REG - Fulcrum Metals PLC - Gallium identified at Fulcrum Projects

Fulcrum MetalsAnnouncement

22/04/2025 07:00

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RNS Number : 6122F  Fulcrum Metals PLC  22 April 2025

This announcement contains inside information for the purposes of Regulation
11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310

 

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

 

 

22 April 2025

 

 

Fulcrum Metals plc

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

 

Gallium identified at Teck-Hughes and Sylvanite Tailings Projects

 

Fulcrum Metals plc (AIM: FMET), a technology led company focused on the
recovery of precious metals from mine tailings in Canada, is pleased to
announce the identification of Gallium at the Company's Teck-Hughes and
Sylvanite gold tailings projects ("Teck-Hughes" and "Sylvanite") located in
the Kirkland Lake area of Ontario, Canada.

 

The presence of Gallium, in addition to Tellurium as previously reported in
the Company's announcement of 5 November 2024, has been identified in all
assays of the available 15 holes to date, which has the potential to
significantly increase the value of these two highly prospective projects and
position them as a sustainable domestic source of gold and critical minerals
for Canada.

 

Gallium and Tellurium are recognised by Canada as critical minerals that are
key to the global energy transition. In 2024, China accounted for
approximately 98% of Gallium and 76% of Tellurium production globally whilst
Canada has no domestic production of Gallium and production of Tellurium was
just 27 metric tons.

 

Highlights

·    Gallium averaging c.17g/t present in all available 15 holes based on
ICP analysis

·    Mineralisation from surface up to 7.32 metres depth with all holes
ending in mineralisation

·    Consistent Gallium grade range across and throughout all holes

·    The sites are mine waste material already crushed to fine particles
suitable for reprocessing

·    Further sampling and metallurgical work will be undertaken as part of
an optimisation phase of the proven Teck Hughes concept

·    Gallium and Tellurium are recognised as critical metals by Canada

·    As at 18(th) April 2025, Gallium is trading at c.US$246 per kg,
Tellurium trading at c.US$102 per kg
(https://www.dailymetalprice.com/metalprices.php)

·    Teck Hughes and Sylvanite with a combined estimate of c.10 million
tons of mine waste have the potential to become sustainably sourced multi
commodity assets with gold, silver, gallium and tellurium identified to date

 

Ryan Mee, Chief Executive Officer of Fulcrum, commented:

"This is potentially a significant development. Our tailings projects are
emerging as a sustainable source of gold and now critical minerals which play
a pivotal role in the global energy transition. Our focus remains on gold,
however the identification of critical minerals as potential additional
products at our tailings projects could deliver tangible value at a time of a
changing political landscape in which Canada and the West are looking to
reduce the reliance of supply from China.

"We will need to carry out more detailed sampling and metallurgical testing to
ascertain and evaluate the potential impact of these critical minerals and
others not yet assayed for, which will be factored into the next steps of
optimising and scaling the initial proven concept at Teck Hughes.

"Having historical tailings already at surface and crushed suitable for
reprocessing, combined with proven extraction technology, and the Ontario
government's streamlined mineral recovery framework to come into effect on 1
July 2025, provides a government backed pathway to producing sustainable
domestic gold and critical minerals for Canada."

Further information

 

The Teck Hughes phase 2 non-optimised study, announced by the Company on 12
March 2025, included design of a processing plant to achieve minimal waste and
deliver a process that concentrates gold and other commodities into a pregnant
solution for extraction. Based on gold only the study suggested a US$33m
NPV(7.5.) with a 2,000 ton per day capacity based on a 6-hour leach time over
a production profile of 9 years. The plant capability prompted a review of
commodities assayed to date. Historical assays of the mine waste at the
Teck-Hughes and Sylvanite tailings sites has been focused on gold, due to it
being mine waste from two significant former gold mines in Kirkland Lake. The
Company performed a wider basket of assays on some of the 2024 samples taken
to include some specialist minerals but not all critical or rare earth
commodities.

 

The results of these assays for Gallium and Tellurium are shown in tables 1
and 2.

 

Table 1 - Available assay results including Gallium and Tellurium for Teck
Hughes and Sylvanite projects.

 

 Sylvanite

 Hole Number     Meter from  Meter  to     Meters  Gold g/t FA/AA  Silver g/t ICP  Tellurium g/t ICP  Gallium g/t ICP
 BH08-110        0.00        4.88          4.88    0.48            1.13            14.50              17.00
 BH08-131        0.00        3.66          3.66    0.39            1.10            15.67              17.00
 BH08-17         0.00        4.88          4.88    0.50            1.03            12.50              16.25
 BH08-32         0.00        7.32          7.32    0.71            1.15            15.33              16.83
 BH08-46         0.00        6.10          6.10    0.54            1.06            13.40              17.00
 BH08-66         0.00        4.88          4.88    0.50            1.15            14.75              17.25
 BH08-87         0.00        4.88          4.88    0.46            1.18            16.75              17.75
 S.low Bas1      0.00        2.44          2.44    0.58            1.10            14.00              16.00
 S.low Bas2      0.00        2.44          2.44    0.56            1.00            13.00              17.00
 S.low Bas3      0.00        2.44          2.44    1.02            1.20            14.00              17.00
 S.low Bas4      0.00        2.44          2.44    0.56            1.10            10.00              16.00
 Average                                           0.56            1.11            14.26              16.89

