Fulcrum Metals PLC has announced a definitive option agreement to sell several uranium projects to Terra Balcanica Resources Corp.

If completed, Vancouver-based Terra Balcania would receive all of Fulcrum’s Charlot-Neely, Fontaine Lake, Snowbird and South Pendleton projects in Saskatchewan, Canada.

The Worcestershire-based operator of Canadian gold, base-metals and uranium projects, said the 59,000 hectare portfolio has attracted significant investment. Recent Fulcrum explorations have uncovered 4.3 million tonnes at 0.83% U308 at its Arrow discovery, and 2.7 million tonnes at 1.94% U308 at its Triple R discovery.

In order to exercise the option, Terra Balcanica must complete C$3.3 million worth of exploration programmes within the next four years.

Fulcrum Chief Executive Officer Ryan Mee said: ‘We are thrilled to announce the signing of a definitive option agreement for the sale of our uranium assets in Canada. This strategic move not only provides us with the capital to advance our innovative and environmentally friendly tailings processing assets, Teck-Hughes and Sylvanite, and focus on our gold exploration projects but also validates our business model of identifying low entry-level assets and crystallizing value for our shareholders. This milestone is a testament to our commitment to both shareholder value and sustainable development.’

Terra Balcanica will pay Fulcrum C$300,000 in cash and C$3.1 million worth of shares, pending completed exploration.

Fulcrum will also retain a 1.0% net smelter return royalty on all claims, with a buydown option of 0.5% of the NSR for C$1.0 million.

Also implicated in the option agreement is Panther Metals PLC. The London-based mining investment company holds a 15% interest in Fulcrum as well as a 2.0% net smelter return royalty on Fulcrums drill ready Big Bear gold project.

Fulcrum shares closed down 0.5% at 14.78 pence each on Wednesday in London. Panther Metals PLC closed up 2.8% at 92.50p.

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