Fulcrum Metals plc (AIM: FMET; OTCQB: FULMF), which recovers precious and critical metals from historical mine waste using cyanide-free technology, has announced preliminary laboratory results demonstrating extraction of three additional critical minerals — rubidium, strontium and scandium — at its Teck-Hughes Tailings Project in Kirkland Lake, Ontario. The new results extend the total range of metals extracted in testing at Teck-Hughes to six, alongside gold, silver and tellurium. The announcement broadens the potential commercial scope of Fulcrum's standalone pilot plant and may strengthen the investment case for its wider mine-waste recovery platform.

Key Points

  • Fulcrum Metals plc (AIM: FMET; OTCQB: FULMF) is an AIM-quoted, technology-led natural resources company focused on mine-waste recovery in Ontario, Canada.
  • Preliminary two-stage laboratory testing at Teck-Hughes achieved 74.5% strontium, 52.5% rubidium and 47.8% scandium extraction.
  • Precious-metal recoveries were maintained at comparable grind: 62.4% gold, 85.4% silver and 91.1% tellurium at approximately P80 60 µm; pilot plant fit-out is targeted for completion by end of Q1 2027, with Teck-Hughes piloting targeted for Q2 2027.
  • Investors should watch progress on laboratory optimisation, independent solution assays, downstream product recovery studies, and pilot plant commissioning milestones.

Preliminary Extraction Rates for Rubidium, Strontium and Scandium at Teck-Hughes

The new exploratory testing programme, conducted by TDI Solutions LLC under supervision from Extrakt Process Solutions LLC, used the same Teck-Hughes composite material from earlier programmes, ground to approximately P80 60 µm. In preliminary two-stage testing, strontium achieved 74.5% extraction, rubidium 52.5%, and scandium 47.8%. The announcement notes that these results were not optimised, and that independent solution assays, repeat testing, and downstream recovery studies remain necessary. The reported grades at Teck-Hughes are 106.4 g/t rubidium, 841.7 g/t strontium, and approximately 10 g/t scandium. Indicative refined-product prices as at 9 November 2026 were approximately US$1,138/kg for rubidium carbonate, US$1,271/t for strontium carbonate, and US$596/kg for scandium oxide, sourced from Shanghai Metals Market.

Precious-Metal Performance Maintained Alongside Critical-Mineral Testing

A key aspect of the new results is that gold, silver and tellurium recoveries remained broadly comparable to earlier Phase 3 testing at a similar grind size. The new critical-mineral focused programme recorded 62.4% gold, 85.4% silver and 91.1% tellurium recovery at approximately P80 60 µm, against Phase 3 comparators of approximately 64% gold, 84% silver and 85% tellurium at the same grind. The announcement states that earlier optimised Phase 3 testing at approximately P80 55 µm achieved up to 78% gold, 95% silver and 96% tellurium recovery, figures the new programme did not replicate simultaneously. Combining optimised precious-metal results with critical-mineral extraction remains a stated development objective for Fulcrum.

Mississauga Pilot Plant Scope Expands to Integrated Multi-Metal Optimisation

The new results directly expand the strategic remit of Fulcrum's standalone pilot plant in Mississauga, Ontario, moving its focus from principally precious-metal recovery to integrated precious and critical-metal optimisation. The facility is designed to validate the expanded recovery process, investigate flotation integration and downstream product recovery, and generate engineering data to advance Teck-Hughes towards commercial development. Fit-out and commissioning are targeted for completion by the end of Q1 2027, with Teck-Hughes piloting targeted for Q2 2027. The announcement also indicates that comparable critical-mineral grades have been reported at Fulcrum's nearby Sylvanite Gold Tailings Project, though project-specific metallurgical testing is still required there.

Fulcrum's Kirkland Lake Platform and the Path to Commercial Deployment

Fulcrum holds exclusive rights to deploy Extrakt's cyanide-free technology at legacy gold mine-waste sites across the Kirkland Lake and Timmins mining districts, which the company states have produced more than 110 million ounces of gold historically and contain more than 70 documented legacy mine-waste sites. Historical estimates indicate the Teck-Hughes and Sylvanite sites combined contain more than 10 million tonnes of tailings, though the announcement notes these figures require verification by Fulcrum. Investors should note that the current results are preliminary; recovery from pregnant leach solution into saleable products, purification costs, and achievable selling prices have yet to be demonstrated, representing material risks before any commercial deployment can be considered.