Esmeralda County, Nevada, USA
A large scale lithium claystone resource, 10km from the America's only operating lithium mine, Albemarle’s Silver Peak.
Maiden Mineral Resource Estimate of 3.57Bt @ 563ppm Li for 10.7Mt contained LCE, delivered in under twelve months from discovery, with 40% already classified Measured and Indicated.
793
66 km2
Contained lithium carbonate equivalent
of the resource is Measured and Indicated
largest reported lithium resource in the USA
largest pre-construction lithium resource on the ASX
The Alkali Flats project sits in Esmeralda County, Nevada, approximately 15km south of the large-scale Tonopah Flats and TLC lithium projects and 10km east of Albemarle's Silver Peak Lithium Mine - the only operating lithium mine in the United States.
The project covers 793 lode claims across 66km² and hosts the Siebert Formation, the regional claystone unit that hosts Nevada's lithium claystone deposits. Published resources within this unit across nearby third-party projects exceed 90 million tonnes of reported lithium carbonate equivalent.
Fulcrum declared the discovery of its flagship lithium claystone deposit in September 2025, ten months after listing on the ASX. The maiden Mineral Resource Estimate followed on 4 August 2026.
Fulcrum declared its maiden Mineral Resource Estimate for Alkali Flats on 4 August 2026, less than twelve months after declaring discovery. The estimate draws on 49 drill holes and a 25km CSAMT survey, and defines a thick, continuous body of lithium mineralisation extending over 48km², reaching up to 147m in thickness and beginning 15m below surface at the shallow south-eastern extent. The mineralisation remains open in multiple directions.
Forty per cent of the resource is classified Measured or Indicated at the maiden estimate - a high proportion for a first pass, reflecting the drill density achieved in the core of the deposit during Phase 3.
Mineral Resource Classification across the Alkali Flats deposit
Fulcrum completed the Phase 3 drilling campaign in March 2026 - 39 holes for 5,787m, a five-fold increase in drilling over the deposit. Average hole spacing was reduced from roughly 2,000m to 600m in the core of the project, materially increasing data density and confidence for resource modelling.
Thirty-four of the 39 holes intersected lithium mineralisation above 300ppm Li. Seventeen holes returned more than 70m of continuous mineralisation. The heart of the deposit returned wide zones of 40–147m at 450–700ppm Li, with an internal higher-grade zone of 15–25m at 800–900ppm Li. The thickest intersection was 147.9m in AF3-E13.
Five diamond core holes provided 525m of core for geological, metallurgical and engineering studies.
Phase 3 drill hole locations across the Alkali Flats deposit
2024–25 · Proving the basin Surface sampling across Siebert Formation outcrops returned assays up to 817ppm Li. The maiden drill program, completed January 2025, drilled 14 RC holes and confirmed a lithium-mineralised basin within lacustrine clays, establishing the geological model used to target thicker, higher-grade zones.
June–September 2025 · Discovery Phase 2 drilled 10 RC holes across the western flank. All eight holes that penetrated the Siebert Formation intersected mineralised claystone above 300ppm Li, establishing a discovery over at least 9km².
- 112m in AF2-2 and 67m in AF2-10
- 10.7m at 904ppm Li in AF2-4; 6.1m at 938ppm Li in AF2-10
- Open in all directions as at Phase 2, and at depth in AF2-2
October–November 2025 · Appraisal A 25km CSAMT geophysical survey mapped the extension of the claystone horizons and defined targets for Phase 3. The project area was expanded by 281 claims to 66km². Initial scoping metallurgy returned up to 91% lithium recovery from a four-hour sulfuric acid leach at 60°C.
Cross-section through selected Phase 2 drill holes showing intersected lithologies and lithiuim concentration
CSAMT survey results showing the conductive claystone horizon extending beyond the Phase 2 drill coverage
Competent Person's Statement — Mineral Resources The information in this report that relates to Mineral Resources for the Alkali Flats Lithium Project is based on, and fairly represents, information compiled under the supervision of Bill Fleshman, FAusIMM (CP 107342), a Competent Person as defined in the JORC Code (2012 Edition).
Previously Reported Information This page contains information previously reported to the ASX. Fulcrum confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements, and that all material assumptions and technical parameters underpinning the Mineral Resource Estimate continue to apply and have not materially changed.