Valuation Update With 7 Day Price Move • May 15
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to AU$2.04, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 14x in the Metals and Mining industry in Australia. Total returns to shareholders of 974% over the past three years. Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to AU$2.37, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 13x in the Metals and Mining industry in Australia. Total returns to shareholders of 1,115% over the past three years. Announcement • Apr 24
Focus Minerals Limited, Annual General Meeting, May 27, 2026 Focus Minerals Limited, Annual General Meeting, May 27, 2026. Location: karstens at level 1, 111 st georges terrace, perth wa 6000 Australia Reported Earnings • Mar 31
Full year 2025 earnings released: EPS: AU$0.24 (vs AU$0.01 in FY 2024) Full year 2025 results: EPS: AU$0.24 (up from AU$0.01 in FY 2024). Revenue: AU$309.9m (up 168% from FY 2024). Net income: AU$68.9m (up AU$65.9m from FY 2024). Profit margin: 22% (up from 2.6% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 124% per year but the company’s share price has increased by 139% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to AU$2.56, the stock trades at a trailing P/E ratio of 38x. Average trailing P/E is 14x in the Metals and Mining industry in Australia. Total returns to shareholders of 1,552% over the past three years. Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to AU$3.74, the stock trades at a trailing P/E ratio of 55.6x. Average trailing P/E is 23x in the Metals and Mining industry in Australia. Total returns to shareholders of 1,978% over the past three years. Announcement • Feb 13
Focus Minerals Limited Announces Resignation of Director Zhongshan Song, Effective February 13, 2026 Focus Minerals Limited announced that Mr. Zhongshan Song has informed the Board of his decision to resign as a director of the Company for personal reasons, effective from close of business on February 13, 2026. Mr. Song contributed to the company for three years. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to AU$3.15, the stock trades at a trailing P/E ratio of 46.8x. Average trailing P/E is 23x in the Metals and Mining industry in Australia. Total returns to shareholders of 1,558% over the past three years. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to AU$3.96, the stock trades at a trailing P/E ratio of 58.8x. Average trailing P/E is 26x in the Metals and Mining industry in Australia. Total returns to shareholders of 1,984% over the past three years. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to AU$3.54, the stock trades at a trailing P/E ratio of 52.6x. Average trailing P/E is 24x in the Metals and Mining industry in Australia. Total returns to shareholders of 1,763% over the past three years. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to AU$3.45, the stock trades at a trailing P/E ratio of 51.3x. Average trailing P/E is 23x in the Metals and Mining industry in Australia. Total returns to shareholders of 1,817% over the past three years. New Risk • Dec 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 19% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to AU$2.52, the stock trades at a trailing P/E ratio of 37.4x. Average trailing P/E is 21x in the Metals and Mining industry in Australia. Total returns to shareholders of 1,382% over the past three years. Valuation Update With 7 Day Price Move • Oct 29
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to AU$2.59, the stock trades at a trailing P/E ratio of 38.5x. Average trailing P/E is 22x in the Metals and Mining industry in Australia. Total returns to shareholders of 1,686% over the past three years. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to AU$2.16, the stock trades at a trailing P/E ratio of 32.1x. Average trailing P/E is 22x in the Metals and Mining industry in Australia. Total returns to shareholders of 1,562% over the past three years. New Risk • Oct 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 15% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to AU$1.05, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 19x in the Metals and Mining industry in Australia. Total returns to shareholders of 708% over the past three years. Reported Earnings • Sep 16
First half 2025 earnings released: EPS: AU$0.05 (vs AU$0.007 loss in 1H 2024) First half 2025 results: EPS: AU$0.05 (up from AU$0.007 loss in 1H 2024). Revenue: AU$77.7m (up 89% from 1H 2024). Net income: AU$14.2m (up AU$16.3m from 1H 2024). Profit margin: 18% (up from net loss in 1H 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 72% per year, which means it is significantly lagging earnings growth. Announcement • Jun 04
Genesis Minerals Limited (ASX:GMD) acquired Laverton Gold Project in Laverton District, Western Australia from Focus Minerals Limited (ASX:FML) for AUD 250 million. Genesis Minerals Limited (ASX:GMD) entered into a binding Share Purchase Agreement to acquire Laverton Gold Project of Focus Minerals Limited (ASX:FML) for AUD 250 million on May 26, 2025. The purchase price will be funded via Genesis’ existing cash and undrawn corporate revolver facility which has been upsized from AUD 120 million to AUD 225 million, with Genesis having total available funding of AUD 597 million.
