Announcement PDF RNS Number : 4511W Fulcrum Metals PLC 28 September 2026 Fulcrum Metals Plc / AIM: FMET / OTCQB: FULMF / Sector: Mining 28 September 2026 Fulcrum Metals Plc (“Fulcrum” or the “Company” or the “Group”) Unaudited interim results for the six months to 30 June 2026 Fulcrum Metals Plc (AIM: FMET, OTCQB: FULMF), a company pioneering the use of innovative cyanide-free technologies developed by Extrakt Process Solutions to recover precious and critical metals from mine waste and to support potential site regeneration, announces interim results for the six months to 30 June 2026. Operational and Strategic Highlights Transitioned from technical validation and strategic positioning into execution, with Teck-Hughes Phase 3 testing achieving 78% gold recovery alongside strong recoveries of other precious, base and critical metals Reported multi-metal assays from the 159-hole Teck-Hughes auger programme, strengthening the dataset to support a 43-101 compliant Mineral Resource Estimate and pilot programme Completed the pilot concept study and signed the TDI Piloting Agreement, establishing the delivery framework for a reusable pilot facility with capacity of up to 2.4 tonnes per day, supported by Extrakt and Bechtel Positioned Teck-Hughes and Sylvanite, comprising a historical estimate of 10.7 million tonnes* of tailings, as the initial projects within a scalable platform underpinned by Fulcrum’s existing exclusive Extrakt rights across Timmins and Kirkland Lake which contains 70+ documented legacy mine-waste sites Post period: ordered certain major long-lead pilot equipment and entered into late-stage discussions regarding a specific site in the Greater Toronto Area, Ontario Funding and Corporate Highlights Secured a £6 million Yorkville funding package, comprising up to £5 million of unsecured convertible loan notes and up to £1 million of equity funding, alongside a separate £2.5 million at-the-market facility with Clear Capital Based on current budgets, the £500,000 equity subscription and first £2.5 million Yorkville loan tranche will fund the pilot facility and initial Teck-Hughes programme, both of which are expected to be funded without requiring the second £2.5 million loan tranche, which remains undrawn Established a potential pathway from successful pilot testing to the proposed US$20 million Chancery royalty financing, providing a potential non-equity route towards future development of Teck-Hughes; Chancery also invested £200,000 at 8.5 pence per share, with the associated shares admitted post period Raised £834,575 through a warrant acceleration programme and completed a further direct equity subscription of £550,000 at 11 pence per share to support project development and working capital Appointed Canada-based Natasha Dixon as an independent non-executive director, strengthening the Board’s governance, Canadian presence and North American capital-markets experience Post period: raised a further £250,000 at 7 pence per share and commenced trading on OTCQB under the symbol FULMF, providing additional working capital and broadening North American investor access *Subject to verification by Fulcrum Ryan Mee, Chief Executive Officer of Fulcrum Metals, commented: "The first half of 2026 marked Fulcrum's transition from technical validation and strategic positioning into execution. The pilot and first Teck-Hughes programme are funded. Successful pilot testing could then unlock the proposed US$20 million Chancery royalty financing, providing a potential non-equity route towards commercial production, subject to due diligence, definitive documentation and customary conditions. “We have drawn only the first £2.5 million tranche of the Yorkville loan facility. The second £2.5 million tranche remains undrawn, demonstrating our staged and disciplined approach to funding. “At Teck-Hughes, Phase 3 testing delivered a step-change in metallurgical performance, with gold recovery reaching 78% alongside strong recoveries of silver, tellurium, copper, cobalt and manganese. Together with the completed 159-hole auger programme, this has materially strengthened the dataset supporting a compliant Mineral Resource Estimate and future engineering work. “Following completion of the pilot concept study, we signed the Piloting Agreement with TDI. This was a major execution milestone, establishing the framework from the design through to the operation of a reusable 2.4 tonnes-per-day pilot capability for the initial Teck-Hughes programme and subsequent agreed pilot programmes. The agreement and programmes are supported by Extrakt and Bechtel which brings together the specialist capability required to progress from laboratory testing to repeatable pilot-scale operation. “Since signing the agreement, the pilot development programme has continued to advance. Certain major long-lead equipment has been ordered and discussions regarding a specific Ontario site are at an