REG - Fulcrum Metals PLC - Interim Results
30/09/2025 07:00
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RNS Number : 2872B Fulcrum Metals PLC 30 September 2025
Fulcrum Metals plc / EPIC: FMET / Market: AIM / Sector: Mining
30 September 2025
Fulcrum Metals plc
("Fulcrum" or the "Company" or the "Group")
Unaudited interim results for the six months to 30 June 2025
Fulcrum Metals plc (LON: FMET), a company pioneering the use of innovative
technology to recover precious and critical metals from mine waste, announces
its unaudited consolidated interim results for the six months to 30 June 2025.
Operational Highlights:
· March 2025: Published results of Phase 2 high-level conceptual
study at Teck-Hughes Gold Tailings Project in Ontario:
o NPV7.5 of US$33m and IRR of 21.4% based on a 9-year operational life.
o c.3-year payback from production.
o Initial study based on US$2,899 gold price, 2,000 tonnes per day, 59.4%
recovery and 6-hour leach time.
o Recovery rates could reach 70%+ with further optimisation.
o Sensitivity analysis showed that a 25% increase in either the gold price
to US$3,624 or recovery rates to 74% would:
§ Increase NPV7.5 to US$75.5 million pre-tax
§ Increase IRR to 37.7%; and
§ Reduce payback period to less than 2 years from production.
· April 2025: Signed letter of intent ("LOI") with Loyalist
Exploration Limited ("Loyalist") for the sale of 100% interest in the Tully
Gold Project. Terms include a CA$500,000 cash payment on completion and
89,255,000 common shares in Loyalist, based on and subject to adjustment on
the completion of Loyalist's financing from the date of the LOI, to represent
a 19.9% equity interest.
· April 2025: Presence of gallium identified at Teck-Hughes and
Sylvanite tailings projects. Gallium and tellurium are both recognised by
Canada as critical minerals vital to the global energy transition and
Fulcrum's projects offer a potential Canadian domestic source of these
critically important elements.
May 2025: Signed Exclusivity Agreement with Extrakt covering legacy gold mine
waste sites in Timmins and Kirkland Lake. Extrakt's non-cyanide processing
technology has already delivered significantly improved recovery rates at
Teck-Hughes, with gold recoveries of up to 59.4% and leaching times reduced by
60%.
Corporate:
· February 2025: Mitchell Smith appointed as Independent
Non-Executive Chairman.
· April 2025: Panther Metals' 12.33% shareholding (7,625,122
shares) in Fulcrum acquired by certain existing shareholders, demonstrating
continued strong shareholder conviction in Fulcrum's management and strategy.
· May 2025: Directors participated in a subscription raising
£140,000, underlining their confidence in Fulcrum's growth trajectory.
June 2025: Collaborative working agreement signed with Apitipi Anicinapek
Nation first nations group with respect to the Teck Hughes and Sylvanite
tailings projects.
Financial Highlights:
· For the six months to 30 June 2025 ("H1 2025") the Company
reported a pre-tax loss of £375,019 (the six months to 30 June 2024 ("H1
2024"): pre-tax loss of £514,654).
· The Company's cash balance as at 30 June 2025 was £38,778 (H1
2024: £113,582).
· Basic loss per share of 0.006p (H1 2024: loss of 0.010p per
share).
· The Company generated no revenue during the period.
Post-Period:
· July 2025: Closing date for Loyalist LOI on sale of Tully Gold
Project was originally extended to 30 September 2025. Due to 30 September 2025
being a national holiday in Canada, the financial close is now expected on or
around 2 October 2025.
· July 2025: Canadian listed Terra Balcanica Resources Corp.
("Terra") (CNSX:TERA) exercised the First Year Option to acquire Saskatchewan
Uranium Projects for consideration of C$50,000 in cash and 3,804,347 Terra
common shares to the value of C$350,000. With this Fulcrum now own 5,801,498
Terra common shares,
· July 2025: Successful placing and subscription raised £1.29
million, including £175,000 strategic investment by Metals One PLC,
highlighting growing interest in Fulcrum's pioneering approach to tailings
remediation and resource recovery in Canada.
· August 2025: Fulcrum removed all debt from the Company's balance
sheet with the amendment and conversion to equity of the outstanding £430,000
Convertible Loan Notes.
· September 2025: Significant Augur drilling program commenced at
Teck Hughes with initial gold assay results of up to 1.2 grams per tonne.
· September 2025: Phase 3 detailed metallurgical work program
commenced with Extrakt at Teck Hughes to scale up and optimise the recovery
process.
· September 2025: Appointment of AP Kane & Associates Ltd as
consultants to provide specialist support in advancing the Teck Hughes
project, address complementary opportunities at the nearby Sylvanite project
and cross sector growth opportunities.
Ryan Mee, Chief Executive Officer of Fulcrum, commented: "The first half of
2025 has been a period of considerable progress and setting the foundation for
a pivotal second half of 2025 going into 2026 for Fulcrum as we advance our
tailings strategy and unlock value from our projects. Securing an exclusivity
agreement with Extrakt during the period was a significant and
transformational milestone that gives us access to their innovative,
non-cyanide processing technology across our tailings projects in Kirkland
Lake. This agreement provides a unique platform to progress our tailings
projects towards production, with early test work at Teck-Hughes delivering
strong recovery rates and clear potential for further optimisation.
