Fulcrum Metals plc announced the initiation of the phased sampling, testing and study programme at the Sylvanite Gold Tailings project ("Sylvanite" or the "Project") in the Kirkland Lake area of Ontario, in Canada. This programme is designed to confirm the gold content in the tailings and evaluate the efficiency of Extrakt's processing technology in recovering gold and other by-products from the tailings at Sylvanite estimated to be approximately 4.14 million tonnes at 0.47g/t Au for 67,051 ounces contained Au. Highlights: Eight site locations selected for sampling across the Sylvanite tailings area designed to obtain a representative sample set for analysis and testing.

Composite samples of tailing material from each site to be sent to the Extrakt's testing facility in Kentucky, USA. The test work incorporates a full suite of metallurgical characterisation including ICP (minimum 40 elements, including gold), XRD mineralogical analysis and batch leach testing using Extrakt's technology. Sampling at the selected sites to commence imminently.

The historic non-compliant resource estimate cited above has not been verified by Fulcrum and the tailings body requires detailed follow-up sampling along with appropriate QAQC and estimation by an independent qualified resource geologist in order to be able to report a resource compliant with established resource codes. The Company announced mining option agreements to acquire its first tailings project, the Teck-Hughes project, on 30 November 2023 and its second tailings project, the Sylvanite project on 10 April 2024. Since the announcement on 30 November 2023, Fulcrum has been advancing its discussions with Extrakt, a sustainable technology company which uses separation technology to extract metals from tailings without the use of cyanide, about the licensing of its proprietary technology.

On 24 January 2024, Fulcrum entered into a phased study and testing programme for the Teck-Hughes Project and on 12 June 2024 for the Sylvanite project. The company is continuing term sheet stage discussions with Extrakt in relation to a wider Licensing framework in Ontario. Phased development programme: Phase 1 - High-Level Gold Recovery Investigation: Initial high-level gold recovery investigation will serve as the primary evaluation of the enhanced gold recovery achievable through Extrakt technology.

The data collected in this phase will validate and refine the technology and support the planned Phase 2. Phase 2 - Conceptual Study: The conceptual study will provide Fulcrum with a first insight into the project viability using the information developed during Phase 1. According to the information available, the accuracy level of the study is approximately ± 50%. Phase 3 - Laboratory Test Work: More detailed test work is required to optimise some of the leach parameters as well as develop necessary scale-up parameters for all the major equipment of the operation. Phase 4 - Economic Assessment Study: The economic assessment study will provide a more accurate insight into the project viability using the more detailed test work results for the whole of the flowsheet.

The accuracy of the study is aimed to be at a pre-feasibility level of ± 30% accuracy level. Update on proposed sale of Saskatchewan Uranium Projects to Terra Balcanica Resources Corp: Further to the Company's announcement on 17 May 2024, Fulcrum confirms that the transaction for the proposed sale of its uranium projects (the "Uranium Projects") located in Saskatchewan, Canada to Terra Balcanica Resources Corp. ("Terra") is now expected to be completed shortly.

Full details of the proposed transaction are set out in the Company's announcement on 3 April 2024.