Mick Wilkes will retire as a Non-Executive Director of the Company and will be retained as a Technical Advisor. Further to this, Genesis is pleased to announce that it has appointed highly experienced resources executive and mining engineer Duncan Coutts as an Executive Director. There are no conditions precedent to completion. The expected completion of the transaction is early June 2025.
Canaccord Genuity Limited and Sternship Advisers Pty Ltd. acted as financial advisor for Genesis Minerals Limited. Claire Boyd and Justin Mannolini of Gilbert and Tobin acted as legal advisor for Genesis Minerals Limited.
Bryn Davis of Holman Fenwick Willan LLP acted as legal advisor to Focus Minerals Limited.
Genesis Minerals Limited (ASX:GMD) completed the acquisition of Laverton Gold Project of Focus Minerals Limited (ASX:FML) on June 4, 2025. New Risk • May 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 26% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.3x net interest cover). Share price has been highly volatile over the past 3 months (26% average weekly change). Minor Risk Market cap is less than US$100m (AU$120.4m market cap, or US$78.3m). Announcement • Apr 29
Focus Minerals Limited, Annual General Meeting, May 30, 2025 Focus Minerals Limited, Annual General Meeting, May 30, 2025. Location: at rsm australia partners, level 32 exchange tower, 2 the esplanade, perth wa 6000 Australia Reported Earnings • Apr 02
Full year 2024 earnings released: EPS: AU$0.011 (vs AU$0.01 loss in FY 2023) Full year 2024 results: EPS: AU$0.011 (up from AU$0.01 loss in FY 2023). Revenue: AU$115.7m (up 242% from FY 2023). Net income: AU$3.01m (up AU$5.80m from FY 2023). Profit margin: 2.6% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. New Risk • Apr 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 20% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (AU$60.2m market cap, or US$37.8m). New Risk • Jun 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$72m free cash flow). Earnings have declined by 14% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (AU$43.0m market cap, or US$28.7m). Announcement • Apr 20
Focus Minerals Limited, Annual General Meeting, May 22, 2024 Focus Minerals Limited, Annual General Meeting, May 22, 2024, at 09:00 W. Australia Standard Time. Location: RSM Australia Partners, Level 32 Exchange Tower, 2 The Esplanade, Perth Western Australia Australia Agenda: To receive and consider the financial report of the Company for the financial year ended December 31, 2023 together with the declaration of the Directors, the Directors' report, the Remuneration Report and the auditor's report; to consider Adoption of Remuneration Report; to consider Re-Election of Mr Wanghong Yang; to consider Re-Election of Mr Lingquan Kong; and to consider other matters. Reported Earnings • Mar 29
Full year 2023 earnings released: AU$0.01 loss per share (vs AU$0.014 loss in FY 2022) Full year 2023 results: AU$0.01 loss per share (improved from AU$0.014 loss in FY 2022). Revenue: AU$35.8m (up 111% from FY 2022). Net loss: AU$2.80m (loss narrowed 32% from FY 2022). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 15
First half 2023 earnings released: AU$0.045 loss per share (vs AU$0.012 loss in 1H 2022) First half 2023 results: AU$0.045 loss per share (further deteriorated from AU$0.012 loss in 1H 2022). Revenue: AU$4.77m (up AU$4.70m from 1H 2022). Net loss: AU$13.0m (loss widened 272% from 1H 2022). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Board Change • Apr 26
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 new directors. No experienced directors. 1 highly experienced director. 2 independent directors (3 non-independent directors). Independent Non-Executive Director Gerry Fahey is the most experienced director on the board, commencing their role in 2011. Independent Non-Executive Director Richard O'Shannassy was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Announcement • Oct 12
Focus Minerals Limited Announces Results of the 2022 Ore Reserve Update for the Coolgardie Gold Project (Coolgardie) Focus Minerals Limited announced results of the 2022 Ore Reserve update for the Coolgardie Gold Project (Coolgardie). The Coolgardie project includes 175km of highly prospective tenements on the outskirts of the Coolgardie township in Western Australia's Eastern Goldfields. Initial Ore Reserves for the Bonnie Vale, Brilliant South and Greenfields deposits were published in the 2020 PFS. The 2022 Ore Reserve is derived from published open pit Mineral Resource estimates for: Greenfields Open Pit Mineral Resource estimate announced 1/8/2022. Brilliant South Open Pit Mineral Resource estimate announced 23/2/2022. CNX Open Pit Mineral Resource estimate announced 24/11/2021; Bonnie Vale Mineral Resource estimate announced 2/9/2020. Reported Earnings • Sep 13
First half 2022 earnings released: AU$0.012 loss per share (vs AU$0.017 loss in 1H 2021) First half 2022 results: AU$0.012 loss per share. Net loss: AU$3.50m (loss widened 9.5% from 1H 2021). Announcement • May 26
