REG - Fulcrum Metals PLC - 8% increase in average AuEq grade to 0.7g/t

Fulcrum MetalsAnnouncement

27/01/2026 07:00

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RNS Number : 4420Q  Fulcrum Metals PLC  27 January 2026

 

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

 

 

27 January 2026

 

 

Fulcrum Metals plc

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

 

Fulcrum reports an 8% increase in average gold equivalent grade to 0.7 g/t at
the Teck Hughes Tailings Project

 

Fulcrum Metals plc (AIM: FMET), a company pioneering the application of
innovative cyanide-free technologies to recover precious and critical metals
from mine waste, is pleased to report a notable 8% increase in gold-equivalent
grade ("AuEq") to 0.701 g/t Au across 94 of the 159 auger holes completed at
the Teck Hughes Tailings Project in Kirkland Lake, Ontario in Canada.

Highlights

 

·    Increase in average grades to 0.701 g/t AuEq from surface, based on: -

o  0.65 g/t gold ($4,700/ounce)

o  0.71 g/t silver ($90/ounce)

o  16.51 g/t gallium (CNY 1740/kg)

o  13.38 g/t tellurium (CNY 780/kg)

·    Best hole to date of 1.08g/t AuEq over 4.75 metres

·    Best drill intersection to date of 1.68 g/t AuEq over 0.8 metres

·    Deepest hole to date of 12.4 metres

·    0.701g/t AuEq average grade may be diluted by additional holes being
drilled to test the boundary contact of the tailings

 

Ryan Mee, Chief Executive Officer of Fulcrum, commented:

 

"We are encouraged by the 8% increase in the gold equivalent grade to over
0.7g/t at the Teck Hughes tailings project, especially with gold now above
US$4,900/oz. The increased grade, with the excellent Extrakt phase 3 test
preliminary leaching results released in December significantly enhance the
economic potential of the Teck Hughes tailings project.

 

Fulcrum Chairman Mitchell Smith and Andrew Kane (Principal of Kane Associates
Ltd) joined me in our recent visit to Canada and the US to meet our project
stakeholders and partners including Extrakt and its Alliance partners, to
ensure alignment of scope through 2026.

 

I look forward to updating shareholders through Q1 2026 on the completion of
the phase 3 test work with Extrakt, the full set of assay results for 159
auger drill holes, and the next steps to advance our tailings projects for
2026."

 

Assays update

The updated gold-equivalent grade incorporates gold, silver, tellurium and
gallium results from multi-element assays from the first 94 auger holes
previously announced on 15 October 2025. These results highlight the potential
co-product value uplift of the Teck Hughes tailings, reinforcing the project's
strategic importance within Fulcrum's mine-waste recovery portfolio.

Assay results for the remaining 65 auger holes should be received over the
next few weeks. Samples for all 159 holes are subjected to multi-element
ultra-trace 4 analysis, with additional metals assessed for potential recovery
as part of the ongoing Phase 3 metallurgical optimisation programme being
conducted in collaboration with Fulcrum's technology partner Extrakt Process
Solutions ("Extrakt"). This programme optimises leach recoveries of both
precious and critical metals.

 

The best five sample results were:

 

 Hole      Metre From  Metre To  Metres  Gold g/t CPA1-AU  Ga g/t           UT-4       Te g/t               UT-4         Ag g/t               UT-4         Au g/t              equiv*
 TH-185-7  4.00        5.00      1.00    1.533             16.400                      19.800                            1.330                             1.599
 TH-335-4  4.00        4.80      0.80    1.617             16.300                      19.800                            1.350                             1.683
 TH-335-4  4.80        5.40      0.60    1.400             16.500                      19.500                            1.270                             1.465
 TH-460-3  0.00        0.40      0.40    1.368             17.400                      14.900                            1.050                             1.427
 TH-510-3  1.00        1.45      0.45    1.413             16.400                      10.700                            0.990                             1.466

 

The best five drill intersection results were:

 

 Hole      Metre From  Metre To  Metres  Gold g/t CPA1-AU  Ga g/t           UT-4       Te g/t               UT-4         Ag g/t               UT-4         Au g/t             equiv*
 TH-110-6  0.00        7.90      7.90    0.849             17.217                      13.150                            0.807                             0.901
 TH-135-4  0.00        4.75      4.75    1.019             16.557                      14.839                            1.050                             1.076
 TH-185-7  0.00        5.90      5.90    1.012             16.973                      16.737                            0.964                             1.070
 TH-335-4  0.00        5.60      5.60    0.947             17.418                      15.538                            0.945                             1.004
 TH-560-9  0.00        2.70      2.70    0.942             18.220                      13.500                            1.247                             1.005

