Fulcrum Metals plc (LSE:FMET) has reported the identification of eight high-confidence uranium target zones at the Fontaine Lake project in northern Saskatchewan, Canada, following an airborne radiometric and magnetic survey conducted by Terra North Resources Corp.
The findings bring the combined number of uranium targets and target zones identified across Fontaine Lake and Charlot-Neely Lake to 18, following the announcement of ten targets at Charlot-Neely on 28 October 2026.
Fulcrum retains financial exposure to both projects through its shareholdings in Terra North and Terra Balcanica Resources Corp., while Terra North is responsible for advancing exploration under an existing option agreement.
Fontaine Lake Survey Identifies Eight Uranium Target Zones
The airborne survey identified eight priority zones at Fontaine Lake, with uranium anomalies concentrated along the Grease River Shear Zone and associated geological structures.
Previous surface sampling in the area returned uranium grades of 1.08% and 1.44% uranium oxide (U₃O₈), while ground radiometric measurements reached up to 53,000 counts per second.
Additional survey targets suggest potential for polymetallic mineralisation, including rare-earth elements.
A previously reported surface sample returned 0.81% U₃O₈ and 4,732 parts per million of total rare-earth elements.
The latest findings provide additional exploration targets, although the airborne anomalies require ground verification before their mineralisation potential can be established.
Combined Uranium Targets Reach 18 Across Two Projects
The Fontaine Lake results follow the identification of ten high-confidence uranium targets at Charlot-Neely Lake in late October.
Together, the two projects now contain 18 identified targets and target zones, expanding the areas available for follow-up exploration within Fulcrum’s Saskatchewan uranium portfolio.
Ryan Mee, Chief Executive Officer of Fulcrum Metals, welcomed the findings.
“These are excellent results, bringing the combined total of high-confidence uranium targets and target zones at Fontaine Lake and Charlot-Neely to 18,” Mee said.
He added that the survey highlighted exploration opportunities along the Grease River Shear Zone, alongside potential uranium and rare-earth mineralisation.
Terra North intends to conduct ground verification work to assess the identified anomalies and prioritise locations for further exploration.
Fulcrum Retains Equity Interests in Terra North and Terra Balcanica
Fulcrum’s Saskatchewan uranium portfolio comprises the Charlot-Neely, Fontaine Lake, Snowbird and South Pendleton properties.
Terra North holds an option to acquire a 100% interest in the portfolio, subject to fulfilling outstanding financial and exploration commitments.
Under the agreement, the remaining consideration includes C$225,000 in cash and C$1.9 million in Terra North shares, together with minimum cumulative exploration expenditure of C$3.25 million.
Fulcrum currently holds 5,600,000 shares in Terra North, representing approximately 13% of its issued share capital.
The shares were issued under the amended option agreement at a deemed value of C$560,000, with further shares potentially receivable as the remaining commitments are fulfilled.
Fulcrum also owns 5,801,498 shares in Terra Balcanica, equivalent to approximately 6.9% of its issued share capital.
Terra Balcanica holds a 34.7% equity interest in Terra North, providing Fulcrum with additional indirect exposure to the Saskatchewan projects.
Its Terra Balcanica investment also provides exposure to the Viogor polymetallic exploration project in Bosnia and Herzegovina, which targets silver, zinc, lead, gold, copper and antimony.
Royalty Agreement Provides Additional Potential Returns
If Terra North exercises its option and completes the acquisition of the Saskatchewan portfolio, Fulcrum will retain a 1% net smelter return royalty over the properties.
The agreement allows Terra North to purchase half of that royalty, equivalent to 0.5%, for C$1 million.
The structure enables Fulcrum to maintain an economic interest in potential future production while transferring responsibility for exploration expenditure to Terra North.
The option remains conditional on Terra North satisfying its outstanding payment, share issuance and exploration obligations.
Exploration Progress Supports Fulcrum’s Broader Strategy
Fulcrum is developing a platform for recovering precious and critical metals from mine waste using Extrakt Process Solutions’ cyanide-free processing technology.
The company is focusing resources on advancing this technology in Ontario while retaining exposure to its Saskatchewan uranium portfolio through equity interests and the potential royalty arrangement.
Terra North will fund the next stages of uranium exploration, including ground verification of the recently identified airborne anomalies.
This arrangement allows Fulcrum to participate in potential exploration developments without directly funding the associated fieldwork.
Outlook
The identification of eight uranium target zones at Fontaine Lake increases the combined number of targets and target zones across Fontaine Lake and Charlot-Neely to 18.
The next stage will involve ground verification to assess the anomalies and determine priorities for further exploration.
Although historical surface sampling has identified uranium and rare-earth mineralisation, the latest airborne targets have not yet been confirmed through follow-up ground investigations.
Fulcrum will continue to monitor progress at the Saskatchewan properties through its investments in Terra North and Terra Balcanica while concentrating its operational resources on developing its mine-waste recovery technology.
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