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LONDON - Fulcrum Metals plc (LON:FMET) has extended the closing date for its binding letter of intent with Loyalist Exploration Limited for the sale of its Tully Gold Project in Timmins, Ontario, the company announced Tuesday.
The new deadline is set for September 30, 2025, providing Loyalist additional time to complete its ongoing CAD$1.5 million fundraise. The original agreement was announced on April 9, 2025.
The amended agreement includes an additional future consideration of CAD$50,000 payable to Fulcrum in either cash or Loyalist shares upon Loyalist raising an additional CAD$500,000 in follow-on financing.
All shares issued to Fulcrum in connection with the transaction will be subject to a four-month and one-day statutory hold period under Canadian Securities Exchange rules.
The remaining terms of the sale remain unchanged from the April announcement. Under these terms, Loyalist will acquire 100% interest in the Tully project by paying Fulcrum CAD$500,000 in cash upon closing, granting a 2.0% net smelter returns royalty, and issuing shares that will give Fulcrum 19.9% ownership of Loyalist’s total issued and outstanding shares.
The Tully Gold Project, located approximately 25 kilometers northwest of Timmins, includes a historical mineral resource of 144,000 ounces of gold across 458 hectares of combined mining lease and mineral claims.
Ryan Mee, Chief Executive Officer of Fulcrum, stated that the transaction aligns with the company’s strategy to divest exploration assets and focus on developing gold tailings projects in Kirkland Lake.
Based on a press release statement, the transaction is subject to regulatory approvals and other customary closing conditions.
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