# Interim Results for the six months to 30 June 2026 Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/interim-results-for-the-six-months-to-30-june-2026--81ea8ed0-83e6-4369-b58e-273556b112e4 Original source: https://www.londonstockexchange.com/news-article/FMET/interim-results-for-the-six-months-to-30-june-2026/17806676 Publisher: lse Original announcement: 2026-09-28T05:00:07.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T18:31:01.759Z Atlas analysis updated: 2026-09-29T18:31:01.759Z - Company: Fulcrum Metals Plc - Ticker: FMET - Exchange: LSE - Region: Kirkland Lake, Ontario, Canada - Primary commodity: Gold - Secondary commodities: Silver, Tellurium, Copper, Cobalt, Manganese, Gallium, Rubidium, Strontium, Zirconium - Document categories: Metallurgy, Capital raise, Other, Resource update - Extracted: 2026-09-29 18:31:02 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Fulcrum Metals Plc announced its interim results for the six months to June 30, 2026, highlighting a transition to execution with strong metallurgical test results from its Teck-Hughes project, including 78% gold recovery. The company secured a £6 million funding package and is advancing its pilot plant development, aiming for a NI 43-101 compliant Mineral Resource Estimate. Despite these operational advancements, the company reported an operating loss for the period. Reasoning: Fulcrum Metals Plc reported strong metallurgical recoveries for gold and other metals from its Teck-Hughes project using cyanide-free technology, demonstrating a significant improvement over previous phases. The company has secured funding and is advancing its pilot plant development and a NI 43-101 compliant Mineral Resource Estimate, despite reporting an operating loss for the period. - Positive factor: High gold recovery from metallurgical testing - Positive factor: Strong recoveries for multiple by-product metals - Positive factor: Significant relative improvement in gold recovery - Positive factor: Pilot scale testing underway for cyanide-free technology - Positive factor: Secured funding for pilot facility and initial programs - Positive factor: Progress towards NI 43-101 compliant Mineral Resource Estimate - Negative factor: Company reported an operating loss for the period - Negative factor: Historical resource estimate requires verification - Negative factor: Potential dilution from convertible loan notes Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 17 ## Classification and evidence **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Phase 3 metallurgical testing achieved 78% gold recovery, which is a strong result for a leaching process, especially with a cyanide-free technology. Evidence · text > Gold recovery reached 78% **Recovery Improving** Polarity: positive Definition: Recovery improved versus a like-for-like prior test program on the same domain and route. Why it applies: Gold recovery reached 78%, representing a 31% relative improvement compared with Phase 1. Evidence · text > Gold recovery reached 78%, representing a 31% relative improvement compared with Phase 1. **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: The company completed the pilot concept study and signed the TDI Piloting Agreement, establishing the delivery framework for a reusable pilot facility with capacity of up to 2.4 tonnes per day. Evidence · text > Completed the pilot concept study and signed the TDI Piloting Agreement, establishing the delivery framework for a reusable pilot facility with capacity of up to 2.4 tonnes per day **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Recoveries of up to 95% silver, 96% tellurium, and 85% copper are strong results for by-product metals. Evidence · text > Recoveries of up to 95% silver, 96% tellurium, 85% copper, 60% cobalt, 65% manganese and approximately 20% gallium were also achieved. **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: Silver, tellurium, copper, cobalt, manganese, and gallium are mentioned as being recovered alongside gold, indicating they are by-products. Evidence · text > Gold recovery reached 78% alongside strong recoveries of silver, tellurium, copper, cobalt and manganese. **Historical Estimate Only** Polarity: negative Story-specific tag Definition: Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling. Why it applies: The document refers to a 'historical estimate of 10.7 million tonnes\* of tailings' for Teck-Hughes and Sylvanite, which is subject to verification. Evidence · text > comprising a historical estimate of 10.7 million tonnes\* of tailings **No QP/CP Disclosure** Polarity: negative Story-specific tag Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: No Qualified Person or Competent Person is named or signed off specifically for the