital. Post year end, in May 2025, there was also a subscription for shares by certain directors of the Company which raised £140,000. Our sharpened focus on tailings technology has also led to strategic decisions regarding our non-core portfolio. On 8 July 2024, Fulcrum announced the divestment of its Saskatchewan uranium assets for up to CA$3.36 million, enabling the redirection of resources toward tailings processing and gold exploration. Post year-end, on 9 April 2025, the Company signed a binding letter of intent to divest the Tully Gold Project to Loyalist Exploration. The consideration includes CA$500,000 in cash, 89.3 million Loyalist shares (representing a 19.9% equity stake), a 2% net smelter return royalty, and milestone-based payments. The definitive agreement is subject to Loyalist completing a financing which is underway and is expected to be extended beyond 30 June 2025 to allow for the completion of the financing and relevant documentation. We continue to retain the Big Bear Gold Project, which remains drill-ready and is well-positioned for future growth, exploration, and development-or potential joint venture or divestment opportunities, depending on market conditions. At the start of 2025, Fulcrum announced a restructuring of the Board. I was appointed Non-Executive Chairman, with Alan Mooney returning to his prior role as Non-Executive Director. These changes reflect and support Fulcrum's strategic growth ambitions and our geographical focus on Canada. We have entered 2025 with strong momentum, a clear path to value creation, and a deep commitment to delivering results for our shareholders. I am confident that the year ahead will bring continued progress as we advance our projects, optimise our technology, and unlock new opportunities. Mitchell Smith Chairman 27 June 2025 Strategic Report Operational Review 2024 marked a transformative year for Fulcrum Metals Plc, as the Company shifted its focus from early-stage hard rock exploration to low-risk, scalable, and sustainable tailings projects powered by innovative processing technology, with nearterm cash flow potential. This strategy is further supported by the strategic monetisation of non-core assets. 1. Gold Tailings Projects Licensing of Extrakt's Leaching Technology During the year, Fulcrum advanced licensing discussions with Extrakt Process Solutions LLC ("Extrakt") and, by December 2024, had entered into non-binding exclusivity terms for applying Extrakt's proprietary technology across legacy mine waste in the Timmins and Kirkland Lake districts. Post year end: On 22 May 2025, Fulcrum signed a four-year exclusive Master Licence Agreement with Extrakt for use of its leaching technology across the Timmins and Kirkland Lake gold camps, providing a commercial platform for scale. Teck-Hughes Tailings Project In November 2023, Fulcrum entered into a mining option agreement to acquire 100% of the Teck-Hughes Gold Tailings Project in Kirkland Lake, Ontario. The Teck-Hughes Mine historically milled 9.57 million tonnes of ore, producing 3.7 million ounces of gold. Tailings from the site have been subject to historic sampling, with the most recent campaign conducted between 2018 and 2022. As part of that work, 95 auger samples were collected and assayed by Actlabs in Timmins. The highest recorded grade was 1.23 g/t Au, with 72 of 95 samples returning between 0.5 and 0.8 g/t Au. The average was 0.66 g/t Au. Based on this data and results from a 1980 drilling campaign, a non-compliant resource estimate was prepared. It covers the north, west, and northeast sections of the tailings and totals 6.53 million tonnes at an average grade of 0.66 g/t Au, representing approximately 138,460 contained ounces of gold. In January 2024, the Company announced a phased sampling and study programme with Extrakt, comprising: 1. High-level recovery investigation 2. Conceptual study 3. Detailed laboratory testing 4. Economic assessment In May 2024, Phase 1 testing delivered highly promising results. Composite samples from six sites returned a weighted average grade of 0.717 g/t Au - a 16.9% increase over historical averages. In June 2024, leaching tests on "as-received" samples demonstrated initial gold recovery rates of up to 59.4% using Extrakt's non-toxic technology. In October 2024, Fulcrum initiated additional auger hole sampling across 16 sites to expand the project database and better understand gold grade distribution. Results from four new sites averaged 0.65 g/t Au, 1.3 g/t Ag, and 13 g/t Te. Silver and tellurium had not previously been assayed and now offer potential by-product credits. Tellurium is also recognised as a Canadian critical mineral. As a result of successful Phase 1 work, Phase 2 conceptual study activities began in December 2024, targeting operating plans and cost estimates for a tailings processing plant at Teck-Hughes. Sampling also continued with the goal of supporting a future NI 43-101 compliant technical report. Post Year-End: On 12 March 2025, Fulcrum announced the results of the Phase 2 Conceptual Study. The study reported a Net Present Value (NPV7.5) of US$33 million and an Internal Rate of Return (IRR) of 21.4% for a 2,000 tonnes-per-day operation. Sensitivity analysis indicated a potential NPV of US$75.5 million if gold recovery increases to 74%. In April 2025, Fulcrum reported gallium present in all 15 auger holes tested to date, averaging 17 g/t. Gallium, also designated a critical mineral in Canada, further strengthens Teck-Hughes's profile as a multi-mineral project, alongside gold, silver, and