Fulcrum Lithium Alkali Flats Project Results Demonstrate Exceptional Nevada Discovery

Fulcrum Lithium Delivers Strong Phase 3 Results as Alkali Flats Deposit Expands

The Fulcrum Lithium Alkali Flats project results demonstrate exceptional potential as one of Nevada's most promising lithium discoveries. Fulcrum Lithium Ltd (ASX: FUL) has released its Phase 3 drilling results from the Alkali Flats lithium project in Nevada, showcasing thick, continuous lithium mineralisation across the deposit.

The programme represents a significant scale-up in drilling activity and provides crucial data for the company's upcoming maiden mineral resource estimate. Furthermore, these results position Fulcrum as a key player in America's emerging lithium hub.

The Phase 3 campaign comprised 39 holes totalling 5,784 metres, representing a 5-fold increase in drilling density over the deposit. Results from the first 19 reverse circulation (RC) holes show lithium mineralisation above 300ppm in 16 holes, delivering impressive intersections including:

• AF3-E5: 86.9m @ 587ppm Li (internal values up to 953ppm)
• AF3-W3: 91.5m @ 569ppm Li (internal values up to 1,021ppm)
• AF3-W6: 71.6m @ 520ppm Li (internal values up to 1,099ppm)
• AF3-E2: 15.2m @ 834ppm Li
• AF3-E3: 9.1m @ 898ppm Li

Notably, 6 holes returned more than 70 metres of continuous mineralisation above the 300ppm threshold. Additionally, hole AF3-E13 intersected 148m of the target Seibert Formation claystone, representing the thickest intersection to date.

Strategic Location in America's Lithium Hub

The Alkali Flats project spans 802 lode claims covering approximately 66km² in Esmeralda County, Nevada. The project sits strategically in the heart of America's emerging lithium district, positioned just:

• 15km south of Tonopah Flats (American Battery Technology Company) and TLC (American Lithium Corporation) projects
• 10km east of Silver Peak (Albemarle Corporation), the only operating lithium mine in the USA

This strategic positioning places Fulcrum within an established lithium corridor with proven geology. Moreover, the area benefits from existing infrastructure and a mining-friendly regulatory environment. Consequently, the Fulcrum Lithium Alkali Flats project results gain additional significance due to this prime location.

Understanding Claystone-Hosted Lithium Deposits

Claystone-hosted lithium deposits represent a significant opportunity in the lithium space, particularly in Nevada's closed basin systems. These deposits form when lithium-rich brines interact with volcanic ash and sediments over geological time, creating clay minerals that absorb and concentrate lithium.

Unlike hard rock spodumene deposits, claystone deposits typically offer:

• Lower-cost extraction through conventional acid leaching
• Large, bulk-tonnage resources with consistent grades
• Flat-lying geology suitable for open-pit mining

The Seibert Formation claystone at Alkali Flats represents this deposit style, featuring flat-lying sedimentary layers that can be efficiently targeted with vertical drilling. These sedimentary rocks formed in ancient lake environments where lithium accumulated in clay minerals over millions of years.

Geological Advantages

The geology consists of horizontal to gently dipping layers of claystone that contain lithium-bearing minerals. This configuration allows for straightforward drilling patterns and potentially simpler mining methods compared to steeply dipping deposits.

In addition, this geological setting offers advantages for future development including predictable ore reserves and lower strip ratios. The Fulcrum Lithium Alkali Flats project results demonstrate these favourable geological conditions.

Phase 3 Programme Delivers Critical Scale Data

The diamond core programme acquired 525 metres across 5 holes specifically for geological, metallurgical, and engineering studies. These provide critical data for advancing the project toward development.

Furthermore, the systematic approach to data collection demonstrates Fulcrum's commitment to building a robust geological database. The increased drilling density provides the geological confidence required for resource classification under JORC standards.

Management Commentary

"This was the Company's largest drill programme to date, with 3 rigs running, representing a 5-fold increase in the amount of drilling over the deposit. Early indications from the first assay results and lithologies intersected confirm a continuous, wide zone of mineralisation between the widely spaced Phase 2 drill holes," said Scott Keenan, Chief Operating Officer.