historical tailings estimate, only for the technical information in the announcement generally. Evidence · text > comprising a historical estimate of 10.7 million tonnes\* of tailings **NI 43-101 Compliant** Polarity: positive Story-specific tag Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: Loyalist announced an updated NI 43-101 Mineral Resource Estimate for the Tully Gold Project. Evidence · text > Loyalist announced an updated NI 43-101 Mineral Resource Estimate of approximately 226,000 ounces of gold **Historical Estimate Only** Polarity: negative Story-specific tag Definition: Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling. Why it applies: The Loyalist resource estimate is a post-period event for another company, making it historical in the context of this document's reporting period. Evidence · text > Loyalist announced an updated NI 43-101 Mineral Resource Estimate of approximately 226,000 ounces of gold **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 3 distinct composites were tested ## Extracted facts Stored fact records: 17. Some facts used in scoring do not have a stored record. ## Resource Estimates (1) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results-for-the-six-months-to-30-june-2026--81ea8ed0-83e6-4369-b58e-273556b112e4#fact-resource-facts-15) Teck-Hughes and Sylvanite · gold Historical result Needs review: historical\_restatement #### Identity - Project: Teck-Hughes and Sylvanite - Commodity: gold - Region: canada\_on - Reported Region: Kirkland Lake, Ontario, Canada - Ticker: FMET #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Edward \(Ed\) Slowey - Resource group id: resource:01f4e55fce79c255582f #### Resource Data - Category: inferred - Tonnes: 10700000 - Grade Unit: tonnes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The historical estimate of 10.7 million tonnes of tailings at Teck-Hughes and Sylvanite represents significant potential, but requires verification for current resource classification. - Positive factor: Large historical tonnage provides significant potential - Negative factor: Historical estimate requires verification - Negative factor: Category not specified, likely inferred Evidence · text > comprising a historical estimate of 10.7 million tonnes\* of tailings #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## Metallurgical Results (16) ### pilot plant [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results-for-the-six-months-to-30-june-2026--81ea8ed0-83e6-4369-b58e-273556b112e4#fact-metallurgical-facts-0) Teck-Hughes · gold #### Identity - Project: Teck-Hughes - Commodity: gold - Region: canada\_on - Reported Region: Kirkland Lake, Ontario, Canada - Ticker: FMET #### Test Work - Program Status: detailed - Test Type: pilot plant - Processing Route: cyanide-free technology - Sample: select material at 54 microns and 38°C #### Recovery - Recovery: 78 % - Recovery Basis: actual\_test - Head Grade: 0.63 - Head Grade Unit: g/t #### Lab - Laboratory: Extrakt and TDI - Consultant: Bechtel #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Phase 3 metallurgical testing achieved high recovery rates for gold, representing a significant improvement and validating the cyanide-free technology at a pilot scale. - Positive factor: High recovery for primary commodity - Positive factor: Significant relative improvement - Positive factor: Pilot scale testing Evidence · text > Gold recovery reached 78% alongside strong recoveries of silver, tellurium, copper, cobalt and manganese. #### Tags used in scoring **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: test\_type names pilot-scale work **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 78% is below the weak band \(80%\) ### pilot plant [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results-for-the-six-months-to-30-june-2026--81ea8ed0-83e6-4369-b58e-273556b112e4#fact-metallurgical-facts-1) Teck-Hughes · silver #### Identity - Project: Teck-Hughes - Commodity: silver - Region: canada\_on - Reported Region: Kirkland Lake, Ontario, Canada - Ticker: FMET #### Test Work - Program Status: detailed - Test Type: pilot plant - Processing Route: cyanide-free technology - Sample: select material at 54 microns and 38°C #### Recovery - Recovery: 95 % - Recovery Basis: actual\_test - Head Grade: 0.7 - Head Grade Unit: g/t #### Lab - Laboratory: Extrakt and TDI - Consultant: Bechtel #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Phase 3 metallurgical testing achieved high recovery rates for silver, validating the cyanide-free technology at a pilot scale. - Positive factor: Strong recoveries for by-products - Positive factor: Pilot scale testing Evidence · text > Recoveries of up to 95% silver, 96% tellurium, 85% copper, 60% cobalt, 65% manganese and