advanced stage, although final site arrangements have not yet been completed. Once operational, the pilot is intended to convert laboratory results into the metallurgical, operating and engineering data required to accelerate resource-definition, permitting, financing and commercial-development decisions. “Our projects and pilot form part of one scalable resource-recovery platform. Teck-Hughes and Sylvanite provide the initial project pipeline feeding the pilot. The technical knowledge, operating capability and development pathway generated through that work can then be applied across opportunities in Kirkland Lake and Timmins covered by our regional Extrakt exclusive rights, and to wider opportunities through flexible commercial structures. “Chancery Royalty’s £200,000 investment provides additional third-party validation of this development pathway and establishes a financing relationship with the potential to extend to additional projects. Our priority is now disciplined execution: finalising the proposed Ontario site arrangements, progressing the pilot development programme and generating the data required to advance our initial projects and expand the wider platform." Chairman’s Statement I am pleased to present Fulcrum Metals Plc’s unaudited interim results for the six months ended 30 June 2026. The first half of 2026 has been an important period in Fulcrum’s evolution. We have continued to advance our strategy of recovering precious and critical metals from historical mine waste, while taking meaningful steps towards establishing the technical, operational and commercial foundations of a scalable resource-recovery business. Our focus is increasingly on translating technical progress into commercial opportunity. Fulcrum’s strategy is built around a significant and largely untapped opportunity: recovering valuable metals from historical mine waste using innovative cyanide-free processing technology, while supporting the responsible management and potential regeneration of legacy mining sites. Teck-Hughes and Sylvanite provide the initial foundation for this strategy and together comprise a historical estimated 10.7 million tonnes of historically documented tailings. During the period, technical work has materially improved gold recovery at Teck-Hughes and demonstrated strong recoveries of other precious, base and critical metals. These results supported the deliberate decision to advance a reusable pilot capability alongside the ongoing resource- definition work. The pilot is intended to generate repeatable metallurgical, operating and engineering data at a larger scale, accelerating development and future commercial scale-up decisions at Teck-Hughes and Sylvanite. Beyond the initial projects, it is intended to function as a reusable development platform through which additional opportunities can be tested, evaluated and advanced more efficiently. From technical validation to execution Following completion of the pilot concept study, the signing of the piloting agreement with TDI Solutions LLC (“TDI”) represented a significant execution milestone. The planned pilot programme is supported by Extrakt Process Solutions LLC (“Extrakt”) and Bechtel Energy Technologies & Solutions, Inc. (“Bechtel”). The planned reusable 2.4 tonnes-per-day plant capability represents an important step in moving Fulcrum beyond laboratory testing towards repeatable pilot-scale operation. From the Board’s perspective, its strategic importance extends beyond Teck- Hughes and Sylvanite. The resulting knowledge, operating capability and development pathway are intended to support a more efficient and repeatable approach to advancing additional opportunities. Fulcrum’s exclusive rights to deploy Extrakt’s technology across the Kirkland Lake and Timmins districts provide a potentially significant regional opportunity pipeline. Our objective is to advance opportunities covered by those rights, together with wider opportunities pursued through flexible commercial structures, in a disciplined manner appropriate to their technical maturity, capital requirements and potential returns. A staged funding pathway and capital discipline The Board recognises that moving from technical validation towards commercial development requires access to capital, careful prioritisation and clearly defined milestones. Fulcrum has therefore established a staged funding pathway intended to match capital deployment with technical and commercial progress at Teck-Hughes. During the period, Fulcrum secured a £6 million Yorkville funding package and a separate £2.5 million at-the-market facility (“ATM”) with Clear Capital, which if used the proceeds are to be applied towards specified Yorkville loan prepayments. The Company has drawn the first £2.5 million Yorkville loan tranche. Based on current budgets, the pilot facility and initial Teck- Hughes programme are expected to be funded without requiring the second