Fulcrum Metals (AIM:FMET) on Tuesday announced it has secured £1m in financing from investors and its institutional debt provider to fund delivery and commissioning of its pilot facility in Mississauga, Ontario.
The AIM-quoted company is developing a cyanide-free technology, licensed from Extrakt Process Solutions, to recover precious and critical metals from legacy Canadian mine tailings.
The financing splits into £488,699 of direct cash subscriptions and the conversion of £511,301 of scheduled principal and interest payments into equity by institutional investor YA II PN, both priced at 6.5p per share.
Proceeds will fund delivery, fit-out and commissioning of the standalone Mississauga facility ahead of its first pilot programme, which will process material from the Teck-Hughes tailings project, along with general working capital.
"This financing supports our immediate operational priorities: completing and commissioning the Mississauga facility and preparing for the first pilot programme using Teck-Hughes material," said Ryan Mee, chief executive officer.
The Mississauga site spans roughly 12,526 sq ft, leased by Fulcrum's subsidiary Fulcrum EnviroTech for an initial six years from 1 October, with fit-out and commissioning targeted for completion by the end of the fourth quarter.
Read more about Fulcrum Metals
- 05/10/26Fulcrum Metals secures pilot site and technology deal for Teck-Hughes project
- 16/09/26Fulcrum Metals raises funds for Ontario pilot facility
- 17/07/26Fulcrum Metals advances Teck-Hughes pilot plant plans
Knowledge gained from the Teck-Hughes programme is intended to support subsequent work at the nearby Sylvanite tailings project and other potential third-party projects, with Fulcrum framing the facility as reusable infrastructure to reduce costs and timelines across successive programmes.
Successful pilot testing at Teck-Hughes remains a condition of Fulcrum's non-binding term sheet with Chancery Royalty, under which Chancery would pay $20m for a 5% net smelter return royalty over future Teck-Hughes gold production, subject to due diligence and definitive documentation.