Announcement PDF 25 May 2026 THICKEST AND HIGHEST GRADE LITHIUM MINERALISATION AT ALKALI FLATS The Directors of Fulcrum Lithium Ltd (ASX: FUL, Fulcrum or the Company) are pleased to provide an update on the Phase 3 drilling (34 reverse circulation (RC) holes and 5 diamond core holes) at the Company’s wholly owned Alkali Flats project in Esmeralda County, Nevada, USA (Figure 1). • The first batch of previously reported assays confirmed thick continuous mineralisation at Alkali Flats with lithium (Li) mineralisation >300ppm Li in 16 of the 19 holes1 . • Results from the final batch of assays for the remaining 15 RC holes and 5 core holes include: o Lithium mineralisation >300ppm Li intersected in 18 of the 20 holes. o 11 holes returned more than 70m of continuous mineralisation >300ppm Li, of which 4 were thicker than 100m. o Holes AF3-E12, AF3-E19 and AF3-E23 ended in mineralisation and remain open at depth. • Significant intercepts include: o Hole AF3-E25 returned 106.7m >300ppm Li including 19.8m at 903ppm Li. o Hole AF3-E18 returned 74.7m >300ppm Li including 24.3m at 862ppm Li. o Hole AF3-E13 returned 147.9m at 507ppm Li, the thickest intersection of the lithium mineralisation to date, assay results up to 1,145ppm Li and ended in mineralisation. • Over 32km2 of lithium mineralisation delineated with the deposit still open in 3 out of 4 directions (Figure 5). • Assays returned for the 5 diamond core holes that twinned RC hole locations confirm a very close match with RC assay values, providing quality control confirmation of the RC sampling. • Geological modelling is progressing well and will underpin the upcoming maiden Mineral Resource Estimate. Scott Keenan, COO, commented: “The final assay data has not only confirmed the large scale potential identified in Phase 2 discovery and geophysical survey data but has exceeded expectations in several respects. The thickness of the mineralised zone in the core of the discovery, the large lateral extent proven by step out holes and the highly correlatable and continuous nature of the mineralised zones over more than 8km in strike, with the deposit remaining open in 3 of the 4 directions bodes well for the upcoming MRE. We look forward to incorporating all the data to demonstrate the full scale and high confidence estimation of the deposit with the upcoming maiden resource estimate.” Alkali Flats Project The Company owns a 100% interest in the Alkali Flats lithium project comprising 802 lode claims (approximately 66km2 ) located within the Esmeralda County on Federal public lands owned and administered by the United States government. The project is situated approximately 15km south of the Tonopah Flats (American Battery Technology Company) and TLC (American Lithium Corporation) lithium projects and 10km east of the Silver Peak (Albemarle Corporation) lithium mine, the only operating lithium mine in the USA (Figure 1). 2 Figure 1. FULCRUM’S ALKALI FLATS PROJECT LOCATION Phase 3 Drill Program Completion of the Phase 3 drill program marks an important milestone in the appraisal of the Alkali Flats lithium project following the successful significant discovery following the success of Phase 2 drilling2 , geophysical surveying3 and initial metallurgy work4,5 completed to date. The Phase 3 drilling program comprises 39 holes (Figure 2) totalling 5787m, representing a 5-fold increase in the amount of drilling over the deposit and reducing the hole spacing from a currently wide spacing averaging 2,000m down to 600m in the core of the project which significantly increases the data density, reduces uncertainty and increases confidence in modelling and resource estimations. The Alkali Flats Phase 3 drill program provides 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. 1. ASX: FUL 8 April 2026, ‘Thick Continuous Lithium Mineralisation Confirmed at Alkali Flats’. 2. ASX: FUL 24 September 2025, ‘Alkali Flats Project Update – Lithium Discovery’. 3. ASX: FUL 17 November 2025, ‘Geophysical Survey Results Expand Alkali Flats Lithium Claystone Target’. 4. ASX: FUL 25 November 2025, ‘Alkali Flats Initial Metallurgy Results’. 5. ASX: FUL 19 May 2026, ‘Alkali Flats Metallurgy Update’. 3 Table 1 is a list of all Phase 3 drill holes completed and their coordinates using NAD 83 Zone 11 datum. Table 1. ALKALI FLATS PHASE 3 DRILL HOLE LOCATIONS AND DEPTH Drill Hole ID Easting Northing Elevation (M) Total Depth (M) AF3-E1 471980 4185032 1582 102 AF3-E2 474332 4183094 1655 102 AF3-E3 473872 4183470 1639 142 AF3-E4 473833 4182753 1656 87 AF3-E5 472953 4184241 1576 145 AF3-E6 473207 4182589 1673 47 AF3-E7 473307 4183270 1668 78 AF3-E8 472812 4183694 1634 47 AF3-E9 472476 4184628 1601 169 AF3-E10 471210 4184757 1591 125 AF3-E11 471624 4185733 1559 209 AF3-E12 472252 4185397 1571 261 AF3-E13 472696 4185158 1591 261 AF3-E14 473333 4184818 1603 197 AF3-E15 473529 4184337 1610 288 AF3-E16 473911 4184109 1628 136 AF3-E17 473915 4184553 1609 264 AF3-E18 474333 4183808 1633 183 AF3-E19 470750 4188796 1493 122 AF3-E20 470346 4187827 1502 148 AF3-E21 471253 4187052 