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Fulcrum Metals PLC on Monday announced the completion of its sale of the Tully Gold Project, through its subsidiary Fulcrum Metals Canada Ltd. The Canada-focused exploration firm has sold the project to Loyalist Exploration Ltd, pursuant to their property purchase agreement. Fulcrum has been issued with 78.7 million common shares in Loyalist, as well as C$500,000 in cash, which is about £266,344, and a 2.0% net smelter return royalty on the Tully project. Assuming the 2 cents per share issue price of Loyalist’s private placement of shares and warrants, conducted alongside issuing the consideration shares, Fulcrum said its new shares in Loyalist would be worth C$1.6 million in total. This would represent a holding of around 19.99% in Loyalist. Further consideration under the agreement, Fulcrum said, will include up to C$150,000 cash ‘based on certain milestones’; 272,740 Loyalist shares if the latter completes a second financing tranche; 15.0 million Loyalist shares or equivalent cash if a technical report on Tully states an NI 43-101 standard gold resource exceeding 200,000 ounces; and another 15.0 million shares or cash once a decision is announced to mine the project. If the further consideration is paid in full, Fulcrum said it would hold another 30.3 million shares which as of Monday would form an approximate 26.1% stake. Fulcrum said it will use cash from the Tully sale to advance its two tailings projects in the Kirkland Lake region of Ontario. Fulcrum Metals shares were trading 12% higher at 6.99 pence in London on Monday afternoon. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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