Fulcrum Metals

FMET · AIM · Basic Resources · mcap £12m · 7.2p

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Financials · LTM to 30 Jun 26

Source: results 28 Sep 26 ↗

Revenue: –
Operating profit: −£562k
Net income: −£826k
Free cash flow: −£2.8m
Net cash: £671k
Market cap: £11.6m
EV / EBIT: –
FCF yield: −24.5%
Price / book: 1.7×

Latest half-year · H1 26 vs H1 25 results 28 Sep 26 ↗

Operating profit: −£612k
Net income: −£648k
Cash from operations: −£960k

Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 28 Sep 26 · read the results ↗

Source ↗

	Unaudited 6 months ended 30 June '26 £	Unaudited 6 months ended 30 June '25 £	Audited Year ended 31 Dec '25 £
Administrative expenses	(611,044)	(331,565)	(888,363)
Other operating expenses	(9,446)	-	-
Other operating income	8,094	-	606,730
Operating loss	(612,396)	(331,565)	(281,633)
Finance costs	(35,136)	(43,454)	(271,866)
Loss before taxation	(647,532)	(375,019)	(553,499)
Taxation	-	-	-
Loss for the financial period	(647,532)	(375,019)	(553,499)
Other comprehensive income/(loss)
Foreign currency translation of foreign subsidiaries	(120,487)	(101,673)	(70,997)
Fair value gain on financial investments	7,990	29,056	736,499
Total other comprehensive income/(loss)	(112,497)	(72,617)	665,502
Total comprehensive (loss) for the financial period	(760,029)	(447,636)	112,003
Earnings per share
Basic and diluted loss per share (pence per share)	(0.449)	(0.602)	(0.658)

Source ↗

	Unaudited 30 June '26 £	Unaudited 30 June '25 £	Audited 31 Dec '25 £
Assets
Non-current assets
Exploration & evaluation assets	4,350,059	3,546,303	3,691,280
Property, plant and equipment	-	292	-
Financial investments	1,834,971	106,606	1,858,388
Assets held for sale	-	232,087	-
Total non-current assets	6,185,030	3,885,288	5,549,668
Current assets
Trade and other receivables	271,259	54,351	73,679
Cash and cash equivalents	2,731,870	38,778	281,889
Total current assets	3,003,129	93,129	355,568
Current liabilities
Trade and other payables	(343,752)	(365,220)	(344,945)
Convertible loan notes	(2,061,348)	(648,949)	-
Total current liabilities	(2,405,100)	(1,014,169)	(344,945)
Net current assets	598,029	(921,040)	10,623
Total assets less current liabilities	6,783,059	2,964,248	5,560,291
Non-current liabilities
Deferred consideration	(162,444)	(165,734)	(406,862)
Total non-current liabilities	(162,444)	(165,734)	(406,862)
Net assets	6,620,615	2,798,514	5,153,429
Equity
Shareholders' Equity
Called up share capital	1,534,400	646,259	1,243,275
Share premium account	9,028,547	6,257,651	7,356,109
Share option reserve	202,673	159,361	259,163
Other reserves	(61,877)	(134,678)	(161,445)
Foreign exchange translation reserve	(463,963)	(374,152)	(343,476)
Financial assets at FVOCI reserve	682,140	(33,293)	674,150
Retained earnings	(4,301,305)	(3,722,634)	(3,874,347)
Total Equity	6,620,615	2,798,514	5,153,429

Source ↗

	Unaudited 6 months ended 30 June '26 £	Unaudited 6 months ended 30 June '25 £	Audited Year ended 31 Dec '25 £
Cash flows from operating activities
Loss for the period	(647,532)	(375,019)	(553,499)
Adjustments for
Depreciation of property, plant and equipment	-	252	504
Impairment of exploration and evaluation assets	-	-	142,493
Profit/(loss) on disposal of assets held for sale	(6,622)	-	(606,730)
Finance costs	27,022	43,454	271,866
Profit/(loss) on exchange	10,294	5,447	(145,583)
Decrease/(increase) in trade and other receivables	(193,480)	15,731	(3,597)
Increase/ (decrease) in trade and other payables	(150,157)	138,134	40,294
Net cash used in operating activities	(960,475)	(172,001)	(854,252)
Cash flows from investing activities
Acquisition of intangible exploration assets	(725,584)	(269,973)	(732,019)
Proceeds from option agreement	-	-	294,580
Net cash used in investing activities	(725,584)	(269,973)	(437,439)
Cash flows from financing activities
Net proceeds on the issue of share capital	1,811,829	140,000	1,366,500
Proceeds from the issue of CLN	2,325,000	-	-
Share issue costs	-	-	(108,682)
Net cash from financing activities	4,136,829	140,000	1,257,818
Net increase/(decrease) in cash and cash equivalents	2,450,770	(301,974)	(33,873)
Cash and cash equivalents at start of period	281,889	340,517	340,517
Exchange losses on cash and cash equivalents	(789)	235	(24,755)
Cash and cash equivalents at end of period	2,731,870	38,778	281,889

Source ↗

	2025 £	2024 £
Administrative expenses	(888,363)	(1,067,346)
Other operating Income	606,730	-
Loss from operations	(281,633)	(1,067,346)
Finance expense	(271,866)	(86,115)
Loss before tax	(553,499)	(1,153,461)
Tax on loss	-	-
Loss for the year	(553,499)	(1,153,461)
Other comprehensive profit/( loss)
Foreign currency translation of foreign subsidiaries	(70,997)	(255,796)
Fair value movement on financial investments	736,499	(62,349)
Total other comprehensive profit/( loss)	665,502	(318,145)
Total comprehensive profit / ( loss) for the year	112,003	(1,471,606)
Profit / (Loss) Attributable to
Equity holders of the parent company	112,003	(1,471,606)
Total profit / (Loss) Attributable to	112,003	(1,471,606)
Basic and diluted loss per share (pence per share)	(0.658)	(2.186)

