Business
Letter of intent for sale of Tully Gold property
Letter of intent for sale of Tully Gold property.
About this update from Fulcrum Metals Plc
[{"type":"text","content":"\n\nThis announcement contains inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310\n \nFulcrum Metals plc / EPIC: FMET / Market: AIM / Sector: Mining\n \n \n9 April 2025\n \n \nFulcrum Metals plc\n(\"Fulcrum\" or the \"Company\" or the \"Group\")\n \nLetter of intent for sale of Tully Gold property\n \nFulcrum Metals plc (LON: FMET), a technology led company focused on the recovery of precious metals from mine tailings in Canada, is pleased to announce that it has signed a binding letter of intent (the \"LOI\") with TSX Venture Exchange listed Loyalist Exploration Limited (\"Loyalist\") for the sale of the Company's 100% interest in the Tully Gold Project (\"Tully\" or the \"Project\") in Timmins, Ontario.\n \nLoyalist Exploration Limited is a recently restructured mineral exploration company led by an experienced management and directors focused on acquiring, exploring, and developing quality mineral properties in Canada. Loyalist recently announced a strengthening of its portfolio through the addition of the Loveland nickel/copper/gold property and the Gold Rush gold/silver property, both located in the Timmins, Ontario mining district.\n \nLOI highlights\n· Cash payment of CA$500,000 payable to Fulcrum on completion\n· 89,255,000 common shares in Loyalist to be issued to Fulcrum representing a shareholding of 19.9% in the issued share capital of Loyalist upon completion (subject to adjustment) with an implied value of CA$892,550 based on a price of CA$0.01 per share\n· A 2% net smelter royalty (\"NSR\") to be granted to Fulcrum over the Project with a CA$1,000,000 buy back for 1%\n· Potential future milestone payments to Fulcrum of CA$100,000 in cash and 30,000,000 shares in Loyalist at a price of CA$0.01 per share or cash in lieu\n· Exposure to multiple highly prospective projects in the Timmins mining district\nRyan Mee, Chief Executive Officer of Fulcrum, commented:\n\"I am very pleased to announce the signing of the LOI with Loyalist over the highly prospective Tully Gold Project in Timmins, Ontario. This transaction aligns perfectly with our broader strategy to divest exploration assets and focus on the development of our gol...