The programme marks a crucial step in the project's advancement. Indeed, the Fulcrum Lithium Alkali Flats project results demonstrate the systematic approach taken to resource definition.

Thick Intersections Demonstrate Deposit Scale

The consistency of thick, continuous mineralisation across multiple drill holes demonstrates the deposit's scale and continuity. Importantly, hole AF3-E13's 148-metre intersection remains open at depth with assay results still pending, suggesting further upside potential.

The results indicate that lithium mineralisation occurs in thick, continuous zones rather than narrow, high-grade intercepts. This style of mineralisation typically supports bulk-tonnage mining operations with lower strip ratios and more predictable ore reserves.

Consequently, these characteristics suggest favourable economics for potential future development. The Fulcrum Lithium Alkali Flats project results consistently show this advantageous mineralisation style across the deposit.

Maiden Resource Estimate on the Horizon

According to the announcement, Fulcrum is now advancing geological modelling and resource evaluation to underpin the maiden mineral resource estimate (MRE). The significantly increased drill density provides the confidence levels required for resource classification under JORC standards.

Key elements supporting the MRE include:

• Reduced hole spacing from 2,000m to 600m in core areas
• Comprehensive geological logging and sampling protocols
• Diamond core for detailed geological and metallurgical studies
• Geophysical survey data from previous programmes
• Initial metallurgical test work completed in 2025

The systematic approach to data collection positions the company to deliver a robust maiden resource estimate. Moreover, this approach meets industry standards for resource confidence and classification.

Resource Development Timeline

The company expects to complete geological modelling in the coming months. Subsequently, the maiden resource estimate will follow once all geological data has been properly integrated and validated.

This timeline positions Fulcrum for significant news flow in the near term. Furthermore, the comprehensive dataset provides strong foundations for resource classification at multiple confidence levels.

Investment Thesis: Scale Discovery in Premier Jurisdiction

The Fulcrum Lithium Alkali Flats project results represent a significant scale lithium discovery in one of the world's most established lithium regions. The company's systematic approach to resource definition, combined with the project's strategic location near existing operations, positions it well for potential development.

Key Investment Highlights:

• Proven deposit scale with thick, continuous mineralisation
• Strategic Nevada location near operating mines and advanced projects
• Systematic resource development approach with comprehensive data collection
• Experienced management team with track record in lithium exploration
• Clear development pathway with maiden resource estimate approaching

The 5-fold increase in drilling density and consistent high-grade intersections across the deposit provide strong foundations for a substantial maiden resource. With assay results from additional holes still pending and the deposit remaining open at depth, there appears to be clear potential for further resource growth.

Market Context

Nevada's lithium sector continues to attract significant investment and attention. In addition, the state's mining-friendly regulatory environment provides advantages for project development compared to other jurisdictions.

The proximity to existing infrastructure and operations further enhances the project's attractiveness. Consequently, the Fulcrum Lithium Alkali Flats project results gain additional significance within this context.

Why Investors Should Monitor Fulcrum Lithium

Fulcrum has methodically built one of Nevada's most promising lithium discoveries through systematic exploration and resource definition. The company's 100% ownership of a strategically located project, combined with demonstrated deposit scale and upcoming resource catalysts, makes it a compelling proposition.

Near-Term Catalysts:

• Remaining Phase 3 assay results
• Maiden mineral resource estimate
• Continued step-out drilling results
• Advanced metallurgical and engineering studies

With lithium demand continuing to grow and Nevada establishing itself as America's lithium hub, these factors position the company as a significant player in the domestic supply chain. The 84% success rate from the Phase 3 drilling programme demonstrates the deposit's consistency.

Furthermore, the thick intersections and continuous mineralisation suggest a robust deposit that could support long-term mining operations. The proximity to existing lithium operations provides additional confidence in the geological model and potential for infrastructure sharing.

The Fulcrum Lithium Alkali Flats project results have successfully defined a large-scale lithium discovery in Nevada's premier lithium district. With thick, continuous mineralisation demonstrated across the deposit and a maiden resource estimate approaching, investors should monitor upcoming catalysts as the company advances toward development readiness.

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