"Alongside this, the results from our Phase 2 study at Teck-Hughes
demonstrated compelling project returns, while the proposed divestment of
Tully, the strengthening of our shareholder base, and the identification of
critical minerals such as gallium in our tailings underline the progress we
are making and the opportunities that lie ahead of us. With a strong start to
the second half of 2025 meeting crucial milestones, and growing industry and
investor interest in our pioneering approach, Fulcrum is positioned at the
forefront of sustainable tailings reprocessing in Canada and has a clear
pathway towards long-term value creation for our shareholders."
Chairman's Statement
I am pleased to present our interim results for the six months ended 30 June
2025, a period in which Fulcrum has made significant progress in advancing its
tailings strategy in Canada.
During the first half of the year, we took decisive steps to position Fulcrum
as a leader in sustainable resource recovery. The signing of an exclusivity
agreement with Extrakt marked a transformational development for the Company,
providing Fulcrum with unique access to an environmentally superior,
non-cyanide processing technology across the historic Timmins and Kirkland
Lake gold camps. This agreement, together with our streamlined portfolio and
strengthened shareholder base, underpins our ambition to become a leading
innovator in tailings remediation and resource recovery.
Our tailings portfolio is further enhanced by the identification of critical
minerals such as gallium and tellurium; materials central to the energy
transition and currently dominated by Chinese supply. With no primary domestic
gallium production and limited tellurium output in Canada, Fulcrum has the
potential to contribute meaningfully to a secure North American supply chain.
We also deepened our relationships with local stakeholders. In June we signed
a collaborative working agreement with the Apitipi Anicinapek Nation for our
Teck-Hughes and Sylvanite tailings projects. Building trusted partnerships
with First Nations groups and host communities is essential to our long-term
success.
Environmental and social benefits remain at the heart of our strategy.
Tailings management is a major challenge for the mining industry, with legacy
liabilities in Canada alone estimated at over CA$10 billion. By deploying
innovative, non-toxic technology to recover metals from mine waste, Fulcrum
seeks to unlock commercial value while remediating historically impacted sites
- a dual focus that continues to resonate strongly with industry partners,
investors and local stakeholders.
Looking ahead, Fulcrum is well positioned to accelerate the development of its
tailings projects, unlock the potential of critical minerals, and leverage our
unique technology partnership with Extrakt. Encouragingly, Fulcrum has seen a
broadening of its share register with several new shareholders following
completion of the recent fundraising including Metals One plc. With a strong
financial base, a streamlined portfolio and community partnerships, we have a
clear pathway to long-term value creation.
On behalf of the Board, I thank our management team, shareholders, partners
and local stakeholders for their continued support as we progress towards
becoming a leader in sustainable resource recovery.
Mitchell Smith
Independent Non-Executive Chairman
CEO Statement
Operational
· Extrakt Exclusivity Agreement: A major milestone in the period
was the signing of an Exclusivity Agreement with Extrakt covering the Timmins
and Kirkland Lake gold camps. This agreement secures Fulcrum's access to
Extrakt's non-cyanide technology. Exclusivity provides a unique competitive
advantage in two of the most prolific gold camps in Canada and has enabled the
Company to accelerate its work at both Teck-Hughes and Sylvanite. Early test
work at Teck-Hughes has confirmed superior recoveries and substantially
reduced leach times, and further optimisation is planned.
· Teck-Hughes: Fulcrum completed Phase 2 of the high-level
conceptual study at the Teck-Hughes gold tailings project, confirming the
strong economics of our approach. The study returned a pre-tax NPV of US$33
million, an IRR of 21.4% and a payback period of around three years based on a
9-year operational life. These results were based on a gold price of US$2,899
and non-optimised leach recovery of 59.4%, with clear potential to increase
recoveries to over 70% through further test work and process refinement.
Sensitivity analysis showed a 25% increase in either the spot gold price or
recovery rates could raise the NPV to US$75.5 million and IRR to 37.7%,
reducing the payback to less than two years.
· Big Bear: Our Big Bear project continues to offer significant
long-term exploration potential. Whilst not a near-term priority, this
project, along with our residual equity stakes and non-core holdings in other
exploration projects, provides optionality for future discovery, joint
ventures or value realisation as appropriate.
Strategic Highlights:
· Critical minerals discovery: Initial assays at both Teck-Hughes
and Sylvanite confirmed the presence of gallium and tellurium, both identified
by Canada as critical to the energy transition. With China currently
dominating global production of these minerals, Fulcrum's projects could
represent an important domestic source and provide additional upside beyond
gold recovery.
· Portfolio management: We also took decisive steps to streamline
our portfolio. The agreement to sell our interest in the Tully Gold Project to
Loyalist Exploration, allows us to focus resources on tailings development
while retaining a 19.9% equity interest in Loyalist, ensuring Fulcrum and its
shareholders remain positioned to benefit from future success at Tully.
· Stakeholder engagement: During the period we signed a
collaborative working agreement with the Apitipi Anicinapek Nation with
respect to the Teck-Hughes and Sylvanite tailings projects. Building such
partnerships is fundamental to our ESG approach and enhances our ability to
advance projects responsibly.
