Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks IPOs and placings
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Fulcrum losses widen as it makes solid operational progress
(Sharecast News) - Fulcrum Metals reported an operating loss of £0.35m in its first half on Thursday, widening from £0.11m in the same period last year. The AIM-traded firm, which is still pre-revenue, said it achieved several significant milestones in the six months ended 30 September.
Extensive exploration programmes were conducted across its Schreiber-Hemlo projects, including Big Bear and Jack Fish.
Notable high-grade rock samples with gold content of 45 grams of gold per tonne, 37.4 grams per tonne and 33.6 grams per tonne confirmed the prospectivity of the Big Bear project.
In April, Fulcrum extended its Winston Lake project by acquiring Carib Creek East, expanding its footprint in a highly prospective mining area.
Field operations also started at Schreiber-Hemlo, aiming to further refine and assess previously identified exploration targets.
The board said the completion of the second phase of exploration at the Big Bear project led to the discovery of a three kilometre mineralised corridor, with four drill prospects identified and five prospects requiring further investigation.
Additionally, Fulcrum acquired the Tully Gold project, a significant step forward, as it included an established mine camp, infrastructure, and a historic gold resource of 107,000 ounces of gold.
The project stood out as Fulcrum's most advanced endeavour to date, the directors explained.
To support the acquisition of the Tully Gold project, Fulcrum raised £0.52m through the issue of unsecured convertible loan notes.
Since the end of the period, Fulcrum significantly expanded its uranium footprint in Saskatchewan, increasing its land holdings by 221%, from 18,468 to 59,310 hectares.
The uranium projects now encompass Charlot-Neely Lake, Fontaine Lake, Snowbird, and South Pendleton.
Additionally, Fulcrum announced on 27 November that it was actively exploring various options with interested parties regarding its Saskatchewan uranium properties, which could include a potential spin-out of the uranium assets.
On 30 November, Fulcrum entered into an option agreement providing it with the opportunity to acquire 100% of the Teck-Hughes Gold Tailings Project in Ontario.
Notably, the project had historically milled 9,565,302 tons of ore and produced 3,700,007 ounces of gold.
Fulcrum Metals said it was also in advanced discussions with Extrakt Process Solutions regarding the licensing of its sustainable gold leaching technology for use at the Teck-Hughes Gold Tailings Project.
The project had the potential to become Fulcrum's first cash-generating endeavour.
"The company's objective when it listed on AIM was to provide shareholder value through the development of highly prospective mining projects alongside complementary acquisitions," said chief executive officer Ryan Mee.
"During the reporting period Fulcrum has moved at speed to discover and scale our exploration assets across Canada, in particular in Ontario, with extensive exploration programmes conducted at Big Bear and Jackfish.
"There have been some notable results including rock samples of up to 45 grams of gold per tonne and the identification of multiple structural targets in the Schreiber-Hemlo area."
Mee said the company had also strengthened its portfolio of assets with several acquisitions: the Tully Gold project, which has a historical resource of 107,000 ounces of gold, and Carib Creek East.
"Post period, and on the back of ongoing positive sentiment for uranium, we announced a 221% increase in our Saskatchewan footprint, and the option to acquire the Teck-Hughes Gold Tailings Project in Ontario.
"The latter is particularly exciting, with over six million tonnes of tailings ready to be processed and with the use of innovative technology, the board believes it has the potential to become a cash generative asset in a relatively short space of time."
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.