Fulcrum Metals PLC has entered into a definitive option agreement with Terra Balcanica Resources Corp. for the sale of its uranium projects located in Saskatchewan, Canada. Terra will have the option to acquire 100% of Fulcrum's Uranium 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 Agreement will be issued at the 10-day volume weighted average price prior to the date of issuance.

Upon approval, Fulcrum will be issued a total of 1,997,151 shares in Terra, representing 5.15% of the issued share capital of Terra inclusive of the current Terra shares in issue. Cash generated from the sale of the Uranium Projects will be used by Fulcrum for its ongoing working capital needs. Additionally, Fulcrum will retain a 1% net smelter return royalty on all claims with a buydown option of 0.5% NSR for CA$1 million.

The Uranium Projects portfolio totals over 59k hectares targeting major structures along strike from historic Uranium mines and projects that have attracted significant investment. The projects are proximal to the northern and southeastern edges of the Athabasca Basin, a premium mining district and leading global source of high-grade uranium. Future exploration by Terra will see the undertaking of modern systematic geologic fieldwork and geophysical surveys to determine the resource potential.

Terra Balcanica is a polymetallic and energy metals exploration company listed on The Canadian Securities Exchange targeting large-scale mineral systems in the Balkans of southeastern Europe and northern Saskatchewan, Canada. The company has 90% interest in the Viogor-Zanik Project in eastern Bosnia and Herzegovina and owns 100% of the Ceovishte mineral exploration license in southern Serbia. For the year ended 31 January 2023, Terra incurred a loss for the year before tax of $CAD2,013,644 with net assets of $CAD2,291,508.

Ryan Mee, Chief Executive Officer of Fulcrum, expressed excitement about the agreement, stating that it not only provides capital to advance their tailings processing assets and focus on gold exploration projects but also validates their business model of identifying low entry-level assets and crystallizing value for shareholders.