· Sustainability focus: Our strategy remains underpinned by
sustainability. By applying Extrakt's non-toxic processing technology, we are
demonstrating how legacy mine waste can be transformed into a valuable
resource while delivering environmental remediation and positive outcomes for
local communities. This alignment of commercial and ESG objectives is central
to Fulcrum's positioning as a responsible and innovative resource company.
Financing
Our shareholder base strengthened during the period, with Panther Metals'
12.3% stake in Fulcrum being placed out to certain existing shareholders,
whilst Directors also participated in a subscription for new shares raising
£140,000. Post-period, on 22 July 2025, we completed a successful fundraising
of £1.29 million, including a £175,000 strategic investment from Metals One
plc, converted £430,000 of Convertible Loan Notes into equity and saw Terra
Balcanica exercise its first-year option over our Saskatchewan Uranium
Projects. These steps simplified our balance sheet, strengthened our financial
position and provided funding to advance our projects through the next phase
of development and optimisation.
Outlook
Looking ahead, in the second half of 2025 we are focussed on accelerating
development of our tailings projects, progressing further test work to scale
up and optimise recoveries, and advancing our community partnerships. With
exclusive access to Extrakt's technology in two of Canada's most prolific gold
camps, strong project economics, critical mineral upside and a solid financial
base, Fulcrum is well placed to become a revenue-generating business
delivering long-term value for shareholders.
I would like to thank our shareholders for their continued support and
commitment to Fulcrum as we work to deliver on this strategy.
Ryan Mee
Chief Executive Officer
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) +44 (0) 203 328 5656
Nick Athanas / Dan Dearden-Williams
Clear Capital Markets Limited (Broker) +44 (0) 203 869 6081
Bob Roberts
St Brides Partners Ltd (Financial PR)
Ana Ribeiro / Paul Dulieu +44 (0) 207 236 1177
UNAUDITED INTERIM FINANCIAL INFORMATION ON
FULCRUM METALS PLC
Consolidated Statement of Comprehensive Income
for the six months ended 30 June 2025
Unaudited Unaudited Audited
Notes 6 months ended 6 months ended Year
ended
30 June '25 30 June '24 31 Dec '24
£ £ £
Administrative expenses (331,565) (469,730) (809,469)
Impairment of Exploration & Evaluation Assets - - (257,877)
Operating Loss (331,565) (469,730) (1,067,346)
Finance Cost (43,454) (44,924) (86,115)
Loss before taxation (375,019) (514,654) (1,153,461)
Taxation - - -
Loss for the financial period (375,019) (514,654) (1,153,461)
Other comprehensive income/(loss):
Items that may be reclassified subsequently (101,673) 2,681 (255,796)
Fair value gain/(loss) on financial investments 29,056 - (62,349)
(72,617) 2,681 (318,145)
Total comprehensive loss for the financial period (447,636) (511,973) (1,471,606)
Earnings per share
Basic and diluted loss per share 11 (0.006) (0.010) (0.022)
Consolidated Statement of Financial Position
as at 30 June 2025
Unaudited Unaudited Audited
Notes 30 June '25 30 June '24 31 Dec '24
Assets £ £ £
Non-current assets
Exploration & evaluation assets 2 3,546,303 4,035,126 3,401,715
Property, plant and equipment 292 760 504
Financial investments 3 106,606 - 77,550
Assets held for sale 4 232,087 - 214,097
3,885,288 4,035,886 3,693,866
Current assets
Trade and other receivables 54,351 44,435 70,082
Cash and cash equivalents 5 38,778 113,582 340,517
93,129 158,017 410,599
Current liabilities
Trade and other payables 6 (365,220) (103,600) (140,353)
Convertible loan notes 7 (648,949) - (605,495)
(1,014,169) (103,600) (745,848)
Net current assets (921,040) 54,417 (335,249)
Total assets less current liabilities 2,964,248 4,090,303 3,358,617
Non-current liabilities
Convertible loan notes 7 - (564,303) -
Deferred consideration 8 (165,734) (357,002) (252,467)
(165,734) (921,305) (252,467)
Net assets 2,798,514 3,168,998 3,106,150
Equity & Liabilities
Shareholders' Equity
Called up share capital 9 646,259 499,609 618,259
Share premium account 9 6,257,651 5,367,516 6,145,651
Share option reserve 10 159,361 288,122 288,122
Other reserves (134,678) (134,678) (134,678)
Foreign exchange translation reserve (374,152) (14,002) (272,479)
Financial assets at FVOCI reserve (33,293) - (62,349)
Retained earnings (3,722,634) (2,837,569) (3,476,376)
Total Equity 2,798,514 3,168,998 3,106,150
Consolidated Statement of Cash flows
for the six months ended 30 June 2025
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
30 June '25 30 June '24 31 Dec '24
£ £ £
Cash flows from operating activities
Loss for the period (375,019) (514,654) (1,153,461)
Adjustments for:
Depreciation 252 256 504
Impairment - - 257,877
Finance expense 43,454 44,924 86,115
Currency Translation 5,447 115,979 (54,292)
Decrease/(increase) in trade and other receivables 15,731 (1,487) (27,134)
Increase/ (decrease) in trade and other payables 138,134 (4,271) (6,605)
Net cash used in operating activities (172,001) (359,253) (896,996)
Cash flows from investing activities
Acquisition of intangible exploration assets (269,973) (168,107) (396,701)
