REG - Fulcrum Metals PLC - Teck Hughes Tailings Project Update

Fulcrum MetalsAnnouncement

09/02/2026 07:00

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RNS Number : 2150S  Fulcrum Metals PLC  09 February 2026

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018) ("UK MAR").

 

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

 

 

9 February 2026

 

 

Fulcrum Metals plc

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

 

Fulcrum reports 31% higher gold recovery and co-product recoveries at the Teck
Hughes Tailings Project

 

Fulcrum Metals plc (AIM: FMET), a company pioneering the application of
innovative cyanide-free technologies to recover precious and critical metals
from mine waste, is pleased announce o provide an update on Phase 3
optimisation trials undertaken by Extrakt Process Solutions, LLC. ("Extrakt")
and Testing Design Implement Solutions LLC ("TDI") at its 100% owned Teck
Hughes tailings project in Kirkland Lake, Ontario. Extrakt technology is now
delivering 78% gold recovery, a 31% increase over Phase 1, with multiple
co-products recovered from a single stage in situ process.

Highlights

 

·    Gold recovery of up to 78% - a 31% increase from Phase 1 testing

 

·    Recovery of multiple co-products including up to 95% silver, 96%
tellurium, 85% copper and 20% gallium

 

·    Indicative in-situ metal value of approximately US$750 million, with
a conceptual potential recoverable value of over US$550 million, based on
recovery test work, revised metal prices, auger hole results and estimated
tonnage (Figure 3) (These figures are conceptual in nature and do not
constitute Mineral Resource or Reserves)

 

·    Further optimisation work is needed to improve gallium recovery and
additional potentially valuable minerals recovery that remain untested

 

·    Phase 3 Test results support a technically robust pathway to improved
gold recovery, solution management, and tailings handling: -

o  Optimised leaching cycle time of just 6 hours, supporting high throughput

o  Rapid dewatering times of less than 1 minute, producing approximately 80%
dry stack material which may reduce handling costs

o  Operating cost efficiencies with approximately 80% of water and reagents
recovered for reuse, reducing demands on downstream equipment

o  Extrakt Reagent Management System ("ERMS") test work indicates the
potential for significant benefits, reducing process solution volume by about
80% while increasing precious metal concentrations by 85-90%

 

·    The Company is assessing the next step of optimisation and
commercialisation through larger scale and pilot scale testing subject to
technical review

 

 

Ryan Mee, Chief Executive Officer of Fulcrum, commented:

 

"The Extrakt technology has delivered results which significantly upgrades the
economic potential of our Teck Hughes project and supports effective site
rehabilitation.

 

The results from Fulcrum and Extrakt's work programmes validate Extrakt's
technology as an emerging disruptive Zero-Cyanide Zero-Waste, closed loop
tailing recovery process. Fast and high co-product metal recoveries from a
single stage leach configuration, a rapid dewatering process recovering water
and reagent and the EMRS reducing solution volume all have positive
implications for both the mining industry and the environment.

 

We are in discussions with Extrakt on further steps to optimise recoveries and
monetise a wider range of co-products. I will keep investors updated on
further developments."

 

 

PHASE 3 OPTIMISATION AND DEVELOPMENT

 

Background

 

Extrakt has developed its proprietary environmentally friendly cyanide-free
TNS(TM) technology for enhanced leaching and recovery of gold and other metals
from all types of ores and solid-liquid separation that significantly improves
dewatering and consolidation of mine tailings. Fulcrum is further evaluating
the applicability of this technology for its Teck-Hughes tailings project at
Kirkland Lake Ontario, Canada following the successful completion of the Phase
1 high level gold leach recovery and Phase 2 high level concept study.

 

Fulcrum engaged Extrakt to conduct a Phase 3 high-level technical assessment
to determine optimal leaching and dewatering conditions through controlled
laboratory testing. The assessment was to provide further optimisation of a
single stage leach and configuration process. The leach recovery test work for
the recovery of gold, silver, and a select group of metals has been extended
to include tellurium and gallium, which were not included in the first stage.

 

Leaching

 

Step 1: Optimised leach results for select material at 54 microns and 38
degrees

 

Gold recovery improves with reduced P80 particle sizeto 54 microns requiring
only 10 minutes of grind time. Temperature adjustments demonstrated a positive
correlation with recovery, with 38 degrees balancing economic benefits of
recovery and enhanced temperature, but further work is required to determine
the optimum level. Extending leach times from 6 hours to 9.5 hours did not
result in a meaningful increase in recoveries, confirming that 6 hours is
optimal. While gold was the primary target other minerals also demonstrated
significant and moderate co-extraction of metals providing valuable insight
into mineral deportment and selective metal mobility under the applied
conditions.

