Highlights
• Fulcrum Lithium shares rose 8.43% to AUD 0.090 on 8 April 2026 following a drilling update
• Phase 3 drilling confirms widespread lithium mineralisation above 300ppm across majority of holes
• 16 out of 19 drill holes intersected significant lithium mineralisation
• Multiple thick intercepts recorded, including up to 93.0m and 91.5m zones
• Highest-grade results include 9.1m at 898ppm Li and 15.2m at 834ppm Li
• Thickest claystone intercept reached 148m and remains open at depth
• Data to support upcoming maiden Mineral Resource Estimate (MRE)

Fulcrum Lithium Ltd (ASX:FUL) shares climbed 8.43% to AUD 0.090 during the session on 8 April 2026, with the market reacting positively to a significant drilling update from its Alkali Flats project in Nevada, USA. The share price gain follows confirmation of thick and continuous lithium mineralisation from the company’s Phase 3 drilling program, reinforcing the scale and continuity of the discovery.

Fulcrum Lithium Ltd is an exploration company focused on lithium projects in Nevada, widely regarded as a premier jurisdiction for lithium development in the United States.

The company’s Alkali Flats project represents a significant claystone-hosted lithium discovery within a region that has demonstrated geological success and favourable mining conditions.

Strong Drilling Results Confirm Scale and Continuity

The company reported results from the first 19 reverse circulation (RC) holes of its Phase 3 drill campaign, with 16 of those holes intersecting lithium mineralisation above 300ppm Li. This high success rate highlights the consistency of mineralisation across the project.

Among the standout results, hole AF3-3 delivered 9.1 metres grading 898ppm lithium, while hole AF3-2 returned 15.2 metres at 834ppm lithium. These higher-grade intervals sit within broader zones of mineralisation, demonstrating both grade and scale.

Importantly, several holes returned substantial continuous intercepts exceeding 70 metres of mineralisation above 300ppm lithium. Notable thick zones include 93.0 metres at 433ppm, 91.5 metres at 569ppm, and 86.9 metres at 587ppm, indicating strong lateral continuity across the deposit.

The drilling campaign also intersected the thickest zone to date within the Seibert Formation claystone target, with a 148-metre intercept that remains open at depth. Assay results for this interval are still pending, suggesting further upside potential.

Largest Drill Program Enhances Resource Confidence

The Phase 3 program represents Fulcrum’s largest drilling campaign to date, comprising 39 holes for a total of 5,784 metres. This marks a five-fold increase in drilling activity compared to earlier programs.

The increased drilling density has reduced average hole spacing from approximately 2,000 metres to 600 metres within the core project area. This tighter spacing significantly improves geological understanding, reduces uncertainty, and enhances confidence in resource modelling.

In addition to RC drilling, the company completed 525 metres of diamond core drilling across five holes. These core samples will be used for geological interpretation, metallurgical testing, and engineering studies, supporting future development planning.

Advancing Toward Maiden Resource Estimate

The results from Phase 3 drilling are expected to play a central role in underpinning Fulcrum’s maiden Mineral Resource Estimate (MRE), which is currently in progress.

Geological modelling and resource evaluation activities are underway, integrating data from drilling, geophysics, and prior studies. The objective is to define the scale and grade of the deposit with sufficient confidence to support future development decisions.

Management indicated that the drilling program successfully achieved its objective of collecting critical data required to advance the Alkali Flats discovery toward a formal resource estimate.

Project Location Strengthens Strategic Positioning

The Alkali Flats project is located in Esmeralda County, Nevada, a region recognised as a leading lithium jurisdiction in the United States. The project comprises 802 lode claims covering approximately 66 square kilometres.

Its location is considered highly strategic, situated near several established and emerging lithium operations. These include projects operated by American Battery Technology Company and American Lithium Corporation, as well as the Silver Peak mine owned by Albemarle Corporation, which is currently the only operating lithium mine in the United States.

This proximity to existing lithium infrastructure and proven geological settings enhances the project’s development potential.

Consistent Mineralisation Aligns with Geological Expectations

The drilling results are consistent with pre-drill expectations, confirming a continuous and wide zone of lithium mineralisation between previously drilled areas.

The mineralisation is hosted within relatively flat-lying claystone units, with vertical drilling achieving representative sampling across the deposit. The geometry of the deposit suggests that reported intercept lengths closely approximate true widths.

The confirmation of continuity between widely spaced earlier drill holes represents an important step in validating the overall scale of the system.

Next Phase Focused on Expanding Understanding

Looking ahead, the company is awaiting final assay results from additional drill holes, including step-out drilling designed to test extensions of the mineralised system.

These results are expected to further define the boundaries of the deposit and provide additional data to support the maiden resource estimate.

The combination of expanded drilling, ongoing modelling, and pending assays positions the company to deliver a more comprehensive understanding of the project in the near term.

What This Means for Investors?

The latest drilling update reinforces the scale, continuity, and potential of the Alkali Flats project. The consistent intersection of lithium mineralisation across the majority of drill holes, combined with thick intercepts and expanding data density, appears to be driving today’s share price increase.

Investors are likely to view the results as a positive step toward defining a substantial resource, particularly with the maiden Mineral Resource Estimate on the horizon. As further assay results are received and modelling progresses, market focus will remain on the ultimate size and grade of the deposit and its potential development pathway.