Fulcrum Metals — Eight uranium zones identified at Fontaine Lake

(LSE:FMET) Fulcrum Metals reports that an airborne radiometric and magnetic survey has identified eight high-confidence uranium target zones at Fontaine Lake. This brings the combined total to 18 uranium targets across the Fontaine Lake and Charlot-Neely areas. Previous surface rock samples from the project returned uranium grades of 1.08% and 1.44% U3O8. Ground radiometric readings reached up to 53,000 counts per second. An additional rock sample returned 0.81% U3O8 with 4,732 ppm total rare earth elements (REE). Fulcrum Metals holds 5,801,498 shares of Terra, representing approximately 6.9% of Terra's issued share capital. The company also holds 5,600,000 shares of Terra North, representing approximately 13% of Terra North's issued share capital. Under the terms of the option agreement, Terra North must pay C$225,000 in cash, issue C$1.9 million in shares, and complete C$3.25 million of exploration expenditures to acquire the portfolio. Upon completion of these terms, Fulcrum Metals will retain a 1.0% net smelter return (NSR) royalty, of which 0.5% can be bought back for C$1.0 million. The airborne survey and surface sampling results support the uranium prospectivity of the Fontaine Lake project. The option agreement outlines the financial and exploration commitments required for Terra North to earn the portfolio. Fulcrum's retained NSR provides ongoing exposure to potential future production. The company’s equity holdings in Terra and Terra North represent significant minority interests. The exploration and transaction terms are designed to advance the project while maintaining Fulcrum’s upside. The results highlight both uranium and rare earth element potential at Fontaine Lake. The announcement details both technical and financial aspects of the ongoing partnership with Terra North.