1520 122 AF3-E22 471604 4187732 1510 148 AF3-E23 471657 4186273 1575 221 AF3-E24 471051 4186074 1739 122 AF3-E25 473535 4185404 1693 203 AF3-E26 473380 4186107 1741 244 AF3-W1 467736 4187642 1505 38 AF3-W2 466323 4187007 1476 73 AF3-W3 464844 4186776 1482 133 AF3-W4 463983 4187100 1472 111 AF3-W5 465813 4186047 1489 75 AF3-W6 464747 4185604 1479 139 AF3-W7 463536 4184808 1473 123 AF3-W8 464120 4183742 1475 183 AF3-C01 474329 4183099 1645 94 AF3-C02 472947 4184243 1603 140 AF3-C03 471629 4185732 1534 217 AF3-C04 464746 4185603 1499 152 AF3-C05 463982 4187106 1479 136 TOTAL 5,787 4 Figure 2. ALKALI FLATS PHASE 3 DRILL PROGRAM Assay results for the 20 holes that have been received in the final batch confirm that 18 holes intersected zones of elevated lithium mineralisation, above 300ppm Li. 5 The full table of significant lithium assay results can be found in Table 2. The thickest zones intersected are highlighted as: • AF3-E13: 147.9m @ 507ppm Li with internal values up to 1,145ppm Li • AF3-E12: 114.3m @ 461ppm Li with internal values up to 947ppm Li • AF3-E14: 112.8m @ 546ppm Li with internal values up to 903ppm Li • AF3-E26: 103.7m @ 541ppm Li with internal values up to 965ppm Li • AF3-E15: 94.5m @ 563ppm Li with internal values up to 1,070ppm Li • AF3-E25: 80.8m @ 572ppm Li with internal values up to 1,063ppm Li Figure 3. ALKALI FLATS PHASE 3 DRILL PROGRAM ASSAY RESULTS 6 Table 2. FINAL BATCH OF PHASE 3 ASSAY RESULTS SHOWING ZONES ABOVE 300PPM Li HOLE FROM (m) TO (m) LENGTH (m) Li (ppm) AF3-E12 122.0 138.7 16.7 378 and 143.3 257.6 114.3 461 AF3-E13 112.8 260.7 147.9 507 including 198.2 221.0 22.8 838 AF3-E14 64.0 176.8 112.8 546 including 109.8 129.6 19.8 809 AF3-E15 59.5 154.0 94.5 563 including 97.6 111.3 13.7 806 AF3-E16 35.1 106.7 71.6 602 including 54.9 68.6 13.7 802 AF3-E17 57.9 117.4 59.5 696 including 71.6 96.0 24.4 841 AF3-E18 99.1 173.8 74.7 695 including 115.9 140.2 24.3 862 AF3-E19 67.1 93.0 25.9 491 and 99.1 108.2 9.1 420 and 125.0 129.6 4.6 664 AF3-E20 13.7 19.8 6.1 397 AF3-E21 57.9 67.1 9.2 547 and 73.2 105.2 32.0 482 AF3-22 No mineralisation >300ppm Li AF3-E23 108.2 150.9 42.7 387 and 157.0 167.7 10.7 413 and 172.3 184.5 12.2 433 and 210.4 221.0 10.6 312 AF3-24 No mineralisation >300ppm Li AF3-E25 76.2 157.0 80.8 572 including 126.5 146.3 19.8 903 and 164.6 190.5 25.9 589 AF3-E26 96.0 199.7 103.7 541 including 166.2 190.5 24.3 829 and 207.3 231.7 24.4 437 AF3-CO1 (Twin of AF3-E2) 39.0 85.1 46.1 712 including 42.9 54.8 11.9 827 AF3-CO2 (Twin of AF3-E5) 46.0 134.7 88.7 563 including 76.2 96.3 20.1 805 AF3-CO3 (Twin of AF3-E11) 71.8 94.0 22.2 386 and 97.6 156.3 58.7 432 AF3-CO4 (Twin of AF3-W6) 33.2 119.2 86.0 461 AF3-CO5 (Twin of AF3-W4) 25.6 108.7 83.1 464 7 Figure 4. ALKALI FLATS SCHEMATIC CROSS SECTION A-A’ Figure 5. LATERAL EXTENT OF LITHIUM MINERALISATION (>300PPM) INTERCEPTED BY PHASE 3 AND PHASE 2 DRILLING. 8 About Fulcrum Lithium Ltd Fulcrum Lithium Ltd (ASX: FUL) 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 Board of Directors. No Material Changes The Company confirms it is not aware of any new information or data that materially affects the previously reported information included in this report and that all material assumptions and technical parameters underpinning the previously reported Exploration Results in this announcement continue to apply and have not materially changed. Competent Person’s Statement The information in this Report that relates to Exploration Results is based on, and fairly represents, information and supporting documentation prepared by Mr Bill R. Fleshman of Global Geological Services, LLC, a geologist who is a Fellow and Chartered Professional of the Australasian Institute of Mining and Metallurgy and (FAusIMM CP Geology #107342) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activities which are being undertaken to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Fleshman is an independent consulting geologist and consents to the inclusion of the Exploration Results and Exploration Targets and supporting information in the form and context in which it appears. pjn12934 9 JORC Code, 2012 Edition – Table 1 Section 1 Sampling Techniques and Data – Alkali Flats Phase 3 Criteria JORC Code explanation Commentary Sampling techniques • Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. The RC drill cuttings samples were acquired every five feet (1.524 meters) collected from fluid and cuttings passed through a cyclone sample collector. Buckets were lined with pre-labelled bags. Sample bags and chip trays were pre-labelled for field staff. A Fulcrum geologist collected the samples or trained the rig sampler in methods. Field personnel monitored the drilled depth, and drilling was briefly paused at the end of each sample run to circulate the cuttings to surface. Each sample interval was logged at the rig by the supervising geologist. Samples were stored at the drill sites until pickup. Diamond drilling (DD) core was utilized to obtain HQ (63.5 mm) size core. Core was logged and marked for sampling by geologists on