Focus Minerals Limited Provides Update to Its Plan to Resume Mining Operations At the Coolgardie Gold Project Focus Minerals Limited provided an update to its plan to resume mining operations at the Coolgardie Gold Project (Coolgardie). The Resumption Plan objectives were to refine elements of the 2020 Prefeasibility Study Focus has undertaken review and assessment of the following areas: Draft Life of Mine (LOM) Plan - The Coolgardie 2020 PFS was based on the mining of Greenfields and Brilliant South open pits and Bonnie Vale underground. At that time the Coolgardie Mineral Resource was 33.8Mt @2.3g/t for 2.42Moz Au. Since then, the Coolgardie total Mineral Resource has been revised to 42.2Mt @ 1.9g/t for 2.6Moz Au (see ASX announcement dated 24 May 2022). The additional Mineral Resource allows the Company to refine its production plan to now incorporate the CNX deposit, located only 1.25km north north-west of the Three Mile Hill ROM pad. At Greenfields the Mineral Resource has been reconsidered targeting improvement in strip ratio for a faster mining single stage pit optimisation and design. An updated Mining Proposal for the Greenfields open pit has been submitted to regulators for approval. Focus has also refined the optimisation of Brilliant South open pit using the updated 23 Feb. 2022 Mineral Resource. The Feb. 2022 Mineral Resource has grown significantly and includes new lodes to the NE which are now being considered in the new design. The outcome of the optimisation is expected to deliver a significant reduction in mined waste. The preliminary optimisation and design of these three open pits is expected to improve the economic mining outcome despite inclusion of up to date contract mining market rates. At present, the Bonnie Vale underground project is undergoing a more detailed engineering assessment than the 2020 PFS design and costing. Geotechnical drilling will commence in June to be included in an updated design. The Company is also well advanced in submitting a mining proposal for the Big Blow deposit. It shows potential for a small mining project for toll milling at a regional processing plant to bring in early cash flow. The Mineral Resource may have further potential as a future underground operation. The Company is also assessing the viability of toll treating low-grade stockpiles and has completed grade control drilling at Dreadnought and Big Blow low grade stockpiles during April and May 2022. Three Mile Hill Plant The scope of works for the mill refurbishment has been prepared for final engineering and cost estimation. The Company is now engaging with contractors leading to early contractor involvement (ECI) prior to the development of a design and construct (EPC) refurbishment contract. It is anticipated that the Company will finalise negotiations and award the refurbishment contract during July/August 2022. The plant upgrade may take up to 12 months to complete, subject to the availability of materials and a suitably qualified construction workforce. Project Delivery Timeline - The Resumption Plan targets recommencing mining and stockpiling at Coolgardie which could commence in early CY2023 but, acknowledges that this timeframe may change depending on the mill refurbishment schedule and other relevant factors. The prevailing demand/supply conditions in the WA mining industry, present a significant risk to the schedule for returning Focus to production. Announcement • May 24
Focus Minerals Announces Updated and New Mineral Resource Estimations for the Patricia Jean and Jolly Briton Deposits Focus Minerals announced updated and new Mineral Resource estimations for the Patricia Jean and Jolly Briton deposits, part of the company's 100%-owned Coolgardie Gold Project. Patricia Jean and Jolly Briton are hosted in the Three Mile Sill along with other key deposits within the Coolgardie Gold Project (Coolgardie), which covers 175km2 of highly prospective tenements on the outskirts of the Coolgardie township in the Goldfields region. Focus is working towards resuming gold mining operations at Coolgardie. Both deposits are hosted by the prolifically mineralised Three Mile Sill (TMS) mine stratigraphy. This stratigraphy hosts bulk-style mineralisation at other deposits led by Three Mile Hill, Lindsays, Greenfields, CNX and Green Light. The mineralisation at Patricia Jean and Jolly Briton is open to extension along strike and at depth. Importantly, 160m strike between the two deposits remains untested. It is noted that there is significant underground development within the TMS south of the Jolly Briton Mineral Resource that is yet to be targeted by modern exploration. Patricia Jean and Jolly Briton are located within the north- eastern part of a larger soil gold anomaly that extends over areas of historic shafts and mine subsidence. Both deposits are classed as Inferred status despite historic drill spacing of 20m - 25m in parts of the mineralised system. A conservative Mineral Resource classification is being used at this time in the absence of recent confirmatory hole twinning and further infill of likely high-metal content mineralised shoots. An Ordinary Kriging (OK) estimation technique was selected and variograms were modelled in Supervisor. Each domain was estimated separately using only its own sample values. All domain boundaries were considered "hard" boundaries and no drill hole information was used by another domain in the estimation. Board Change • Apr 28
