Fulcrum Metals PLC - Interim Results

Fulcrum Metals plc / EPIC: FMET / Market: AIM / Sector: Mining

30 September 2025

Fulcrum Metals plc

("Fulcrum" or the "Company" or the "Group")

Unaudited interim results for the six months to 30 June 2025

Fulcrum Metals plc (LON: FMET), a company pioneering the use of innovative technology to recover precious and critical metals from mine waste, announces its unaudited consolidated interim results for the six months to 30 June 2025.

Operational Highlights:

·      March 2025: Published results of Phase 2 high-level conceptual study at Teck-Hughes Gold Tailings Project in Ontario:

o  NPV7.5 of US$33m and IRR of 21.4% based on a 9-year operational life.

o  c.3-year payback from production.

o  Initial study based on US$2,899 gold price, 2,000 tonnes per day, 59.4% recovery and 6-hour leach time.

o  Recovery rates could reach 70%+ with further optimisation.

o  Sensitivity analysis showed that a 25% increase in either the gold price to US$3,624 or recovery rates to 74% would:

§ Increase NPV7.5 to US$75.5 million pre-tax

§ Increase IRR to 37.7%; and

§ Reduce payback period to less than 2 years from production.

·      April 2025: Signed letter of intent ("LOI") with Loyalist Exploration Limited ("Loyalist") for the sale of 100% interest in the Tully Gold Project. Terms include a CA$500,000 cash payment on completion and 89,255,000 common shares in Loyalist, based on and subject to adjustment on the completion of Loyalist's financing from the date of the LOI, to represent a 19.9% equity interest.

·      April 2025: Presence of gallium identified at Teck-Hughes and Sylvanite tailings projects. Gallium and tellurium are both recognised by Canada as critical minerals vital to the global energy transition and Fulcrum's projects offer a potential Canadian domestic source of these critically important elements.

May 2025: Signed Exclusivity Agreement with Extrakt covering legacy gold mine waste sites in Timmins and Kirkland Lake. Extrakt's non-cyanide processing technology has already delivered significantly improved recovery rates at Teck-Hughes, with gold recoveries of up to 59.4% and leaching times reduced by 60%.

Corporate:

·      February 2025: Mitchell Smith appointed as Independent Non-Executive Chairman.

·      April 2025: Panther Metals' 12.33% shareholding (7,625,122 shares) in Fulcrum acquired by certain existing shareholders, demonstrating continued strong shareholder conviction in Fulcrum's management and strategy.

·      May 2025: Directors participated in a subscription raising £140,000, underlining their confidence in Fulcrum's growth trajectory.

June 2025: Collaborative working agreement signed with Apitipi Anicinapek Nation first nations group with respect to the Teck Hughes and Sylvanite tailings projects.

Financial Highlights:

·      For the six months to 30 June 2025 ("H1 2025") the Company reported a pre-tax loss of £375,019 (the six months to 30 June 2024 ("H1 2024"): pre-tax loss of £514,654).

·      The Company's cash balance as at 30 June 2025 was £38,778 (H1 2024: £113,582).

·      Basic loss per share of 0.006p (H1 2024: loss of 0.010p per share).

·      The Company generated no revenue during the period.

Post-Period:

·      July 2025: Closing date for Loyalist LOI on sale of Tully Gold Project was originally extended to 30 September 2025. Due to 30 September 2025 being a national holiday in Canada, the financial close is now expected on or around 2 October 2025.

·      July 2025: Canadian listed Terra Balcanica Resources Corp. ("Terra") (CNSX:TERA) exercised the First Year Option to acquire Saskatchewan Uranium Projects for consideration of C$50,000 in cash and 3,804,347 Terra common shares to the value of C$350,000. With this Fulcrum now own 5,801,498 Terra common shares, 

·      July 2025: Successful placing and subscription raised £1.29 million, including £175,000 strategic investment by Metals One PLC, highlighting growing interest in Fulcrum's pioneering approach to tailings remediation and resource recovery in Canada.

·      August 2025: Fulcrum removed all debt from the Company's balance sheet with the amendment and conversion to equity of the outstanding £430,000 Convertible Loan Notes.

·      September 2025: Significant Augur drilling program commenced at Teck Hughes with initial gold assay results of up to 1.2 grams per tonne.

·      September 2025: Phase 3 detailed metallurgical work program commenced with Extrakt at Teck Hughes to scale up and optimise the recovery process.