Proceeds from option agreement - 14,424 13,868
Net cash used in investing activities (269,973) (153,683) (382,833)
Cash flows from financing activities
Proceeds on the issue of share capital 140,000 - 947,998
Net cash from financing activities 140,000 - 947,998
Net decrease in cash and cash equivalents (301,974) (512,936) (331,831)
Cash and cash equivalents at start of period 340,517 620,924 620,924
Exchange losses on cash and cash equivalents 235 5,594 51,424
Cash and cash equivalents at end of period 38,778 113,582 340,517
Consolidated Statement of Changes in Equity
for the six months ended 30 June 2025
Share Capital Share Premium Share Option Reserves Financial Other Reserves Foreign exchange translation Reserve Retained Earnings Total Equity
assets at
FVOCI
Reserve
Unaudited £ £ £ £ £ £ £ £
Balance at 1 Jan 2024 499,609 5,367,516 288,122 - (134,678) (16,683) (2,322,915) 3,680,971
Loss for the financial period - - - - - - (514,654) (514,654)
Items that may be reclassified subsequently - - - - - 2,681 - 2,681
Total comprehensive loss for the period - - - - - 2,681 (514,654) (511,973)
Balance at 30 June 2024 (unaudited) 499,609 5,367,516 288,122 - (134,678) (14,002) (2,837,569) 3,168,998
Audited
Balance at 1 January 2024 499,609 5,367,516 288,122 - (134,678) (16,683) (2,322,915) 3,680,971
Loss for the financial year - - - - - - (1,153,461) (1,153,461)
Items that may be reclassified subsequently - - - - - (255,796) -` (255,796)
FV gain/ (loss) on financial Investments - - - (62,349) - - (62,349)
Total comprehensive loss for the year - - - (62,349) - (255,796) (1,153,461) (1,471,606)
Transactions with owners
Issue of new shares 118,650 829,348 - - - - - 947,998
Cost of shares issued - (51,213) - - - - - (51,213)
Total transactions with owners 118,650 778,135 - - - - - 896,785
Balance at 31 December 2024 618,259 6,145,651 288,122 (62,349) (134,678) (272,479) (3,476,376) 3,106,150
Unaudited
Balance at 1 Jan 2025 618,259 6,145,651 288,122 (62,349) (134,678) (272,479) (3,476,376) 3,106,150
Loss for the period - - - - - - (375,019) (375,019)
Items that may be reclassified subsequently - - - - - (101,673) - (101,673)
FV gain/ (loss) on financial Investments - - - 29,056 - - - 29,056
Total comprehensive loss for the period - - - 29,056 - (101,673) (375,019) (447,636)
Transactions with owners
Issue of new shares 28,000 112,000 - - - - - 140,000
Expiration of Warrants - - (128,761) - - - 128,761 -
Total transactions with owners 28,000 112,000 (128,761) 128,761 140,000
Balance at 30 June 2025 (unaudited) 646,259 6,257,651 159,361 (33,293) (134,678) (374,152) (3,722,634) 2,798,514
Other Reserves
Other reserve represents all other reserve balances, including the equity
component of the Convertible loan notes issued by the Group (see note 7), and
the Merger Reserve which represents the difference between the nominal value
of consideration paid for shares acquired in entities under common control and
the nominal value of those shares.
Notes to the interim financial information
for the six months ended 30 June 2025
1. Presentation of accounts and accounting policies
(a) Reporting Entity
Fulcrum Metals Plc (the "Company") and its subsidiaries (together, the
"Group") has a portfolio of highly prospective assets at different stages of
development but it's strategic focus is on the reprocessing of tailings (mine
waste) at its Teck-Hughes and Sylvanite gold tailings projects, located in
Kirkland Lake, Ontario, Canada.
The Company is a public limited company, incorporated, domiciled, and
registered in England and Wales. The registered number is 14409193. The
company's registered office and principal place of business is Unit 58,
Basepoint Business Centre Isidore Road, Bromsgrove Enterprise Park,
Bromsgrove, Worcestershire, B60 3ET, England.
(b) Basis of preparation
The interim financial statements of Fulcrum Metals Plc are unaudited
consolidated financial statements for the six months ended 30 June 2025 which
have been prepared in accordance with UK adopted international accounting
standards. They include unaudited comparatives for the six months ended 30
June 2024 together with audited comparatives for the year ended 31 December
2024.
The condensed interim financial information has been prepared in accordance
with the requirements of IAS 34 "Interim Financial Reporting".
The interim financial information does not include all notes of the type
normally included in the annual financial report and therefore cannot be
expected to provide as full an understanding of the financial performance,
financial position and financing and investing activities of the group as the
full financial report.
The interim financial statements do not constitute statutory accounts within
the meaning of section 434 of the Companies Act 2006. The statutory accounts
for the year ended 31 December 2024 have been reported on by the company's
auditors and have been filed with the Registrar of Companies. The report of
the auditors is unqualified and contained a material uncertainty relating to
going concern. Aside from the material uncertainty relating to going concern
paragraph above, the auditor's report did not contain any statement under
section 498 of the Companies Act 2006.
