REG - Fulcrum Metals PLC - Fulcrum initiates Pilot Plant Scoping Study

Fulcrum MetalsAnnouncement

11/02/2026 07:00

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RNS Number : 4971S  Fulcrum Metals PLC  11 February 2026

 

 

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

 

 

11 February 2026

 

 

Fulcrum Metals plc

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

 

Fulcrum initiates Pilot Plant Scoping Study for its Tailings Projects

 

Fulcrum Metals plc (AIM: FMET), a company pioneering the use of innovative
cyanide-free technologies to recover precious and critical metals from
historic mine waste, is pleased to announce the initiation of a Pilot Plant
Scoping Study (the "Study") with Test Design Implement Solutions LLC ("TDI")
for upscaling work at its Teck Hughes and Sylvanite tailings projects in
Kirkland Lake, Ontario. TDI will be supported by Extrakt Process Solutions LLC
("Extrakt") and Bechtel Energy Technologies & Solutions, Inc. ("Bechtel").

 

Fulcrum has commissioned TDI to undertake the Study to identify the best way
to advance from successful laboratory scale tests to a pilot-scale operation.

 

This important decision was taken after assessment of the Phase 3 optimisation
metallurgical results announced by the Company on 9 February 2026, which
demonstrated materially improved gold recoveries, polymetallic potential and
operational efficiencies using the Extrakt process.

 

Strategic Importance for Fulcrum

Successful pilot-scale demonstration is an important technical and commercial
de-risking step for all tailings reprocessing projects. This study will
provide Fulcrum with a framework to implement a standalone pilot plant to
upscale from laboratory to pilot tests for all Fulcrum projects, and for
potential asset partners.

 

Ryan Mee, Chief Executive Officer of Fulcrum Metals plc, commented:

 

"Pilot plant success is one of the most important de-risking moments in any
project lifecycle.

"Following the excellent Phase 3 optimisation results announced earlier this
week, we now intend to determine a clear and disciplined approach to
pilot-scale testing. This standalone pilot plant will serve as a module for
flexible upscaling of our existing and potential future projects.

"We look forward to working closely with TDI, Extrakt and Bechtel on this
important next stage of development."

 

Pilot Plant Scoping Study - Purpose and Scope

The Study will evaluate the technical, logistical and execution requirements
for a pilot-scale leaching plant integrated with Extrakt's Reagent Management
System ("RMS"). The work is intended to support informed decision-making ahead
of any pilot plant implementation.

 

Key elements for assessment will include:

·    Pilot plant configuration and scale options

·    Alternative pilot locations and associated logistics

·    Vendor, laboratory and contracting strategies

·    Governance frameworks and Qualified Person (QP) involvement

·    Execution strategy and sequencing

 

The Study will also identify key risks and recommend high-level mitigation
measures, to outline a clear path forward for detailed engineering and pilot
execution.

 

The Study is expected to be completed in approximately 10 weeks.

 

Key Deliverables

The Study will deliver a Pilot Plant Scoping Study Report, prepared at a
scoping level, to support decisions regarding pilot implementation and
progression to the detailed engineering.

 

Deliverables are expected to include:

•     Assessment of alternative pilot location options

•     Definition of proposed pilot configurations, operating basis, and
RMS integration

•     Preliminary Process Flow Diagram ("PFD") and high-level material
balance

•     Preliminary equipment list, utility requirements, and site layout
concept

•     Order-of-magnitude CAPEX and OPEX estimates, including key
assumptions

•     Identification of technical and commercial risks with high-level
mitigation strategies

 

The Study will provide an execution roadmap outlining recommended next steps,
decision gates, required resources and an indicative timeline for progression
to detailed engineering and pilot plant execution.

 

Together, these elements will provide a clear, structured, and lower-risk
foundation for advancing the Teck Hughes project beyond the scoping
phase.

 

 

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 an agreement for exclusivity rights in respect of any licenced use
of Extrakt's proven cyanide free technology on legacy 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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