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Richard O'Shannassy was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 13
Focus Minerals Limited, Annual General Meeting, May 27, 2022 Focus Minerals Limited, Annual General Meeting, May 27, 2022. Agenda: To consider re-election and appointment of directors. Announcement • Feb 24
Beasley Creek South Mineral Resource Update Focus Minerals announced an updated Mineral Resource estimation for the Beasley Creek South deposit at its 100%-owned Laverton Gold Project. This updated Mineral Resource follows diamond drilling in 2020 and 2021 that enabled the definition of more tightly controlled, high-grade domains and a rebuilt hangingwall lode mineralisation. This work has allowed significant parts of the hangingwall lodes to be upgraded to the Indicated category. Beasley Creek South is a key deposit at the Laverton Gold Project (Laverton), which covers 362km2 of highly prospective tenements, including the historic Lancefield and Chatterbox trend mines, on theoutskirts of the Goldfields township. Focus' strategy is to identify sufficient open pit Mineral Resources across the Laverton tenement package to commence a Stage 1 gold mining operation. The updated Mineral Resource for Beasley Creek South, which is reported on a dry tonnage basis to a depth of 180m (250 mRL) and using a 0.5 g/t cut-off, has delivered a significant increase in the Indicated category and therefore provides more resource certainty compared to the last resourceestimate in 2020. Board Change • Feb 04
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Richard O'Shannassy was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jan 30
Theta Gold Mines Limited (ASX:TGM) cancelled the acquisition of Focus Minerals Limited (ASX:FML) from Shandong Gold International Mining Corporation Limited and others. Theta Gold Mines Limited (ASX:TGM) made an offer to acquire Focus Minerals Limited (ASX:FML) from Shandong Gold International Mining Corporation Limited and others for AUD 65.8 million on December 9, 2021. The Company notes the TGM Intended Offer is unsolicited and subject to a number of conditions. As per the second supplement bidder's statement filed on January 18, 2022, TGM would not be able to acquire 100% of Focus Shares under the Offer. In these circumstances (that Shandong Gold does not accept the Offer in respect of those of its Focus Shares to which the Offer relates), the maximum interest that TGM could acquire in Focus as a result of the Offer (in its current form) is 32.65%. As per update on January 20, 2022, Theta Gold Mines Limited recommended its shareholders not to take any action. The offer period will commence from January 18, 2022 to February 21, 2022. Kamara Poulos Group Pty Ltd., Advisory Arm acted as financial advisor for a fee of AUD 60,000 and Johnson Winter & Slattery acted as legal advisor for a fee of AUD 160,000 to Theta Gold Mines Limited in the deal. Boardroom Pty Limited acted as registrar for a fee of AUD 35,000. Hall Chadwick Pty Limited acted as tax advisor. As of January 7, 2022, Shandong Gold will not accept the offer. Azure Capital Pty Ltd acted as financial adviser, MinterEllison acted as legal adviser and Computershare Investor Services Pty Ltd acted as registrar for Focus Minerals.
Theta Gold Mines Limited (ASX:TGM) cancelled the acquisition of Focus Minerals Limited (ASX:FML) from Shandong Gold International Mining Corporation Limited and others on January 28, 2022. As of January 28, 2022, Board of Directors of Focus Minerals rejected the offer and recommended shareholder to not accept the offer. Announcement • Jan 18
Focus Minerals Announces Maiden Mineral Resource Estimate for the Lancefield Far North Deposit, Part of the Company's Laverton Gold Project Focus Minerals announced maiden Mineral Resource estimate for the Lancefield Far North deposit, part of the Company's Laverton Gold Project. The Mineral Resource is classified as Inferred following limited shallow extension and infill drilling completed in 2019 and 2021. Mineralisation at Lancefield Far North is open along strike and a lookalike of the nearby Wedge/Telegraph-style mineralisation that has multi-kilometre strike. The Laverton Gold Project (Laverton) covers 362km square of highly prospective tenements, including the historic Lancefield and Chatterbox trend mines, on the outskirts of the Laverton township in the Goldfields region. Focus' strategy is to identify sufficient open pit Mineral Resources across the Laverton tenement package to commence a Stage 1 gold mining operation. Lancefield Far North has never been mined. However, historic mining along strike to the south across the richly mineralised Lancefield Shear Zone produced more than 3Moz gold including: Lancefield mining 1915-1940 - 552Koz, Ashton mining of the Wedge pits in the 1990s - 25.4Koz, WMC mining of the Telegraph pit in the 1990s - 35Koz and WMC pit and underground mining at Lancefield 1987-1990's - 2.43Moz. In 2019, three traverses of three overlapping fence reverse circulation (RC) holes were completed for 1,452m to confirm target geology and mineralisation location. During 2021 nine targeted infill and extension RC holes for 840m were completed. The increased drill density has enabled an estimation of a maiden Mineral Resource for Lancefield Far North, delivered at a cost of less than AUD 8/oz. The strike of the Lancefield Far North resource is open for follow-up resource drilling. Announcement • Nov 25