 Teck Hughes

 Hole Number     Meter from  Meter  to     Meters  Gold g/t FA/AA  Silver g/t ICP  Tellurium g/t ICP  Gallium g/t ICP

 BHTH001 (C.E)   0.00        2.44          2.44    0.65            1.48            13.00              17.25
 BHTH0322 (N.E)  0.00        2.44          2.44    0.66            1.40            16.00              18.00
 BHTH0323 (C.N)  0.00        2.44          2.44    0.67            1.30            8.00               17.00
 BHTH0324 (C.N)  0.00        2.44          2.44    0.62            1.20            14.00              17.00
 Average                                           0.65            1.34            12.75              17.31

 

Table 2 - Sylvanite augur hole example of consistency of grade throughout,
ending in mineralisation.

 

 Hole Number  Meter from  Meter  to     Meters    Gold g/t FA/AA  Silver g/t ICP  Tellurium g/t ICP  Gallium g/t ICP
 BH08-32      0.00        1.22          1.22      0.61            1.20            17.00              18.00
 BH08-32      1.22        2.44          1.22      0.65            1.20            17.00              18.00
 BH08-32      2.44        3.66          1.22      0.70            1.10            15.00              17.00
 BH08-32      3.66        4.88          1.22      0.71            1.10            13.00              16.00
 BH08-32      4.88        6.10          1.22      0.81            1.20            15.00              16.00
 BH08-32      6.10        7.32          1.22      0.80            1.10            15.00              16.00
 BH08-32      7.32        8.53          hole collapse
                                                  0.71            1.15            15.33              16.83

 

Further information

 

Gallium

 

The United States Geological Survey (USGS) reports that in 2024, China
produced approximately 750 metric tons of Gallium, accounting for 98% of the
estimated 760 tons produced worldwide whilst Canada has no domestic production
of Gallium. (1)

 

Gallium is a metal element that does not exist freely in the Earth's crust,
and which is produced exclusively as a by-product during the processing of the
ores of other metals. Its main source material is bauxite (an aluminium ore),
but minor amounts are also extracted from zinc bearing minerals such as
sphalerite. Gallium compounds are used in the manufacture of semiconductor
wafers used in integrated circuits for defence applications, high-performance
computers, and telecommunications equipment, and optoelectronic devices, which
include laser diodes, light-emitting diodes (LEDs), photodetectors and solar
cells.(1, 2)

 

 

Tellurium

 

The United States Geological Survey (USGS) reports that in 2024, China
produced approximately 750 metric tons of tellurium, accounting for 76% of the
estimated 980 tons produced worldwide, whilst Canada produced just 27 metric
tons of Tellurium. (1)

 

Its extreme rarity in the Earth's crust is comparable to that of platinum
and mainly recovered as a by-product of processing of other ores such as
copper and lead. The primary use of Tellurium is for the production of solar
panels (40%) in the production of thin-film cadmium telluride (CdTe) solar
panels; the production of thermoelectric devices (30%): for power
generation, as a heat pump, or for cooling; as a metallurgical alloy
additive (15%): it improves the machinability of steel or copper alloys and
enhances the strength, hardness, and vibration resistance of lead alloys; and
for the vulcanization of rubber (15%): as a vulcanizing agent and
accelerator in rubber processing.(1, 3)

 

References

 

1: Gallium (p74-75), Tellurium (p178-179), Mineral Commodity Summaries 2024,
United States Geological Survey
(https://pubs.usgs.gov/periodicals/mcs2025/mcs2025.pdf
(https://pubs.usgs.gov/periodicals/mcs2025/mcs2025.pdf) )

2: Gallium, Wikipedia page ( https://en.wikipedia.org/wiki/Gallium
(https://en.wikipedia.org/wiki/Gallium)  )

3: Tellurium, Wikipedia page (https://en.wikipedia.org/wiki/Tellurium
(https://en.wikipedia.org/wiki/Tellurium) )

 

 

Teck-Hughes Gold Tailings Project

 

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

 

 

Sylvanite Gold Mine Tailings Project

 

The Sylvanite Gold tailings project is the mine waste generated by an
ex-producing mine strategically located 3km from Teck-Hughes gold tailings
project. The fourth 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 4.52 million tons (4.14 million tonnes) grading 0.015
oz/ton Au (0.47g/t Au) containing 67,051 ounces of gold*.

 

 

*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.

 

Technical Glossary

 Au            Gold
 g/t           grams per metric tonne
 ICP analysis  Inductively Coupled Plasma - an analytical technique that can be used to
               measure elements at trace levels

 NPV(7.5)      Estimated net present value using a discount rate of 7.5%

 

 

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 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 / 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").  The Company's initial projects are the mine
waste sites of former significant producing Teck-Hughes and Sylvanite gold
mines in Kirkland Lake, Ontario. The Company also has interests in a portfolio
of highly prospective mineral exploration and development projects in Ontario
and Saskatchewan in 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.

 

 

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