Fulcrum Metals has reported a loss before tax of £553,000 ($730,839) for the year ended 31 December 2025 (FY25), down from £1.15m in 2024.
The group created no revenue during the period as it continued to develop its portfolio of tailings and exploration assets in Canada, with a focus on the recovery of precious and critical metals through cyanide-free processing.
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Basic loss per share stood at 0.007p, down from a 0.022p loss per share in the previous year.
Net cash at the end of 2025 was £281,889, compared to £340,517 at the end of 2024.
During the year, the company secured 100% ownership of the Teck-Hughes Gold Tailings Project, its main asset in Kirkland Lake, Ontario.
Fulcrum Metals completed all obligations related to this acquisition and further advanced its transition to a technology-led tailings development business.
During the period, Fulcrum Metals signed a four-year exclusive Master Licence Agreement with Extrakt Process Solutions.
The agreement, which can be renewed for up to 12 years, grants Fulcrum exclusive access to Extrakt’s cyanide-free technology for legacy gold tailings sites in the Timmins and Kirkland Lake districts.
The company raised around £1.9m to support drilling, metallurgical optimisation and project advancement.
Fulcrum Metals also completed the divestment of its Tully Gold Project, shifting resources to focus on tailings but retained exposure through equity holdings, milestone payments and royalties.
Monetisation of the uranium portfolio continued via an agreement with Terra Balcanica Resources under similar arrangements.
On the operational front, the Teck-Hughes Gold Tailings Project saw the completion of a 159-auger drill-hole programme to underpin an initial mineral resource estimate.
The Sylvanite Gold Tailings Project, located near Teck-Hughes, reported average grades of 0.58 grams per tonne (g/t) gold, 1.1g/t silver and 13.9g/t tellurium.
The company also secured a £6m funding package for pilot plant development and testing in Ontario. It also entered into agreements with TDI Solutions, Extrakt and Bechtel Energy Technologies & Solutions to support stand-alone pilot-scale cyanide-free processing.
Fulcrum Metals CEO Ryan Mee said: “2025 has been a transformational year for Fulcrum as we transitioned from concept validation to disciplined project advancement and positioned the company firmly on the pathway toward pilot-scale implementation.
“At Teck-Hughes, we materially enhanced our understanding of the project through expanded drilling, significantly improved metallurgical recoveries and encouraging economic studies, reinforcing our confidence in the scalability of our cyanide-free tailings strategy.”
