Fulcrum Metals (AIM:FMET), the AIM-listed mine waste recovery company, stands to receive more than CAD$500,000 in additional consideration after a resource update at the Tully Gold Project in Timmins, Ontario crossed a key contractual trigger.
Loyalist Exploration, which acquired the Tully project from Fulcrum under a purchase agreement signed in October 2025, has reported an updated NI 43-101 mineral resource estimate of approximately 265,000 ounces of gold, clearing the 200,000-ounce threshold that activates milestone consideration payable to Fulcrum.
Fulcrum retains further upside through additional milestone payments tied to project advancement and a 2% net smelter return royalty on future production.
Loyalist noted the resource covers only 15% of the known Mafic Tuff host unit, leaving material exploration potential.
"Subject to the filing of the associated Technical Report, this milestone has the potential to deliver over CAD$500,000 of additional value to Fulcrum at Loyalist's current prevailing market price, without Fulcrum being required to commit further capital," said Chief Executive Ryan Mee.
The Tully milestone is the first major resource trigger achieved under the October 2025 transaction structure.