tellurium. Sylvanite Tailings Project In April 2024, Fulcrum signed an option agreement to acquire 100% of the Sylvanite Gold Tailings Project, located 3 km from Teck-Hughes in Kirkland Lake, Ontario. Sylvanite significantly expands Fulcrum's footprint in one of Canada's most productive gold camps. Sylvanite is the fourth largest gold producer historically in the district, having milled 4.58 million tonnes of ore and produced 1.67 million ounces of gold between 1927 and 1961. The project has a historical tailings resource estimate of up to 67,051 ounces of gold, with historic grades averaging around 0.47 g/t Au. Previous test work conducted in 2008 suggested that combining gravity, grinding, and flotation could improve gold recovery from tailings to around 70%. Pilot plant testing by Advanced Reclaim Inc. in 2010 and 2012, using 850 kg of sample material, achieved 65-72% gold recovery. The 2012 campaign demonstrated a viable, scalable, non-chemical process for producing saleable gold concentrate, while also enhancing the tailings'suitability for environmental reclamation. Under the option terms, Fulcrum will make staged payments of CA$240,000 in cash and CA$100,000 in shares over four years, and grant a 1.5% Net Smelter Return (NSR) royalty. In June 2024, Fulcrum began Phase 1 testing with Extrakt, using the same programme as at Teck-Hughes. Thirty samples were collected from eight locations and split between Extrakt (for leach testing, ICP, and XRD analysis) and Actlabs in Timmins (for gold assay). In November 2024, six new auger sites reported average grades of 0.58 g/t Au, 1.1 g/t Ag, and 13.9 g/t Te. Duplicates of seven resampled sites, sent to Extrakt, showed similar results. These grades are broadly in line with historical figures and indicate consistent mineralisation across the deposit. Silver and tellurium had previously only been sampled in 2012, with in-situ grades of 1 g/t and 7.5 g/t respectively. Concentrate tests from that time yielded 21.5 g/t Au, 14.1 g/t Ag, and 152 g/t Te, suggesting significant by-product potential. In December 2024, Fulcrum announced initial, un-optimised Phase 1 leach test results using Extrakt's technology. Composite samples returned a weighted average gold grade of 0.60 g/t Au, with recovery rates increasing by up to 63% from 30% to 49% - in just 3 hours, a 94% reduction in leach time. These efficiency gains suggest that further optimisation could significantly enhance recovery. Post Year-End:In April 2025, gallium averaging 17 g/t was identified in all Sylvanite assays tested to date, further bolstering the project's profile as a multi-commodity tailings asset. Sylvanite remains a key part of Fulcrum's strategy to deliver critical mineral supply alongside gold and silver recovery. 2. Uranium Portfolio Throughout 2023 and early 2024, Fulcrum increased its uranium footprint in Saskatchewan by 220%, adding the Snowbird and South Pendleton properties. Exploration at Charlot-Neely and Fontaine Lake confirmed high-grade samples of up to 7,130 ppm U and highlighted both vein-type and unconformity-style mineralisation. Independent reports by Dahrouge Geological Consulting confirmed significant discovery potential. On 30 January 2024, Fulcrum signed a letter of intent with Global Energy Metals Corporation for a 19.9% equity interest and a 0.5% NSR. However, a more favourable deal followed and on 3 April 2024, Fulcrum signed a non-binding LOI with Terra Balcanica Resources Corp ("Terra") for the option to acquire 100% of Fulcrum's uranium portfolio. Terms included staged payments totalling CA$3.36 million in cash and shares, a CA$3.25 million work commitment, and a retained 1% NSR with a 0.5% buydown for CA$1 million. On 2 July 2024, Fulcrum entered into a definitive option agreement with Terra for the sale of its uranium projects on the same terms. 3. Other Exploration Assets Fulcrum continued to progress its Ontario gold portfolio during the year. The Tully Project received drill permits in January 2024 following detailed reviews and a photon assay programme, which confirmed historical data and enabled faster assay turnaround. Although drilling was planned for late 2024, it was deferred to prioritise nearer-term opportunities in the tailings portfolio. Exploration at the Big Bear and Jackfish (Schreiber-Hemlo) projects remained encouraging, with a 3 km mineralised corridor identified and rock samples up to 45 g/t Au. Drill permitting progressed for five new high-priority geophysical targets. Post Year-End:On 9 April 2025, Fulcrum signed a binding LOI to divest the Tully Gold Project to Loyalist Exploration. Consideration included CA$500,000 in cash, 89.3 million Loyalist shares (19.9% equity stake), a 2% NSR, and milestonebased payments. The definitive agreement is subject to Loyalist completing a financing which is underway and is expected to be extended beyond 30 Jun 2025 to allow for the completion of the financing and relevant documentation. 