Business
Fulcrum Metals Announces Sale of Tully Gold Project and Ownership of Loyalist Exploration
VANCOUVER, British Columbia, Oct. 03, 2025 (GLOBE NEWSWIRE) -- Fulcrum Metals plc (“Fulcrum” or the “Company”), through its subsidiary, Fulcrum Metals (Canada) Ltd., has completed the sale of the Tully Gold Project to Loyalist Exploration Limited (“Loyalist”) pursuant to a property purchase agreement between Fulcrum and Loyalist (the “Agreement”). Under the terms of the Agreement, Fulcrum received 78,700,000 common shares of Loyalist (the “Consideration Shares”), cash consideration of $500,000,
About this update from Fulcrum Metals Plc
[{"type":"text","content":"VANCOUVER, British Columbia, Oct. 03, 2025 (GLOBE NEWSWIRE) -- Fulcrum Metals plc (“Fulcrum” or the “Company”), through its subsidiary, Fulcrum Metals (Canada) Ltd., has completed the sale of the Tully Gold Project to Loyalist Exploration Limited (“Loyalist”) pursuant to a property purchase agreement between Fulcrum and Loyalist (the “Agreement”). Under the terms of the Agreement, Fulcrum received 78,700,000 common shares of Loyalist (the “Consideration Shares”), cash consideration of $500,000, and a 2.0% net smelter return royalty on the Tully Gold Project.","length":564,"tagName":"p"},{"type":"text","content":"The Consideration Shares were issued concurrently with the non-brokered private placement by Loyalist of units at a price of $0.02 per unit consisting of one common shares of Loyalist (each, a “Common Share”) and one Common Share purchase warrant. Assuming a deemed issue price of $0.02 per Common Share, the Consideration Shares issued to Fulcrum would have an aggregate value of $1,574,000.","length":392,"tagName":"p"},{"type":"text","content":"As further consideration under the Agreement, Fulcrum will also receive:","length":72,"tagName":"p"},{"type":"text","content":"(i) up to an aggregate of $150,000 based on certain milestones;(ii) an additional 272,740 Loyalist Shares in the event Loyalist completes a second tranche to its current financing, such that the aggregate gross proceeds under the financing are at least $700,000;(iii) an additional 15,000,000 Loyalist Shares (or cash in lieu thereof) upon filing of a technical report on the Tully Gold Project where a gold resource is re-evaluated (or restated) to a NI 43-101 standard exceeding 200,000 ounces; and(iv) an additional 15,000,000 Loyalist Shares (or cash in lieu thereof) upon the announcement of a decision to mine on the Tully Gold Project.","length":645,"tagName":"p"},{"type":"text","content":"Notwithstanding the above additional consideration, no additional Loyalist Shares will be issued to Fulcrum if the issuance would result in Fulcrum beneficially, directly or indirectly owning, controlling or exercising direction over 20% or more of the voting rights of Loyalist, unless Loyalist has first obtained the requisite regulatory approvals, including shareholder approval for the approval of a new control person and approval of the Canadian Securities Exchange.","le...