REG - Fulcrum Metals PLC - Change of Board Roles

Fulcrum MetalsAnnouncement

03/02/2025 07:15

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RNS Number : 6130V  Fulcrum Metals PLC  03 February 2025

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

 

 

3 February 2025

 

 

Fulcrum Metals plc

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

 

Change of Board Roles

 

Fulcrum Metals plc (LON: FMET), a technology led company focused on recovery
of precious metals from mine tailings in Canada, announces the appointments of
Mitchell Smith, currently a Non-Executive Director of the Company, as
Independent Non-Executive Chairman and Alan Mooney, currently Interim
Non-Executive Chairman, as Independent Non-Executive Director, both
effectively immediately. These changes result in Alan Mooney returning to the
role he originally assumed in January 2023.

 

Ryan Mee, Chief Executive Office of Fulcrum, commented:

"Fulcrum has evolved from a pure exploration company to a technology led
business focused on the processing of mine tailings initially at the
Teck-Hughes and Sylvanite sites.  The restructuring of the Board,
particularly the appointment of Mitchell as Non-Executive Chairman, aligns
with and supports our geographical focus on Canada, where he is based.  His
extensive network, board experience both in Canada and the UK make him an
ideal candidate for the role.

"I would also like to take this opportunity to thank Alan for taking on the
role of Interim Chairman, and I am delighted that he has agreed to remain on
the Board as a Non-Executive Director."

The changes follow the Company's previous announcements, most recently on 13
September 2024, regarding the identification of a potential new Non-Executive
Chairman, and the due diligence process being underway. During this process,
considering both the progress Fulcrum has made operationally and the Company's
strategic objectives, it was decided that greater involvement from Mitchell,
considering his specific skill set and regional expertise, would best support
the advancement of its tailings projects in Canada and help it achieve key
growth milestones. This announcement reflects that decision.

 

For further information please visit https://fulcrummetals.com/
(https://fulcrummetals.com/) or contact:

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

 Allenby Capital Limited (Nominated adviser)
 Nick Athanas / George Payne                  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

 

FULCRUM METALS - BACKGROUND

 

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 initial projects are at the
former Teck-Hughes and Sylvanite 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 is in advanced discussions with Extrakt to acquire exclusive licenced
use of their proven leaching 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 history of over 110Moz Au produced over the past 100
years and more than 70 documented legacy mine waste sites. This presents
Fulcrum with opportunity to develop into a significant environmentally
friendly gold producing entity in the near term.

 

Teck-Hughes Gold Tailings Project

 

Located in Kirkland Lake, Ontario, Canada, the Teck-Hughes gold tailings
project on mine waste from an historic gold mine which milled circa 9.6
million tonnes of ore and produced circa 3.7 million ounces of gold between
1917 and 1968 and the third largest producing mine in the Kirkland Lake gold
camp. Historic sampling and auger drilling campaigns were conducted at the
Project in 1980 and most recently between 2018 and 2022 that produced a
non-complaint resource estimate totalling 6,531,300 tonnes of tailings
material at 0.66g/t Au for 138,460 ounces contained Au*.

 

Initial Batch leach testing using the Extrakt non-cyanide Leach Technology
achieved gold recovery rates of up to 59.4% in leach times of less as 3 hours
on a non-optimised basis.

 

Sylvanite Gold Mine Tailings Project

 

The Sylvanite Gold tailings project is the mine waste at a former producing
mine located 3km from the Teck-Hughes project. The fifth largest producing
mine in the Kirkland Lake gold camp, the mine milled 4.58 million tonnes of
ore and produced 1.67 million ounces of gold between 1927 and 1961. A 1986
report, filed on the property, estimated a tailings resource of 4.14 million
tonnes grading 0.47g/t Au containing 67,051 ounces of gold*.

 

Initial Batch leach testing using Extrakt non-cyanide Leach Technology
produced significant results with gold recovery of 49% over leach times as
little as 3 hours. This demonstrates an exceptional increase in gold recovery
(>60%) and reduction of leach times (<90%) compared to previous best
cyanide based leaching recoveries of 30% over 48 hours.

 

Exploration and Development Portfolio

 

Fulcrum owns a portfolio of highly prospective exploration assets in Ontario
to either develop or seek disposal/partner opportunities. These include the
Big Bear Gold project in the Schreiber-Hemlo Greenstone Belt with multiple
drill targets and multiple samples of over 10g/t Au and the Tully Gold project
in Timmins with a 43-101 compliant resource of 107k ounces Au that is drill
ready and permitted for expansion. In addition Fulcrum holds a carrying
interest in a portfolio of Uranium projects in Saskatchewan, Canada (see RNS
30 July 2024) that it optioned out to Terra Balcanica Resources (CSE:TERA).

 

*The historic non-compliant resource estimates cited in this release have not
been verified by Fulcrum and the tailings bodies require detailed follow-up
sampling along with appropriate QAQC and estimation by an independent
qualified resource geologist for Fulcrum to be able to report resources
compliant with established resource codes.

 

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