intervals determined by lithology, and other visible geological characteristics. Nominal sample intervals were set at 1.5 m, with the length varying depending on geological boundaries. Drilling techniques • Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). • Reverse circulation (RC) drilling. The RC drilling was performed by a 1500MPD track rig with a 5 3/4" (14.61 cm) hammer drill bit. • Core holes drilling was performed by a R-40 track rig with an HQ sized core barrel acquiring 63.5mm diameter core. Drill sample recovery • Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. • Drill cuttings samples were collected every five feet in a cloth bag inside a 5-gallon bucket from fluid and cuttings passed through a cyclone sample collector. • • Core is carefully extracted from the core barrel on a secure core tray where it is measured and a recovery percentage calculated. When core chip material recovery is poor, specialized tools to help improve chip material recovery can be considered as alternatives to standard diamond bits and chip material barrels. Examples include face-discharge bits (HQTT bits), which minimize the amount of drill fluids traveling through the core barrel, and specialized core barrels beveled at the bottom that hold and maintain the core better than conventional inner tubes. Logging • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged. • Cuttings samples were qualitatively logged and photographed by drill site geologists. • • HQ Core was photographed, measured, marked and logged for geological and geotechnical information. The logs include 1) a graphic log; 2) quantitative aspects of the rock; 3) a descriptive column; and 4) angle measurements of geologic structure (bedding, fractures, faults, veins, etc.). Intervals were identified for assay sampling by the Fulcrum geologists and were logged in the same spreadsheet database. Sub-sampling techniques and sample preparation • If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled. Drill cutting samples were initially collected wet and subsequently partially dried out under natural conditions on- site. QA/QC samples (blanks, standards, field duplicates) were submitted to monitor laboratory performance. Sample size is appropriate for the planned analyses. HQ Core Sampling: prior to the core being cut, the geologist determined sample lengths based on the geologic features observed in the core. Sample intervals will not overlap significant geologic, mineralogic, metallurgical, or structural discontinuities/contacts. Lengths can range from as short as about 0.5 m in complex mineralized rock up to about 2 to 5 m in unmineralized rock; sample lengths shorter than 0.5 m will be restricted to special situations, such as thin, isolated zones of potentially high-grade. Appropriate average length of samples will frequently be about 1.5 m. Permanent markers, such as 10 Criteria JORC Code explanation Commentary sample tags stapled into the core boxes, are placed at the beginning of the sample interval. Any additional sampling of the core will also be marked by a tag that permanently records the date and the person who removed the sample. The core was sampled by the assay laboratory after the core had been cut in half by experienced lab technicians. One half was bagged for analysis, and the other half was returned to the original core tray for future review or metallurgical testing. Quality of assay data and laboratory tests • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. Samples were analysed by American Assays Laboratories Inc. of Sparks, Nevada by method 4AB DIGESTION: IO-4AB28 which is an ICP-OES method employing a 4 acid + boric acid digestion. Assay quality was monitored using pulp blanks, as well as certified reference materials (CRMs). CRMs were purchased from Shea Clark Smith/MEG, Inc. The “MEG” standards are produced form Esmeralda County claystones. CRMs are submitted by the site geologist at a rate of 1 in 40 samples. Pulp blank results indicated no material contamination of samples from sample preparation or during the analytical process. CRM results were within 3 standard deviations of certified values. No systematic bias or other accuracy related issues were identified. Fulcrum’s QAQC procedure in addition to submitting CRMs, Blanks were submitted at a rate of 1 in 40 samples. Duplicate splits were also submitted at a rate of 1 in 40 samples. Verification of sampling and assaying • The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data. Sample intervals were assigned a unique sample identification number prior to sample dispatch. • Lithium-mineralised claystone CRMs, duplicates and blanks were inserted into the sample stream at regular intervals to monitor lab accuracy and potential contamination during sample prep and analytical processes. Location of data points • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control. Fulcrum geologists used handheld Garmin GPS units to record sample location sites and as QC. Fulcrum geologists have recorded the sample sites using NAD 83 Zone 11 