Fulcrum Lithium Limited (ASX: FUL) – Advancing Lithium Discovery in Nevada’s Lithium Belt.
- Noel Ong
- Jun 25
- 6 min read
Announcement:
From Prospectus to Progress: 🆕 IPO Review
Fulcrum Lithium Ltd (ASX: FUL) has entered the ASX stage with ambitions as large as its Nevada lithium portfolio. Since its IPO in November 2024, Fulcrum has maintained a sharp operational pace, demonstrating early exploration success and strategic clarity across three key lithium projects—Alkali Flats, Fairway, and Summit (Figure 1).
Figure 1: Fulcrum’s Project Locations (source: FUL)
The company raised $10 million at listing with a clear focus: to test one of the largest lithium claystone claim holdings in the heart of Nevada’s lithium belt, a jurisdiction known for hosting the Silver Peak lithium mine and proximity to major development projects.
ASX Code: FUL
Listing Date: 22 November 2024
IPO Offer Price: $0.25
Current Share Price (as at June 2025): $0.036
Market Capitalisation: $4.82 million
Industry Group: Materials
Operational Update – Drilling Success and Target Refinement
Alkali Flats – Phase One Delivers Clarity
The Alkali Flats Phase One RC drilling campaign was completed in January 2025, comprising 14 holes for 2,393 metres. Notably, 8 of these holes intersected lithium grades exceeding 300 ppm Li, confirming the presence of a claystone-hosted lithium system within the Siebert Formation. High-grade intercepts included:
21.3m @ 507 ppm Li (AFRC-3)
9.1m @ 771 ppm Li (AFRC-4), with internal highs of 919 ppm
This success, combined with geophysical interpretation and surface mapping, has guided the Phase Two program toward more prospective zones in the northern and western basin margins (Figure 2).
Figure 2: Alkali Flats Phase 2 Approved Drill Program
Phase Two Drilling – The Making of a Lithium Story In Motion
By early June 2025, Fulcrum commenced its Phase Two campaign at Alkali Flats. This program includes up to 19 RC holes (~200m depth) focused on better-thickness claystone targets identified via basin analysis. Drilling is underway, with initial assay results expected in July 2025.
Fairway Project – Drilling Next in Line
Sampling at the Fairway Project returned surface grades up to 1,084 ppm Li—the highest lithium values recorded across Fulcrum’s landholding to date. Following BLM permitting approvals, the maiden drilling campaign at Fairway is scheduled to commence immediately after Alkali Flats drilling wraps up in June 2025.
Figure 4: Fairway 2025 surface geology mapping and drill focus areas (source: FUL)
💠Summit Project – Early-Stage Assessment
Sampling at Summit returned low lithium values (<175 ppm Li), suggesting limited near-surface mineralisation.
Fulcrum’s future attention will likely remain on the higher-priority Alkali Flats and Fairway targets.
Use of Funds – Actual vs Prospectus
As of 31 March 2025, Fulcrum Lithium has deployed its IPO funds broadly in line with its stated objectives. Of the $10 million raised, approximately $1.035 million has been expended, with $513,000 directed toward exploration and evaluation activities, including drilling at Alkali Flats and geological mapping across all projects.
The company has also allocated $188,000 to related party payments, which include director fees and corporate services. Notably, key exploration milestones—such as completion of Phase 1 drilling and commencement of Phase 2—align with the staged work program outlined in the IPO prospectus, demonstrating a disciplined and focused application of capital.
Share Price Performance Since Listing
Since listing on 22 November 2024 at an IPO price of $0.25, Fulcrum Lithium Ltd (ASX: FUL) has seen its share price soften to $0.036 as of June 2025 (Figure 4). This early pullback reflects broader market caution toward pre-resource exploration stocks rather than any specific operational misstep.
The company’s valuation now sits at $4.82 million—well below its listing capitalisation—yet drilling momentum and on-ground progress continue across its Nevada lithium assets. For those willing to look beyond the current price action, Fulcrum presents the type of early-stage exploration story where value can emerge as geological data builds and the strategy is executed.
Figure 4: FUL’s Share price as of 23 June 2025 (source: ASX)
Scott Keenan, COO, commented:
“Fulcrum continues its highly active exploration program across its portfolio of projects located in the heart of Nevada’s ‘lithium belt’. The Company is eager to put the knowledge gained from the Phase 1 drill campaign into practise and test the full potential of our highly prospective claims.”
Samso Concluding Comments
Fulcrum Lithium is one of the many companies that I am still figuring out why they are exploring for lithium. I get that the pricing may return but if I were to make a call, the global sentiment for the use of lithium is not growing. What I mean is that the blue sky, the extra need form more lithium which fuelled the lithium rush, is declining and if not, it is at the bottom and equilibrating itself to find a new base.
Does this meant that Fulcrum is wasting tis time? I kind of think no. This is because there is still a need for lithium and the challenge for the lithium players, I feel is to find a new cost base to make their product competitive in the market. If there is a rebound in pricing, I don't think it will be anywhere near previous predictions.
Drilling at the Fulcrum projects are underway and unless they discover an economical deposit, this is not going to help its share price issue, which in my opinion, is primarily due to being in the wrong commodity space. Like when Lithium was it, today, Gold is the undeniable King of the Castle.
Investors must remember this is still an early-stage story, and we all know that a transformation in the storyline is the speciality of this sector. Getting in at these levels of pricing may be a great way in setting up for the future.
Another way of looking at Fulcrum is that the demise of the lithium sector has come to a point now that most players have only upside in the future. Whether this is in the form of a rising price, it is uncertain. As I have mentioned previously, I was never a supporter of the lithium boom, as fundamentally, there is a lot of lithium to be discovered. However, now that the market is pretty much at its knees, the positive aspect of the commodity is now the focus. The question now is when the price will move forward, if it does.
I am not overly confident that the good times are around the corner, nor am I confident that the good times will return in the same manner as previous years. But for companies like FUL, the upside is discovery and a discovery with current market economical potential or a shift in commodity focus.
The Samso Way – Seek the Research
Fulcrum Lithium’s journey is a textbook example of why investors need to look beyond short-term market moves. While the share price has declined, the company continues to build its geological case through structured exploration and clear project targeting.
This is The Samso Way—seek the research behind the drill holes, not just the headlines.
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