FULCRUM LITHIUM LTD — Capital/Financing Update 2026

Jan 19, 2026

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20 January 2026

ALKALI FLATS PROJECT UPDATE

• Phase 3 drill program permit received from the USA Bureau of Land Management (BLM) :

• Over 30 holes reverse circulation ( RC ) and core holes permitted.

• Phase 3 drilling will test extensions of known mineralisation, infill drill the Phase 2 drilling and provide core for ongoing metallurgical studies.

• Drill rigs have been contracted and preparations for mobilisation have commenced.

• Further metallurgical testing has been initiated:

• Samples from the Phase 2 drilling have been selected and prepared for further metallurgical test work.

• Test work will include hydrocyclone ore upgrading, heap and vat leaching simulation and roast and water leach testing.

• Lithium commodity markets have improved significantly with Lithium Carbonate prices increasing by more than 116% over the last 7 months.

The Directors of Fulcrum Lithium Ltd (ASX: FUL, Fulcrum or the Company ) are pleased to provide the following update on progress at the Company’s wholly owned Alkali Flats project in Esmeralda County, Nevada, USA (Figure 1).

Scott Keenan, COO, commented:

“Fulcrum is poised to take the next step in the appraisal and development of our significant scale discovery at Alkali Flats and rapidly mature it towards a maiden resource estimate. The Phase 3 drill program, our largest drill program to date, is designed to enhance the quality of the knowledge gained from our Phase 2 drilling and magnetotelluric survey by infill drilling and to increase the quantity of known mineralisation by extensional drilling. Geotechnical data from the core will also inform pit slope design parameters.”

Following the positive lithium extraction results from our initial metallurgical test work, Kappes Cassiday & Associates has again been engaged to conduct further tests designed to provide guidance on an optimised lithium recovery process.

Data from these programs will be foundational in creating a robust geological and resource model at a time when the lithium market is enjoying a strong commodity price outlook.”

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Alkali Flats Project

The Alkali Flats project comprises 793 lode claims, an area of 66 km[2] , located in Esmeralda County, Nevada, USA approximately 15km south of the Tonopah Flats and TLC lithium projects and 10km east of Albermarle’s Silver Peak Lithium mine, the only operating lithium mine in the USA.

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Figure 1. FULCRUM’S ALKALI FLATS PROJECT LOCATION

Phase 3 Drilling Program

The Phase 3 program is the next step in the appraisal of the Alkali Flats lithium claystone discovery announced in September 2025[1] , following the success of Phase 2 drilling, geophysical surveying[2] and initial metallurgy work[3] completed in 2025.

The drilling program when completed, will represent a 5-fold increase in the amount of drilling over the deposit, with over 30 holes planned (Figure 2) and will reduce the hole spacing and data density from a currently wide spacing averaging 2000m, down to 600m in the core of the project.

Supported by the results from the Controlled-Source Audio-Frequency Magnetotelluric ( CSAMT ) geophysical survey (Figure 3), known lithium mineralisation is open in all directions. The Phase 3 drill program will test mineralisation extensions laterally and at depth.

The Alkali Flats Phase 3 drilling program will provide the increased drill hole density and crucial information to enable Fulcrum’s maiden Mineral Resource Estimate following integration of all the geological, geophysical and engineering data.

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Figure 2. ALKALI FLATS PHASE 3 DRILL PROGRAM PROPOSED LOCATIONS

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Figure 3. CSAMT SURVEY LOCATION AND GEOPHYSICALLY DEFINED LITHIUM CLAYSTONE TARGET

Metallurgical Test Work Program

Following on from the positive lithium extraction results achieved in the Company’s initial scoping metallurgical program conducted on composited Phase 2 drill cutting samples, further work has been initiated on these samples to investigate the potential for the lithium claystone ore grades to be enriched by simple gravitational techniques such as hydrocyclone separation and testing to investigate the performance of a roasting and water leach method, as well as simulating simple ambient temperature leaching methods, such as heap leaching and vat leaching.

Early testing of samples will give indications of the feasibility of low-cost extraction methods as well as provide important input for the detailed metallurgical program to be designed with drill core from the impending Phase 3 program.

Lithium Commodity Market

Lithium commodity prices have significantly improved from lows in 2025, with the current spot price for lithium carbonate of US$17,540 representing a 116% increase over the low price of US$8,100 in June 2025[4] . “ The rally has been driven by consistent destocking of lithium chemicals in China as lithium-ion battery production has continued to surprise the market to the upside, particularly energy storage system battery shipments ,” said Glyn Lawcock, head of resources research at Barrenjoey[5]

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Widespread forecasting by analysts of further demand increases and a market deficit support Fulcrum’s investment thesis of lithium as a critical mineral, key to the clean energy transition. “ The ever-expanding demand outlook for battery energy storage systems combined with continued strength in electric vehicle sales has further enhanced the near-term fundamental outlook for lithium, ” said Hayden Bairstow, head of research at Perth-based brokerage Argonaut[5] .

This momentum comes at an important time for Fulcrum as the Company continues to pursue the development of projects with large-scale potential in the heart of America’s lithium belt.

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Figure 4. LITHIUM CARBONATE COMMODITY PRICE CHART (USD/KG)

References

1. ASX: FUL 24 September 2025, ‘Alkali Flats Project Update – Lithium Discovery’.

2. ASX: FUL, 17 November 2025, ‘Geophysical Survey Results Expand Alkali Flats Lithium Claystone Target’.

3. ASX: FUL, 19 November 2025, ‘Alkali Flats Initial Metallurgy Results’.

4. Shanghai Metals Market, 16 January 2026, Battery-Grade Lithium Carbonate Index (https://www.metal.com/Lithium/202212050001 )

5. https://www.afr.com/companies/mining/lithium-rebound-fuels-hope-for-mothballed-minesrevival-20260116-p5nujp

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About Fulcrum Lithium Ltd

Fulcrum Lithium Ltd (ASX: FUL) listed on the ASX on 22 November 2024, is a lithium exploration company focused in Nevada, the leading lithium mining and exploration state in the USA.

Fulcrum’s Alkali Flats discovery is proximate to, and on trend with, significant lithium projects at various stages of exploration and development in a geologic setting with demonstrated success and a mining friendly jurisdiction.

For further information, please contact:

Scott Keenan Chief Operating Officer Fulcrum Lithium Ltd +61 2 9300 3377

This announcement has been authorised for release by the Company Secretary.

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