Fulcrum Metals advances Teck-Hughes pilot plant and financing plans

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Fulcrum Metals Teck-Hughes update

Highlights

Fulcrum Metals secured full ownership of Teck-Hughes and an exclusive licence with Extrakt Process Solutions, enabling cyanide-free metal recovery from historic mine waste.
Fulcrum's 159-hole auger programme confirmed gold, silver, tellurium, and gallium at Teck-Hughes, supporting a multi-commodity NI 43-101 Mineral Resource Estimate in preparation.
Funding position strengthened through a £6 million Yorkville Advisors package and a non-binding U.S.$20 million royalty term sheet with Chancery Royalty, contingent on pilot results.

AGM update outlines project and funding progress

As reported by London Stock Exchange, citing Regulatory News Service, Fulcrum says chairman Mitchell Smith is telling shareholders at Friday's AGM that the company has made significant progress over the past year as it combines mineral processing technology with historic mine waste assets.

Smith says the business has been transformed by securing full ownership of the Teck-Hughes gold tailings project and by executing an exclusive licence agreement with Extrakt Process Solutions. He says those steps give the company access to cyanide-free processing technology designed to recover both precious and critical metals from historic mine waste.

He adds that the pilot plant agreement with TDI Solutions LLC marks a key move from laboratory validation to pilot-scale demonstration. The programme is expected to provide operating data needed for future engineering studies, permitting work and commercial development.

Fulcrum also says a 159-hole auger programme at Teck-Hughes confirms the presence of gold and silver across the tailings, alongside critical minerals including tellurium and gallium and other elements such as rubidium, strontium and zirconium. The company says the results support the multi-commodity case for the project and form part of the basis for a maiden NI 43-101 Mineral Resource Estimate now being prepared.

Broader portfolio adds optionality for junior mining strategy

Smith says Fulcrum is in a stronger funding position than it was 12 months ago after securing a 6 million pound funding package with Yorkville Advisors. He says that financing gives the company flexibility to advance development plans, particularly objectives linked to the pilot plant.

The company also recently announced a non-binding royalty term sheet with Chancery Royalty that could provide up to U.S.$20 million in non-dilutive project financing for Teck-Hughes, subject to successful pilot plant results and definitive documentation. Smith says interest from a specialist royalty provider serves as third-party validation of the project and its commercial potential.

Elsewhere in the portfolio, an updated Mineral Resource Estimate at the Tully Gold Project has triggered a contractual milestone under Fulcrum's transaction with Loyalist Exploration, entitling it to receive an additional 15 million Loyalist shares or a cash equivalent. The company says encouraging exploration results at Big Bear have also identified a significant gold target, with drill permits already in place, while management continues to assess partnerships and other strategic transactions to unlock value from non-core assets.

Fulcrum says its priorities for the coming year are to complete the Teck-Hughes pilot plant programme, deliver the maiden NI 43-101 resource estimate, advance engineering and permitting, seek to convert proposed royalty financing into definitive agreements and continue evaluating wider portfolio opportunities.

Our earlier coverage of London’s 2026 IPO market noted signs of resilience in new listings, with first-half fundraising boosted by a small number of large deals and a pipeline that could make it the UK’s strongest year for flotations since 2021. We also highlighted that confidence, policy direction and the UK’s investment culture can shape companies’ financing and listing decisions, even as European IPO activity remains uneven.

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