 

 

 

 

Figure 1: Optimised leaching results for select material at 54 microns and 38
degrees

 

 

 

Step 2: Effect of leaching temperature on Gold, Silver, Tellurium and Gallium
recovery at 54 Microns

 

The extended testing program from step 1 demonstrated co-extraction of
selected metals. Increasing leaching temperature consistently improved
recoveries of all metals. Gallium demonstrated a very different behaviour and
deportment which requires further testing and adjustments to leaching
chemistry and configuration.

 

Figure 2: Effect of leaching temperature on Gold, Silver, Tellurium and
Gallium recovery at 54 Microns

 

 

Dewatering and Filtration

 

Vacuum filtration combined with Extrakt TNS(TM) dewatering reagent,
consistently produced fast cycle times of less than 1-minute, high cake solids
and low residual moisture. The method is technically effective and
operationally simple, enabling efficient recovery of pregnant solutions.

 

From a process perspective, these outcomes have several important
implications. Reducing solution volume decreases downstream equipment loading
and reagent demand in the precipitation circuit, while increasing precious
metal concentration enhances recovery efficiency and operational robustness.
Collectively, these effects support improved mass-balance control, lower
operating costs, and more efficient integration of the recovery circuit within
a closed-loop ERMS.

 

Extrakt Reagent Management System

 

Process simulation indicates that ERMS could reduce solution volume to
precipitation by approximately 80% while increasing concentration to
approximately 85-90%. The modelled outcomes suggest significant potential
benefits, although validation through larger scale and pilot scale testing is
required.

 

Teck Hughes potential in situ and extractable values

 

Based on an estimated 6.5 million tonnes in situ (to be confirmed by Fulcrum),
the average grades  reported  from 94 complete auger holes, and the price
per Ounce/Kg/Tonne of material as outlined, the in situ value would be in the
region of US$750m. Based on the extraction rates from Phase 3 testing and
development work with Extrakt, the recoverable value could be in the region of
US$550m. Further testing, validation, and potential leaching and configuration
adjustments are required, and market accessibility for the product is to be
confirmed.

 

Additional critical and other minerals may be in high enough concentration to
derive additional economic value, subject to a review of available information
and discussion with Extrakt about potential testing and development steps.

 

Figure 3: Metals concentration and extraction rates from Phase 3 testing

 

 

The above table uses US$ metal prices around the time of this news release.
Metal prices are subject to market pricing and fluctuations.

 

 

FULCRUM'S PROJECTS AND COMMERCIAL PATHWAY

 

Fulcrums Projects

Fulcrum's Teck Hughes and Sylvanite tailing projects are just 3km apart and
based in Kirkland Lake, Ontario, Canada. Fulcrum are leading with development
towards production at the Teck Hughes project with synergy opportunities to
expand operations to integrate the Sylvanite project to develop a regional
processing hub.

 

 

 

Zero Cyanide Zero Waste Approach

Fulcrum is using Extrakt's proprietary TNS(TM) cyanide free leaching and
solid-liquid separation technologies in a closed loop system to achieve a Zero
Cyanide Zero Waste solution for effective mine tailings reprocessing and site
remediation.

 

Advancing the Projects

Workstreams of auger drilling and testing development work with Extrakt,
including initial high-level testing, conceptual studies, technology
optimisation, and economic assessment studies, will provide the basis for a
43-101 compliant MRE leading to commercialisation steps through to production.

 

Fulcrum will then be positioned to scale the concept across other legacy
sites, particularly across two of Canada's historically most productive gold
regions, Timmins and Kirkland Lake, through its Exclusivity with Extrakt.
Fulcrum believes this is a long-term opportunity to unlock significant and
largely untapped value from legacy mine waste.

 

Auger Drilling

Fulcrum has completed a 159-hole auger drill program to provide the detailed
mineralogical data needed to support a Mineral Resource Estimate ("MRE").
Photon gold and ICP-MS Ultratrace 4 multi-element results have been returned
for 94 augur drill holes to date. Incorporating gold, silver, tellurium and
gallium only, resulted in a notable 8% increase in gold-equivalent grade
("AuEq") to 0.701 g/t Au (see Fulcrum news release 27 January 2026). The best
gold equivalent assay results are 1.68g/t AuEq over 0.8 metres, best hole
results of 1.08g/t AuEq over 4.75 metres from surface and the deepest hole
measured is 12.4 metres.