 

The deepest five holes were:

 

 Hole       Metre From  Metre To  Metres  Gold g/t CPA1-AU  Ga g/t           UT-4       Te g/t               UT-4         Ag g/t               UT-4         Au g/t              equiv*
 TH-410-5   0.00        11.10     11.10   0.720             15.079                      8.462                             0.621                             0.762
 TH-460-16  0.00        11.00     11.00   0.546             15.630                      14.615                            0.511                             0.592
 TH-460-3   0.00        11.90     11.90   0.675             14.707                      7.821                             0.627                             0.716
 TH-460-5   0.00        12.20     12.20   0.760             15.506                      9.297                             0.640                             0.804
 TH-510-3   0.00        11.90     11.90   0.862             14.143                      8.741                             0.688                             0.904
 TH-510-5   0.00        12.40     12.40   0.533             15.429                      9.336                             0.548                             0.575

 

*AuEq (g/t) is calculated as follows: (Au (g/t) + (Ga (g/t) x 0.161) + (Te
(g/t) x 0.072) + (Ag (g/t) x 1.915)

utilising metal prices of Au - US$4,700/oz, Ga - US$243.6/kg, Te -
US$109.2/kg, Ag - US$90/oz. The AuEq (g/t) calculations are based on
theoretical 100% metal recoveries and will need to be modified using up to
date metal recovery rates once metallurgical test work has been completed on
tailings samples.

 

 

Map of 94 auger holes and gold only grades

 

 

Teck Hughes characterisation programme overview

 

The auger drill programme provides detailed mineralogical data to support a
Mineral Resource Estimate ("MRE"), which will be the key step to advance the
Teck Hughes project towards production. Photon gold and ICP-MS Ultratrace 4
multi-element have been returned for 94 augur drill holes to date.
Incorporating gold, silver, tellurium and gallium only, the best gold
equivalent assay results are 1.68g/t AuEq over 0.8 metres, best hole results
of 1.08g/t AuEq over 4.75 metres from surface and the deepest hole measured is
12.4 metres. Final samples for the remaining 65 auger holes are at Actlab for
comparative Gold Fire Assay and ICP-MS Ultratrace 4 multi-element assay.
Following the completion of phase 3 testing with Extrakt, Fulcrum will review
any further potentially economically recoverable minerals.

 

Phase 3 testing is underway with Extrakt using their proprietary cyanide free
leach and solid-liquid separation TNS(TM) technologies to provide detailed
metallurgical data to process the tailings. This includes optimising and
upscaling resource recovery, maximising yield and process efficiency, tailings
dewatering and water and reagents recovery. In December 2025, the Company
reported preliminary results with gold and silver recoveries over 70%. Results
of the Phase 3 test work are expected before the end of Q1 2026.

 

These workstreams are undertaken in parallel and will provide the basis for a
MRE, a 43-101 technical report and a phase 4 PFS level economic assessment
with Extrakt.

 

 

Technical Glossary

 Ag                   Silver
 Au                   Gold

 AuEq                 Gold equivalent grade

 Ga                   Gallium
 g/t                  grams per metric tonne

 CPA-AU1              Gamma-ray analysis of sample for gold by Photon Assay instrument

 Fire Assay           An assay procedure involving heating the sample in a furnace to ensure
                      complete extraction of all the contained precious metal

 ICP Analysis         Inductively Coupled Plasma - an analytical technique that can be used to
                      measure elements at trace levels

 ICP-MS Ultratrace 4  Four acid near-total sample digestion followed by ICP-MS multi-element
                      analysis
 PFS                  Pre-Feasibility Study
 Te                   Tellurium

 

 

Qualified Person Statement

The technical information in this announcement has been reviewed by Edward
(Ed) Slowey, BSc, PGeo, technical advisor to Fulcrum Metals Plc. Mr Slowey is
a graduate geologist with more than 40 years' relevant experience in mineral
exploration and mining and a founder 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 activity
which has been 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 the announcement of the matters based on
their information in the form and context in which it appears.

 

FOR FURTHER INFORMATION

Visit: www.fulcrummetals.com (http://www.fulcrummetals.com)

Follow on X: @FulcrumMetals

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 current projects are the
tailing sites of the former Teck-Hughes and Sylvanite gold mines, located in
the Kirkland Lake region of 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 exclusive rights to use 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 a historical
production above 110Moz over the past 100 years, leaving more than 70
documented legacy mine waste sites, giving Fulcrum the opportunity to become a
significant, environmentally friendly, near-term gold producer.

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