Announcement PDF 15 August 2025 FAIRWAY PROJECT UPDATE The Directors of Fulcrum Lithium Ltd (ASX: FUL, Fulcrum or the Company) announce the results of the maiden drilling campaign at the Company’s Fairway project in Esmeralda County, Nevada, USA (Figure 1). The drilling program, comprising 5 Reverse Circulation (RC) drill holes averaging 103 metres depth on a grid spacing generally ranging from 1,500 - 3,000 metres (Figure 2), was designed to test the Fish Lake Vally Formation which is the local Siebert Formation equivalent - the regional claystone host for lithium (Li) deposits and in a location where Fulcrum’s initial surface sampling results returned lithium concentrations up to 1,084 ppm Li (Figure 2). Based on RC drill logging, 4 of the 5 completed drill holes intersected modest clay horizons. Hole stability issues and strong water influx while drilling prevented the drill rig from reaching the planned depths of several holes. Assay results have confirmed that only 1 of the 5 holes drilled intersected zones of lithium mineralisation greater than 300 ppm Li. Based on these drilling results, and despite the restricted depths penetrated, the Company believes the Fairway Project has been definitively tested for prospectivity and a decision has been reached not to maintain ownership of the Fairway project lode claims beyond 31 August 2025. Fulcrum’s Alkali Flats Project in Esmeralda County, Nevada, USA (Figure 1) is awaiting pending assay results from its Phase Two drill program. Scott Keenan, COO, commented: “Fulcrum’s maiden exploration drilling program to test the prospectivity of the Fairway project did not deliver the subsurface results anticipated based on the high-grade lithium mineralisation sampled in outcrops within the project. Fulcrum’s execution of efficiently, inexpensively and definitively testing our portfolio of projects and moving forward with a focused portfolio remains on track.” FAIRWAY PROJECT The Fairway project comprises 327 lode claims, an area of 27 km2 located in the Fish Lake Valley, Nevada, USA (Figure 1). Maiden Drill Campaign Following on from the encouraging geological mapping and sampling campaign in February 2025, the Fairway project’s maiden drill program commenced on 18 June 2025 and completed on 24 June 2025. The drilling program, comprising 5 RC drill holes averaging 103 metres depth on spacing generally ranging from 1,500 - 3,000 metres was designed to test different prospective parts of the basin identified from the geological sampling (Figure 2). Hole stability issues and strong water influx while drilling prevented the drill rig from reaching the planned depths of several holes. Figure 1. FULCRUM’S PROJECT LOCATIONS All 5 holes intersected the Fish Lake Valley Formation at shallow depths, on average at 26 metres depth with a maximum alluvial overburden of 32 metres being intercepted. Fish Lake Valley Formation geology comprises an interbedded mixture of claystones, volcanic tuffs, tuffaceous volcaniclastic sands and gravels. Four of the 5 completed drill holes intersected modest clay horizons with cumulative thickness of claystones intersected in the 14 holes ranges from 1.5 metres to 44.2 metres, averaging 18.3 metres. Table 1 is a list of the drill holes completed and their coordinates using NAD 83 Zone 11 datum. Table 1. FAIRWAY PROJECT DRILL HOLE LOCATIONS AND DEPTH Drill Hole ID Easting Northing FV-1 FV-2 FV-3 FV-4 FV-5 TOTAL 414556 414018 413735 416001 415631 4192640 4195669 4199022 4194295 4196096 Elevation (m) 1448 1505 1446 1517 1451 Total Depth (m) 81 122 98 87 127 515 Assays for the 5 holes have been received and confirm that 1 out of the 5 holes intersected zones of elevated lithium mineralisation, above 300 ppm. The full table of significant lithium assay results can be found in Table 2. The mineralised zones intersected are highlighted as: 2 Table 2. ASSAY RESULTS SHOWING ZONES ABOVE 300 PPM Li Drill Hole ID FV-1 and FV-2 FV-3 FV-4 FV-5 From (m) 25.9 44.2 To Length (m) (m) 29.0 3.1 48.8 4.6 No zones >300 ppm Li No zones >300 ppm Li No zones >300 ppm Li No zones >300 ppm Li Li (ppm) 476 413 Figure 2. FAIRWAY PROJECT COMPLETED DRILL PROGRAM AND SURFACE SAMPLING 3 About Fulcrum Lithium Ltd Fulcrum Lithium Ltd (ASX: FUL) listed on the ASX on 22 November 2024, to explore the largest lithium exploration lode claim holding area by a company, of approximately 230 km2, in the heart of Nevada’s ‘lithium belt’ which hosts Albemarle Corporation’s (NYSE: ALB) Silver Peak lithium mine, the only lithium producing mine in the USA. Fulcrum’s three projects, Alkali Flats, Summit and Fairway are proximate to, or 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. Competent Person’s Statement The information in this Report that relates to Exploration Results and Exploration Targets 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. pjn12693 4 JORC Code, 2012 Edition – Table 1 Section 1 Sampling Techniques and Data – Fairway 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. 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). 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. 