Bonus Warrant Acceleration Offer Closed
Fulcrum Metals plc has successfully closed its Bonus Warrant Acceleration Offer, raising a total of £834,575 through the exercise of 16,691,495 warrants, with an additional 2,916,668 warrants exercised for approximately £145,833. The company also issued 1,458,335 Second Tranche Bonus Warrants exercisable at 10 pence until August 2027. Furthermore, 927,045 new ordinary shares were issued to service providers, settling fees of £98,250. These funds will bolster the company's financial position and support ongoing tailings project work, including a pilot scoping study and resource estimate development. Admission of the 3,843,713 new ordinary shares is expected around March 2, 2026, bringing the total issued share capital to 142,130,752 ordinary shares.
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Further to the Company's announcements on 20 December 2025 and 20 January 2026 in relation to the Bonus Warrant Acceleration Offer (the "Offer"), the Board of Fulcrum Metals plc (AIM:FMET) is pleased to announce that it has received additional acceptance letters for the exercise of 2,916,668 warrants over new ordinary shares of 1 pence each (the "Warrant Offer Shares") for a consideration of c.£145,833.
In aggregate, 16,691,495 warrants have now been exercised pursuant to the Offer, raising total gross proceeds of £834,575 for the Company.
The Offer has now closed, and no further acceptances will be received.
Under the terms of the Offer a further 1,458,335 new warrants have been issued to those warrant holders who have accepted the Offer following the extension of the Offer period (the "Second Tranche Bonus Warrants"). The Second Tranche Bonus Warrants are exercisable at 10 pence per share until 20 August 2027. A total of 8,345,751 new warrants have been issued pursuant to the terms of the Offer.
Use of Proceeds
The funds raised from the exercise of warrants strengthens the Company's financial position and supports parallel work programmes across its tailings projects, including the pilot scoping study, work towards maiden Mineral Resource Estimates and evaluation of potential integrated production scenarios.
Ryan Mee, Chief Executive Officer of Fulcrum Metals plc, commented: "We would like to thank those warrant holders who participated in the Bonus Warrant Acceleration Offer. We are pleased with the overall level of participation, and the funds raised will support the continued development of our tailings assets.
"Over the coming weeks, we expect to update shareholders on progress from the pilot scoping study, which is currently underway, and on further assay results from both the Teck-Hughes and Sylvanite projects. These programmes represent important steps as we work to upscale and de-risk our projects, develop growth opportunities, and advance towards potential development scenarios."
Issue of Shares to Service Providers
The Company has also issued 927,045 new ordinary shares (the "Fee Shares") to certain service providers in settlement of fees totalling £98,250.
Admission and Total Voting Rights
Application will be made for the Warrant Offer Shares and the Fee Shares (the "New Ordinary Shares") to be admitted to trading on the AIM market of the London Stock Exchange ("Admission"). It is anticipated that Admission of the 3,843,713 New Ordinary Shares will occur on or around 2 March 2026.
From Admission, the Company's issued ordinary share capital will comprise 142,130,752 ordinary shares of 1 pence each, with one voting right each. The Company does not hold any ordinary shares in treasury. Therefore, the total number of ordinary shares and voting rights in the Company is 142,130,752.
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