The interim consolidated financial statements for the six months ended 30 June
2025 have been prepared on the basis of accounting policies expected to be
adopted for the year ended 31 December 2025. These are anticipated to be
consistent with those set out in the Group's latest financial statements for
the year ended 31 December 2024. These accounting policies are drawn up in
accordance with adopted International Accounting Standards ("IAS") and
International Financial Reporting Standards ("IFRS") as issued by the
International Accounting Standards Board.
(c) Basis of consolidation
The consolidated interim financial information includes the results of Fulcrum
Metals plc and its subsidiary undertakings.
The financial statements of all group companies are adjusted, where necessary,
to ensure the use of consistent accounting policies. All intra-group
transactions, balances, income and expenses are eliminated in full on
consolidation.
(d) Significant accounting policies
The Group has presented below key extracts of its accounting policies.
(e) Intangible Assets
Exploration and evaluation assets
The Group recognises expenditure as exploration and evaluation assets when it
determines that those assets will be successful in finding specific mineral
resources. Expenditure included in the initial measurement of exploration and
evaluation assets and which are classified as intangible assets, relate to the
acquisition of rights to explore, topographical, geological, geochemical and
geophysical studies, exploratory drilling, trenching, sampling and activities
to evaluate the technical feasibility and commercial viability of extracting a
mineral resource. Capitalisation of pre-production expenditure ceases when the
mining property is capable of commercial production.
Exploration and evaluation assets are recorded and held at cost. Exploration
and evaluation assets are assessed for impairment annually or when facts and
circumstances suggest that the carrying amount of an asset may exceed its
recoverable amount. The assessment is carried out by allocating exploration
and evaluation assets to cash generating units, which are based on specific
projects or geographical areas. IFRS 6 permits impairments of exploration and
evaluation expenditure to be reversed should the conditions which led to the
impairment improve. The Group continually monitors the position of the
projects capitalised and impaired.
Whenever the exploration for and evaluation of mineral resources in cash
generating units does not lead to the discovery of commercially viable
quantities of mineral resources and the Group has decided to discontinue such
activities of that unit, the associated expenditures are written off to the
Income Statement.
Impairment
Exploration and evaluation assets are reviewed regularly for indicators of
impairment and costs are written off where circumstances indicate that the
carrying value might not be recoverable. In such circumstances, the
exploration and evaluation asset is allocated to development and production
assets within the same cash generating unit and tested for impairment. Any
such impairment arising is recognised in the income statement for the period.
Where there are no development and production assets, the impaired costs of
exploration and evaluation are charged immediately to the income statement.
(f) Judgements and key sources of estimation uncertainty
The preparation of the Group Financial Statements in conformity with IFRSs
requires Management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amount of
expenses during the year. Actual results may vary from the estimates used to
produce these Financial Statements.
Estimates and judgements are continually evaluated and are based on historical
experience and other factors, including expectations of future events that are
believed to be reasonable under the circumstances.
Significant items subject to such estimates and assumptions include, but are
not limited to:
Impairment of exploration and evaluation costs
Exploration and evaluation costs have a carrying value at 30 June 2025 of
£3,546,303 (30 June 2024: £4,035,126; 31 December 2024: £3,401,715). The
Group has a right to renew exploration permits and the asset is only
depreciated once the extraction of the resource commences. Management tests
annually whether exploration projects have future economic value in accordance
with the Intangible Assets accounting policy stated in Note (e). Each
exploration project is subject to an annual review by either a consultant or
senior company geologist to determine if the exploration results returned
during the year warrant further exploration expenditure and have the potential
to result in an economic discovery. This review takes into consideration the
expected costs of extraction, long term metal prices, anticipated resource
volumes and supply and demand outlook. In the event that a project does not
represent an economic exploration target and results indicate there is no
additional upside, a decision will be made to discontinue exploration. The
Directors concluded that no impairment charge was required as of 30 June 2025.
2. Exploration & Evaluation Assets
Intangible assets comprise acquisition, exploration and evaluation costs.
Exploration and evaluation assets are all internally generated. These are
measured at cost and have an indefinite asset life. Once the pre-production
phase has been entered into, the exploration and evaluation assets will be
capitalised under intangible assets and commence amortisation.
