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Fulcrum Metals #FMET.L FY25 Results - validation so far
This is a brief update to my previous deep dive on Fulcrum Metals (FMET.L), published on 3 June 2026. If you haven't read that piece yet, you can find it here:
Fulcrum Metals released its Full Year Results for the year ended 31 December 2025 this morning.
Most of today's announcement will feel familiar. The company has simply consolidated a year's worth of operational and corporate milestones into a single, formal annual report, so a bit of a nothing burger.
However some things of note:
The financial model I laid out in my previous article – the one that drove the 4.5x upside case – has been validated. The actual numbers match the projections almost exactly - see the table below.
These figures are now formal, audited numbers – not estimates. The financial model I used to derive the 4.5x upside is intact.
The loss improved materially from £1.15 million in 2024, driven by the £606,730 profit on disposal of the Tully Gold Project (which I covered in the original piece) and lower impairment charges (£142,493 vs £257,877 in 2024).
What Was Already Announced (Recap, Not News)
Today's RNS consolidates a series of operational milestones that were already announced separately:
Phase 3 metallurgy: 78% gold recovery, 95% silver, 96% tellurium, 85% copper, ~20% gallium, 6‑hour leach times, 80% water/reagent recovery
159‑hole auger programme: Average grades of 0.63 g/t Au, 0.70 g/t Ag, 12.86 g/t Te, 17.12 g/t Ga
New critical minerals: Rubidium (106.40 g/t), strontium (841.73 g/t), zirconium (134.28 g/t) identified at Teck‑Hughes
Sylvanite grade upgrade: 0.66 g/t Au, 0.71 g/t Ag, 11.72 g/t Te, 17.1 g/t Ga
Phase 2 economics: NPV7.5 of US$33m, IRR 21.4%, 3‑year payback【
£6 million Yorkville funding package (May 2026)
Pilot plant agreements with TDI/Extrakt/Bechtel (June 2026)
Teck‑Hughes surface rights acquired (May 2026)
None of this is new. But it is now formalised in the annual report, which matters for institutional investors who require audited documentation.
What Is Actually New in Today's RNS
Only two things are genuinely new today:
1. The Formal Audited Financial Statements
The full statutory accounts for FY2025 are now published. This is the first time these numbers have appeared in a formal, audited RNS. For a pre‑revenue company, the key takeaway is that the cash position (£281,889 at year‑end) was before the post‑period fundraises – the warrant acceleration (£834,575), the direct subscription (£550,000), and the £6 million Yorkville facility.
2. The company is fully funded through the pilot plant phase - confirmed
Bottom line: Today's RNS confirms the thesis rather than changes it. The company is fully funded through to 2028, the technology is de‑risked at lab scale, and the pilot plant is now under contract.
The 10x disconnect between the market's implied $7m valuation of the core tailings hub and the Wizard's $73m DCF valuation remains intact. The 4.5x upside case stands.
The Wizard's call remains: BUY (speculative).
Price target (12‑18 months): 20‑25p.
Ticker: FMET.L
