Fulcrum Metals secures £6m funding after 78% gold recovery at Teck-Hughes

Fulcrum Metals reported interim results for the six months to 30 June 2026 as a move from technical validation into execution. Phase 3 testing at Teck-Hughes produced what the company called a step-change in gold recovery with strong silver, tellurium, copper, cobalt and manganese recoveries. An auger programme is complete and supports work toward a compliant Mineral Resource Estimate. The company signed a TDI Piloting Agreement for a reusable pilot backed by Extrakt and Bechtel, ordered long-lead equipment, and advanced unfinished talks on a specific Ontario site. Teck-Hughes and Sylvanite are the first projects feeding a scalable mine-waste recovery platform under Extrakt exclusive rights across Kirkland Lake and Timmins. A Yorkville funding package and a Clear Capital at-the-market facility are in place. Chancery Royalty took an equity stake and opened a non-binding path to royalty financing if pilot testing succeeds, subject to due diligence and definitive documentation. Current budgets are expected to fund the pilot and initial Teck-Hughes programme while keeping the second Yorkville loan tranche undrawn. QUOTE: CEO Ryan Mee said: "The first half of 2026 marked Fulcrum's transition from technical validation and strategic positioning into execution. The pilot and first Teck-Hughes programme are funded. Successful pilot testing could then unlock the proposed US$20 million Chancery royalty financing, providing a potential non-equity route towards commercial production, subject to due diligence, definitive documentation and customary conditions." CONTESTED: none found COVERAGE NOTE: no left-rated or right-rated coverage identified