tranche, which remains undrawn. Successful pilot testing is a key condition to accessing the proposed US$20 million Chancery royalty financing. Subject to the remaining conditions, this could provide non-equity project-level capital for the next stage of Teck-Hughes development without transferring ownership or operational control. The pathway is therefore clear: corporate funding supports the pilot and initial programme, while successful pilot validation could provide access to non-equity development capital. The Board remains mindful of the potential dilution, repayment and future royalty obligations and will continue to deploy capital against defined milestones. Post period, the Company commenced trading on the OTCQB Venture Market under the symbol FULMF and raised a further £250,000 in the UK through an institutional investor to support pilot preparations and the advancement of Teck-Hughes and Sylvanite. Building the foundations for sustainable growth As Fulcrum advances its tailings projects and executes on its stated strategy, the Board’s responsibilities extend beyond overseeing individual technical programmes. We are focused on ensuring that the Company has the appropriate governance, management capabilities, specialist partnerships and financial discipline to support its next stage of development. The appointment of Natasha Dixon as an Independent Non-Executive Director has further strengthened the Board’s capital- markets and North American experience. Responsible development and stakeholder engagement remain fundamental to our approach. We recognise the importance of progressing technical, environmental, permitting and community engagement activities together, including continued engagement with First Nations and other relevant stakeholders. Our ambition is to establish a business that combines the recovery of valuable metals with the potential to address historical mine-waste challenges. Achieving this will require both technical success and a commercially viable development model. Looking ahead The remainder of 2026 will be an important period of execution. Our immediate priorities are to finalise the proposed Ontario pilot site arrangements, advance the pilot development programme, progress the 43-101 compliant Mineral Resource Estimate at Teck-Hughes and continue the technical, environmental and permitting work required to advance our initial projects. The Board will also maintain a disciplined approach to evaluating the wider opportunity pipeline, ensuring that future growth is supported by appropriate technical evidence, commercial arrangements and access to capital. We have made meaningful progress and established the foundations of Fulcrum’s mine-waste recovery strategy. The next phase is to demonstrate how that progress can translate into a repeatable, commercially viable development model. The opportunity ahead of Fulcrum extends beyond any single project. By combining our initial projects, reusable pilot capability and regional technology rights, we aim to build a scalable resource-recovery business capable of unlocking value from historical mine waste, creating opportunities for shareholders and contributing to more responsible resource development. On behalf of the Board, I would like to thank our management team, shareholders, technology and project partners, First Nations and other stakeholders for their continued support. Mitchell Smith Chairman 28 September 2026 Operational Review Teck-Hughes Project Phase 3 metallurgical testing at Teck-Hughes was completed during the period with Extrakt and TDI. Gold recovery reached 78%, representing a 31% relative improvement compared with Phase 1. Recoveries of up to 95% silver, 96% tellurium, 85% copper, 60% cobalt, 65% manganese and approximately 20% gallium were also achieved. The optimised leach cycle was completed in less than six hours, dewatering took less than one minute and approximately 80% of water and reagents were recovered for reuse. Further work will seek to optimise the recovery of gallium and other potentially saleable metals. Figure 1: Optimised leaching results for select material at 54 microns and 38°C The extended testing programme from step 1 demonstrated co-extraction of selected metals. Increasing leaching temperature consistently improved recoveries of all metals. Gallium demonstrated a very different behaviour and deportment which requires further testing and adjustments to leaching chemistry and configuration. Figure 2: Effect of leaching temperature on Gold, Silver, Tellurium and Gallium recovery at 54 Microns The 159-hole auger programme was completed, providing multi-element data across the approximately 6.5 million-tonne tailings deposit. Reported average grades included 0.63 g/t gold, 0.70 g/t silver, 12.86 g/t tellurium and 17.12 g/t gallium. Rubidium, strontium and zirconium were also identified which requires further recovery testing and saleability