Source ↗

	2025 £	2024 £
Assets Non-current assets
Property, plant and equipment	-	504
Exploration & evaluation assets	3,691,280	3,401,715
Financial investments	1,858,388	77,550
Assets held for sale	-	214,097
Total Non-Current Assets	5,549,668	3,693,866
Current assets
Trade and other receivables	73,679	70,082
Cash and cash equivalents	281,889	340,517
Total current assets	355,568	410,599
Liabilities Non-current liabilities
Trade and other liabilities	406,862	252,467
Current liabilities
Trade and other liabilities	344,945	745,848
Total liabilities	751,807	998,315
Net assets	5,153,429	3,106,150
Capital and reserves
Called up share capital	1,243,275	618,259
Share premium	7,356,109	6,145,651
Share option reserve	259,163	288,122
Foreign exchange reserve	(343,476)	(272,479)
Other reserves	(161,445)	(134,678)
Financial assets at FVOCI reserve	674,150	(62,349)
Retained earnings	(3,874,347)	(3,476,376)
Total equity	5,153,429	3,106,150

Source ↗

	2025 £	2024 £
Cash flows from operating activities Loss for the year	(553,499)	(1,153,461)
Adjustments for
Depreciation of property, plant and equipment	504	506
Impairment of exploration and evaluation assets	142,493	257,877
Profit on disposal of assets held for sale	(606,730)	-
Finance costs	271,866	86,115
Profit / (loss) on exchange	(145,583)	(54,294)
Changes in
Trade and other receivables	(3,597)	(27,134)
Trade and other payables	40,294	(6,605)
Net cash used in operating activities	(854,252)	(896,996)
Cash flows from investing activities
Purchase of exploration and evaluation assets	(732,019)	(396,701)
Proceeds on disposal of assets	294,580	13,868
Net cash used in investing activities	(437,439)	(382,833)
Cash flows from financing activities
Proceeds from an equity share issue	1,366,500	947,998
Share issue costs	(108,682)	-
Net cash from financing activities	1,257,818	947,998
Net decrease in cash and cash equivalents	(33,873)	(331,831)
Cash and cash equivalents at the beginning of year	340,517	620,924
Exchange (loss) / gains on cash and cash equivalents	(24,755)	51,424
Cash and cash equivalents at the end of the year	281,889	340,517

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Operating profit	(0.6)	(0.3)	(1.1)
Depreciation (owned assets)	0.0	0.0	0.0
Operating profit to net income
Finance costs	(0.3)	(0.3)	(0.1)
Profit before tax	(0.8)	(0.6)	(1.2)
Tax	0.0	0.0	–
Net income (owners)	(0.8)	(0.6)	(1.2)
Per share
EPS basic	(0.5p)	(0.7p)	(2.2p)
EPS diluted	(0.5p)	(0.7p)	(2.2p)

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Operating profit	(0.6)	n/m	0.0	(0.3)
Depreciation (owned assets)	0.0	n/m	0.0	0.0
Operating profit to net income
Finance costs	(0.0)	n/m	(0.2)	(0.0)
Profit before tax	(0.6)	n/m	(0.2)	(0.4)
Tax	0.0	n/m	0.0	0.0
Net income (owners)	(0.6)	n/m	(0.2)	(0.4)
Per share
EPS basic	(0.4p)	–	(0.1p)	(0.6p)
EPS diluted	(0.4p)	–	(0.1p)	(0.6p)

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	(1.6)	(0.9)	(0.9)
Investing activities
Capex (intangibles)	(1.2)	(0.7)	–
Financing activities
Shares issued	3.0	1.4	0.9

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	(1.0)	n/m	(0.7)	(0.2)
Investing activities
Capex (intangibles)	(0.7)	+169%	(0.5)	(0.3)
Financing activities
Shares issued	1.8	n/m	1.2	0.1

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Other intangibles	4.4	3.7	–
Property, plant & equipment	0.0	0.0	0.0
Other investments	1.8	1.9	0.1
Current assets
Trade receivables	0.3	0.1	0.1
Cash	2.7	0.3	0.3
Current assets	3.0	0.4	0.4
Current liabilities
Trade payables	0.3	0.3	–
Borrowings, current	2.1	0.0	–
Current liabilities	2.4	0.3	0.7
Non-current liabilities
Deferred consideration	0.2	0.4	–
Non-current liabilities	–	0.4	0.3
Total liabilities	–	0.8	1.0
Equity
Total equity	6.6	5.2	3.1
Net cash and other figures
Net asset value	–	5.2	3.1

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Other intangibles	4.4	3.7	3.5	–
Property, plant & equipment	0.0	0.0	0.0	0.0
Other investments	1.8	1.9	0.1	0.1
Current assets
Trade receivables	0.3	0.1	0.1	0.1
Cash	2.7	0.3	0.0	0.3
Current assets	3.0	0.4	0.1	0.4
Current liabilities
Trade payables	0.3	0.3	0.4	–
Borrowings, current	2.1	0.0	0.6	–
Current liabilities	2.4	0.3	1.0	0.7
Non-current liabilities
Deferred consideration	0.2	0.4	0.2	–
Non-current liabilities	–	0.4	–	0.3
Total liabilities	–	0.8	–	1.0
Equity
Total equity	6.6	5.2	2.8	3.1
Net cash and other figures
Net asset value	–	5.2	–	3.1

Read automatically from each results announcement. Check the source before relying on a figure.

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Company filings. Not investment advice.