REG - Fulcrum Metals PLC - Investee Company Update: Terra Balcanica

Fulcrum MetalsAnnouncement

16/12/2025 07:00

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RNS Number : 6649L  Fulcrum Metals PLC  16 December 2025

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

 

 

16 December 2025

 

 

Fulcrum Metals plc

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

 

Investee Company Update: Terra Balcanica Resources Corp.

 

Fulcrum Metals plc (AIM: FMET), a company pioneering the use of innovative
cyanide free technology to recover precious and critical metals from mine
waste in Canada, notes the announcement released on 15 December 2025 by Terra
Balcanica Resources Corp. ("Terra") (CSE:TERA; FRA:UB10; OTCQB:TEBAF),
regarding the Charlot-Neely, Fontaine Lake, Snowbird and South Pendleton,
Saskatchewan uranium projects.

 

Fulcrum has agreed to amend the Uranium portfolio option agreement with Terra
to reflect an assignment of the option and the remaining underlying terms
including payments owed to Fulcrum and work commitments on the properties to
Terra's wholly-owned subsidiary Terra North Resources Corp. For more
information on the option agreement between Fulcrum and Terra  please refer
to the Company's announcement released on 30 July 2024.

 

Fulcrum currently holds 5,801,498 shares in Terra. These were part of the
option payment schedule up to and including the year 1 option exercise. For
more information, please refer to the Company's announcement released on 14
July 2025.

 

Start of Terra's announcement:

 

 

Terra Balcanica Announces Proposed Spin-Out of Terra North Resources Corp.

 

Vancouver, British Columbia - December 15(th) 2025 - Terra Balcanica
Resources Corp. ("Terra" or the "Company") (CSE:TERA; FRA:UB10; OTCQB:TEBAF)
is pleased to announce that its Board of Directors has approved, in principle,
a corporate reorganization (the "Spin-Out Transaction") whereby the Company
plans to spin out its Canadian uranium assets into a wholly-owned subsidiary,
Terra North Resources Corp. ("Terra North").

 

The proposed spin-out transaction is expected to include the following steps:

 

·      Terra will transfer its 591 km2 Saskatchewan uranium portfolio,
including the Charlot-Neely Lake claim cluster located in the Uranium City
district, to Terra North, in consideration for 15,000,000 common shares of
Terra North;

·      Terra North will complete a series of private placement
financings to fund the 2026 exploration program on the uranium properties
(Figure 1), and provide for other 2026-27 working capital requirements;

·      Terra North will distribute a portion of the Terra North Shares
held by it to its shareholders on a pro rata basis as a return of capital;

·      Terra North will apply to list its common shares on the Canadian
Securities Exchange (the "CSE"), targeting a listing in Q2 2026, subject to
receipt of regulatory approvals.

 

Terra North has engaged Dahrouge Consulting Inc. of Edmonton, Alberta to
complete a NI 43-101 compliant technical report on the Charlot-Neely Lake
property, which will support the Spin-Out Transaction and anticipated CSE
listing. Furthermore, Terra North has engaged Maxis Law Corporation of
Vancouver, BC to provide legal counsel and facilitate the Spin-Out
Transaction.

 

The Company intends to provide additional details regarding the structure,
share distribution ratio, and timing of the spin-out once final terms are
determined, and all regulatory and corporate approvals have been obtained.
Completion of the Spin-Out Transaction will be subject to shareholder
approval, CSE approval, and applicable securities and corporate law
requirements.

 

Terra Balcanica's CEO, Dr. Aleksandar (Alex) Mišković, stated:

The spin-out of Terra North positions our uranium portfolio within a focused
exploration vehicle while allowing Terra to continue advancing its European
projects. We are thus becoming exposed to scarce critical metals with
significant projected upside in the coming decade such as antimony, silver,
zinc, uranium and REEs. This structure is designed to unlock value for Terra
shareholders through direct exposure to the exploration upside of the Canadian
assets, while minimizing dilution of Terra shareholders by raising funding for
Canadian exploration activity directly in Terra North. We are excited to hit
the ground in the late spring of 2026 with a robust $2M exploration budget
that will include multiple geophysical surveys and a follow up ground-truthing
fieldwork.

 

Visit https://terrabresources.com/en/ (https://terrabresources.com/en/) for a
full copy of the announcement.

 

End of  Terra Balcanica Resources Corp announcement.

 

 

***ENDS***

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 / 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 is an AIM quoted 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 projects are the tailing sites of the
former Teck-Hughes and Sylvanite gold 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 have entered into a Master Licence Agreement (MLA) with Extrakt for
the exclusive licence rights using their proven technology on legacy gold mine
waste sites over the mining districts of Timmins and Kirkland Lake which
includes Fulcrum's Teck Hughes and Sylvanite projects. Fulcrum are developing
the Teck Hughes and Sylvanite tailing sites to unlock the significant mineral
wealth and delivering a scalable concept across two of Canada's biggest gold
camps with a history of over 110 million ounces of gold production and more
than 70 mine waste sites.

 

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