Sale Of Uranium Projects Update

Further to the Company's announcement on 3 April 2024 (the "Previous Announcement"), Fulcrum Metals plc (LON: FMET), a company focused on mineral exploration and development in Canada, today provides an update on the proposed sale of its uranium projects (the "Uranium Projects") located in Saskatchewan, Canada to Terra Balcanica Resources Corp. (CNSX: TERA) ("Terra").

On 2 April 2024, Fulcrum granted Terra the option to acquire a 100% interest in its Uranium Projects (the "Proposed Transaction") by way of a letter of intent (the "LOI") and it was anticipated that a definitive agreement would be entered into during May 2024. However, due to delays in the documentation process, Fulcrum and Terra entered into an extension agreement on 16 May 2024 whereby the date by which the definitive agreement pursuant to the Proposed Transaction must be executed has been extended to 15 June 2024.

Full details of the LOI and the Proposed Transaction are disclosed in the Previous Announcement and, save for the completion date, it is expected that a definitive agreement on the Proposed Transaction will be on those terms. It should be noted that there can be no guarantee that a definitive agreement will be entered into, nor the timing thereof.

Ryan Mee, Chief Executive Officer of Fulcrum, commented:

"Since signing the non-binding LOI, Terra has been fully engaged in working towards the completion of the acquisition of our exciting, highly prospective, uranium portfolio in Saskatchewan, a premier uranium jurisdiction. Certain steps under that process have, unfortunately, taken longer than anticipated, but we are confident that the acquisition will be completed by the extended back stop date of 15 June 2024.

"I look forward to providing further updates as the transaction is closed out and welcoming Terra as a partner to explore and advance these projects in a strong industry driven by the energy transition to lower baseload power carbon emissions."

Growth stage gold projects in Ontario

Fulcrum has two drill ready gold projects in Ontario.

The Tully property is host to a NI 43-101 compliant resource of 107,000 ounces of gold with high grades reported in 1997 drilling of up to 2,555.5g/t Au over 0.5 metres within a wider intersection of 322.02g/t over 5.7 metres and 2013 drilling by SGX demonstrating potential extension and depth reporting 9.01g/t Au over 6.7 metres, and 8.0g/t Au over 6.5 metres. Tully is located 30 kilometres northeast of Timmins within the world class Timmins-Porcupine gold camp that has produced over 70m Oz of gold to date. Tully is 2 kilometres southwest of the 1.2Moz Bradshaw Gold Project of Gowest Gold Ltd., currently in development and within 30km of several multi-million ounce historical deposits including the producing Hoyle Pond gold deposit. Work undertaken by Fulcrum has identified several drill target locations with the objective of extending the deposit along strike and at depth.

Establish the prospectivity of its wider non-core Ontario and Saskatchewan portfolio

Saskatchewan Uranium - Fulcrum has amassed a highly prospective uranium portfolio of over 59,000 hectares across the Charlot-Neely, Fontaine Lake, Snowbird and South Pendleton claims. All of the projects are outside the Athabasca basin along major structures, on trend with historic mines and areas of significant M&A activity. Recent discoveries such as the Arrow discovery (4.3m tonnes at 0.83% U308) and Triple R discovery (2.7m tonnes at 1.94% U308) have proved the concept of exploring along major structure outside the Athabasca Basin. Historic records at Charlot-Neely include rock samples of up to 6.2% U308, trenching samples of up to 2.1% U308 and significant electromagnetic conductors covering a 16km zone thought to be prospective for uranium mineralisation. Work completed by Fulcrum at Charlot-Neely and Fontaine Lake includes hyperspectral data compilation identifying exploration targets and field work resulting in discovery of high-grade uranium mineralisation of up to 0.8% U308 and the discovery of new uranium and radioactive trends.

The Company entered into a non-binding Letter Of Intent with Terra Balcanica Resources (CNSX:TERA) regarding disposal of the uranium portfolio, announced by the Company on 3 April 2024.

Conclusion