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(Sharecast News) - Fulcrum Metals said on Friday that it had made significant progress over the past year as it advanced its strategy of recovering precious and critical metals from historic mine tailings using cyanide-free processing technology.
The AIM-traded company highlighted its acquisition of full ownership of the Teck-Hughes gold tailings project, an exclusive licence agreement with Extrakt Process Solutions and a pilot plant agreement with TDI Solutions, which will move the recovery process from laboratory testing towards pilot-scale demonstration.
A 159-hole auger programme at Teck-Hughes confirmed gold, silver and concentrations of critical minerals including tellurium and gallium, supporting a maiden NI 43-101 mineral resource estimate now in preparation.
Fulcrum also secured a 6m funding package from Yorkville Advisors and signed a non-binding royalty term sheet that could provide up to $20m of non-dilutive financing, with the company prioritising completion of the pilot programme, engineering and permitting work and definitive project funding agreements over the coming year.
At 0838 BST, shares in Fulcrum Metals were down 5% at 7.6p.
Reporting by Josh White for Sharecast.com.
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