Highlights

  • Fulcrum Lithium has added newly staked claims on the eastern side of Alkali Flats.
  • The claims package now spans around 58 square kilometres in Nevada.
  • The announcement revisits a maiden resource and where it sits among US and ASX-listed peers.
  • Metallurgical testwork points to an acid-free processing route with improving recoveries.

Fulcrum Lithium Ltd (ASX:FUL) has updated the market on its Alkali Flats lithium project in Esmeralda County, Nevada, USA. The company has staked 41 additional lode claims on the eastern side of the project, lifting the total package to 698 claims covering approximately 58 square kilometres. It has also renewed claims for the 2026/27 Bureau of Land Management Lease year. The announcement revisits the maiden Mineral Resource Estimate released in August 2026 and the metallurgical testwork completed to date. This article summarises the land position, the resource context and the processing results the company has reported, using only the details contained in the announcement.

A Larger Claims Package at Alkali Flats

Fulcrum has staked 41 additional lode claims on the eastern side of Alkali Flats, taking the total to 698 claims across roughly 58 square kilometres. The company has also confirmed the claims renewed for the 2026/27 Bureau of Land Management lease year, with 657 claims renewed, down from 802 in the prior position.

In terms of location, the project is about 15 kilometres south of the Tonopah Flats and TLC projects and roughly 10 kilometres east of the Silver Peak mine. These distances are provided as geographic context and do not in themselves indicate results at Alkali Flats.

The drilling and geophysics behind the project are also summarised. The company has completed 63 holes across three phases between December 2024 and March 2026, comprising 58 reverse circulation holes and five diamond holes, together with 25 kilometres of CSAMT geophysical surveying.

Maiden Resource and Where It Sits

The maiden Mineral Resource Estimate, released on 4 August 2026, totals 10.7 million tonnes of lithium carbonate equivalent (LCE). Within that total, a higher-grade portion above a 700 ppm lithium cut-off amounts to 1.92 million tonnes LCE at 775 ppm.

The company states that the estimate ranks seventh among United States domestic lithium resources and third among the Mineral Resource Estimates of ASX-listed companies. These rankings are the company's own characterisation and are best read alongside the resource statement itself, including the cut-off grades applied.

A resource estimate is a point-in-time statement of what drilling to date has defined, and it can change as further work is completed. The expanded claims position on the eastern side of the project adds ground to the project, although the announcement does not describe any exploration planned for the newly staked claims.

Metallurgy and an Acid-Free Processing Route

The announcement also reviews metallurgical testwork using roast calcination followed by a water leach. Lithium recovery ranged from 64% to 79%, with up to 68% recovered within 24 hours. Earlier roast and water leach results have improved from 66% to 79%.

The company reports a reduction of more than 99% in impurities, including aluminium, iron, magnesium, manganese and titanium, compared with a sulfuric acid approach. It describes the route as acid-free with lower reagent usage.

In simple terms, a roast and water leach flowsheet seeks to liberate lithium from the host material using heat, then dissolve it in water rather than relying on acid leaching. These are laboratory-scale results, and they do not by themselves establish commercial performance. Managing Director Scott Keenan leads the company as it continues to report on the project.

Key Takeaways

Fulcrum's update combines a land position, a resource and a processing story for Alkali Flats. The claims package now stands at 698 claims over about 58 square kilometres after 41 additional claims were staked on the eastern side, while 657 claims were renewed for the 2026/27 lease year. The August 2026 maiden estimate of 10.7 million tonnes LCE and the roast calcination and water leach results of 64% to 79% lithium recovery remain the key technical reference points. Metallurgical outcomes are laboratory results, and the resource may change with further drilling, so subsequent company announcements will be the place to watch for developments.