Placing of Existing Shares

Fulcrum Metals plc (LON: FMET), a technology led company focused on the recovery of precious metals from mine tailings in Canada, announces that Panther Metals plc ("Panther") at their sole direction has sold a total of 7,625,122 ordinary shares of 1 pence each ("Ordinary Shares") in the capital of Company (the "Existing Placing Shares" or "Panther Shares") on 7 April 2025 at a price of 3.5 pence per Ordinary Share (the "Transaction"). The Existing Placing Shares have been placed with certain existing shareholders in the Company.

The Transaction has enabled the sale of Panther's entire shareholding in Fulcrum, equivalent to 12.33% of the issued share capital of the Company, and Panther no longer hold any Ordinary Shares in Fulcrum following completion of the Transaction but retain o 476,190 warrants exercisable at 26.25 pence expiring on 14 February 2026.

Ryan Mee, CEO, commented:-

"The board are pleased with the support shown by existing shareholders in what is an exciting time for Fulcrum as we focus on optimising a proof of concept in recovering gold and improving environmental outcomes from mine waste at our Teck Hughes project in Kirkland Lake, Ontario. The completion of this transaction has strengthened our shareholder register and we look forward to updating shareholders on our commercial and operational progress in due course."

Clear Capital Markets Limited ("Clear Capital"), the Company's broker, acted as sole bookrunner ("Bookrunner") in relation to the Transaction.

As announced on 12 March 2024, Panther entered into a new lock-in agreement with Fulcrum, Allenby Capital Limited (the Company's nominated adviser) and Clear Capital on 11 March 2024, thereby imposing a hard lock-in period on the Panther Shares to 15 May 2025 and the orderly market provision on the Panther Shares for a year thereafter through to 15 May 2026 (the "Lock-in Undertaking").

The directors of the Company, Clear Capital and Allenby Capital have confirmed the release of Panther from the Lock-In Undertaking such that they could participate as the selling shareholder in the Transaction in order to satisfy investor demand.