Fulcrum Metals (AIM:FMET), which is developing cyanide-free technology to recover metals from mine waste, said an airborne exploration programme has begun on its Saskatchewan uranium portfolio.
The portfolio is under option to Terra North Resources, a spin-out of Terra Balcanica Resources, which is funding the work entirely.
Terra North has hired Special Projects to run a high-resolution radiometric and magnetic survey across the 163.7 square kilometre Charlot-Neely Lake project, located roughly 20 kilometres north of Uranium City on the edge of the Athabasca Basin.
The three-week programme will fly 2,441 line kilometres at 75-metre spacing, targeting an area with historic rock-chip values above 6% U3O8 and outcrop readings exceeding 13,000 counts per second.
Roughly 20 kilometres of the Black Bay Fault structural corridor runs through the claims, with several anomalies aligned along northeast-southwest trending conductors.
Expenditure on the survey counts toward Terra North's minimum commitment of C$3.25 million in exploration spending under its option agreement with Fulcrum.
Fulcrum retains equity exposure to Terra North, potential further cash and share consideration, and a 1.0% net smelter return royalty if the option is exercised.
"Importantly for Fulcrum shareholders, the programme is being fully funded by Terra North... Fulcrum therefore retains exposure to the advancement and potential value creation of the portfolio without having to fund the exploration programme directly," said chief executive Ryan Mee.
Terra North plans further airborne surveys across the remaining Snowbird, South Pendleton and Fontaine Lake claims as it advances a proposed Canadian listing.
News Intelligence what this means for the company
Terra North Resources, a spin-out funded entity, has begun a fully funded airborne survey on Fulcrum's Saskatchewan uranium portfolio at Charlot-Neely Lake, targeting historic radiometric anomalies with rock-chip values above 6% U3O8. The work counts toward Terra North's C$3.25 million minimum exploration commitment under its option agreement, allowing Fulcrum to retain equity exposure and a 1.0% net smelter return royalty without direct funding outlay—a structure that preserves optionality while outsourcing near-term capital risk.
This is a low-friction advancement of Fulcrum's uranium optionality: exploration spending is fully funded by the counterparty, and Fulcrum retains upside through equity, potential cash, and royalty participation if the option is exercised. The move does not materially alter Fulcrum's core tailings recovery business or near-term cash position, but extends the company's exposure to uranium discovery without capital commitment.
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