REG - Fulcrum Metals PLC - Update re. Loyalist Exploration Limited

Fulcrum MetalsAnnouncement

20/10/2025 16:30

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RNS Number : 0851E  Fulcrum Metals PLC  20 October 2025

 

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

 

 

20 October 2025

Fulcrum Metals plc

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

Update re. Loyalist Exploration Limited

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 note the announcement released today by Loyalist Exploration Limited
("Loyalist") in which it holds a c.19.99% equity interest and a 2% net smelter
return royalty on the Tully Gold Project.

Fulcrum's CEO, Ryan Mee, said: "We are delighted to see the pace and focus
Loyalist is bringing to the advancement of the Tully Gold Project,
particularly with the appointment of Blue Heron. Progress on environmental and
permitting work is pivotal to accelerating Tully towards a production
decision, and it is encouraging to see these steps being prioritised so soon
after Loyalist's acquisition of the project

"As a 19.99% shareholder and holder of a 2% net smelter royalty following the
closing of the sale of the Tully Gold project earlier this month, Fulcrum
fully supports Loyalist's commitment and looks forward to the continued
development of this highly prospective asset."

Start of Loyalist announcement:

Loyalist Exploration Announces Engagement of Blue Heron for Permit Planning

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS
AGENCIES

 

 

Toronto, Ontario - TheNewswire - October 20, 2025 - Loyalist Exploration
Limited (CSE:PNGC) ("Loyalist" or the "Company") is pleased to announce that
is has engaged Blue Heron Solutions for Environmental Management Inc. ("Blue
Heron") to assist the Company in the development of project plans and
schedules associated with the environmental baseline and mining permitting
process for the Company's Tully Gold Project ("Tully" or the "Project"),
located in the prolific Timmins mining district.

 

On October 3, 2025, the Company acquired a 100% interest in Tully (see news
release dated October 3, 2025, for details). Tully is the subject of a
historical non-43-101 compliant Mineral Resource Estimate ("MRE"), dated
December 15, 2013, by Francis Minerals Ltd (the "Report").

 

Now that the Company has acquired Tully, it has commenced exploring the
potential of obtaining a mining permit to go underground to exploit the
potential resources of gold and continue exploration along strike and at depth
around the deposit. Blue Heron is assisting the Company with determining the
fundamental requirements and timeline to obtain the permit and may participate
in that process. The Company will also be engaging a mining consulting company
to assist in producing a current 43-101 compliant MRE and a Preliminary
Economic Assessment.

 

Errol Farr, Chief Executive Officer states "We are very pleased to commence
the initial work on determining the environmental and permitting timelines to
a production decision on Tully with Blue Heron. With gold prices at all time
highs, now is the time to take advantage of the potential resources at Tully
and execute on the Company's Buy Timmins strategy".

 

Tully Property Highlights:

·      458 hectare mining lease

·      25 km northeast of Timmins

·      Historical resource estimate of:

o  indicated 358,000 tonnes grading 6.56 g/t gold for 76,000 ounces

o  inferred 184,000 tonnes 5.17 g/t gold for 31,000 ounces

o  total 107,000 ounces (uncapped 144,000 ounces) (see table 1)

·      potential for expansion

 

The Tully Project

 

Historical Mineral Resource Estimate December 15, 2013 by Francis Minerals Ltd
Tully Deposit *

 

 Model     Classification  Tonnes    Grade      Grams Au  Ounces Au

                           (*1000)   (Au g/t)   (*1000)
 Capped    Indicated       358       6.56       2,350     76,000
 Capped    Inferred        184       5.17       1,000     31,000

 Uncapped  Indicated       362       8.70       3,150     101,000
 Uncapped  Inferred        186       7.17       1,337     43,000

 

The Tully Project Overview

 

The Tully Deposit

Tully is located approximately 25 kms northeast of Timmins and includes a
historical indicated and inferred Mineral Resource Estimate (not published).
The Project is located within the Timmins-Porcupine Gold Camp and is
approximately 2 km southwest of the Bradshaw Gold Project of Gowest Gold Ltd.
The Timmins-Porcupine Gold Camp, includes the Dome and Hollinger mines.

 

Prospective structures splay off the Porcupine-Destor Fault through the Tully
area. Mineralisation at Tully occurs within a 30 m wide mafic volcanic unit
with an approximate west-southwest strike and steep northerly dip. The hanging
wall consists of sedimentary rocks and the footwall consists of ultramafic
rocks. As currently understood, the deposit comprises an array of shallowly
inclined quartz-carbonate veins or lenses stacked 'ladder-style' within the
volcanic rocks and constrained by its hanging wall and footwall contacts. The
higher-grade core of the deposit extends over 600 m along strike and 400 m
down dip, and plunges moderately toward the east-northeast. The mineralised
veins/lenses host gold primarily within irregular pyrite clusters and also
commonly as free visible gold.

 

The Tully property occurs within a swampy area and is covered by a blanket of
glacial drift, averaging 30 m thickness which hid the deposit from early
explorers; thus, the geology is entirely derived from drillhole and
geophysical data. Exploration by a number of companies over several decades
has resulted in the drilling of many holes - the historical resource estimate
utilised data from an extensive database of 356 holes totalling 91,623 m, with
718 vein intercepts being interpreted and incorporated into the lens
wireframes.

A qualified person has not done sufficient work to classify the historical
estimate as current mineral resources or mineral reserves. Loyalist is not
treating the historical estimate as current mineral resources or mineral
reserves.

Statement Regarding Historical Mineral Resource Estimates

The Tully deposit historical Mineral Resource Estimate ("MRE") is unclassified
and does not comply with CIM Definition Standards on Mineral Resources and
Mineral Reserves as required by NI 43-101. The MRE was taken from a report
titled "Tully Deposit Mineral Resource Estimate" authored by Francis Minerals
Ltd. and dated December 15, 2013. Investors are cautioned not to treat the
estimate as current or rely on the estimate in making an investment decision.
The MRE is being included herein to provide shareholders with background on
the rationale for acquiring the asset. A qualified person has not done
sufficient work to classify this historical MRE as current mineral resources
and the Company is not treating this historical MRE as a current estimate. It
is uncertain whether following evaluation and/or further exploration, the
historical MRE will ever be able to be reported in accordance with NI 43-101.
The Company has no current plans to undertake the work to bring the MRE up to
the CIM reporting standards.

 

Qualified Person

Curtis Ferron, P.Geo. (ON), independent consultant for Loyalist, who is a
"Qualified Person" as defined by NI 43-101, has reviewed and approved the
technical content of this press release.

 

Neither the Canadian Securities Exchange nor its Market Regulator (as that
term is defined in the policies of the Canadian Securities Exchange) have
reviewed or accept responsibility for the adequacy or accuracy of this
release.

 

End of Loyalist announcement

 

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 / 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"). 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.

About Loyalist Exploration Limited

Loyalist Exploration Limited is a mineral exploration company concentrating on
acquiring, exploring, and developing quality mineral properties in Canada. The
Company is focused on the Loveland nickel/copper/gold property and the
recently announced Gold Rush gold/silver property, both located in the
Timmins, Ontario mining district.

 

 

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