approximately 20% gallium were also achieved. #### Tags used in scoring **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: test\_type names pilot-scale work **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 95% is at or above the exceptional band \(90%\) ### pilot plant [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results-for-the-six-months-to-30-june-2026--81ea8ed0-83e6-4369-b58e-273556b112e4#fact-metallurgical-facts-2) Teck-Hughes · tellurium #### Identity - Project: Teck-Hughes - Commodity: tellurium - Region: canada\_on - Reported Region: Kirkland Lake, Ontario, Canada - Ticker: FMET #### Test Work - Program Status: detailed - Test Type: pilot plant - Processing Route: cyanide-free technology - Sample: select material at 54 microns and 38°C #### Recovery - Recovery: 96 % - Recovery Basis: actual\_test - Head Grade: 12.86 - Head Grade Unit: g/t #### Lab - Laboratory: Extrakt and TDI - Consultant: Bechtel #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Phase 3 metallurgical testing achieved high recovery rates for tellurium, validating the cyanide-free technology at a pilot scale. - Positive factor: Strong recoveries for by-products - Positive factor: Pilot scale testing Evidence · text > Recoveries of up to 95% silver, 96% tellurium, 85% copper, 60% cobalt, 65% manganese and approximately 20% gallium were also achieved. #### Tags used in scoring **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: test\_type names pilot-scale work ### pilot plant [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results-for-the-six-months-to-30-june-2026--81ea8ed0-83e6-4369-b58e-273556b112e4#fact-metallurgical-facts-3) Teck-Hughes · copper #### Identity - Project: Teck-Hughes - Commodity: copper - Region: canada\_on - Reported Region: Kirkland Lake, Ontario, Canada - Ticker: FMET #### Test Work - Program Status: detailed - Test Type: pilot plant - Processing Route: cyanide-free technology - Sample: select material at 54 microns and 38°C #### Recovery - Recovery: 85 % - Recovery Basis: actual\_test #### Lab - Laboratory: Extrakt and TDI - Consultant: Bechtel #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Phase 3 metallurgical testing achieved high recovery rates for copper, validating the cyanide-free technology at a pilot scale. - Positive factor: Strong recoveries for by-products - Positive factor: Pilot scale testing Evidence · text > Recoveries of up to 95% silver, 96% tellurium, 85% copper, 60% cobalt, 65% manganese and approximately 20% gallium were also achieved. #### Tags used in scoring **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: test\_type names pilot-scale work ### pilot plant [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results-for-the-six-months-to-30-june-2026--81ea8ed0-83e6-4369-b58e-273556b112e4#fact-metallurgical-facts-4) Teck-Hughes · cobalt #### Identity - Project: Teck-Hughes - Commodity: cobalt - Region: canada\_on - Reported Region: Kirkland Lake, Ontario, Canada - Ticker: FMET #### Test Work - Program Status: detailed - Test Type: pilot plant - Processing Route: cyanide-free technology - Sample: select material at 54 microns and 38°C #### Recovery - Recovery: 60 % - Recovery Basis: actual\_test #### Lab - Laboratory: Extrakt and TDI - Consultant: Bechtel #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Phase 3 metallurgical testing achieved good recovery rates for cobalt, validating the cyanide-free technology at a pilot scale. - Positive factor: Recoveries for by-products - Positive factor: Pilot scale testing Evidence · text > Recoveries of up to 95% silver, 96% tellurium, 85% copper, 60% cobalt, 65% manganese and approximately 20% gallium were also achieved. #### Tags used in scoring **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: test\_type names pilot-scale work ### pilot plant [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results-for-the-six-months-to-30-june-2026--81ea8ed0-83e6-4369-b58e-273556b112e4#fact-metallurgical-facts-5) Teck-Hughes · manganese #### Identity - Project: Teck-Hughes - Commodity: manganese - Region: canada\_on - Reported Region: Kirkland Lake, Ontario, Canada - Ticker: FMET #### Test Work - Program Status: detailed - Test Type: pilot plant - Processing Route: cyanide-free technology - Sample: select material at 54 microns and 38°C #### Recovery - Recovery: 65 % - Recovery Basis: actual\_test #### Lab - Laboratory: Extrakt and TDI - Consultant: Bechtel #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Phase 3 metallurgical testing achieved good recovery rates for manganese, validating the cyanide-free technology at a pilot scale. - Positive factor: Recoveries for by-products - Positive factor: Pilot scale testing Evidence · text > Recoveries of up to 95% silver, 96% tellurium, 