assessment to determine whether these elements could make a potential economic contribution. The drilling, density and metallurgical datasets are intended to support preparation of a 43-101 compliant Mineral Resource Estimate and subsequent technical studies. Figure 3 – Teck Hughes map of average gold grades only The Company also acquired five surface-rights parcels covering approximately 270 acres at Teck-Hughes for C$220,000 and a 1.5% net smelter return royalty. Fulcrum has the optionality to reduce the royalty to 0.75% for C$750,000 and then to 0.5% for a further C$500,000. The agreements include a one-kilometre area of interest around Teck-Hughes and Sylvanite and a five-year right of first refusal over relevant surface and mining rights. Together with the mining rights already held by Fulcrum, the acquisitions provide greater control and flexibility for site investigation, sampling and potential future development. Figure 4 – Teck Hughes project – Mining rights in yellow, surface rights in green Pilot development programme Following completion of the pilot concept study, Fulcrum EnviroTech Corp., a wholly owned subsidiary of the Company, signed the piloting agreement with TDI Solutions. The agreement establishes the framework for the design, fabrication, installation, commissioning and operation of the reusable 2.4 tonnes-per-day pilot capability and subsequent pilot programmes, supported by Extrakt and Bechtel. Certain major long-lead equipment has since been ordered and preparatory work is continuing. The Company is in late-stage discussions regarding a specific site for the pilot plant in the Greater Toronto Area, Ontario, although final site arrangements have not yet been completed. Further details will be announced once those arrangements have been finalised. The initial programme is expected to process approximately 12 batches of Teck-Hughes material over four weeks. It is intended to generate the metallurgical, operating and engineering data required to accelerate resource, permitting, financing and commercial-development decisions. Teck-Hughes and Sylvanite provide the initial project pipeline feeding the pilot, while the resulting knowledge and operating capability can support opportunities covered by Fulcrum's exclusive rights and wider opportunities through flexible commercial structures. Sylvanite Project Sylvanite contains approximately 4.2 million tonnes of historical tailings and is located approximately 3 km from Teck-Hughes. Results from 26 new sample sites, tested from surface to depths of up to five metres and ending in mineralisation, averaged 0.66 g/t gold, 0.71 g/t silver, 11.72 g/t tellurium and 17.1 g/t gallium; the highest gold result was 2.04 g/t. Rubidium, strontium and zirconium were also reported. Together, Teck-Hughes and Sylvanite provide Fulcrum with control of more than 10 million tonnes of historical tailings in the Kirkland Lake gold camp, the tonnage of both sites are to be verified by Fulcrum. Planned systematic drilling, density and metallurgical work is intended to support future resource estimation and assessment of a coordinated development pathway. Material from Sylvanite may also be evaluated through the reusable pilot platform. Figure 5 – Sylvanite property map with new average grades (purple and green squares) Regional growth opportunity Fulcrum holds exclusive rights to deploy Extrakt's cyanide-free technology at legacy gold mine-waste sites across the Kirkland Lake and Timmins mining districts. These districts have produced more than 110 million ounces of gold historically and contain more than 70 documented legacy mine-waste sites. Fulcrum's scalable platform is intended to provide a repeatable route for identifying, testing and advancing opportunities across these regions. Wider opportunities may be pursued, subject to the applicable agreements and approvals, through flexible commercial structures appropriate to each project, including project participation, partnerships and service-based arrangements. This approach is intended to expand the opportunity pipeline while maintaining capital discipline. Big Bear The 2025 programme at the Big Bear gold project comprised 639 soil samples and defined a target area approximately two kilometres by two kilometres within a broader three-kilometre mineralised corridor. Soil results included a new peak of 1.46 g/t gold, while previously reported rock samples returned up to 139 g/t gold. The project has 30 permitted drill pads across four drill-ready prospects and additional targets. Consistent with the Company's focus on mine-waste recovery, Big Bear remains available for further exploration, partnership or disposal, depending on capital allocation and market conditions. Figure 6- 2025 soil sampling grid and previous results Financing and strategic development On 5 May 2026, Fulcrum announced a funding package of up to £6 million with Yorkville, comprising up to £5 million of unsecured convertible loan notes and up to £1 million of equity funding, alongside a separate £2.5 million at-the-market facility arranged with Clear Capital. During the period, the Company completed £500,000 of this equity funding through a subscription at 8.75 pence per share and drew the £2.5 million first loan, receiving £2.325 million net of the original issue discount, fees and transaction costs. The second £2.5 million loan is available only at the Company's request and with Yorkville's prior written consent. Proceeds from the at-the-market facility are required to be applied towards specified loan prepayments. The arrangements provide funding flexibility but may result in future equity issuance and carry repayment obligations. As announced by the Company on 29 June 2026, Fulcrum signed a non-binding term sheet with Chancery Royalty for a potential US$20 million royalty financing to support future development of Teck-Hughes. Subject to successful pilot testing, due diligence, definitive documentation and customary conditions, Chancery would acquire a 5% net smelter return royalty over future gold production from Teck-Hughes for US$20 million. Fulcrum would retain the right, for two years after commencement of commercial production, to repurchase 2% of the royalty for US$10 million. Subject to the execution of definitive agreements, Chancery would also be granted a two-year right of first refusal over future royalties on additional mine-waste projects controlled by Fulcrum in the Kirkland Lake area. The proposed financing would not transfer an ownership interest in, or operational control of, Teck-Hughes. Chancery also completed a separate £200,000 equity subscription at 8.5 pence per share, with the associated shares admitted to trading post period, and received warrants over 2,352,942 ordinary shares, exercisable at 11 pence for two years. Fulcrum continues to focus on recovering precious and critical metals from historical mine waste using Extrakt's cyanide-free processing technology. The development approach is designed to combine metal recovery with water and reagent recycling, dewatering and responsible management of processed residue. The Company's working agreement with Apitipi Anicinapek Nation provides an established framework for engagement, alongside continuing engagement with other relevant First Nations communities, as Teck-Hughes and Sylvanite progress. Strategic investments and royalties Fulcrum holds 78,972,740 shares in Loyalist Exploration Limited and a 2% net smelter return royalty over the Tully Gold Project. Post period, Loyalist announced an updated NI 43-101 Mineral Resource Estimate of approximately 226,000 ounces of gold, based on only 15% of the known Mafic Tuff host. This exceeded the 200,000-ounce milestone under Fulcrum's disposal agreement and triggered further consideration of 15 million Loyalist shares, or cash in lieu, payable within 60 days after filing of the supporting technical report. At Loyalist's announced share price of C$0.035, that consideration would be valued at more than C$500,000. Fulcrum also holds 5,801,498 shares in Terra Balcanica Resources Corp. Post period, under an amended uranium portfolio option agreement, Fulcrum Metals (Canada) Ltd. received 5,600,000 Terra North shares issued at C$0.10, representing C$560,000 of contractual consideration and subject to a 12-month voluntary escrow. Remaining potential consideration comprises up to C$225,000 in cash and C$1.9 million in Terra North shares, while Terra North must fund at least C$3.25 million of cumulative exploration expenditure. Fulcrum retains a 1% net smelter return royalty, of which 0.5% may be purchased for C$1 million. Terra North commenced a fully funded 2,441 line-kilometre airborne survey over 163.7 square kilometres at Charlot-Neely Lake and subsequently reported seven prominent preliminary radiometric anomalies, including a strong anomaly north of Neely Lake near a historical result of 0.8% U3O8. Outlook Fulcrum enters the second half of 2026 with a stronger technical dataset at Teck-Hughes, the pilot concept study completed, the Piloting Agreement with TDI signed, certain major long-lead equipment ordered and discussions regarding a specific Ontario site at an advanced stage. The initial Yorkville equity subscription and first loan tranche provide funding for the pilot facility and initial Teck-Hughes programme. Successful pilot testing could then provide access to the proposed US$20 million Chancery royalty financing as a potential source of non-equity capital for the next stage of Teck-Hughes development subject to due diligence, definitive documentation and customary conditions. The separate ATM facility provides flexibility in managing specified Yorkville loan prepayments. The focus for the remainder of 2026 is disciplined execution: finalising the proposed Ontario site arrangements, progressing procurement and