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