85% copper, 60% cobalt, 65% manganese and approximately 20% gallium were also achieved. #### Tags used in scoring **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: test\_type names pilot-scale work ### pilot plant [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results-for-the-six-months-to-30-june-2026--81ea8ed0-83e6-4369-b58e-273556b112e4#fact-metallurgical-facts-6) Teck-Hughes · gallium #### Identity - Project: Teck-Hughes - Commodity: gallium - Region: canada\_on - Reported Region: Kirkland Lake, Ontario, Canada - Ticker: FMET #### Test Work - Program Status: detailed - Test Type: pilot plant - Processing Route: cyanide-free technology - Sample: select material at 54 microns and 38°C #### Recovery - Recovery: 20 % - Recovery Basis: actual\_test - Head Grade: 17.12 - Head Grade Unit: g/t #### Lab - Laboratory: Extrakt and TDI - Consultant: Bechtel #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Phase 3 metallurgical testing achieved a 20% recovery rate for gallium, with further optimization planned. - Positive factor: Recovery achieved for by-product - Positive factor: Pilot scale testing - Negative factor: Lower recovery rate compared to other metals Evidence · text > Recoveries of up to 95% silver, 96% tellurium, 85% copper, 60% cobalt, 65% manganese and approximately 20% gallium were also achieved. #### Tags used in scoring **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: test\_type names pilot-scale work ### Fact 8 [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results-for-the-six-months-to-30-june-2026--81ea8ed0-83e6-4369-b58e-273556b112e4#fact-metallurgical-facts-7) Teck-Hughes · gold #### Identity - Project: Teck-Hughes - Commodity: gold - Region: canada\_on - Reported Region: Kirkland Lake, Ontario, Canada - Ticker: FMET #### Test Work - Sample: 159-hole auger programme #### Recovery - Head Grade: 0.63 - Head Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Average gold grades from the 159-hole auger program provide a strong dataset for the upcoming NI 43-101 compliant Mineral Resource Estimate. - Positive factor: Multi-element data strengthens dataset for MRE - Positive factor: Average grades reported from extensive auger program Evidence · text > Reported average grades included 0.63 g/t gold, 0.70 g/t silver, 12.86 g/t tellurium and 17.12 g/t gallium. ### Fact 9 [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results-for-the-six-months-to-30-june-2026--81ea8ed0-83e6-4369-b58e-273556b112e4#fact-metallurgical-facts-8) Teck-Hughes · silver #### Identity - Project: Teck-Hughes - Commodity: silver - Region: canada\_on - Reported Region: Kirkland Lake, Ontario, Canada - Ticker: FMET #### Test Work - Sample: 159-hole auger programme #### Recovery - Head Grade: 0.7 - Head Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Average silver grades from the 159-hole auger program provide a strong dataset for the upcoming NI 43-101 compliant Mineral Resource Estimate. - Positive factor: Multi-element data strengthens dataset for MRE - Positive factor: Average grades reported from extensive auger program Evidence · text > Reported average grades included 0.63 g/t gold, 0.70 g/t silver, 12.86 g/t tellurium and 17.12 g/t gallium. ### Fact 10 [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results-for-the-six-months-to-30-june-2026--81ea8ed0-83e6-4369-b58e-273556b112e4#fact-metallurgical-facts-9) Teck-Hughes · tellurium #### Identity - Project: Teck-Hughes - Commodity: tellurium - Region: canada\_on - Reported Region: Kirkland Lake, Ontario, Canada - Ticker: FMET #### Test Work - Sample: 159-hole auger programme #### Recovery - Head Grade: 12.86 - Head Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Average tellurium grades from the 159-hole auger program provide a strong dataset for the upcoming NI 43-101 compliant Mineral Resource Estimate. - Positive factor: Multi-element data strengthens dataset for MRE - Positive factor: Average grades reported from extensive auger program Evidence · text > Reported average grades included 0.63 g/t gold, 0.70 g/t silver, 12.86 g/t tellurium and 17.12 g/t gallium. ### Fact 11 [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results-for-the-six-months-to-30-june-2026--81ea8ed0-83e6-4369-b58e-273556b112e4#fact-metallurgical-facts-10) Teck-Hughes · gallium #### Identity - Project: Teck-Hughes - Commodity: gallium - Region: canada\_on - Reported Region: Kirkland Lake, Ontario, Canada - Ticker: FMET #### Test Work - Sample: 159-hole auger programme #### Recovery - Head Grade: 17.12 - Head Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Average gallium grades from the 159-hole auger program provide a strong dataset for the upcoming NI 43-101 compliant Mineral Resource Estimate. - Positive factor: Multi-element data strengthens dataset for MRE - Positive factor: Average grades reported from extensive auger program Evidence · text > Reported average grades included 0.63 g/t gold, 0.70 g/t silver, 12.86 g/t tellurium and 17.12 g/t gallium. ### Fact 12 [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results-for-the-six-months-to-30-june-2026--81ea8ed0-83e6-4369-b58e-273556b112e4#fact-metallurgical-facts-11) Sylvanite · gold #### Identity - Project: Sylvanite - Commodity: gold - Region: canada\_on - Reported Region: Kirkland Lake, Ontario, Canada - Ticker: FMET #### Test Work - Sample: 26 new sample sites, tested from surface to depths of up to five metres and ending in mineralisation #### Recovery - Head Grade: 0.66 - Head Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: New surface sample results from Sylvanite confirm multi-metal mineralization, supporting future resource estimation and coordinated development. - Positive factor: New sample sites confirm mineralization - Positive factor: Grades reported for multiple metals Evidence · text > averaged 0.66 g/t gold, 0.71 g/t silver, 11.72 g/t tellurium and 17.1 g/t gallium ### Fact 13 [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results-for-the-six-months-to-30-june-2026--81ea8ed0-83e6-4369-b58e-273556b112e4#fact-metallurgical-facts-12) Sylvanite · silver #### Identity - Project: Sylvanite - Commodity: silver - Region: canada\_on - Reported Region: Kirkland Lake, Ontario, Canada - Ticker: FMET #### Test Work - Sample: 26 new sample sites, tested from surface to depths of up to five metres and ending in mineralisation #### Recovery - Head Grade: 0.71 - Head Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: New surface sample results from Sylvanite confirm multi-metal mineralization, supporting future resource estimation and coordinated development. - Positive factor: New sample sites confirm mineralization - Positive factor: Grades reported for multiple metals Evidence · text > averaged 0.66 g/t gold, 0.71 g/t silver, 11.72 g/t tellurium and 17.1 g/t gallium ### Fact 14 [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results-for-the-six-months-to-30-june-2026--81ea8ed0-83e6-4369-b58e-273556b112e4#fact-metallurgical-facts-13) Sylvanite · tellurium #### Identity - Project: Sylvanite - Commodity: tellurium - Region: canada\_on - Reported Region: Kirkland Lake, Ontario, Canada - Ticker: FMET #### Test Work - Sample: 26 new sample sites, tested from surface to depths of up to five metres and ending in mineralisation #### Recovery - Head Grade: 11.72 - Head Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: New surface sample results from Sylvanite confirm multi-metal mineralization, supporting future resource estimation and coordinated development. - Positive factor: New sample sites confirm mineralization - Positive factor: Grades reported for multiple metals Evidence · text > averaged 0.66 g/t gold, 0.71 g/t silver, 11.72 g/t tellurium and 17.1 g/t gallium ### Fact 15 [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results-for-the-six-months-to-30-june-2026--81ea8ed0-83e6-4369-b58e-273556b112e4#fact-metallurgical-facts-14) Sylvanite · gallium #### Identity - Project: Sylvanite - Commodity: gallium - Region: canada\_on - Reported Region: Kirkland Lake, Ontario, Canada - Ticker: FMET #### Test Work - Sample: 26 new sample sites, tested from surface to depths of up to five metres and ending in mineralisation #### Recovery - Head Grade: 17.1 - Head Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: New surface sample results from Sylvanite confirm multi-metal mineralization, supporting future resource estimation and coordinated development. - Positive factor: New sample sites confirm mineralization - Positive factor: Grades reported for multiple metals Evidence · text > averaged 0.66 g/t gold, 0.71 g/t silver, 11.72 g/t tellurium and 17.1 g/t gallium ### Fact 16 [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results-for-the-six-months-to-30-june-2026--81ea8ed0-83e6-4369-b58e-273556b112e4#fact-metallurgical-facts-16) Tully Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Tully Gold Project - Commodity: gold - Ticker: FMET #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Loyalist's updated NI 43-101 compliant resource estimate for the Tully Gold Project exceeded a milestone, triggering additional consideration for Fulcrum Metals. - Positive factor: Triggers further consideration for Fulcrum - Positive factor: NI 43-101 compliant estimate - Negative factor: Not Fulcrum's direct resource - Negative factor: Post-period event Evidence · text > Loyalist announced an updated NI 43-101 Mineral Resource Estimate of approximately 226,000 ounces of gold ## 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.