·      September 2025: Appointment of AP Kane & Associates Ltd as consultants to provide specialist support in advancing the Teck Hughes project, address complementary opportunities at the nearby Sylvanite project and cross sector growth opportunities.

Ryan Mee, Chief Executive Officer of Fulcrum, commented: "The first half of 2025 has been a period of considerable progress and setting the foundation for a pivotal second half of 2025 going into 2026 for Fulcrum as we advance our tailings strategy and unlock value from our projects. Securing an exclusivity agreement with Extrakt during the period was a significant and transformational milestone that gives us access to their innovative, non-cyanide processing technology across our tailings projects in Kirkland Lake. This agreement provides a unique platform to progress our tailings projects towards production, with early test work at Teck-Hughes delivering strong recovery rates and clear potential for further optimisation.

"Alongside this, the results from our Phase 2 study at Teck-Hughes demonstrated compelling project returns, while the proposed divestment of Tully, the strengthening of our shareholder base, and the identification of critical minerals such as gallium in our tailings underline the progress we are making and the opportunities that lie ahead of us. With a strong start to the second half of 2025 meeting crucial milestones, and growing industry and investor interest in our pioneering approach, Fulcrum is positioned at the forefront of sustainable tailings reprocessing in Canada and has a clear pathway towards long-term value creation for our shareholders."

Chairman's Statement

I am pleased to present our interim results for the six months ended 30 June 2025, a period in which Fulcrum has made significant progress in advancing its tailings strategy in Canada.

During the first half of the year, we took decisive steps to position Fulcrum as a leader in sustainable resource recovery. The signing of an exclusivity agreement with Extrakt marked a transformational development for the Company, providing Fulcrum with unique access to an environmentally superior, non-cyanide processing technology across the historic Timmins and Kirkland Lake gold camps. This agreement, together with our streamlined portfolio and strengthened shareholder base, underpins our ambition to become a leading innovator in tailings remediation and resource recovery.

Our tailings portfolio is further enhanced by the identification of critical minerals such as gallium and tellurium; materials central to the energy transition and currently dominated by Chinese supply. With no primary domestic gallium production and limited tellurium output in Canada, Fulcrum has the potential to contribute meaningfully to a secure North American supply chain.

We also deepened our relationships with local stakeholders. In June we signed a collaborative working agreement with the Apitipi Anicinapek Nation for our Teck-Hughes and Sylvanite tailings projects. Building trusted partnerships with First Nations groups and host communities is essential to our long-term success.

Environmental and social benefits remain at the heart of our strategy. Tailings management is a major challenge for the mining industry, with legacy liabilities in Canada alone estimated at over CA$10 billion. By deploying innovative, non-toxic technology to recover metals from mine waste, Fulcrum seeks to unlock commercial value while remediating historically impacted sites - a dual focus that continues to resonate strongly with industry partners, investors and local stakeholders.

Looking ahead, Fulcrum is well positioned to accelerate the development of its tailings projects, unlock the potential of critical minerals, and leverage our unique technology partnership with Extrakt. Encouragingly, Fulcrum has seen a broadening of its share register with several new shareholders following completion of the recent fundraising including Metals One plc. With a strong financial base, a streamlined portfolio and community partnerships, we have a clear pathway to long-term value creation.

On behalf of the Board, I thank our management team, shareholders, partners and local stakeholders for their continued support as we progress towards becoming a leader in sustainable resource recovery.

Mitchell Smith

Independent Non-Executive Chairman

CEO Statement

Operational

·      Extrakt Exclusivity Agreement: A major milestone in the period was the signing of an Exclusivity Agreement with Extrakt covering the Timmins and Kirkland Lake gold camps. This agreement secures Fulcrum's access to Extrakt's non-cyanide technology. Exclusivity provides a unique competitive advantage in two of the most prolific gold camps in Canada and has enabled the Company to accelerate its work at  both Teck-Hughes and Sylvanite. Early test work at Teck-Hughes has confirmed superior recoveries and substantially reduced leach times, and further optimisation is planned.

·      Teck-Hughes: Fulcrum completed Phase 2 of the high-level conceptual study at the Teck-Hughes gold tailings project, confirming the strong economics of our approach. The study returned a pre-tax NPV of US$33 million, an IRR of 21.4% and a payback period of around three years based on a 9-year operational life. These results were based on a gold price of US$2,899 and non-optimised leach recovery of 59.4%, with clear potential to increase recoveries to over 70% through further test work and process refinement. Sensitivity analysis showed a 25% increase in either the spot gold price or recovery rates could raise the NPV to US$75.5 million and IRR to 37.7%, reducing the payback to less than two years.