4. Corporate Developments At the AGM on 3 June 2024, Clive Garston retired from his role as Non-Executive Chairman, marking the close of a key phase of corporate leadership. Alan Mooney served as Interim Chairman until 3 February 2025, when Mitchell Smith was appointed as Independent Non-Executive Chairman. Alan Mooney returned to his role as Independent Non-Executive Director. Capital preservation remained a priority during the year. In September 2024, Fulcrum completed a Placing, raising gross proceeds of approximately £863,000, including £114,500 from Board members. In December 2024, the Company issued 240,000 shares in lieu of fees to conserve cash. Post Year-End:In May 2025, members of the Board subscribed for a further £140,000 of new Ordinary Shares. Outlook Fulcrum concluded the year positioned to deliver cash flow from Teck-Hughes and Sylvanite, while retaining upside through uranium royalties and advanced gold exploration assets. The signing of the Master Licence Agreement with Extrakt in May 2025 marked a pivotal step in unlocking scalable value across the Company's tailings portfolio. With a strong foundation in place and a clear focus on sustainable, efficient resource recovery, Fulcrum enters the second half of 2025 with momentum, confidence, and a business model aligned with future profitability and responsible mining. Principal Risks and Uncertainties The principal risks and uncertainties of the Group are outlined below. A majority of the Group's operating costs will be incurred in Canadian dollars, whilst the Group has raised capital in Pound Sterling The Group will incur exploration costs in Canadian Dollars but it has raised capital in Pound Sterling. Fluctuations in exchange rates of the Canadian Dollar against Pound Sterling may materially affect the Group's translated results of operations. In addition, given the relatively small size of the Group, it may not be able to effectively hedge against risks associated with currency exchange rates at commercially realistic rates. Accordingly, any significant adverse fluctuations in currency rates could have a material adverse effect on the Group's business, financial condition and prospects to a much greater extent than might be expected for a larger enterprise. The Group will need additional financial resources if it moves into commercial exploitation of any mineral resource that it discovers The Group will require further financial resources to conduct its planned exploration and tailings activities, meet its committed licence obligations and cover its general operating costs over the next 12 months. The quantum of the financial resources required is dependent on planned disposals of some projects that are under discussion complete in addition to discovering and exploiting any mineral resource through its activities. The Group has budgets for all near and short-term activities and plans, however in the longer term the potential for further exploration, development and production plans and additional initiatives may arise, which have not currently been identified and which may require additional financing which may not be available to the Group when needed, on acceptable terms, or at all. If the Group is unable to raise additional capital when needed or on suitable terms, the Group could be forced to delay, reduce, or eliminate its exploration, development, and production efforts. Even if the Group makes a commercially viable discovery in the future there are significant risks associated with the ability of such a discovery generating any operational cashflows The economics of developing mineral properties and tailing projects are affected by many factors including the cost of operations, variations of the grade of ore mined, fluctuations in the price of the minerals being mined, fluctuations in exchange rates, costs of development, infrastructure and processing equipment and such other factors as government regulations, including regulations relating to royalties, allowable production, importing and exporting of minerals and environmental protection. Given that the Group is at the early exploration stage of its business many of these factors cannot be accurately assessed, costed, planned for or mitigated at the current time. As a result of these uncertainties, there can be no guarantee that mineral exploration and subsequent development of any of the Group's assets will result in profitable commercial operations. The Group is not currently generating revenue and will not do so for in the near term The Group is an exploration and development company and therefore it will remain involved in the process of exploring and assessing its asset base for some time. The Group is unlikely to generate revenues until such time as it has made a commercially viable discovery. Given the early stage of the Group's exploration business and tailings projects, and even if a potentially commercially recoverable reserve were to be discovered, there is a risk that the grade of mineralisation ultimately mined may differ from that indicated by drilling results and such differences could be material. Accordingly given the very preliminary stages of the Group's exploration activity it is not possible to give any assurance that the Group will ever be capable of generating revenue at the current time. Key Performance Indicators The key performance indicators are set out below: Net Asset Value Share Price Market Capitalisation 31 Dec '24 £ 3,106,150 31 Dec '23 £ 3,680,971 0.0775 0.1575 4,791,511 7,868,848 Since the Company's shares were admitted to trading on the AIM market of the London Stock Exchange the share price of the Company has come into focus and has formed part of the key indicators monitored by management. S172 Statement The Directors of the Company, as those of all UK Companies must act in accordance with a set of general duties. Set out below is the director's approach in complying with section 172 (1) (a) to (f) of the Companies Act 2006 when performing their duties. Section 172 of the Companies Act requires the Directors' to promote the success of the Company. The Directors of the Company ensure that they act in goo