Fulcrum Metals PLC on Wednesday announced that it signed a letter of intent to sell its Saskatchewan uranium projects.

The Canada-focused mineral exploration and development company said the LOI is with Terra Balcanica Resources Corp, a Bosnia & Herzegovina and Serbia-focused mining explorer.

Terra will have the option to fully buy the projects, paying C$300,000, around $221,000, in cash, with the value of shares in Terra to Fulcrum increasing to around C$3.0 million over four years.

Panther Metals, an Isle of Man-based investor in and acquirer of companies within the natural resource sector with a near 20% stake in Fulcrum, noted the announcement.

Fulcrum Metals shares were flat at 15.00 pence each on Wednesday afternoon in London, while Panther Metals shares rose 7.7% to 3.50p each.

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