Highlights

  • Fulcrum Metals reported gold recovery of up to 78% during Phase 3 optimisation trials.
  • Test work delivered recoveries across silver, tellurium, copper and gallium from tailings material.
  • Phase 3 results outlined shorter leach cycles, faster dewatering and higher solution recycling rates.

 Metals Plc (LSE:FMET) shares jumped by 2.80% to GBX 9.00 during the morning session on 9 February 2026, additionally the share price has also surged by approximately 149.86% over the past six months. Today’s price movement coincided with the company’s latest update on Phase 3 optimisation trials at its 100% owned Teck Hughes Tailings Project in Kirkland Lake, Ontario.

The company outlined progress achieved through test work conducted by Extrakt Process Solutions LLC and Testing Design Implement Solutions LLC, focused on improving metal recovery from historic tailings using cyanide-free processing technology.

According to the update, Phase 3 trials delivered gold recovery of up to 78%, representing a 31% increase compared with Phase 1 testing. In addition to gold, the test program recorded recoveries of up to 95% silver, 96% tellurium, 85% copper and 20% gallium from a single-stage in-situ process.

Based on recovery test work, revised metal prices, auger hole data and estimated tonnage, the company cited an indicative in-situ metal value of approximately USD 750 million, with a conceptual potential recoverable value of more than USD 550 million. Fulcrum clarified that these figures are conceptual in nature and do not constitute mineral resources or reserves.

Process Efficiency and Handling Improvements

Phase 3 optimisation work also assessed operational parameters, including leach cycle time, dewatering and solution management. The test program achieved an optimised leaching cycle of around six hours and dewatering times of less than one minute, producing approximately 80% dry stack material.

The company also reported that approximately 80% of water and reagents were recovered for reuse, which may reduce downstream processing demands. Testing of the Extrakt Reagent Management System indicated the potential to reduce process solution volumes by around 80%, while increasing precious metal concentrations by 85% to 90%

Next Phase of Technical Assessment and Project Background

Fulcrum stated that further optimisation work is required, particularly to improve gallium recovery and assess additional potentially valuable minerals that remain untested. The company is evaluating next steps toward optimisation and commercialisation, including larger-scale and pilot-scale testing, subject to technical review.

The Teck Hughes Tailings Project forms part of Fulcrum’s evaluation of environmentally focused, cyanide-free recovery technologies applied to historic mine waste. Phase 3 follows earlier testing programs that demonstrated initial gold recovery and concept viability, with the latest work focused on refining recovery efficiency and tailings handling

FAQs

What was the key outcome of the Phase 3 trials?

Phase 3 trials delivered up to 78% gold recovery, a 31% increase from Phase 1 testing.

Which metals were recovered during testing?

Recoveries included gold, silver, tellurium, copper and gallium from tailings material.

What are the next steps for the Teck Hughes project?

Fulcrum is assessing further optimisation and potential pilot-scale testing, subject to technical review.