THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 WHICH HAS BEEN INCORPORATED INTO UK LAW BY THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
27 May 2025
Fulcrum Metals plc
("Fulcrum" or the "Company" or the "Group")
Director Subscription to raise £140,000
and
Total Voting Rights
Fulcrum Metals plc (AIM: FMET), a technology led company focused on the recovery of precious metals from mine tailings in Canada, announces that certain members of the Board have subscribed for a total of £140,000 of new Ordinary Shares (the "Director Subscription"). The Director Subscription will result in the issue and allotment of a total of 2,800,000 new Ordinary Shares at the Issue Price of 5 pence (the "Director Subscription Shares").
The funds will be utilised by the Company as follows:
(i) towards the development of the Company's tailings projects, Teck-Hughes and Sylvanite;
(ii) to support the development of the master licence agreement entered into with Extrakt Process Solutions, details of which were announced by the Company on 22 May 2025, including to provide funding for the initial annual licencing fee; and
(iii) to provide additional working capital.
This funding, together with the previously announced monetisation of certain of the Company's exploration assets - including the signing of a binding letter of intent with TSX Venture Exchange listed Loyalist Exploration Limited for the sale of the Company's Tully Gold Project (announced on 9 April 2025)- and any future cash generated from the optioned-out Saskatchewan uranium projects (announced on 3 July 2024) will contribute towards the wider funding requirements of Fulcrum as a group over the coming 12 months.
Commenting on the Director Subscription Ryan Mee, CEO of Fulcrum Metals, said:
"The subscription at a premium to the prevailing market price reflects the Directors' confidence in Fulcrum's growth prospects. Significant progress has been made in transforming the Company - from the monetisation of exploration assets and acquisition of tailings projects to successful technology testing initiatives. Most notably, the recently announced exclusive Master Licence Agreement for Extrakt's cyanide free technology marks a pivotal step forward, enabling Fulcrum to unlock the substantial mineral potential of its Kirkland Lake tailings projects and assets across Canada's two most prolific gold camps."
Directors' Subscription
The following Directors have conditionally subscribed for Ordinary Shares in the Company in the amounts set out in the table below:
| Director | Current number of Ordinary Shares held | Director Subscription | Director Subscription shares | Number of Ordinary Shares following the Fundraise | % of enlarged share capital following the Fundraise
|
| Ryan Mee (Chief Executive Officer)*
| 7,673,910 | £115,000 | 2,300,000 | 9,973,910 | 15.43% |
| John Hamilton (Chief Financial Officer)
| 156,353 | £12,500 | 250,000 | 406,353 | 0.63% |
| Alan Mooney (Non-Executive Director)
| 81,520 | £12,500 | 250,000 | 331,250 | 0.51% |
*In addition to the shareholdings set out in the table above, OnGold Invest Corp. ("OnGold"), a company owned equally by Ryan Mee, Aidan O'Hara and Mitchell Smith, owns 312,500 Ordinary Shares in the Company.
The Director Subscription is conditional upon Admission (as defined below) only.
The FCA notifications in relation to the above and made in accordance with the requirements of the UK Market Abuse Regulation are appended further below.
Related party transaction
The participations in the Director Subscription constitute related party transactions under the AIM Rules for Companies. Mitchell Smith (Non-Executive Chairman) and Aidan O'Hara (Corporate Development Director are considered independent in relation to the consideration of these related party transactions under AIM Rule 13.
The Independent Directors (being Mitchell Smith and Aidan O'Hara) consider, having consulted with the Company's nominated adviser, Allenby Capital Limited, that the terms of the subscriptions for the Director Subscription Shares are fair and reasonable insofar as the Company's shareholders are concerned.
Admission and Total Voting Rights
Application will be made for the 2,800,000 Director Subscription Shares to be admitted to trading on the AIM Market of the London Stock Exchange ("Admission"). It is expected that the issue of the 2,800,000 Director Subscription Shares will take place, Admission will become effective and that dealings in the Director Subscription Shares on the AIM market of the London Stock Exchange will commence on or around 2 June 2025.
On Admission, the Company will have 64,625,943 Ordinary Shares in issue, each with one voting right. There are no shares held in treasury. Therefore, the Company's total number of Ordinary Shares and voting rights will be 64,625,943 and this figure may be used by shareholders from Admission as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
For further information please visit https://fulcrummetals.com/ or contact:
| Fulcrum Metals PLC | |
| Ryan Mee (Chief Executive Officer) | Via St Brides Partners Limited |
| | |
| Allenby Capital Limited (Nominated adviser) | |
| Nick Athanas / Dan Dearden-Williams | Tel: +44 (0) 203 328 5656 |
| | |
| Clear Capital Markets Limited (Broker) | |
| Bob Roberts | Tel: +44 (0) 203 869 6081 |
| | |
| St Brides Partners Ltd (Financial PR) | |
| Ana Ribeiro / Paul Dulieu | Tel: +44 (0) 20 7236 1177 |
Notes to Editors
About Fulcrum Metals PLC
Fulcrum Metals PLC (AIM: FMET) is an AIM listed technology led natural resources company focused on recovery of precious metals from mine tailings (previously milled and processed ore) in Canada using environmentally friendly leaching technology developed by Extrakt Process Solutions LLC and its associates (together "Extrakt"). The Company's projects are the tailing sites of the former Teck-Hughes and Sylvanite gold mines, located at the Kirkland Lake region in Ontario. In addition, the Company has interests in a portfolio of highly prospective mineral exploration and development projects in both Ontario and Saskatchewan Canada.
Fulcrum have entered into a Master Licence Agreement (MLA) with Extrakt for the exclusive licence rights using their proven technology on legacy gold mine waste sites over the mining districts of Timmins and Kirkland Lake which includes Fulcrum's Teck Hughes and Sylvanite projects. Fulcrum are developing the Teck Hughes and Sylvanite tailing sites to unlock the significant mineral wealth and delivering a scalable concept across two of Canada's biggest gold camps with a history of over 110 million ounces of gold production and more than 70 mine waste sites.
This notification is made in accordance with the requirements of the UK Market Abuse Regulation
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |||||||||
| a) | Name | PDMRs:
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| 2 | Reason for the notification | |||||||||
| a) | Position/status | See 1a) above | ||||||||
| b)
| Initial notification /Amendment | Initial notification | ||||||||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||
| a) | Name | Fulcrum Metals Plc | ||||||||
| b) | LEI | 21380058R5JN7ZOLZK12 | ||||||||
| 4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||||
| a)
| Description of the financial instrument, type of instrument Identification code | Ordinary Shares of nominal value 1 pence each
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| b) | Nature of the transaction | Subscription for Ordinary Shares
| ||||||||
| c) | Price(s) and volume(s) | Price: 5p per Ordinary Share
Volumes:
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| d) | Aggregated information - Aggregated volume - Price | N/A
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| e) | Date of the transaction | 23 May 2025 | ||||||||
| f) | Place of the transaction | Outside a trading venue | ||||||||
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