preparatory activities, advancing the Teck-Hughes 43-101 compliant Mineral Resource Estimate and continuing the environmental, permitting and community workstreams at Teck-Hughes and Sylvanite. The pilot is intended to generate repeatable processing and engineering data to accelerate commercial-development decisions across the initial projects. The resulting capability can then be applied across opportunities covered by Fulcrum's exclusive rights and to wider opportunities through flexible commercial structures. Qualified Person Statement The technical information in this announcement has been reviewed by Edward (Ed) Slowey, BSc, PGeo, technical adviser to Fulcrum Metals Plc. Mr Slowey is a graduate geologist with more than 40 years' relevant experience in mineral exploration and mining and a founding 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 activities 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 this announcement of the matters based on his information in the form and context in which they appear. Engage with the Fulcrum Metals Plc management team directly by asking questions, watching video summaries and seeing what other shareholders have to say. Navigate to our interactive investor hub here: https://fulcrummetals.com/s/7fc3a5 Subscribe to our news alert service: https://fulcrummetals.com/s/c5b90a. For further information, please contact: Investor questions on this announcement We encourage all investors to share questions on this announcement via our investor hub https://fulcrummetals.com/link/y5nj3e Fulcrum Metals Plc Ryan Mee, Chief Executive Officer Via our investor hub; Or through St Brides Allenby Capital Limited (Nominated adviser) Nick Athanas / Ashur Joseph 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 / Charlotte Page Tel: +44 (0) 20 7236 1177 Follow us. @FulcrumMetals Fulcrum Metals PLC Consolidated Statement of Comprehensive Income for the six months ended 30 June 2026 Unaudited Unaudited Audited Notes 6 months ended 6 months ended Year ended 30 June '26 30 June '25 31 Dec '25 £ £ £ Administrative expenses (611,044) (331,565) (888,363) Other operating expenses (9,446) - - Other operating income 8,094 - 606,730 Operating loss (612,396) (331,565) (281,633) Finance costs (35,136) (43,454) (271,866) Loss before taxation (647,532) (375,019) (553,499) Taxation - - - Loss for the financial period (647,532) (375,019) (553,499) Other comprehensive income/(loss): Foreign currency translation of foreign subsidiaries (120,487) (101,673) (70,997) Fair value gain on financial investments 3 7,990 29,056 736,499 (112,497) (72,617) 665,502 Total comprehensive (loss) for the financial period (760,029) (447,636) 112,003 Earnings per share Basic and diluted loss per share (pence per share) 11 (0.449) (0.602) (0.658) Consolidated Statement of Financial Position as at 30 June 2026 Unaudited Unaudited Audited Notes 30 June '26 30 June '25 31 Dec '25 Assets £ £ £ Non-current assets Exploration & evaluation assets 2 4,350,059 3,546,303 3,691,280 Property, plant and equipment - 292 - Financial investments 3 1,834,971 106,606 1,858,388 Assets held for sale - 232,087 - 6,185,030 3,885,288 5,549,668 Notes to Editors About Fulcrum Metals Plc Fulcrum Metals Plc (AIM: FMET; OTCQB: FULMF) is a natural resources company building a scalable platform to recover precious and critical metals from historical mine waste and support the potential regeneration of legacy mine sites. The Company combines project ownership, pilot-scale validation and commercial development capability to deploy cyanide-free processing technology developed by Extrakt Process Solutions LLC and its associates (together, “Extrakt”). The Company’s initial projects are the historical tailings sites of the former Teck-Hughes and Sylvanite gold mines in the Kirkland Lake region of Ontario, which are estimated to contain more than 10 million tonnes of tailings in aggregate. Fulcrum also holds a portfolio of mineral exploration and development interests across Ontario and Saskatchewan, Canada. Fulcrum holds exclusive rights to deploy Extrakt’s technology at legacy gold mine-waste sites across the Kirkland Lake and Timmins mining districts, which have produced more than 110 million ounces of gold historically and contain more than 70 documented legacy mine-waste sites. The Company’s planned reusable pilot capability is intended to accelerate development decisions at Teck-Hughes and Sylvanite and establish a repeatable pathway for opportunities covered by Fulcrum’s exclusive Extrakt rights. The resulting knowledge, operating capability and development pathway may also be applied to wider opportunities pursued through flexible commercial structures. UNAUDITED INTERIM FINANCIAL INFORMATION ON FULCRUM METALS PLC Current assets Trade and other receivables 4 271,259 54,351 73,679 Cash and cash equivalents 5 2,731,870 38,778 281,889 3,003,129 93,129 355,568 Current liabilities Trade and ot