8% increase in average AuEq grade to 0.7g/t

Fulcrum Metals plc (AIM: FMET), a company pioneering the application of innovative cyanide-free technologies to recover precious and critical metals from mine waste, is pleased to report a notable 8% increase in gold-equivalent grade ("AuEq") to 0.701 g/t Au across 94 of the 159 auger holes completed at the Teck Hughes Tailings Project in Kirkland Lake, Ontario in Canada.

Highlights

• Increase in average grades to 0.701 g/t AuEq from surface, based on: -

o 0.65 g/t gold ($4,700/ounce)

o 0.71 g/t silver ($90/ounce)

o 16.51 g/t gallium (CNY 1740/kg)

o 13.38 g/t tellurium (CNY 780/kg)

• Best hole to date of 1.08g/t AuEq over 4.75 metres
• Best drill intersection to date of 1.68 g/t AuEq over 0.8 metres
• Deepest hole to date of 12.4 metres
• 0.701g/t AuEq average grade may be diluted by additional holes being drilled to test the boundary contact of the tailings

Ryan Mee, Chief Executive Officer of Fulcrum, commented:

"We are encouraged by the 8% increase in the gold equivalent grade to over 0.7g/t at the Teck Hughes tailings project, especially with gold now above US$4,900/oz. The increased grade, with the excellent Extrakt phase 3 test preliminary leaching results released in December significantly enhance the economic potential of the Teck Hughes tailings project.

Fulcrum Chairman Mitchell Smith and Andrew Kane (Principal of Kane Associates Ltd) joined me in our recent visit to Canada and the US to meet our project stakeholders and partners including Extrakt and its Alliance partners, to ensure alignment of scope through 2026.

I look forward to updating shareholders through Q1 2026 on the completion of the phase 3 test work with Extrakt, the full set of assay results for 159 auger drill holes, and the next steps to advance our tailings projects for 2026."

Assays update

The updated gold-equivalent grade incorporates gold, silver, tellurium and gallium results from multi-element assays from the first 94 auger holes previously announced on 15 October 2025. These results highlight the potential co-product value uplift of the Teck Hughes tailings, reinforcing the project's strategic importance within Fulcrum's mine-waste recovery portfolio.

Assay results for the remaining 65 auger holes should be received over the next few weeks. Samples for all 159 holes are subjected to multi-element ultra-trace 4 analysis, with additional metals assessed for potential recovery as part of the ongoing Phase 3 metallurgical optimisation programme being conducted in collaboration with Fulcrum's technology partner Extrakt Process Solutions ("Extrakt"). This programme optimises leach recoveries of both precious and critical metals.

The best five sample results were:

*AuEq (g/t) is calculated as follows: (Au (g/t) + (Ga (g/t) x 0.161) + (Te (g/t) x 0.072) + (Ag (g/t) x 1.915)

utilising metal prices of Au - US$4,700/oz, Ga - US$243.6/kg, Te - US$109.2/kg, Ag - US$90/oz. The AuEq (g/t) calculations are based on theoretical 100% metal recoveries and will need to be modified using up to date metal recovery rates once metallurgical test work has been completed on tailings samples.

Map of 94 auger holes and gold only grades

Teck Hughes characterisation programme overview

The auger drill programme provides detailed mineralogical data to support a Mineral Resource Estimate ("MRE"), which will be the key step to advance the Teck Hughes project towards production. Photon gold and ICP-MS Ultratrace 4 multi-element have been returned for 94 augur drill holes to date. Incorporating gold, silver, tellurium and gallium only, the best gold equivalent assay results are 1.68g/t AuEq over 0.8 metres, best hole results of 1.08g/t AuEq over 4.75 metres from surface and the deepest hole measured is 12.4 metres. Final samples for the remaining 65 auger holes are at Actlab for comparative Gold Fire Assay and ICP-MS Ultratrace 4 multi-element assay. Following the completion of phase 3 testing with Extrakt, Fulcrum will review any further potentially economically recoverable minerals.

Phase 3 testing is underway with Extrakt using their proprietary cyanide free leach and solid-liquid separation TNSTM technologies to provide detailed metallurgical data to process the tailings. This includes optimising and upscaling resource recovery, maximising yield and process efficiency, tailings dewatering and water and reagents recovery. In December 2025, the Company reported preliminary results with gold and silver recoveries over 70%. Results of the Phase 3 test work are expected before the end of Q1 2026.

These workstreams are undertaken in parallel and will provide the basis for a MRE, a 43-101 technical report and a phase 4 PFS level economic assessment with Extrakt.

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