datum. Location of data points is considered to be at acceptable levels of accuracy and precision. Data spacing and distribution • Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied. • Drill holes were spaced 600m apart in the core of the deposit. The spacing is considered adequate for this stage of the appraisal of the discovery given the flat to moderately dipping sedimentary layers. • Orientation of data in relation to geological structure • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. • Drill holes were drilled vertically achieving unbiased sampling of the underlying structure. The stratigraphy comprises flat, bedded, mostly sedimentary layers. Sample security • The measures taken to ensure sample security. Samples remained in the custody of Fulcrum onsite at the drill rig until collected by American Assay Laboratory personnel and transported securely to their laboratory. Samples were accompanied by submittal sheets. No security issues are suspected. Audits or reviews • The results of any audits or reviews of sampling techniques and data. • No audits or reviews of the data management system have been carried out. 11 Section 2 Reporting of Exploration Results Criteria JORC Code explanation Commentary Mineral tenement and land tenure status • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a license to operate in the area. • The Alkali Flats project is 100% owned and in the form of 802 unpatented US lode claims located on Federal Land administered by the US Bureau of Land management (BLM). • The Alkali Flats project lode claims are centred near 469,342 metres East, 4,187,705 metres North, Universal Transverse Mercator (UTM) NAD 83, Zone 11 datum in Esmeralda County, Nevada. • The lode claims require an annual filing of an Intent to Hold declaration and are subject to annual Maintenance Fee payments to the BLM and Esmeralda County totalling US$200 per claim. Surface rights sufficient to explore, develop and mine minerals on the unpatented lode claims are inherent to the claims provided the claims are maintained in good standing. The surface rights are subject to all applicable State and Federal environmental regulations. Exploration done by other parties • Acknowledgment and appraisal of exploration by other parties. • Not applicable as no exploration done by other parties is reported. Geology • Deposit type, geological setting and style of mineralisation. • The Alkali Flats project is in an area favourable for claystone hosted lithium deposits. The project area was selected based on the presence of favourable host lithologies within hydrogeological closed basins that also exhibited high geothermal activity. The Alkali Flats project is geologically similar to other nearby lithium projects in the Tonopah area with advanced exploration programs. Several of those projects are currently being investigated at various exploration or development stages all based primarily on the United States Geological Survey (USGS) lithium depositional model as presented by Asher-Bolinder (1991) in which three diagenetic models are proposed for formation of enriched lithium clays in closed basins: • Alteration of volcanic glass to lithium-rich smectite. • Precipitation from lacustrine waters. • Incorporation of lithium into existing smectites. Drill hole Information • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. • A total of 39 holes planned at the Alkali Flats project were completed for a total of approximately 5787 metres. • All holes were drilled vertically and drill hole coordinates and the depth of each hole are detailed in the report above. Data aggregation methods • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated. Intersections, where quoted are weighted by length. A 300ppm Li cut-off was used to quote headline intersections. Where appropriate, an allowance for 10ft of internal dilution by lower grade material within contiguous intervals. Spot grades also quoted for single drill sample intervals of the highest values within quoted zones. 12 Criteria JORC Code explanation Commentary Relationship between mineralisation widths and intercept lengths • These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). • The Siebert Formation is generally flat (<5 degrees) in the drilled target. All holes are vertical, therefore all reported mineralisation widths will be very similar to the interception lengths quoted and the difference will be negligible. Diagrams • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. • Appropriate diagrams are included in the ASX announcement. Balanced reporting • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. • The intersection lengths of zones over the 300ppm Li cut-off was published for all 20 reported drill holes. Other substantive exploration data • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. • N/A - no other material exploration data was gathered in this period. Further work • The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. • Further work for the Alkali Flats project is described in the announcement.