Metals One (MET1) has invested £175,000 in Fulcrum Metals PLC, an Aim-traded company focused on the recovery of precious metals from mine tailings using innovative cyanide-free extraction technology.
The investment comes in the form of a subscription, and is part of a wider £1.045 million equity fundraise being undertaken by Fulcrum.
Metals One will end up with a 5.9% stake in Fulcrum'.
Fulcrum has an exclusive licence from Extrakt Process Solutions to deploy cutting-edge, non-toxic leach technology on historical gold mine tailings in the Timmins and Kirkland Lake regions of Ontario, Canada.
Fulcrum's Kirkland Lake projects alone have access to an estimated 205,000 ounces of gold.
Because Extrakt's process avoids cyanide and minimises water usage, it offers a more sustainable approach to reclaiming metals from waste materials. Initial testing of the cyanide-free process on Fulcrum's tailings projects has shown gold recovery rates of up to around 59%, with substantially faster leaching times compared to traditional methods.
Metals One and Fulcrum will explore applications of Extrakt's technology beyond Fulcrum's current projects and assess whether the Extrakt process could be applied to base metal or battery metal tailings in jurisdictions where Metals One operates.
Access to this low-disturbance, non-toxic leach technology offers Metals One potential financial returns while ensuring the company adheres to its commitments to sustainable and innovative mining practices.
"Reprocessing mine tailings is no longer just a clean-up exercise - it's a strategic opportunity,” said Jonathan Owen, chief executive of Metals One.
“With modern extraction technologies, Fulcrum can unlock residual precious metals that were once considered lost, while simultaneously reducing environmental liabilities and enhancing ESG credentials. It's a rare case where doing the right thing environmentally also makes strong economic sense. Our investment in Fulcrum represents a strategic move to benefit from this opportunity arising from environmentally responsible innovation in mining. They have a clear path to low capex production and significant upside potential from over 70 historical tailing sites in Timmins and Kirkland.”
View from Vox
The Extrakt technology has the to transform tailings reprocessing while adhering to high ESG standards. By investing in Fulcrum, Metals One can contribute to, and benefit from, advancements in eco-friendly metal extraction methods, reinforcing its commitment to the clean energy transition and the principles of responsible sourcing in the metals supply chain.