Fulcrum Lithium has opened a non-underwritten Share Purchase Plan targeting up to A$1.5 million at A$0.051 a share, a 20% discount to its relevant five-day VWAP. The funds are earmarked for drilling at Dry Canyon and Alkali Flats, alongside metallurgical work supporting a planned 2027 scoping study.
- A$1.5 million target at A$0.051 per share
- 20% discount to the five-day VWAP
- Dry Canyon maiden drilling targeted for Q4 2026
- Alkali Flats resource upgrade planned for the first half of 2027
- Applications may be scaled back or oversubscriptions accepted
Discounted SPP targets Nevada project work
Fulcrum Lithium Ltd (ASX:FUL) is asking eligible Australian and New Zealand shareholders to help fund the next phase of its Nevada lithium strategy, with a Share Purchase Plan targeting up to A$1.5 million at A$0.051 per share. The issue price represents a 20% discount to the five-day volume weighted average price before the offer was announced.
The offer is voluntary, non-underwritten and open for applications from A$1,000 to A$30,000 per shareholder. Fulcrum may accept more than its target or scale applications back, leaving the final amount raised uncertain. The initial SPP announcement had outlined the same A$1.5 million funding objective for Nevada drilling.
Dry Canyon drilling is the immediate field catalyst
The company says the proceeds will support a maiden drilling program at Dry Canyon, described in the booklet as a large-scale, high-grade potential exploration project. The program has already been approved and is targeted for the fourth quarter of 2026, placing it ahead of the larger Alkali Flats work in the stated funding sequence.
At Alkali Flats, the planned program will target the higher-grade eastern trend during the first half of 2027. Fulcrum says the drilling is intended to support a resource upgrade and provide a key input into a scoping study. The timing makes the SPP more than a general working-capital raise: its success is tied to a defined chain of exploration and project-development milestones.
10.7 million tonne resource moves into de-risking phase
Fulcrum’s funding appeal comes after the company reported a 10.7 million tonne lithium carbonate equivalent maiden Mineral Resource at Alkali Flats, including 4.3 million tonnes in the Measured and Indicated categories. The booklet describes the resource as 3.57 billion tonnes grading 563 parts per million lithium and says it remains open in multiple directions. The 10.7Mt resource milestone had been reported alongside progress on extraction testing and Dry Canyon drilling approval.
SPP funds will also support metallurgical optimisation at Alkali Flats. Fulcrum cites more than 90% extraction across multiple pathways in the booklet and says the work will lead to process-flow selection for a 2027 scoping study. Those results are company disclosures in the offer document, rather than an independently assessed feasibility outcome, and the proposed study remains ahead of any development decision.
Shareholder response will set the near-term signal
The offer closes at 5:00pm AEDT on 4 December, with the company scheduled to announce the SPP result and issue the new shares on 11 December. Because the plan is not underwritten, participation will determine how much of the proposed drilling and metallurgy program can be funded through this mechanism. New shares will rank equally with existing ordinary shares, while the final allocation may be reduced if demand exceeds the target.
Bottom Line?
The key near-term test is not the size of the discount but whether shareholder participation delivers enough funding to keep Dry Canyon and Alkali Flats on their stated timetable.
Questions in the middle?
- How much of the A$1.5 million target will the non-underwritten SPP actually raise?
- Will demand require a scale-back, or will Fulcrum accept oversubscriptions?
- Can the planned drilling and metallurgical work convert the Alkali Flats resource into a credible 2027 scoping-study pathway?