NI 43 101/MRE5 May 2026 14:34
Why the NI 43‑101 now looks overdue
Fulcrum reported encouraging Teck Hughes assay results as far back as October 2025, followed by further drilling, multi‑element assays and metallurgical optimisation that lifted recoveries from ~50% to ~70%. From a technical standpoint, none of that requires a pilot plant to support a maiden NI 43‑101 Mineral Resource Estimate — bench‑scale metallurgy is sufficient for “reasonable prospects for eventual economic extraction”.
Since then, the dataset has expanded (159 auger holes disclosed in March 2026) and management has repeatedly stated that the work “supports progression toward a maiden MRE”. Yet the language has never moved to “completed”, “in review”, or “imminent”.
The pilot plant is a commercial de‑risking decision, not a regulatory prerequisite for an MRE. Prioritising it may make sense strategically, but it doesn’t explain why a resource estimate — based on already‑collected geological data — has not been published.
There’s no disclosed missed deadline, but given earlier references to completing a NI 43‑101, it’s now reasonable for shareholders to ask whether the MRE has been deprioritised, and if so, when it will realistically be delivered?