Exploration & Evaluation Assets - Cost and Net Book Value
Mineral licence
Cost £
At 1 January 2024 4,060,508
Foreign exchange movement within the period (112,296)
Additions 258,828
At 30 June 2024 4,207,040
Amortisation and impairment
At 1 January 2024 176,857
Foreign exchange movement within the period (4,943)
At 30 June 2024 171,914
Carrying amount at 30 June 2024 4,035,126
Cost
At 1 January 2024 4,060,508
Foreign exchange movement within the period (264,465)
Additions 396,701
Reclassified to held for sale (Note 4) (367,864)
At 31 December 2024 3,824,880
Amortisation and impairment
At 1 January 2024 176,857
Impairment losses 257,877
Foreign exchange movement within the period (11,569)
At 31 December 2024 423,165
Carrying amount at 31 December 2024 3,401,715
Cost
At 1 January 2025 3,824,880
Foreign exchange movement within the period (137,903)
Additions 269,973
Adjustments (763)
At 30 June 2025 3,956,187
Amortisation and impairment
At 1 January 2025 423,165
Foreign exchange movement within the period (13,281)
At 30 June 2025 409,884
Carrying amount at 30 June 2025 3,546,303
Following their assessment, the Directors concluded that no impairment charge
was required at 30 June 2025
Project Location Cost b/fwd as at 1 January 2025 FX movement on cost b/fwd Additions Adjustment Impairment b/fwd FX on impairment b/fwd Impairment within the period Carrying amount
£ £ £ £ £ £ £ £
Tailings Teck-Hughes Ontario 348,277 (25,444) 262,040 - - - - 584,873
Sylvanite Tailings Ontario 205,698 (6,455) 7,270 - - - - 206,513
- - - - - -
Gold Big Bear Ontario 2,033,662 (67,174) 663 (763) - - - 1,966,388
Tully Gold Project Ontario 529,858 (16,628) - - - - - 513,230
Jackfish Lake Ontario 291,382 (9,144) - - (145,653) 4,571 - 141,156
Dog Lake Ontario 86,298 (2,707) - - (86,299) 2,708 - -
Syenite Lake Ontario 63,450 (1,991) - - - - - 61,459
Beavertrap Ontario 39,376 (1,236) - - (39,376) 1,236 - -
Carib Creek Ontario 68,445 (2,150) - - (68,443) 2,148 - -
- - - - - -
Base Metals Tocheri Lake Ontario 83,394 (2,618) - - (83,394) 2,618 - -
Rongie Lake & Lost Lake Ontario 75,040 (2,356) - - - - - 72,684
3,824,880 (137,903) 269,973 (763) (423,165) 13,281 - 3,546,303
On 22 May 2025, Fulcrum Metals PLC entered into a four-year exclusive Master
Licence Agreement (MLA) with Extrakt Process Solutions LLC, securing the
rights to deploy Extrakt's proprietary non-cyanide leaching
technology across Fulcrum's tailings projects in the Timmins and Kirkland
Lake gold camps in Ontario, Canada.
Under the MLA, Fulcrum will pay an annual exclusivity fee in cash to Extract,
the first of which was paid in the period ended 30 June 2025. The MLA can be
extended for up to a total of 12 years by mutual agreement. The MLA provides
a framework for licensing agreements for individual sites on a site-by-site
basis including site specific royalties and collaboration with Extrakt, its
affiliates and alliance partners.
3. Financial Investments
On 24 July 2024 Fulcrum Metals (Canada) Limited received CAD 250,000 of shares
in Terra Balcanica Resources Corp. ("Terra Balcanica"). In consideration of
the closing of the Option Agreement. This resulted in Fulcrum receiving
1,997,151 shares in Terra Balcanica at a value of CAD 0.1252 in line with the
10-Day Volume Weighted Average Price ("VWAP").
30/06/2025 24/07/2024 31/12/2024
CAD/GBP 1.8734 1.7870 1.8027
Number of shares held 1,997,151 1,997,151 1,997,151
Value of Shares (CAD) 199,715 250,000 139,801
Value of Shares (£) 106,606 139,899 77,550
Share price (CAD) 0.1000 0.1252 0.0700
Fair Value gain/(loss) on Financial Investment (£) for the period 29,056 (62,349)
Total Fair Value gain/(loss) on Financial Investment (£) at period end (33,293) (62,349)
4. Assets Held for sale
Terra Balcanica Option Agreement for Uranium Assets. On 2 July 2024, Fulcrum
Metals (Canada) Limited ('Fulcrum') entered into a definitive agreement with
Terra Balcanica. Terra Balcanica has an option to acquire a 100% interest in
Fulcrum's Charlot - Neely, Fontaine Lake, Snowbird and South Pendleton uranium
licenses (the 'Licenses') located in northern Saskatchewan, Canada.
In consideration for the four-year option the Company received CAD 7,500 for
exclusivity on execution of signing of the Letter of Intent, and CAD 25,000
less the CAD 7,500 (CAD 17,500 received) exclusivity payment on execution of
closing of the Option Agreement. Additionally, Terra Balcanica shall pay
Fulcrum cash according to the schedule below:
- CAD 50,000 on the first anniversary of closing of the Option
Agreement (received)
- CAD 75,000 on the second anniversary of closing of the Option
Agreement
- CAD 75,000 on the third anniversary of closing of the Option
Agreement
- CAD 75,000 on the fourth anniversary of closing of the Option
Agreement and;
Fulcrum to receive shares of Terra Balcanica at the 10-Day Volume Weighted
Average Price ('VWAP') prior to the date of issuance as per the following
schedule:
- CAD 250,000 on closing of the Option Agreement (received)
- CAD 350,000 on the first anniversary of closing of the Option
Agreement (received)
- CAD 500,000 on the second anniversary of closing of the Option
Agreement
- CAD 650,000 on the third anniversary of closing of the Option
Agreement and
- CAD 1,250,000 on the fourth anniversary of closing of the Option
Agreement.
-
Terra Balcanica will also complete minimum work expenditures totalling CAD
3,250,000 prior to the fourth anniversary of the Option Agreement and will
grant Fulcrum a 1% Net Smelter Return on all claims with buydown option of
0.5% NSR for CAD 1,000,000. All amounts are in CAD.
As at 31 December 2024, the Licenses have been reclassified as non-current
assets held for sale in accordance with IFRS 5. The carrying amount of the
Licenses is measured at the lower of its carrying amount and fair value less
costs to sell.
