# FUL: Strategic Expansion and Positive Metallurgy at Alkali Flats Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/ful-strategic-expansion-and-positive-metallurgy-at-alkali-flats--34292496-12b7-401a-8a15-bb69ac1b55ed Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03147102 Publisher: asx Original announcement: 2026-09-30T23:32:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-01T00:15:05.838Z Atlas analysis updated: 2026-10-01T00:15:05.838Z - Company: Fulcrum Lithium Ltd - Ticker: FUL - Exchange: ASX - Region: Nevada, USA - Primary commodity: Lithium - Secondary commodities: None reported - Document categories: Resource update, Metallurgy - Extracted: 2026-10-01 00:15:06 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Fulcrum Lithium Ltd announced positive metallurgical results for its Alkali Flats project, demonstrating 64% to 79% lithium recovery from an acid-free calcination roast and water leach process, with up to 68% recovery within 24 hours. This method significantly reduced impurities and reagent usage compared to previous sulfuric acid extractions, offering flexibility for processing options. Concurrently, the company expanded its Alkali Flats claims by staking 41 new lode claims to capture potential extensions of the higher-grade lithium trend and support future drilling aimed at resource growth. Reasoning: The announcement details positive metallurgical test results for lithium extraction, including high recoveries from an acid-free process with low impurities and low reagent usage, alongside a strategic expansion of claims to target higher-grade resource extensions. - Positive factor: High lithium recovery \(79%\) from acid-free process - Positive factor: Significant reduction in impurities compared to sulfuric acid leach - Positive factor: Relatively low reagent usage with potential for further optimization - Positive factor: Strategic expansion of claims to target higher-grade resource extensions - Positive factor: Recovery improvement from previous roast and water leach results - Negative factor: Recoveries are lower than sulfuric acid leach tests \(93-96%\) - Negative factor: Metallurgical tests are at scoping/bench scale only - Negative factor: Testing limited to composite samples, not explicitly covering full domain variability Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 11 ## Classification and evidence **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The metallurgical test achieved 79% lithium recovery, which is a strong result for a leach process. Evidence · text > 79% lithium recovery from calcination roast and 8-day water column leach tests. **Recovery Improving** Polarity: positive Definition: Recovery improved versus a like-for-like prior test program on the same domain and route. Why it applies: The current roast and water leach results show an improvement from 66% to 79% recovery compared to previous tests. Evidence · text > Improvement of roast and water leaching previous results from 66% to 79% recovery. **Bench Scale Only** Polarity: negative Definition: Only preliminary bench tests completed — no locked-cycle or pilot work. Why it applies: The metallurgical work is described as a 'scoping test' and 'mini-column tests', indicating bench-scale work. Evidence · text > second successful heap leach scoping test **Single Domain Only** Polarity: negative Definition: Testing limited to one composite or domain — representativeness not established. Why it applies: Testing was conducted on 3 composite samples from RC drill holes, but there is no explicit mention of testing across multiple distinct ore domains \(e.g., oxide, transition, fresh\). Evidence · text > 3 composite samples were selected for further testing **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: The metallurgical test is described as a 'heap leach scoping test'. Evidence · text > second early heap leach feasibility test **Acid-Free Process** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The extraction process used water and calcination roast, explicitly stating 'no use of acid during the extraction process'. Evidence · text > no use of acid during the extraction process **Low Impurities** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The leachate showed 'significantly lower levels of impurities' compared to sulfuric acid extractions, with over 99% reductions in several elements. Evidence · text > Significantly lower levels of impurities in the leachate compared with sulfuric acid extractions. **Low Reagent Usage** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The report notes 'relatively low reagent usage with the lowest roast blend ratio achieving the highest recoveries'. Evidence · text > Relatively low reagent usage with the lowest roast blend ratio achieving the highest recoveries **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The document refers to the 'maiden resource of 10.7Mt LCE' announced on August 4, 2026. Evidence · text > Following our maiden resource of 10.7Mt LCE **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The MRE is stated to be compliant with the 'JORC Code, 2012 Edition'. Evidence · text > JORC Code, 2012 Edition – Table 1 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The MRE was prepared by Mrs Claudia Elena Olvera Prado \(MAusIMM\) and Mr Bill Fleshman \(FAusIMM\). Evidence · text > prepared Mrs Claudia Elena Olvera Prado \(MAusIMM\) and Mr Bill Fleshman \(FAusIMM\) **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The maiden MRE includes a significant Inferred component of 2,177 Mt. Evidence · table > 2,177 Context: Inferred **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The