Fulcrum Lithium Completes 5,784 Metres of Drilling with Multiple Lithium Intercepts Above 300ppm

Phase 3 Drilling Program Advances Alkali Flats Project

Fulcrum Lithium Ltd (ASX:FUL) has announced the completion of its largest drilling campaign to date at the Alkali Flats lithium project in Esmeralda County, Nevada, USA. The Phase 3 program comprised 39 holes, including 34 reverse circulation (RC) and 5 diamond core holes, totalling 5,784 metres. This represents a fivefold increase in drilling density compared to previous phases, reducing hole spacing from approximately 2,000 metres to 600 metres in the core area of the deposit. The increased data density aims to reduce geological uncertainty and underpin the forthcoming maiden Mineral Resource Estimate (MRE).

The Alkali Flats project covers approximately 66 square kilometres of federally administered public land and is strategically located near other significant lithium projects such as Tonopah Flats and TLC, as well as the Silver Peak lithium mine, the only operating lithium mine in the United States.

Encouraging Assay Results Confirm Thick Lithium Mineralisation

Assay results have been received for 19 of the 39 holes drilled, with 16 holes intersecting lithium mineralisation exceeding 300 parts per million (ppm). Notably, six holes returned continuous mineralisation zones greater than 70 metres in length. The thickest intersection to date was recorded in hole AF3-13, which intersected 148 metres of Seibert Formation claystone, a key lithium-bearing unit, and remains open at depth with assays pending.

Other significant intercepts include:

• Hole AF3-3: 9.1 metres at 898 ppm lithium
• Hole AF3-2: 15.2 metres at 834 ppm lithium
• Hole AF3-E5: 86.9 metres at 587 ppm lithium with internal values up to 953 ppm
• Hole AF3-W6: 71.6 metres at 520 ppm lithium with internal values up to 1,099 ppm

These results confirm a wide, continuous zone of lithium mineralisation between previously spaced drill holes, consistent with pre-drill geological models.

Project Development and Next Steps

Fulcrum’s Chief Operating Officer, Scott Keenan, highlighted that the Phase 3 drilling campaign achieved its objectives by providing critical appraisal data to mature the Alkali Flats discovery towards a maiden resource estimate. The company has also collected 525 metres of diamond core for detailed geological, metallurgical, and engineering studies, which will inform future development plans.

The integration of geological, geophysical, and engineering data from this program is underway, with the maiden MRE expected to provide a clearer picture of the deposit’s scale and grade continuity. Final assay results from several step-out holes remain pending, which may further define the deposit’s extent at depth.

This drilling milestone follows a series of recent developments including the commencement of the Phase 3 program earlier this year, as reported in January 2026, where Fulcrum accelerated drilling to expand and refine its lithium resource ahead of the maiden estimate. The project’s location in a mining-friendly jurisdiction with proximity to established lithium operations adds strategic value to the ongoing exploration efforts.

Technical and Regulatory Context

The drilling was conducted using industry-standard reverse circulation and diamond core techniques, with rigorous quality control measures including certified reference materials and duplicate sampling to ensure assay accuracy. All drill holes were vertical, intersecting flat-lying sedimentary layers of the Seibert Formation, which supports reliable interpretation of mineralisation widths.

Fulcrum holds 100% ownership of the Alkali Flats project through 802 unpatented lode claims on federal land managed by the US Bureau of Land Management. The tenure is secure, subject to annual maintenance fees and environmental regulations.