Fulcrum Metals has received 5,600,000 shares in Terra North Resources Corp., issued at C$0.10 each for a total value of C$560,000, under the amended option agreement covering the company’s Saskatchewan uranium portfolio. The shares are subject to a twelve-month voluntary escrow. The announcement came alongside the publication of interim results for the six months ended 30 June 2026, released on 28 September by the group from its UK headquarters in Bromsgrove — listed on AIM in London (FMET) and on the OTCQB (FULMF).
The revised agreement reflects a more structured arrangement than the original terms. The remaining potential consideration includes up to C$225,000 in cash and a further C$1.9 million in Terra North shares, with Terra North required to fund at least C$3.25 million in cumulative exploration expenditure. Fulcrum retains a 1% net smelter return royalty, of which 0.5% may be bought back for C$1 million. The newly issued shares replace a portion of the consideration originally due at the second anniversary of the agreement, increasing Fulcrum’s exposure to the future performance of the uranium assets.
On the exploration front, results are already materialising. Terra North has launched an airborne survey covering 2,441 line kilometres over 163.7 square kilometres in the Charlot-Neely Lake area. The programme has already returned seven preliminary radiometric anomalies of significance, including a particularly strong response north of Neely Lake, close to a historical exploration area where uranium mineralisation of up to 0.8% U3O8 was previously recorded. These results come from tie lines spaced at 1,000 metres — the main east-west lines at 75-metre spacing have yet to be completed, meaning the final subsurface picture will be considerably more detailed.
Fulcrum currently holds 5,801,498 shares in Terra Balcanica Resources Corp., the parent company of Terra North, in addition to the 5.6 million Terra North shares just received. This represents a dual exposure to the same Canadian uranium portfolio, built up over time through successive agreements. The chosen structure — equity rather than cash alone — ties Fulcrum’s returns directly to the value Terra North is able to unlock from the Charlot-Neely Lake licence.
Fulcrum enters the second half of 2026 with a stronger footing on the uranium front. The anomalies already identified in the Neely Lake area, within one of the world’s most historically productive mining jurisdictions, point toward a follow-up phase that could include ground prospecting and targeted drilling. The combination of a guaranteed exploration commitment from Terra North — at least C$3.25 million — and a residual royalty held by Fulcrum creates the conditions for ongoing participation in future developments, regardless of how the equity arrangement evolves.