30/06/2025 30/06/2024 31/12/2024
£ £ £
Carrying value brought forward 214,097 - -
Gain/ Loss on foreign exchange retranslation 17,990 - -
Transfer from Exploration & Evaluation Assets - - 367,864
Payments received in cash and shares - - (153,767)
232,087 - 214,097
5. Cash and cash equivalents
30/06/2025 30/06/2024 31/12/2024
£ £ £
Cash and cash equivalents 38,778 113,582 340,517
6. Trade and other payables
30/06/2025 30/06/2024 31/12/2024
£ £ £
Trade creditors 256,107 51,003 72,661
Social security and other taxes 5,522 5,833 5,898
Deferred Consideration (See note 8) 52,044 14,424 -
Other Creditors 21,472 - -
Accruals 30,075 32,340 61,794
365,220 103,600 140,353
7. Convertible loan notes
During the period under review the Company had an existing convertible loan
note (CLN) in place from its 2023 acquisition of the Tully Gold project, with
a maturity date originally set for 31 July 2025 and an outstanding balance of
approximately £656,489, including accrued interest.
The net proceeds received from the issue of the convertible loan notes have
been split between the financial liability element and an equity component,
representing the fair value of the embedded option to convert the financial
liability into equity of the Company, as follows:
Convertible loan notes
30/06/2025 30/06/2024 31/12/2024
£ £ £
Opening Balance 520,000 520,000 520,000
Proceeds of issue of convertible loan notes - - -
Net proceeds from issue of convertible loan notes 520,000 520,000 520,000
Equity component 26,767 26,767 26,767
Amount classified as equity 26,767 26,767 26,767
Liability component at start of period 605,495 519,380 519,380
Interest charged 43,454 44,923 86,115
Liability component at period end 648,949 564,303 605,495
Liability component due within one year 648,949 - 605,495
Liability component due over one year - 564,303 -
Carrying amount of liability component at end of period 648,949 564,303 605,495
8. Deferred consideration
30/06/2025 30/06/2024 31/12/2024
£ £ £
Current Liabilities
Amounts owed to Teck-Hughes and Sylvanite 52,044 14,424 -
Non-Current Liabilities
Amounts owed to Teck-Hughes and Sylvanite 165,734 357,002 252,467
217,778 371,426 252,467
9. Share capital
Issued, called up and fully paid
Number of Ordinary Share Share Total
Share Capital Premium
£ £ £
At 01 January 2024 49,960,943 499,609 5,367,516 5,867,125
At 30 June 2024 49,960,943 499,609 5,367,516 5,867,125
Share issue 20 September 2024 8,568,750 85,686 599,814 685,500
Share issue 07 October 2024 1,431,250 14,314 100,184 114,498
Further subscription 07 October 2024 1,625,000 16,250 113,750 130,000
Allotment of shares for Services 24 December 2024 240,000 2,400 15,600 18,000
Share issue costs - - (51,213) (51,213)
At 31 December 2024 61,825,943 618,259 6,145,651 6,763,910
Share issue 02 June 2025 2,800,000 28,000 112,000 140,000
At 30 June 2025 64,625,943 646,259 6,257,651 6,903,910
All shares hold the same voting and dividend rights.
On 20 September 2024, the Company issued 8,568,750 ordinary shares at a price
of £0.08, credited as fully paid. The Company incurred share issue costs of
£51,213 related to advisory and promotional services for the share issue.
On 7 October 2024 the Company issued 1,431,250 shares at a price of £0.08 to
Directors of the Company, for a mix of consideration for Director services and
cash, credited as fully paid.
On 7 October 2024, the Company issued 1,625,000 ordinary shares at a price of
£0.08, credited as fully paid.
On 24 December 2024, the Company issued 240,000 ordinary shares at a price of
£0.075 to a service provider in lieu of cash payment.
On 2 June 2025 the Company issued 2,800,000 shares at a price of £0.05 to
Directors of the Company, credited as fully paid.
10. Share-based payments
The fair value of the equity-settled warrants was determined by the Binomial
Option model; the parameters are defined below:
Equity-settled warrants
On 8 February 2023, 1,169,915 Investor Warrants and 119,649 Vendor Warrants
which were originally issued by Fulcrum Metals Limited were agreed to be
reissued as warrants in Fulcrum Metals Plc. The stock price at this date was
18.25p. These warrants have a two-year exercise window from the Admission Date
(14 February 2023) and allow the holder to subscribe for ordinary shares in
the Company at an exercise price of £0.175 and £0.2625 respectively.
Warrants were issued to Panther Metals Plc (Panther A & Panther B
Warrants) as part consideration for the purchase of Big Bear.
Panther A warrants were issued with a maximum subscription price of £125,000
and exercise price at the placing price of £0.175. On this basis this
calculates a total of 714,286 warrants available. These are exercisable during
the period commencing on the date of Admission and ending on the second
anniversary of the date of submission.
Panther B warrants were also issued with a maximum subscription price of
£125,000 but with the exercise price set at 150% of the Placing Pricing
£0.2625. Accordingly, this second tranche constitutes a total of 476,190
warrants available, which are exercisable for a longer period up to the third
anniversary of the date of Admission.