maiden MRE is reported at a '400ppm Li cut-off grade' and a higher-grade portion at '700ppm Li cut-off'. Evidence · text > Alkali Flats Maiden Mineral Resource Estimate at 400ppm Li cut-off grade **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 2 distinct composites were tested ## Extracted facts Stored fact records: 11. Some facts used in scoring do not have a stored record. ## Resource Estimates (9) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/ful-strategic-expansion-and-positive-metallurgy-at-alkali-flats--34292496-12b7-401a-8a15-bb69ac1b55ed#fact-resource-facts-2) Alkali Flats · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Alkali Flats - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada, USA - Ticker: FUL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Claudia Elena Olvera Prado, Bill Fleshman - Resource group id: resource:7e47bf80a15c6f39c663 - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 715000000 - Grade: 604 - Grade Unit: ppm - Contained Metal: 2.3 - Contained Unit: mt - Cutoff Grade: 400 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2026-08-04 #### Metal Equivalent - Metal Eq. Grade: 3212 - Metal Eq. Unit: ppm LCE - Assumptions Disclosed: Yes #### Location - Easting: 469342 - Northing: 4187705 - CRS: UTM NAD 83, Zone 11 - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-04T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Measured resource for LCE, part of the maiden MRE, provides a high-confidence base for the project, though it is a restatement of prior information. - Positive factor: High confidence Measured category - Positive factor: JORC compliant - Positive factor: QP/CP signed - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Historical estimate, not a new update Evidence · table > 604 Context: 715 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ful-strategic-expansion-and-positive-metallurgy-at-alkali-flats--34292496-12b7-401a-8a15-bb69ac1b55ed#fact-resource-facts-3) Alkali Flats · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Alkali Flats - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada, USA - Ticker: FUL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Claudia Elena Olvera Prado, Bill Fleshman - Resource group id: resource:31fd9f1f19d4eb835fe0 - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 677000000 - Grade: 564 - Grade Unit: ppm - Contained Metal: 2.03 - Contained Unit: mt - Cutoff Grade: 400 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2026-08-04 #### Metal Equivalent - Metal Eq. Grade: 3003 - Metal Eq. Unit: ppm LCE - Assumptions Disclosed: Yes #### Location - Easting: 469342 - Northing: 4187705 - CRS: UTM NAD 83, Zone 11 - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-04T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated resource for LCE, part of the maiden MRE, provides a good level of confidence for the project, though it is a restatement of prior information. - Positive factor: Indicated category provides reasonable confidence - Positive factor: JORC compliant - Positive factor: QP/CP signed - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Historical estimate, not a new update Evidence · table > 564 Context: 677 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ful-strategic-expansion-and-positive-metallurgy-at-alkali-flats--34292496-12b7-401a-8a15-bb69ac1b55ed#fact-resource-facts-4) Alkali Flats · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Alkali Flats - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada, USA - Ticker: FUL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Claudia Elena Olvera Prado, Bill Fleshman - Resource group id: resource:5b4c96e1392aeac69ba5 - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 1392000000 - Grade: 585 - Grade Unit: ppm - Contained Metal: 4.33 - Contained Unit: mt - Cutoff Grade: 400 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2026-08-04 #### Metal Equivalent - Metal Eq. Grade: 3114 - Metal Eq. Unit: ppm LCE - Assumptions Disclosed: Yes #### Location - Easting: 469342 - Northing: 4187705 - CRS: UTM NAD 83, Zone 11 - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-04T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This combined Measured + Indicated resource for LCE, part of the maiden MRE, provides a good level of confidence for the project, though it is a restatement of prior information. - Positive factor: Combined Measured + Indicated category provides good confidence - Positive factor: JORC compliant - Positive factor: QP/CP signed - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Historical estimate, not a new update Evidence · table > 585 Context: 1,392 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ful-strategic-expansion-and-positive-metallurgy-at-alkali-flats--34292496-12b7-401a-8a15-bb69ac1b55ed#fact-resource-facts-5) Alkali Flats · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Alkali Flats - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada, USA - Ticker: FUL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Claudia Elena Olvera Prado, Bill Fleshman - Resource group id: resource:e3df8ee656979e335864 - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 2177000000 - Grade: 549 - Grade Unit: ppm - Contained Metal: 6.37 - Contained Unit: mt - Cutoff Grade: 400 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2026-08-04 #### Metal Equivalent - Metal Eq. Grade: 2925 - Metal Eq. Unit: ppm LCE - Assumptions Disclosed: Yes #### Location - Easting: 469342 - Northing: 4187705 - CRS: UTM NAD 83, Zone 11 - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-04T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred resource for LCE, part of the maiden MRE, is speculative and has a lower level of geological confidence, though it is a restatement of prior information. - Positive factor: JORC compliant - Positive factor: QP/CP signed - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Inferred category is speculative - Negative factor: Historical estimate, not a new update Evidence · table > 549 Context: 2,177 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ful-strategic-expansion-and-positive-metallurgy-at-alkali-flats--34292496-12b7-401a-8a15-bb69ac1b55ed#fact-resource-facts-6) Alkali Flats · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Alkali Flats - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada, USA - Ticker: FUL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Claudia Elena Olvera Prado, Bill Fleshman - Resource group id: resource:eec602c10c5826b796a8 - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 3570000000 - Grade: 563 - Grade Unit: ppm - Contained Metal: 10.7 - Contained Unit: mt - Cutoff Grade: 400 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2026-08-04 #### Metal Equivalent - Metal Eq. Grade: 2997 - Metal Eq. Unit: ppm LCE - Assumptions Disclosed: Yes #### Location - Easting: 469342 - Northing: 4187705 - CRS: UTM NAD 83, Zone 11 - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-04T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The total resource for LCE, part of the maiden MRE, represents a large contained metal, but includes a substantial inferred component, and is a restatement of prior information. - Positive factor: Large total contained LCE - Positive factor: JORC compliant - Positive factor: QP/CP signed - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Significant inferred component - Negative factor: Historical estimate, not a new update Evidence · table > 563 Context: 3,570 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/ful-strategic-expansion-and-positive-metallurgy-at-alkali-flats--34292496-12b7-401a-8a15-bb69ac1b55ed#fact-resource-facts-7) Alkali Flats · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Alkali Flats - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada, USA - Ticker: FUL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Claudia Elena Olvera Prado, Bill Fleshman - Resource group id: resource:a62f1f0fa560b8ff7638 #### Resource Data - Category: measured - Tonnes: 171000000 - Grade: 4143 - Grade Unit: ppm - Contained Metal: 0.71 - Contained Unit: mt - Cutoff Grade: 700 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2026-08-04 #### Metal Equivalent - Metal Eq. Grade: 4143 - Metal Eq. Unit: ppm LCE - Assumptions Disclosed: Yes #### Location - Easting: 469342 - Northing: 4187705 - CRS: UTM NAD 83, Zone 11 - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-04T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Measured resource for LCE at a 700ppm cutoff highlights a higher-grade portion of the resource, providing a high-confidence base, though it is a restatement of prior information. - Positive factor: Higher grade LCE at 700ppm cutoff - Positive factor: High confidence Measured category - Positive factor: JORC compliant - Positive factor: QP/CP signed - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Historical estimate, not a new update Evidence · table > 4,143 Context: 0.171 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ful-strategic-expansion-and-positive-metallurgy-at-alkali-flats--34292496-12b7-401a-8a15-bb69ac1b55ed#fact-resource-facts-8) Alkali Flats · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Alkali Flats - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada, USA - Ticker: FUL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Claudia Elena Olvera Prado, Bill Fleshman - Resource group id: resource:f57a4f183f9b73160e9c #### Resource Data - Category: indicated - Tonnes: 116000000 - Grade: 4158 - Grade Unit: ppm - Contained Metal: 0.48 - Contained Unit: mt - Cutoff Grade: 700 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2026-08-04 #### Metal Equivalent - Metal Eq. Grade: 4158 - Metal Eq. Unit: ppm LCE - Assumptions Disclosed: Yes #### Location - Easting: 469342 - Northing: 4187705 - CRS: UTM NAD 83, Zone 11 - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-04T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Indicated resource for LCE at a 700ppm cutoff highlights a higher-grade portion of the resource, providing a good level of confidence, though it is a restatement of prior information. - Positive factor: Higher grade LCE at 700ppm cutoff - Positive factor: Indicated category provides reasonable confidence - Positive factor: JORC compliant - Positive factor: QP/CP signed - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Historical estimate, not a new update Evidence · table > 4,158 Context: 0.116 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ful-strategic-expansion-and-positive-metallurgy-at-alkali-flats--34292496-12b7-401a-8a15-bb69ac1b55ed#fact-resource-facts-9) Alkali Flats · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Alkali Flats - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada, USA - Ticker: FUL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Claudia Elena Olvera Prado, Bill Fleshman - Resource group id: resource:fd81f7fe0833acf531b0 #### Resource Data - Category: inferred - Tonnes: 177000000 - Grade: 4086 - Grade Unit: ppm - Contained Metal: 0.72 - Contained Unit: mt - Cutoff Grade: 700 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2026-08-04 #### Metal Equivalent - Metal Eq. Grade: 4086 - Metal Eq. Unit: ppm LCE - Assumptions Disclosed: Yes #### Location - Easting: 469342 - Northing: 4187705 - CRS: UTM NAD 83, Zone 11 - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-04T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This Inferred resource for LCE at a 700ppm cutoff highlights a higher-grade portion of the resource, but is speculative and has a lower level of geological confidence, though it is a restatement of prior information. - Positive factor: Higher grade LCE at 700ppm cutoff - Positive factor: JORC compliant - Positive factor: QP/CP signed - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Inferred category is speculative - Negative factor: Historical estimate, not a new update Evidence · table > 4,086 Context: 0.177 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ful-strategic-expansion-and-positive-metallurgy-at-alkali-flats--34292496-12b7-401a-8a15-bb69ac1b55ed#fact-resource-facts-10) Alkali Flats · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Alkali Flats - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada, USA - Ticker: FUL #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Claudia Elena Olvera Prado, Bill Fleshman - Resource group id: resource:a02d4a9705c862291a9d #### Resource Data - Category: inferred - Tonnes: 464000000 - Grade: 4125 - Grade Unit: ppm - Contained Metal: 1.92 - Contained Unit: mt - Cutoff Grade: 700 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2026-08-04 #### Metal Equivalent - Metal Eq. Grade: 4125 - Metal Eq. Unit: ppm LCE - Assumptions Disclosed: Yes #### Location - Easting: 469342 - Northing: 4187705 - CRS: UTM NAD 83, Zone 11 - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-04T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The total resource for LCE at a 700ppm cutoff highlights a higher-grade portion of the resource, but includes a substantial inferred component, and is a restatement of prior information. - Positive factor: Higher grade LCE at 700ppm cutoff - Positive factor: JORC compliant - Positive factor: QP/CP signed - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Significant inferred component - Negative factor: Historical estimate, not a new update Evidence · table > 4,125 Context: 0.464 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ## Metallurgical Results (2) ### column leach [Link to this fact](https://atlas-staging.minestarters.com/news/ful-strategic-expansion-and-positive-metallurgy-at-alkali-flats--34292496-12b7-401a-8a15-bb69ac1b55ed#fact-metallurgical-facts-0) Alkali Flats · lithium #### Identity - Project: Alkali Flats - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada, USA - Ticker: FUL #### Test Work - Program Status: scoping - Test Type: column leach - Processing Route: calcination roast and water column leach - Sample: 3 composite samples from RC drill holes AF2-2, AF2-5, AF2-10 - Leach Time: 192 hours #### Recovery - Recovery: 79 % - Recovery Basis: actual\_test - Head Grade: 674 - Head Grade Unit: ppm #### Reagents - Acid: 0 kg/t - Reagent Notes: 5:1:1 blend ratio of sample, gypsum, limestone using water; relatively low reagent usage; no use of acid during the extraction process #### Lab - Laboratory: Kappes, Cassiday and Associates \(KCA\) #### Location - Easting: 469342 - Northing: 4187705 - CRS: UTM NAD 83, Zone 11 - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The 79% lithium recovery from the calcination roast and water leach mini-column tests is a strong result, demonstrating an acid-free process with low impurities and improved recovery over previous similar tests. - Positive factor: High lithium recovery for leach process - Positive factor: Acid-free process with low impurities - Positive factor: Low reagent usage - Positive factor: Recovery improvement from prior testwork - Negative factor: Bench scale only - Negative factor: Lower recovery than sulfuric acid leach Evidence · text > 64% to 79% lithium recovery from calcination roast and 8-day water column leach tests. ... Improvement of roast and water leaching previous results from 66% to 79% recovery. #### Tags used in scoring **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: processing\_route matches the heap\_leach signal ### agitated beaker [Link to this fact](https://atlas-staging.minestarters.com/news/ful-strategic-expansion-and-positive-metallurgy-at-alkali-flats--34292496-12b7-401a-8a15-bb69ac1b55ed#fact-metallurgical-facts-1) Alkali Flats · lithium Historical result Needs review: historical\_restatement #### Identity - Project: Alkali Flats - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada, USA - Ticker: FUL #### Test Work - Program Status: scoping - Test Type: agitated beaker - Processing Route: roast and water leach - Sample: previous roast and water leach test #### Recovery - Recovery: 66 % - Recovery Basis: actual\_test #### Reagents - Acid: 0 kg/t - Reagent Notes: previous roast and water leach test in an agitated beaker #### Lab - Laboratory: Kappes, Cassiday and Associates \(KCA\) #### Location - Easting: 469342 - Northing: 4187705 - CRS: UTM NAD 83, Zone 11 - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-05-19T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical 66% lithium recovery from a previous roast and water leach test is superseded by the current 79% recovery, indicating progress in metallurgical optimization. - Negative factor: Historical result, superseded by current testwork - Negative factor: Lower recovery than current testwork Evidence · text > improvement from the roast and water leach previously performed in an agitated beaker, up from 66% to 79% recovery. ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.