 

Final samples for the remaining 65 auger holes are presently at Actlab for
comparative Gold Fire Assay and ICP-MS Ultratrace 4 multi-element assay.

 

Phase 1 testing and Phase 2 Early Concept

Fulcrum completed successful phase 1 bench testing for gold leach recovery
only, and a phase 2 early non-optimised conceptual study at Teck-Hughes. The
study conceptualised a simple single-stage leach and dewatering process in a
closed-loop system. This was based on an estimated 6.5 million tonnes in-situ
(to be confirmed by Fulcrum), 2,000 tonnes of tailings processed per day over
a 9-year mine life, a 59.4% gold recovery rate, a 6-hour leach time, and a
gold price of US$2,899/oz suggesting a pre-tax Net Present Value at a 7.5%
discount ("NPV(7.5)") of approximately US$33m with a 3 year payback period
(see announcement released by Fulcrum on 12 March 2025).

 

A sensitivity analysis suggests that a 25% increase in the recovery rates or
in the gold price each increases the pre-tax NPV(7.5) by 129% to US$75.5m,
reducing the payback period to less than 2 years with an Internal Rate of
Return of 37.75%.

 

Phase 3 Optimisation

Laboratory-based test work with Extrakt using their proprietary cyanide-free
leach and solid-liquid separation TNS(TM) technologies was completed in
February 2026 (see announcement by Fulcrum on 8 February 2026). The test work
focused on a simple single-stage leach and configuration to extract metals and
dewater tailings in a closed-loop system for effective site remediation. The
leach results reported fast optimised cycle times of 6 hours, a substantial
increase in gold recoveries of up to 78% gold, and potential additional
co-product recoveries including up to 95% silver, 96% tellurium, 85% copper
and 20% gallium. The solid-liquid separation confirmed an effective closed
loop process with fast dewatering times of less than 1 minute, producing 80%
dry stack material for site remediation, and cost reductions with 80% recovery
of water and reagent for reuse and reduced demand on downstream equipment.

 

With gold now above US$4,900/oz (as at 5 February 2026) and results from the
Extrakt phase 3 test and development work completed, both have significantly
enhanced the economic potential of the Teck Hughes project.

 

Next steps

Fulcrum is in discussions with Extrakt on further steps to optimise recoveries
and to monetise a wider range of co-products and commercialisation steps
through larger scale and pilot scale testing.

 

 

Technical Glossary

 Ag                   Silver
 Au                   Gold

 AuEq                 Gold equivalent grade

 Ga                   Gallium
 g/t                  grams per metric tonne

 CPA-AU1              Gamma-ray analysis of sample for gold by Photon Assay instrument

 Fire Assay           An assay procedure involving heating the sample in a furnace to ensure
                      complete extraction of all the contained precious metal

 ICP Analysis         Inductively Coupled Plasma - an analytical technique that can be used to
                      measure elements at trace levels

 ICP-MS Ultratrace 4  Four acid near-total sample digestion followed by ICP-MS multi-element
                      analysis
 PFS                  Pre-Feasibility Study
 P80                  Material passing through an 80-mesh sieve
 S                    Sulphur
 Te                   Tellurium

 

 

Qualified Person Statement

The technical information in this announcement has been reviewed by Edward
(Ed) Slowey, BSc, PGeo, technical advisor to Fulcrum Metals Plc. Mr Slowey is
a graduate geologist with more than 40 years' relevant experience in mineral
exploration and mining and a founder member of the Institute of Geologists of
Ireland. Mr Slowey has sufficient experience relevant to the style of
mineralisation and type of deposit under consideration and to the activity
which has been undertaken to qualify as a "Qualified Person" in accordance
with the AIM Rules Guidance Note for Mining and Oil & Gas Companies. Mr
Slowey consents to the inclusion in the announcement of the matters based on
their information in the form and context in which it appears.

 

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").  The Company's current projects are the
tailing sites of the former Teck-Hughes and Sylvanite gold mines, located in
the Kirkland Lake region 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 exclusive rights to use 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 a historical
production above 110Moz over the past 100 years, leaving more than 70
documented legacy mine waste sites.

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.

 

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