Fulcrum Metals PLC has entered into a non-binding Letter of Intent with Terra Balcanica Resources Corp. for the sale of its uranium projects in Saskatchewan, Canada. Terra will have the option to acquire the projects by completing four years of exploration programs and making a series of cash and equity payments. The new shares in Terra that could be issued to Fulcrum under the terms of the Option Agreement will be issued at the 10-day Volume Weighted Average Price prior to the date of issuance.

Upon the exercise of the option, Fulcrum will retain a 1 per cent Net Smelter Return royalty on all claims with a buydown option of 0.5 percent NSR for CA$1 million. The completion of the transaction is conditional on the completion of due diligence, Board approval by Fulcrum and Terra, receipt of all required third party consents, and execution of the Definitive Option Agreement, anticipated to take place by 1st May 2024.

The LOI is non-binding and sets out the intention of both parties to enter into a definitive agreement on the terms set out in the LOI. The agreement also includes provisions for orderly sales with respect to Fulcrum's equity interest in Terra and a covenant to maintain the Dunn Option in good standing. Ryan Mee, Chief Executive Officer of Fulcrum, expressed enthusiasm about the potential upside of the projects and the injection of cash to advance other projects, particularly in gold tailings and mine waste in Ontario.

The agreement with Terra signifies a strategic move for Fulcrum, aligning with its focus on gold, particularly in gold tailings and mine waste in Ontario, which combines established mining jurisdiction with low discovery risk and potential for earlier cash-flow opportunities. The Teck-Hughes project in Kirkland Lake, Ontario is Fulcrum's first gold tailings project, with sampling completed in January and testing underway at Extrakt Process Solutions testing facility.