Fulcrum Metals plc announced that Fulcrum Metals (Canada) Ltd. has signed a non-binding Letter of Intent with Global Energy Metals Corporation for an option and royalty agreement over the Company's Saskatchewan uranium properties. Under the terms of the LOI, Fulcrum will receive, upon the entering into of a definitive agreement, 5 million common shares in GEMC. In addition, a further CAD 1 million in cash and shares in GEMC would become payable to Fulcrum should the option agreement (the Option) be exercised by GEMC in the two-year option period.

In return, GEMC would receive, upon exercise of the Option, a 19.9% equity interest in both Fulcrum's owned uranium properties (the Owned Projects) and the uranium properties for which Fulcrum has options over (the "Optioned Projects") (if and when the options are exercised), consisting of the Charlot-Neely, Fontaine Lake, Snowbird and South Pendleton projects (the Properties). In addition, GEMC will receive, upon the entering into of a definitive agreement, a 0.5% royalty on net smelter returns royalty (the NSR) in the Properties. The LOI is non-binding and sets out the intention of both parties to enter into a definitive agreement on the terms set out in the LOI, the key terms of which are summarised in this announcement.

There can be no guarantee that a definitive agreement in relation to the option and royalty agreement will be entered into nor that the terms will be the same as set out in the LOI and this announcement. Furthermore, there can be no guarantee that the Option will be exercised by GEMC during the two-year option period.