REG - Fulcrum Metals PLC - Update: Bonus Warrant Acceleration Offer

Fulcrum MetalsAnnouncement

20/01/2026 07:00

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RNS Number : 5021P  Fulcrum Metals PLC  20 January 2026

 

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

 

 

20 January 2026

 

Fulcrum Metals plc

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

Update: Extension of Bonus Warrant Acceleration Offer

Strong uptake with £688,741 received, representing 47.6% of eligible warrants
exercised

Further to the announcement released by the Company on 17 December 2025, the
Board of Fulcrum Metals plc (AIM:FMET) is pleased to announce that it has
received acceptance letters for 13,774,827 warrants over new ordinary shares
of 1 pence each (the "New Ordinary Shares") for a consideration of £688,741.
The amount received to date represents a 47.6% uptake on the exercise of
warrants (excluding warrants held by Directors).

Under the terms of the Bonus Warrant Acceleration Offer (the "Offer") a total
of 6,887,416 new warrants have been issued to those warrant holders who have
accepted the Offer (the "Bonus Warrants"). The Bonus Warrants are exercisable
at 10 pence per share until 16 July 2027.

Furthermore, several warrant holders have indicated that they would
participate in the Offer if the Offer was extended.  The Board of Fulcrum is
therefore extending the Offer period for those warrant holders who have not
yet accepted the Offer to 20 February 2026 (or the expiry date of the warrants
if earlier than 20 February 2026) to allow additional acceptance letters and
funds to be deposited. A further announcement will be made by the Company
following the closing of the extended Offer date.

Commenting on the Offer, Ryan Mee, CEO of Fulcrum Metals, said: "We are
delighted by the significant uptake of the Offer by the warrant holders so
far. The Board of Fulcrum has extended the Offer to allow those that have
expressed interest in participating in the Offer to still have the opportunity
to do so.

"Funds raised from this exercise will be used by the Company to continue to
accelerate the development of the Teck-Hughes and Sylvanite Tailings projects
which include the auger drilling and testing programs at the Sylvanite project
and next stages of development work at Teck Hughes upon completion of the
phase 3 detailed metallurgical and optimisation testing with Extrakt."

Terms of Bonus Warrant Acceleration Offer

Under the terms of the Offer, warrant holders who hold warrants with exercise
prices of 5 pence and 3 pence will have the opportunity to exercise their
warrants at their stated exercise price for the duration of the offer period.
All other warrant holders will also be able to exercise their warrants at 5
pence during the same period. Those who elect to exercise their warrants
pursuant to the Offer will receive a half bonus warrant, exercisable at 10
pence and valid until 16 July 2027.  Any warrant holders who choose not to
participate in the Offer will retain the warrants they hold on their existing
terms.

The offer period to exercise the warrants has been extended and closes on 20
February 2026 whereby acceptances and funds need to be received by the
Company.

Directors and Related party Transactions

The Directors are interested in 3,609,413 warrants which were issued in August
2025. Due to the likelihood of the Company being in a closed period, it is
anticipated that the Directors will not be permitted to take up the Offer.

Nick Nugent has accepted the Offer and exercised 5,050,200 warrants held in
the Company and been issued with 2,525,100 Bonus Warrants. Nick Nugent is a
substantial shareholder in the Company and therefore he is deemed to be a
related party pursuant to the AIM Rules for Companies (the "AIM Rules"). Nick
Nugent's acceptance of the  Offer constitutes a related party transaction in
accordance with Rule 13 of the AIM Rules. Accordingly, the independent
directors consider, having consulted with the Company's Nominated Adviser,
Allenby Capital Limited, that the terms of Nick Nugent's take-up in the Offer
to be fair and reasonable insofar as the Company's shareholders are concerned.

Admission and Total Voting Rights

Application will be made for the New Ordinary Shares to be admitted to trading
on the AIM market of the London Stock Exchange ("Admission"). It is
anticipated that Admission will occur on or around 23 January 2026.

From Admission, the Company's issued ordinary share capital will comprise
138,287,039 ordinary shares of 1 pence each, with one voting right each. The
Company does not hold any ordinary shares in treasury. Therefore, the total
number of ordinary shares and voting rights in the Company is 138,287,039.

The above figure may be used by shareholders in the Company as the denominator
for the calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the share capital
of the Company under the FCA's Disclosure Guidance and Transparency Rules.

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 / 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 (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 Master Licence Agreement ("MLA") for the rights to
Extrakt's proven cyanide free 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 historical gold production of over 110Moz
over the past 100 years and more than 70 documented legacy mine waste sites.
This presents Fulcrum with the opportunity to develop into a significant,
environmentally friendly, near term gold producer.

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