REG - Fulcrum Metals PLC - Fulcrum Closes Sale of Tully Gold Project

Fulcrum MetalsAnnouncement

06/10/2025 07:00

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RNS Number : 1627C  Fulcrum Metals PLC  06 October 2025

 

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

 

 

6 October 2025

 

 

Fulcrum Metals plc

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

 

Fulcrum Closes Sale of Tully Gold Project

 

Further to the Company's announcements of 9 April 2025 and 8 July 2025,
Fulcrum Metals plc (AIM: FMET), through its subsidiary, Fulcrum Metals
(Canada) Ltd., is pleased to announce that it has closed the sale of the Tully
Gold Project to Loyalist Exploration Limited ("Loyalist") pursuant to a
property purchase agreement between Fulcrum and Loyalist (the "Agreement").

 

Under the terms of the Agreement, Fulcrum has been issued with 78,700,000
common shares of Loyalist (the "Consideration Shares"), cash consideration of
CAD$500,000, and a 2.0% net smelter return royalty on the Tully Gold Project.

 

The Consideration Shares were issued concurrently with the non-brokered
private placement by Loyalist of units at a price of $0.02 per unit consisting
of one common shares of Loyalist (each, a "Common Share" or "Loyalist Shares")
and one Common Share purchase warrant. Assuming a deemed issue price of $0.02
per Common Share, the Consideration Shares issued to Fulcrum would have an
aggregate value of CAD$1,574,000, representing approximately 19.99% of the
current issued and outstanding Loyalist Shares on a non-diluted basis.

 

Fulcrum will receive further consideration under the Agreement as follows:

 

(i)         up to an aggregate of CAD$150,000 in cash based on certain
milestones;

(ii)        an additional 272,740 Loyalist Shares in the event Loyalist
completes a second tranche to its current financing of CAD$47,000 on or before
17(th) October 2025;

(iii)       an additional 15,000,000 Loyalist Shares (or cash in lieu
thereof) upon filing of a technical report on the Tully Gold Project where a
gold resource is re-evaluated (or restated) to a NI 43-101 standard exceeding
200,000 ounces; and

(iv)       an additional 15,000,000 Loyalist Shares (or cash in lieu
thereof) upon the announcement of a decision to mine on the Tully Gold
Project.

 

Notwithstanding the above potential considerations, no additional Loyalist
Shares will be issued to Fulcrum if the issuance would result in Fulcrum
beneficially, directly or indirectly owning, controlling or exercising
direction over 20% or more of the voting rights of Loyalist, unless Loyalist
has first obtained the requisite regulatory approvals, including shareholder
approval for the approval of a new control person and approval of the Canadian
Securities Exchange.

 

Prior to this transaction, Fulcrum did not own or control, directly or
indirectly, any Loyalist Shares or securities convertible into Loyalist
Shares. Immediately following the acquisition of the Consideration Shares,
Fulcrum owns and controls approximately 19.99% of the current issued and
outstanding Loyalist Shares on a non-diluted basis. If the milestone payments
were payable and additional Loyalist Shares were issued, in full, to Fulcrum,
Fulcrum would hold an additional 30,272,740 Loyalist Shares, which, if issued
today, would result in Fulcrum owning approximately 26.1% of the current
issued and outstanding Loyalist Shares on a non-diluted basis.

 

Cash generated by Fulcrum from the sale of Tully will be used to advance
Fulcrum's two tailings' projects in the Kirkland Lake region of Ontario.

The Consideration Shares are subject to a hold period expiring four months and
one day after the date of issuance of the securities. Completion of the
Agreement is subject to the receipt of all required regulatory approvals,
including the approval of the Canadian Securities Exchange.

Commenting on the sale, Ryan Mee, CEO of Fulcrum said:

 

"We are pleased to close the Tully transaction and to support Loyalist
Exploration in advancing their exploration portfolio going forward. The funds
received will help us execute our strategy as a technology-led company focused
on recovering precious and critical metals from mine waste tailings in
Kirkland Lake.

 

"Tully is a highly prospective gold project, and we are confident that
Loyalist's strong technical team will take Tully to a higher level. This
belief is reflected in our significant equity position in Loyalist and in our
decision to retain exposure to Tully through a royalty."

To obtain a copy of the early warning report filed by Fulcrum under applicable
Canadian securities laws in connection with the transactions hereunder, please
see Loyalist's profile on the SEDAR+ website: www.sedarplus.ca.
(http://www.sedarplus.ca)    A copy of Loyalist's announcement is available
on its website: https://loyalistexploration.com/news
(https://loyalistexploration.com/news) .

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 / Daniel Dearden-Williams       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").  Fulcrum's initial projects are the tailing
sites of the former Teck-Hughes and Sylvanite gold mines in the Kirkland Lake
mining camp 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 an exclusive licence to use Extrakt's proven leaching technology
on gold mine waste sites in the Timmins and Kirkland Lake mining camps of
Ontario. These two of Canada's biggest gold camps with a historical production
above 110Moz over the past 100 years, leaving and more than 70 documented
legacy mine waste sites. Fulcrum thus has with opportunity to become a
significant, environmentally friendly, near term gold producer.

 

About Loyalist Exploration Limited

 

Loyalist Exploration Limited is a mineral exploration company concentrating on
acquiring, exploring, and developing quality mineral properties in Canada. The
Company is focused on the Loveland nickel/copper/gold property and the
recently announced Gold Rush gold/silver property, both located in the
Timmins, Ontario mining district.

 

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