·      Big Bear: Our Big Bear project continues to offer significant long-term exploration potential. Whilst not a near-term priority, this project, along with our residual equity stakes and non-core holdings in other exploration projects, provides optionality for future discovery, joint ventures or value realisation as appropriate.

Strategic Highlights:

·      Critical minerals discovery: Initial assays at both Teck-Hughes and Sylvanite confirmed the presence of gallium and tellurium, both identified by Canada as critical to the energy transition. With China currently dominating global production of these minerals, Fulcrum's projects could represent an important domestic source and provide additional upside beyond gold recovery.

·      Portfolio management: We also took decisive steps to streamline our portfolio. The agreement to sell our interest in the Tully Gold Project to Loyalist Exploration, allows us to focus resources on tailings development while retaining a 19.9% equity interest in Loyalist, ensuring Fulcrum and its shareholders remain positioned to benefit from future success at Tully.

·      Stakeholder engagement: During the period we signed a collaborative working agreement with the Apitipi Anicinapek Nation with respect to the Teck-Hughes and Sylvanite tailings projects. Building such partnerships is fundamental to our ESG approach and enhances our ability to advance projects responsibly.

·      Sustainability focus: Our strategy remains underpinned by sustainability. By applying Extrakt's non-toxic processing technology, we are demonstrating how legacy mine waste can be transformed into a valuable resource while delivering environmental remediation and positive outcomes for local communities. This alignment of commercial and ESG objectives is central to Fulcrum's positioning as a responsible and innovative resource company.

Financing

Our shareholder base strengthened during the period, with Panther Metals' 12.3% stake in Fulcrum being placed out to certain existing shareholders, whilst Directors also participated in a subscription for new shares raising £140,000. Post-period, on 22 July 2025, we completed a successful fundraising of £1.29 million, including a £175,000 strategic investment from Metals One plc, converted £430,000 of Convertible Loan Notes into equity and saw Terra Balcanica exercise its first-year option over our Saskatchewan Uranium Projects. These steps simplified our balance sheet, strengthened our financial position and provided funding to advance our projects through the next phase of development and optimisation.

Outlook

Looking ahead, in the second half of 2025 we are focussed on accelerating development of our tailings projects, progressing further test work to scale up and optimise recoveries, and advancing our community partnerships. With exclusive access to Extrakt's technology in two of Canada's most prolific gold camps, strong project economics, critical mineral upside and a solid financial base, Fulcrum is well placed to become a revenue-generating business delivering long-term value for shareholders.

I would like to thank our shareholders for their continued support and commitment to Fulcrum as we work to deliver on this strategy.

Ryan Mee

Chief Executive Officer

FOR FURTHER INFORMATION

Visit: www.fulcrummetals.com

Follow on X: @FulcrumMetals

Contact:

UNAUDITED INTERIM FINANCIAL INFORMATION ON

FULCRUM METALS PLC

Other Reserves

Other reserve represents all other reserve balances, including the equity component of the Convertible loan notes issued by the Group (see note 7), and the Merger Reserve which represents the difference between the nominal value of consideration paid for shares acquired in entities under common control and the nominal value of those shares.

Notes to the interim financial information

for the six months ended 30 June 2025

1. Presentation of accounts and accounting policies

(a) Reporting Entity

Fulcrum Metals Plc (the "Company") and its subsidiaries (together, the "Group") has a portfolio of highly prospective assets at different stages of development but it's strategic focus is on the reprocessing of tailings (mine waste) at its Teck-Hughes and Sylvanite gold tailings projects, located in Kirkland Lake, Ontario, Canada.

The Company is a public limited company, incorporated, domiciled, and registered in England and Wales. The registered number is 14409193. The company's registered office and principal place of business is Unit 58, Basepoint Business Centre Isidore Road, Bromsgrove Enterprise Park, Bromsgrove, Worcestershire, B60 3ET, England.

(b) Basis of preparation

The interim financial statements of Fulcrum Metals Plc are unaudited consolidated financial statements for the six months ended 30 June 2025 which have been prepared in accordance with UK adopted international accounting standards. They include unaudited comparatives for the six months ended 30 June 2024 together with audited comparatives for the year ended 31 December 2024.

