REG - Fulcrum Metals PLC - Start of Phase 3 Optimisation at Teck Hughes

Fulcrum MetalsAnnouncement

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RNS Number : 5970Z  Fulcrum Metals PLC  17 September 2025

 

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

 

17 September 2025

 

Fulcrum Metals plc

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

 

Start of Phase 3 Optimisation at Teck Hughes

 

Fulcrum Metals plc (AIM:FMET), a company pioneering the use of innovative
technology to recover precious and critical metals from mine waste, is pleased
to announce the start of phase 3 optimisation gold and silver development work
with Extrakt Process Solutions LLC ("Extrakt") at the Teck-Hughes mine
tailings project at Kirkland Lake, Ontario.

 

The positive outcome of the Phase 1 high-level gold recovery investigation and
the Phase 2 conceptual study, enable us to commission Phase 3 with Extrakt.
This work will confirm recovery results and look to optimise the processes for
gold extraction, tailings dewatering, and pregnant solution recovery to
support integration into Fulcrum's planned operations.

 

The Phase 3 work intends to:

 

·    Refine key parameters of Extrakt's cyanide free leaching technology
for gold and silver recovery and cycle time rates.

 

·    Apply Extrakt's TNS™ solid-liquid technology for dewatering and
further recoveries.

 

·    Optimise the recovery and recycling of leaching reagents and mass
flow rates.

 

·    Establish the optimal operational parameters for scaling up the
technology to maximise yield and process efficiency.

 

Results of the Phase 3 test work should be available by December 2025 to
support a 43-101 technical report and the Phase 4 Preliminary Feasibility
Study ("PFS") level economic assessment with Extrakt.

 

Ryan Mee, Chief Executive Officer of Fulcrum, commented:

 

"Our phase 3 work with Extrakt will proceed in parallel with the auger
drilling at the Teck Hughes project. This detailed metallurgical work will
adapt and scale up the Extrakt technology to ensure optimised metal recovery.

 

The work programme incorporates Extrakt's cyanide free leach and TNS(TM)
solid-liquid separation technologies, which should enhance the phase 2 concept
study by increasing recoveries, accelerating leach times, lowering costs
through reagent and water recycling, and also deliver materially dry tailings
that would provide regional environmental benefits.

 

I look forward to updating shareholders as the current workstreams are
progressed and further workstreams are brought online to move Teck Hughes
towards that construction decision."

 

Details of Phase 3 Optimisation

Extrakt has developed a proprietary, cyanide-free leaching technology for
enhanced gold recovery from all types of ores. Fulcrum is evaluating the
applicability of this technology for its Teck-Hughes tailings project at
Kirkland Lake Ontario, Canada. To this end, the Company has engaged Extrakt to
conduct a high-level technical assessment focused on identifying optimal
leaching conditions through controlled laboratory testing.

 

The Phase 3 scope of work is as follows:

 

·    Additional Leaching Testwork

·    Leach Testing - Parameters and Kinetics

·    Solids-Liquid Characterization Test Work

·    Reagent Management System Evaluation

·    Preliminary Recovery Testing

·    Preliminary Filtration Test Work

·    Preparation and presentation of findings and technical outcomes

 

The results of the test work, in tandem with a new Mineral Resource Estimate
("MRE"), are planned to feed into a Phase 4 preliminary feasibility study
level economic assessment with Extrakt and a 43-101 technical report for the
re-processing of the Teck-Hughes tailings.

 

Teck-Hughes Background

Extrakt's technology enables the recovery of precious and critical metals from
refractory ore without the use of cyanide. High level testing on tailings from
Fulcrum's Teck-Hughes and Sylvanite projects has demonstrated very positive
non-optimised results, with gold recovery rates of up to 59.4% and leach times
as low as 3 hours.

A non-optimised conceptual study at Teck-Hughes, based on 2,000 tonnes of
tailings processed per day over a 9-year operation, a 59.4% gold recovery
rate, a 6-hour leach time, and a gold price of US$2,899/oz suggests a pre-tax
NPV(7.5) of approximately US$33m (see announcement released by Fulcrum on 12
March 2025). With a process plant design conceptualised and high-level leach
test work complete, further optimisation presents additional upside potential
through enhanced recovery rates, reduced leach times, vacuum filtration of
residue and the recycling of reagents and water - as well as the recovery of
additional minerals held in the tailings. A sensitivity analysis suggests that
a 25% increase in either the recovery rates or the gold price increases the
pre-tax NPV(7.5) by 129% to US$75.5m. The optimisation phase is to target
>70% recovery.

Fulcrum is now focused on the development of its Teck-Hughes and Sylvanite
projects towards optimisation and production using Extrakt's technology and
positioned to scale the concept across two of Canada's historically most
productive gold regions. Fulcrum believes this represents a substantial,
long-term opportunity to unlock significant and largely untapped value from
legacy mine waste.

For further information please visit www.fulcrummetals.com
(http://www.fulcrummetals.com) , follow us on X @FulcrumMetals 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 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 has an exclusive Master Licence Agreement ("MLA") for the rights to
Extrakt's proven cyanide free 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 historical gold production of over 110Moz over the
past 100 years with more than 70 documented legacy mine waste sites. This
presents Fulcrum with the opportunity to develop into a significant
environmentally friendly gold producing entity.

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