WATCH: Fulcrum CEO on Major Teck-Hughes Funding Breakthrough

Fulcrum Metals (LSE:FMET) has delivered a major funding breakthrough at Teck-Hughes.

As announced on Monday, the company has signed a non-binding US$20 million royalty financing term sheet with Chancery Royalty for its flagship gold tailings project in Kirkland Lake, Ontario.

Chancery has also invested £200,000 directly into Fulcrum at 8.5p per share, aligning itself as both a shareholder and potential long-term royalty partner.

For a company currently valued at around £11.6 million, the scale of the proposed funding is highly significant. If completed, the royalty package would be larger than Fulcrum’s current market cap and could provide a non-dilutive pathway towards production at Teck-Hughes.

• This week, Mark spoke with CEO Ryan Mee to find out why Chancery has come on board, what it sees in Fulcrum, and what the proposed funding could mean for the company’s wider mine waste recovery strategy.

A potential route to production

Under the proposed structure, Chancery would acquire a 5% net smelter return royalty on future gold production from Teck-Hughes for US$20 million. Fulcrum would also retain the right to buy back 2% of that royalty for US$10 million within two years of commercial production.

The main takeaway is simple.

• If the deal progresses, it could give Fulcrum a meaningful non-dilutive funding route to move Teck-Hughes towards production, without giving up ownership or operational control of the project.

That’s important because Teck-Hughes is the first major test of Fulcrum’s wider strategy.

The company isn’t trying to build a conventional mine. It’s targeting historic mine waste, using Extrakt’s cyanide-free technology to recover gold and critical minerals while helping regenerate legacy mining sites.

Fulcrum already has a £6 million funding package in place to support pilot plant development and testing. The Chancery term sheet could then provide the next major piece of the funding pathway, subject to successful pilot work, technical studies, permitting and final agreements.

Importantly, the pilot plant is designed to be standalone, which means it is not limited to Teck-Hughes alone. Fulcrum’s plan is to use it to test other companies’ tailings as well, potentially opening the door to future JV, royalty or partnership agreements.

The latest deal also adds external validation.

Chancery is not just looking at Teck-Hughes in isolation. It’s backing Fulcrum as both a shareholder and potential royalty partner, at a time when the company is trying to build a scalable mine waste recovery platform across two major historic gold districts in Canada.

There is still work to do. The royalty financing is non-binding, and production is not guaranteed. But this is a notable step forward.

In our interview, Ryan explains why Chancery is a good fit for Fulcrum, how the relationship could support the move from pilot plant to production, and why the company’s ambitions extend beyond a single project.

Watch Mark’s interview with CEO Ryan Mee to learn more about the deal, the funding pathway and what comes next for Fulcrum.