KIRKLAND LAKE: Fulcrum Metals plc (AIM: FMET), a technology-led company focused on recovering precious metals from mine tailings in Canada, on Monday reported its final results for the year ended Dec. 31, 2024, highlighting a strategic pivot toward gold tailings processing and key mineral discoveries.
During the year, the company formalized a definitive option agreement to monetize its uranium assets in Saskatchewan to Terra Balcanica Resources Corp. (CSE: TERA) in a deal worth up to C$3.36 million, including C$3.25 million in work expenditures and a 1% net smelter return (NSR) royalty with a 0.5% buy-down option. Fulcrum also entered a letter of intent to divest its Tully Gold Project to Loyalist Exploration Limited (TSXV: PNGC) for up to C$1.8 million in cash and shares, with a 2% NSR royalty.
The company raised more than £860,000 from investors and directors during the period.
Operationally, Fulcrum advanced its transition to a sustainable tailings processing model with the acquisition of the Sylvanite gold tailings project, located near its flagship Teck Hughes site in Kirkland Lake. Exploration results indicated average grades of up to 0.65 g/t gold, 1.3 g/t silver, and 13.9 g/t tellurium across newly drilled auger sites.
Notably, the company began testing cyanide-free extraction methods through its collaboration with Extrakt Processing Solutions. Early trials demonstrated gold recovery rates of 59.4% at Teck Hughes and 49% at Sylvanite with significantly reduced leach times.
“Our collaboration with Extrakt has delivered breakthrough results, nearly doubling gold recovery and reducing leach times by over 90%,” CEO Ryan Mee said in a statement. “This technology is critical to unlocking value across more than 70 legacy mine sites in the Timmins and Kirkland Lake regions.”
Fulcrum posted a pre-tax loss of £1.15 million for FY2024, narrowing from a £1.71 million loss the previous year. The company ended the year with £340,517 in cash.
Post-year-end, Fulcrum appointed Canadian mining executive Mitchell Smith as non-executive chairman and signed a Master Licence Agreement for Extrakt’s cyanide-free processing technology. Additional assays confirmed the presence of gallium and tellurium — both critical minerals — at its Ontario sites, opening new co-product opportunities alongside gold.