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Fulcrum Metals: FY23 Results 31 Dec 2023

Operating Highlights

- Successful Gold exploration programme across Ontario:

- Exceptional Gold rock Assays

- Successful Uranium projects in Saskatchewan:

- Significantly increased the footprint of the uranium portfolio by 220% to over 59,000 hectares

Financial  Highlights

- Loss Before Tax of £1.71m (FY22: £0.62m)

- Loss Per Share 0.037p (FY22; 0.072p)

- Net Operating Cash outflow £1.38m (FY22: £0.42m)

- Net Cash as of 31 December 2023 of £0.62m (FY22: £0.01m)

Corporate Highlights

- Successful Admission to AIM

- Raised £3.0m (gross)

- Option agreement to acquire 100% Teck-Hughes Gold Tailings Project in Ontario, Canada

- Appointed Jason Brewer as a strategic adviser

- Raised £0.52m to acquire Tully Gold Project

Post Period Highlights

- Option agreement to divest uranium projects to Terra Balcanica Resources Corp (CSE: TERA)

- Potential CA$3.3m in cash & shares

- CA$3.25m in exploration expenditures

- Use of Proceeds include accelerating tailings projects

Post Period Highlights

- Accelerated the Teck-Hughes gold tailings project using Extrakt's technology

- Entered into option agreement to acquire 100% of the Sylvanite Gold Tailings Project:

- Est 67,000 ounces of gold tailings

Market Intelligence

- Strategic advantage through Extrakt’s tailing extraction technology

- Successful acquisitions and disposals achieved since IPO

- On track to developing a Kirkland Lake Gold Tailings hub with 200,000 ounces of Gold

- With significant opportunity for cost synergies and leveraging economies of scale

"Whilst recognition of Fulcrum on the market has been frustrating, I am delighted with our operational and exploration achievements.

Fulcrum started its life as a quoted company with multiple highly prospective early-stage hard rock exploration projects, but we have not been afraid of change. Quite the opposite, in fact.

At Fulcrum's core is a unique, driven, entrepreneurial spirit that strives to create opportunity and success to reward every shareholder. This is exemplified in our deal making, such as the acquisition of the Tully Gold project and the sale of our uranium assets for a significant return on investment. Fulcrum now has an exciting hard rock exploration business, with two drill ready gold projects in Big Bear and Tully, which are ready for growth, discovery, and expansion alongside a carried investment in the uranium portfolio we are in the process of disposing of...

I believe that a key differentiator for Fulcrum is the development of a tailings business through key acquisition agreements in Kirkland Lake which, essentially, creates a tailings hub with an estimated 200,000 ounces of gold. The Directors of Fulcrum believe this provides the Company with lower exploration-risk assets, and the ability to turn them in to cash generative assets through collaboration with Extrakt and their disruptive, proven, tailings technology.

Fulcrum's evolution has been significant since the Company's admission to AIM and it continues at pace. The year ahead promises to be an exciting period of growth for the Company."

Ryan Mee, CEO, Fulcrum Metals

Fulcrum Metals: Phase 1 Tailings Results

Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada

Ryan Mee, CEO at Fulcrum Metals, discusses next steps toward Ontario tailings hub

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