In addition, on 8 February 2023, Allenby Capital and Clear Capital were issued
623,240 and 994,286 warrants respectively, both with an exercise price at the
placing price of £0.175. These warrants have a three-year exercise window
from the date of admission
On 6 August 2023, Fulcrum Metals plc agreed to grant to Clear Capital a number
of warrants over new ordinary shares in the company 263,513 Ordinary Shares
(being 15% of £325,000), with a value of £48,750, exercisable at the warrant
holders option at any time in the 3 years following completion of the placing.
The Warrants - Investor Warrants, Vendor Warrants and Panther A - below
expired unexercised on 14 February 2025 with no impact on profit or loss, and
any related equity reserve was reclassified within equity.
Warrant Exercise Price (£) Number of Warrants Expiry Date Value Per Warrant (£) Fair Value (£)
Expired Warrants £
Investor Warrants 0.1750 1,169,915 14/02/2025 0.065 76,577
Vendor Warrants 0.2625 119,649 14/02/2025 0.045 5,430
Panther A - Vendor Warrants 0.1750 714,286 14/02/2025 0.065 46,754
Total of Expired warrants 2,003,850 128,761
Remaining Warrants
Panther B - Vendor Warrants 0.2625 476,190 14/02/2026 0.057 27,250
Clear Capital Warrants 0.1750 994,286 14/02/2026 0.073 72,738
Allenby Capital Warrants 0.1750 623,240 14/02/2026 0.073 45,595
Clear Capital 0.1850
Vendor 263,513 06/08/2026 0.052 13,778
Warrants
Total Warrants as at 30/06/2025 2,357,229
159,361
Number of Warrants Number of Expired Warrants Weighted Average Exercise Price Weighted Average Remaining Life
(£)
Brought forward 1 January 2024 4,361,079 - 0.1876 1.70 years
Granted within the period - - - -
Carried forward 30 June 2024 4,361,079 - 0.1876 1.20 years
Movement within the period - - - -
ended 31 December 2024
Brought forward 1 January 2025 4,361,079 - 0.1876 0.70 years
Granted within the period - - - -
ended 30 June 2025
Expired within the period 2,003,850 2,003,850 0.1802 -
Carried forward 30 June 2025 2,357,229 - 0.1938 0.68 years
11. Earnings per share
Basic Earnings per share
30/06/2025 30/06/2024 31/12/2024
£ £ £
Basic Loss per share from continuing operations 0.006 0.010 0.022
The loss and weighted average number of shares used in the calculation of
basic loss per share are as follows:
30/06/2025 30/06/2024 31/12/2024
£ £ £
Loss for the year 375,019 514,654 1,153,461
No. No. No.
Weighted average number of ordinary shares in issue 62,261,499 49,960,943 52,765,984
There is no difference between diluted loss per share and basic loss per share
due to the loss position of the Group. Convertible loan notes and Warrants
could potentially dilute basic earnings per share in the future but were not
included in the calculations of diluted earnings per share as they are
anti-dilutive for the periods presented.
12. Events after the end of the reporting period
On 14 July 2025, Terra Balcanica exercised the first-year option under the
definitive option agreement entered into on 2 July 2024 to acquire 100% of the
Company's Saskatchewan Uranium Projects, comprising the Charlot-Neely Lake,
Fontaine Lake, Snowbird, and South Pendleton projects. In consideration for
exercising the first-year option, the Company received cash proceeds of CAD
50,000 and 3,804,347 new common shares in Terra Balcanica (the "New Terra
Shares"), valued at CAD 350,000 based on a 10-day volume-weighted average
price (VWAP) of CAD 0.092 per share. The New Terra Shares are subject to a
four-month hold period in accordance with Canadian securities laws. Following
the issuance of the New Terra Shares, the Company holds a total of 5,801,498
common shares in Terra, representing approximately 9.0% of Terra's issued
share capital and valued at CAD 533,738 based on the VWAP price. The cash
consideration will be used to support Fulcrum's ongoing working capital
requirements. Fulcrum retains a 1% net smelter return ("NSR") royalty on all
claims, with a buydown option of 0.5% NSR for CAD 1,000,000.
On 22 July 2025, the Company announced that it had successfully raised gross
proceeds of £1.045 million through a placing and direct subscription of new
ordinary shares at a price of 3 pence per share. The fundraising was conducted
with both existing and new shareholders of the Company. The placing was
managed by Clear Capital Markets Limited, with Capital Plus Partners Ltd
acting as placing agent. The fundraise includes a strategic investment of
£175,000 by Metals One PLC (AIM: MET1), who became a significant shareholder
in the Company and a potential future collaborative partner in assessing
projects for the application of Extrakt Process Solutions LLC's proprietary
technology.
On 30 July 2025, the Company announced that it had raised a further £245,010
through an oversubscribed additional subscription with a group of professional
and institutional investors. The further subscription was undertaken at an
issue price of 3 pence per share and on the same terms as the fundraise
announced on 22 July 2025.
On 28th August 2025, the Company announced that it had reached an agreement
with holders of its Convertible Loan Note (CLN) to convert £430,078 of the
outstanding £663,052 into 14,335,946 new ordinary shares at a price of 3
pence per share. A further £213,579 was repaid in cash, and £19,395 was held
to cover withholding taxes. Participating CLN holders will also receive
7,167,973 warrants, exercisable at 5 pence per share for a period of 18
months.
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