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Fulcrum Metals plc / EPIC: FMET / Market: AIM / Sector: Mining

31 October 2024

Fulcrum Metals plc

("Fulcrum" or the "Company" or the "Group")

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Update to IPO Concert Party

Fulcrum Metals plc (LON: FMET), a company focused on mineral exploration and development in Canada, announces that the Company's issued ordinary share capital as at the date of this announcement comprises 61,585,943 ordinary shares of 1 pence each, with one voting right each. The Company does not hold any ordinary shares in treasury. Therefore, the total number of ordinary shares and voting rights in the Company is 61,585,943.

The above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Update to IPO Concert Party

The Company also provides an update to the shareholder concert party established at IPO.

Under the City Code on Takeovers and Mergers (the "Code") published by the Panel on Takeovers and Mergers (the "Panel"), a concert party arises where persons who, pursuant to an agreement or understanding (whether formal or informal), co-operate to obtain or consolidate control (as defined in the Code) of a company or to frustrate the successful outcome of an offer for a company.

Certain persons will be presumed, as set out in the Definitions in the Code, to be persons acting in concert with other persons in the same category unless the contrary is established, including shareholders in a private company who, following the re-registration of that company as a public company in connection with an initial public offering or otherwise, become shareholders in a company to which the Code applies.

At the time of its IPO on 14 February 2023, the Company stated in its admission document, that it had agreed with the Panel that a concert party (the "IPO Concert Party") existed in the context of the Company, including founders and certain shareholders in the Company before IPO.  As at 30 October 2024, the IPO Concert Party held 26.91% of the shares in Fulcrum, meaning the IPO Concert Party has now been diluted down below 30% of the issued share capital of Fulcrum.

The members of the IPO Concert Party, including their beneficial interests in ordinary shares in the Company, are as follows:

The individuals within the IPO Concert Party can now each acquire further shares in the Company without triggering an obligation under Rule 9 of the Code to make an offer for the whole of its issued share capital, provided such acquisitions do not cause the aggregate interest of the IPO Concert Party to reach or exceed 30 per cent. of the Company's issued ordinary shares that carry voting rights. 

For further information please visit https://fulcrummetals.com/ or contact:

Notes to Editors

FULCRUM METALS - BACKGROUND

Fulcrum Metals PLC (LON: FMET) is an AIM quoted exploration and development company which finances and manages exploration projects focused on Canada, widely recognised as a top mining jurisdiction. Fulcrum's ambition is to create an environmentally friendly and sustainable tailings and mine waste business, driving mining change through combining low discovery risk assets and jurisdictions with transformative technology capable of near-term cash flow whilst capitalising on a portfolio of highly prospective exploration assets.