REG - Fulcrum Metals PLC - 70%+ gold and silver recoveries at Teck Hughes

Fulcrum MetalsAnnouncement

02/12/2025 07:00

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RNS Number : 7809J  Fulcrum Metals PLC  02 December 2025

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018) ("UK MAR").

 

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

 

2 December 2025

 

Fulcrum Metals plc

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

 

Fulcrum preliminary results achieve 70%+ cyanide-free gold and silver
recoveries at Teck Hughes

 

Fulcrum Metals plc (AIM:FMET), a company pioneering the use of  innovative
cyanide-free technology to recover precious and critical metals from mine
waste, is pleased to provide preliminary gold and silver recovery results and
an update on the phase 3 detailed metallurgical work with Extrakt Process
Solutions LLC ("Extrakt") at the Teck-Hughes mine tailings project at Kirkland
Lake, Ontario.

 

Further to the announcement released by the Company on 17 September 2025,
Fulcrum and Extrakt commenced phase 3 development work to optimise leach
recovery, tailings dewatering, and pregnant solution recovery for integrating
into Fulcrum's operations.

 

Preliminary results achieved gold and silver recoveries of >70%, with the
leach programme now extended to assess final recoveries and potential
extraction of other metals such as gallium and tellurium. The final results
from the phase 3 metallurgical testing, which optimises leach recoveries,
reagent recycling, mass flow, dewatering, and upscaling parameters, are
expected in Q1 2026.

 

Phase 3 work update:

 

·    Material 18% relative increase in gold leach recoveries from 59.4% to
above 70%

 

·    High silver leach recoveries above 70% (not previously tested)

 

·    Leach testing programme extended to include final gold and silver
recoveries as well as other metals such as gallium and tellurium

 

·    The final results of the detailed metallurgical phase 3 work, which
aims to further optimise recoveries, yield and process efficiencies is
expected in Q1 2026

 

Results of the phase 3 test work and the auger drilling programme underway
will support a 43-101 compliant Mineral Resource Estimate ("MRE") leading into
a Phase 4 Preliminary Feasibility Study ("PFS") level economic assessment with
Extrakt.

 

Ryan Mee, Chief Executive Officer of Fulcrum, commented:

 

"Our preliminary results of the detailed metallurgical work with Extrakt's
cyanide-free technology is already delivering materially higher gold recovery
rates and high silver recovery rates. The expanded leach work will finalise
the optimisation of these recoveries and include other metals like gallium and
tellurium within the wider scope of the phase 3 work to maximise yield and
process efficiency.

 

"The combination of these excellent preliminary recoveries and with gold
currently over US$4,000/Oz has the potential to justify significant increases
in Fulcrum's NPV of US$33m for Teck Hughes.

 

I look forward to updating shareholders on our auger drilling programme and
assay results before the final results of our phase 3 development work in Q1
2026."

 

Details of Phase 3 Optimisation

Extrakt has developed a proprietary, cyanide-free leaching technology for
enhanced gold recovery from all types of ores. Fulcrum is evaluating the
applicability of this technology for its Teck-Hughes tailings project at
Kirkland Lake Ontario, Canada. To this end, the Company has engaged Extrakt to
conduct a high-level technical assessment focused on identifying optimal
leaching conditions through controlled laboratory testing.

 

The Phase 3 scope of work comprises:

 

·    Additional Leaching Test work

·    Leach Testing - Parameters and Kinetics

·    Solids-Liquid Characterization Test Work

·    Reagent Management System Evaluation

·    Preliminary Recovery Testing

·    Preliminary Filtration Test Work

·    Preparation and presentation of findings and technical outcomes

 

The results of the test work, in tandem with a new MRE, are planned to feed
into a Phase 4 preliminary feasibility study level economic assessment with
Extrakt and a 43-101 technical report for the re-processing of the Teck-Hughes
tailings.

 

Teck-Hughes Background

Extrakt's technology enables the recovery of precious and critical metals from
refractory ore without the use of cyanide. High level testing on tailings from
Fulcrum's Teck-Hughes and Sylvanite projects has demonstrated very positive
non-optimised results, with gold recovery rates of up to 59.4% and leach times
as low as 3 hours.

A non-optimised conceptual study at Teck-Hughes, based on 2,000 tonnes of
tailings processed per day over a 9-year operation, a 59.4% gold recovery
rate, a 6-hour leach time, and a gold price of US$2,899/oz suggests a pre-tax
NPV(7.5) of approximately US$33m (see announcement released by Fulcrum on 12
March 2025). With a process plant design conceptualised and high-level leach
test work complete, further optimisation presents additional upside potential
through enhanced recovery rates, reduced leach times, vacuum filtration of
residue and the recycling of reagents and water - as well as the recovery of
additional minerals held in the tailings. A sensitivity analysis suggests that
a 25% increase in either the recovery rates or the gold price increases the
pre-tax NPV(7.5) by 129% to US$75.5m. The optimisation phase is to target
>70% recovery.

Fulcrum is now focused on the development of its Teck-Hughes and Sylvanite
projects towards optimisation and production using Extrakt's technology and
positioned to scale the concept across two of Canada's historically most
productive gold regions. Fulcrum believes this represents a substantial,
long-term opportunity to unlock significant and largely untapped value from
legacy mine waste.

For further information please visit www.fulcrummetals.com
(http://www.fulcrummetals.com) , follow us on X @FulcrumMetals or contact:

 

 Fulcrum Metals PLC
 Ryan Mee (Chief Executive Officer)           Via St Brides Partners Limited

 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 / Paul Dulieu                    Tel: +44 (0) 20 7236 1177

 

Notes to Editors

 

About Fulcrum Metals PLC

 

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 projects are the tailing
sites of the former Teck-Hughes and Sylvanite gold mines, located at the
Kirkland Lake region in Ontario. In addition, the Company has interests in a
portfolio of highly prospective mineral exploration and development projects
in both Ontario and Saskatchewan Canada.

 

Fulcrum has an exclusive Master Licence Agreement ("MLA") for the rights to
Extrakt's proven cyanide free 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 historical gold production of over 110Moz over the
past 100 years with more than 70 documented legacy mine waste sites. This
presents Fulcrum with the opportunity to develop into a significant
environmentally friendly gold producing entity.

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