Exercise of Dunn Option Agreement

Fulcrum Metals plc (LON: FMET), a company focused on mineral exploration and development in Canada, announces that its wholly owned subsidiary Fulcrum Metals (Canada) Ltd ("FMCL"), has exercised an agreement (the "Dunn Option"), to acquire a 100% interest in the Charlot-Neely Lake, South Pendleton and Snowbird uranium projects (the "Dunn Option Uranium Projects") located in Saskatchewan, Canada. The Dunn Option Uranium Projects cover 11,481 hectares and details were announced by the Company on 27 November 2023.

The Dunn Option Uranium Projects were owned by Gary Clayton Dunn and Jonathan Stewart Dunn (the "Dunn Option Vendors"), who granted the Dunn Option to Fulcrum, thereby giving Fulcrum the option to acquire a 100% interest in the Dunn Option Uranium Projects. On receipt of the Dunn Option, Fulcrum paid a cash consideration to the Dunn Option Vendors of CA$5,000 and upon exercising the Dunn Option on 28 June 2024, Fulcrum has paid the Dunn Option Vendors a further cash consideration of CA$60,000. Following the exercise of the Dunn Option, the Dunn Option Uranium Projects have been transferred to FMCL.

This takes the Company one step closer to a definitive agreement with Terra Balcanica Resources Corp. over the sale of all of its uranium projects totalling over 59,000 hectares and comprising: Charlot-Neely Lake, Fontaine Lake, Snowbird and South Pendleton. The Company anticipates the completion of the definitive agreement imminently and will update the market in due course.

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.

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