Fulcrum Lithium has launched a non-underwritten share purchase plan seeking up to A$1.5 million at A$0.051 a share, a discount of about 20% to its recent five-day VWAP. The funds are earmarked for drilling and resource work at its Nevada lithium projects.
- Up to A$1.5 million SPP at A$0.051 per share
- Offer price represents about a 20% discount to five-day VWAP
- Funds targeted at Dry Canyon drilling and Alkali Flats resource work
- Non-underwritten offer may be scaled back or accept oversubscriptions
- Eligible Australian and New Zealand shareholders can apply for up to A$30,000
Fulcrum Opens Discounted Funding Plan
Fulcrum Lithium Ltd (ASX:FUL) is asking existing Australian and New Zealand shareholders for up to A$1.5 million to keep its Nevada exploration program moving, offering new shares at A$0.051 each. The price is approximately 20% below the volume-weighted average market price over the five trading days before the announcement.
The raise is not underwritten, leaving the final proceeds dependent on shareholder participation. Fulcrum may accept applications above A$1.5 million or scale applications back at its discretion, so the amount ultimately raised and the number of shares issued remain open. The announcement does not state the resulting percentage dilution.
Drilling and Resource Work Take Priority
Fulcrum plans to use the money to complete a maiden drilling program at Dry Canyon, advance a drill program intended to support a resource upgrade at Alkali Flats, and continue metallurgical optimisation at Alkali Flats. It will also cover transaction costs and working capital.
The funding request follows the company’s Alkali Flats resource milestone, which established a 10.7 million tonne lithium carbonate equivalent resource, and comes after Dry Canyon drilling approval was secured for up to 11 maiden drill holes. Those earlier milestones provide the immediate exploration targets for the new capital, but the SPP itself does not guarantee that all planned work will be funded or completed.
Participation and Execution Risk
Shareholders recorded on 6 November 2026 with registered addresses in Australia or New Zealand are eligible to participate voluntarily. Applications can be made for up to A$30,000 of new shares without brokerage, commission or transaction costs.
The SPP is scheduled to open on or about 11 November and close on 4 December, with results and the share issue currently expected on 11 December. The more immediate question is whether the discounted offer attracts enough participation to deliver the exploration program’s intended scope, particularly given the non-underwritten structure and Fulcrum’s discretion over oversubscriptions and scale-backs.
Bottom Line?
The SPP gives Fulcrum a defined route to fund its next drilling steps, but the eventual cash raised and resulting dilution will only become clear after shareholder participation is known.
Questions in the middle?
- How much of the A$1.5 million target will shareholders subscribe for?
- Will Fulcrum accept oversubscriptions, or scale applications back?
- What drilling and resource-upgrade results will emerge from Dry Canyon and Alkali Flats?