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. 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. 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. Drilling techniques Drill sample recovery Logging Sub-sampling techniques and sample preparation 5 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. 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. Cuttings samples were qualitatively logged and photographed by drill site geologists. Drill cutting samples were initially collected wet and subsequently partially dried out under natural conditions onsite. QA/QC samples (blanks, standards, field duplicates) were submitted to monitor laboratory performance. Sample size is appropriate for the planned analyses. Criteria JORC Code explanation Commentary 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. 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. 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. 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. 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. The measures taken to ensure sample security. Samples were analysed by American Assays Laboratories Inc. of Sparks, Nevada by method 4AB DIGESTION: IO-4AB12 which is an ICP-MS 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 CRM’s, Blanks were submitted at a rate of 1 in 40 samples. Duplicate splits were also submitted at a rate of 1 in 40 samples. 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 Data spacing and distribution Orientation of data in relation to geological structure Sample security Audits or reviews The results of any audits or reviews of sampling techniques and data. 6 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. Drill holes were spaced 1500m-3000m apart. The spacing is considered adequate for this stage of exploration given the flat to moderately dipping sedimentary layers. Drill holes were drilled vertical achieving unbiased sampling of the underlying structure. The stratigraphy comprises flat, bedded, mostly sedimentary layers. RC 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. No audits or reviews of the data management system have been carried out. 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. Exploration done by other parties Geology Acknowledgment and appraisal of exploration by other parties. Deposit type, geological setting and style of mineralisation. The Fulcrum Projects are 100% owned by Fulcrum and are in the form of 2,763 unpatented US lode claims located on Federal Land administered by the US Bureau of Land management (BLM). Alkali Flats Project – 2,276 lode claims (A1 - A961, B1 - B953 and C1 C362) is 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 Summit Project – 160 lode claims (D1 - D160) is centred near 482,165 metres East, 4,169,952 metres North, Universal Transverse Mercator (UTM) NAD 83, Zone 11 datum in Esmeralda County, Nevada. The Fairway Project – 327 lode claims (S1 - S327) is centred near 414,540 metres East, 4,195,755 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. Not applicable as no exploration done by other parties is reported. 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: easting and northing of the drill hole collar elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar dip and azimuth of the hole down hole length and interception depth 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. 7 The Fulcrum Projects are in areas favourable for claystone hosted lithium deposits. Project areas were selected based on the presence of favourable host lithologies within hydrogeological closed basins that also exhibited high geothermal activity. Fulcrum’s Projects are 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. A total of 5 holes planned at the Fairway project were completed for a total of approximately 515 metres. All holes were drilled vertically and drill hole coordinates and the depth of each hole are detailed in the report above. Criteria Data aggregation methods Relationship between mineralisation widths and intercept lengths Diagrams Balanced reporting Other substantive exploration data Further work JORC Code explanation Commentary 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. 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’). 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. 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. 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. 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. Intersections, where quoted are weighted by length. A 300 ppm Li cut-off was used to quote headline intersections, with allowance for 5ft of internal dilution by lower grade material. Spot grades also quoted for single drill sample intervals of the highest values within quoted zones. 8 The Seibert 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. Appropriate diagrams are included in the ASX announcement. The intersection lengths of zones over the 300 ppm Li cut-off was published for all holes in the 5 hole drill program. N/A – no other material exploration data was gathered in this period. No further work for the Fairway Project is anticipated.