Fulcrum Metals expands Saskatchewan uranium assets

Canada-focussed minerals explorer and developer Fulcrum Metals announced a substantial expansion of its Saskatchewan uranium assets on Monday.

The AIM-traded firm said the expansion marked a remarkable 221% increase in its uranium footprint, growing from 18,468 hectares, or 184.5 square kilometres, to 59,310 hectares, or 593.1 square kilometres.

It said the newly acquired assets included the Charlot-Neely Lake, Fontaine Lake, Snowbird, and South Pendleton projects.

The Charlot-Neely Uranium Project saw an additional 2,703 hectares staked, extending coverage to the highly prospective Black Bay Fault, which is contiguous with the Charlot-Neely uranium project.

Additionally, Fulcrum acquired an option for 1,188 hectares west of Charlot-Neely, resulting in a total coverage of 16,372 hectares, signifying a 31% increase in the project’s size.

Meanwhile, the Snowbird Project saw a substantial expansion, with 24,187 hectares staked and an option secured for 8,649 hectares.

It said the combined area now totalled 32,835 hectares and was characterised by several uranium airborne anomalies and rare earth lake sediment anomalies along major fault lines, aligning with historic uranium mines and significant uranium projects.

In the case of the South Pendleton project, Fulcrum staked 2,472 hectares and secured an option for an additional 1,644 hectares, resulting in a total coverage of 4,116 hectares.

While this area was relatively underexplored, it features airborne uranium anomalies within the highly prospective Needle Falls Shear Zone and major fault lines, consistent with past uranium mines like Rabbit Lake and recent projects with significant partnerships.

Fulcrum said it had entered into an option agreement that covered 11,481 hectares and was set to expire on 30 June 2024.

The company had already paid CAD 5,000 (£2,907) in cash, with an additional CAD 60,000 payable in either cash or equity if the option was exercised.

It said the staking costs for the properties amounted to CAD 17,889.

Notably, the properties did not have any work requirements until October 2025, except for the optioned properties, which had work requirements totalling CAD 57,073 through the end of 2024.

Fulcrum said it was actively exploring various strategic options with interested parties concerning its uranium properties in Saskatchewan.

The options included a potential spin-off of the Saskatchewan assets as a separate business listed on a recognised exchange and exploring partnership opportunities.

However, discussions were currently in the early stages, with further details to be disclosed at an appropriate time.

“The staking and option agreements provides Fulcrum with a significant and highly prospective footprint with a critical mass of strategic uranium assets in Saskatchewan, one of the best jurisdictions globally for uranium,” said chief executive officer Ryan Mee.

“The projects are very well placed, being on trend with major structures, historical mines and projects that are being developed by well-established uranium companies that have attracted significant investment.

“This is an exciting time as we now begin the process of unlocking the inherent value in our Saskatchewan assets and I look forward to providing further updates as we progress.”

At 0811 GMT, shares in Fulcrum Metals were down 0.63% at 15.65p.

Reporting by Josh White for Sharecast.com.