The condensed interim financial information has been prepared in accordance with the requirements of IAS 34 "Interim Financial Reporting".

The interim financial information does not include all notes of the type normally included in the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the group as the full financial report.

The interim financial statements do not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006.  The statutory accounts for the year ended 31 December 2024 have been reported on by the company's auditors and have been filed with the Registrar of Companies.  The report of the auditors is unqualified and contained a material uncertainty relating to going concern. Aside from the material uncertainty relating to going concern paragraph above, the auditor's report did not contain any statement under section 498 of the Companies Act 2006.

The interim consolidated financial statements for the six months ended 30 June 2025 have been prepared on the basis of accounting policies expected to be adopted for the year ended 31 December 2025. These are anticipated to be consistent with those set out in the Group's latest financial statements for the year ended 31 December 2024. These accounting policies are drawn up in accordance with adopted International Accounting Standards ("IAS") and International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board.

(c) Basis of consolidation

The consolidated interim financial information includes the results of Fulcrum Metals plc and its subsidiary undertakings.

The financial statements of all group companies are adjusted, where necessary, to ensure the use of consistent accounting policies. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

(d) Significant accounting policies

The Group has presented below key extracts of its accounting policies.

(e) Intangible Assets

Exploration and evaluation assets

The Group recognises expenditure as exploration and evaluation assets when it determines that those assets will be successful in finding specific mineral resources. Expenditure included in the initial measurement of exploration and evaluation assets and which are classified as intangible assets, relate to the acquisition of rights to explore, topographical, geological, geochemical and geophysical studies, exploratory drilling, trenching, sampling and activities to evaluate the technical feasibility and commercial viability of extracting a mineral resource. Capitalisation of pre-production expenditure ceases when the mining property is capable of commercial production.

Exploration and evaluation assets are recorded and held at cost. Exploration and evaluation assets are assessed for impairment annually or when facts and circumstances suggest that the carrying amount of an asset may exceed its recoverable amount. The assessment is carried out by allocating exploration and evaluation assets to cash generating units, which are based on specific projects or geographical areas. IFRS 6 permits impairments of exploration and evaluation expenditure to be reversed should the conditions which led to the impairment improve. The Group continually monitors the position of the projects capitalised and impaired.

Whenever the exploration for and evaluation of mineral resources in cash generating units does not lead to the discovery of commercially viable quantities of mineral resources and the Group has decided to discontinue such activities of that unit, the associated expenditures are written off to the Income Statement.

Impairment

Exploration and evaluation assets are reviewed regularly for indicators of impairment and costs are written off where circumstances indicate that the carrying value might not be recoverable. In such circumstances, the exploration and evaluation asset is allocated to development and production assets within the same cash generating unit and tested for impairment. Any such impairment arising is recognised in the income statement for the period. Where there are no development and production assets, the impaired costs of exploration and evaluation are charged immediately to the income statement.

(f) Judgements and key sources of estimation uncertainty

The preparation of the Group Financial Statements in conformity with IFRSs requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of expenses during the year. Actual results may vary from the estimates used to produce these Financial Statements.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant items subject to such estimates and assumptions include, but are not limited to:

Impairment of exploration and evaluation costs

Exploration and evaluation costs have a carrying value at 30 June 2025 of £3,546,303 (30 June 2024: £4,035,126; 31 December 2024: £3,401,715). The Group has a right to renew exploration permits and the asset is only depreciated once the extraction of the resource commences. Management tests annually whether exploration projects have future economic value in accordance with the Intangible Assets accounting policy stated in Note (e). Each exploration project is subject to an annual review by either a consultant or senior company geologist to determine if the exploration results returned during the year warrant further exploration expenditure and have the potential to result in an economic discovery. This review takes into consideration the expected costs of extraction, long term metal prices, anticipated resource volumes and supply and demand outlook. In the event that a project does not represent an economic exploration target and results indicate there is no additional upside, a decision will be made to discontinue exploration. The Directors concluded that no impairment charge was required as of 30 June 2025.

2. Exploration & Evaluation Assets

Intangible assets comprise acquisition, exploration and evaluation costs. Exploration and evaluation assets are all internally generated. These are measured at cost and have an indefinite asset life. Once the pre-production phase has been entered into, the exploration and evaluation assets will be capitalised under intangible assets and commence amortisation.