Focus Minerals Limited Announces CNX Mineral Resource Update Focus Minerals announced the completion of an independent Mineral Resource estimate for the CNX deposit, part of the Company's Coolgardie Gold Project. The independent Mineral Resource Estimate was completed by Cube Consulting (Cube). CNX is a key deposit within the Coolgardie Gold Project (Coolgardie), which covers 175km2 of highly prospective tenements on the outskirts of the Coolgardie township in the Goldfields region. CNX is located immediately north-west along strike of the Three Mile Hill open-cut mine and close to the Three Mile Hill processing plant (in care and maintenance). Cube provided technical assistance and review of data leading to the October 2021 CNX Geologica Mineral Resource update. The October resource estimate targeted all mineralisation at CNX including zones of thinner and in places thinner and lower-grade mineralisation. As part of this work with Cube, a preliminary Local Uniform Conditions (LUC) resource estimate was completed in October as a cross-check for QAQC purposes. It was noted during this work that the LUC model performed well when compared with reported 1991 production from the CNX trial pit, which has been relatively heavily drilled. Following completion of the October Mineral Resource update by the Company, Focus decided to formally complete the CNX LUC resource estimate so it could be assessed for use with follow-up reserve estimation. The independent LUC Mineral Resource estimate for CNX delivered by Cube reported mineable blocks that included reasonable dilution by estimating tonnage and grade of mineralisation, which can be recovered using a Selective Mining Unit (SMU). Essentially, the LUC process characterises thin and lower-grade mineralisation that can present as sub-grade in an open pit mining environment. This independently prepared resource update differs to the CNX Mineral Resource reported by Focus in October because it excludes thin mineralised zones. This feature applies only to the resource model used by Focus for the CNX deposit. The newly completed LUC Mineral Resource estimate has now been reviewed and Focus has decided to use it for the maiden CNX Ore Reserve estimation, which will be completed in coming months. The mineralisation at CNX remains open at depth and along strike and Focus is confident in CNX. Further extensional drilling work and Mineral Resource updates at CNX are planned for 2022. CNX sub-crops over a drill-defined strike of 700m. The resource is truncated 97m north of the Great Eastern Highway centreline. The independent CNX open pit LUC Mineral Resource is reported on a dry tonnage basis using a 0.5 g/t Au cut-off to 200mRL (depth of 230m): The independent LUC Mineral Resource estimate has significantly increased tonnes of mineralization reporting above cut-off and only resulted in a 15% reduction in Total Measured and Indicated Mineral Resources. Inferred Mineral Resources in less well-drilled parts of the CNX deposit have reduced by 50%, largely as a result of limited drilling in those areas. Board Change • Oct 19
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Non-Executive Independent Director Rod Johns was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Sep 24
Focus Minerals Provides an Update on Activities to Prepare for A Resumption of Gold Mining Operations At the Coolgardie Gold Project Focus Minerals provide an update on activities to prepare for a resumption of gold mining operations at the Coolgardie Gold Project. The Coolgardie Gold Project (Coolgardie), which is adjacent to the town of Coolgardie, covers 175km2 of exceptionally prospective tenements in the Goldfields region and includes the Three Mile Hill mill, a 1.4Mtpa processing plant that is on care and maintenance. A Prefeasibility Study (PFS) for Coolgardie completed last year delivered a NPV7.5% of $183 million. The 2020 PFS delivered 68% resource to reserve conversion from a combined total Measured, Indicated and Inferred resource of 7.5Mt at 2.56g/t Au for 619Koz of gold, which is only 24% of Coolgardie's global Mineral Resource. Since then, Focus has been further exploring the resource potential across Coolgardie, with recent announcements detailing works at the CNX, Greenlight, Big Blow, Happy Jack and Alicia deposits and prospects. In addition, as outlined in the Company's May 2021 AGM presentation, Focus has been advancing technical studies for resumption of mining at Coolgardie, which will feed into new mining proposals and an economic assessment. Work is progressing on the environmental approvals and permits required for a restart at Coolgardie, with an initial focus on the Greenfields and CNX deposits and the Three Mile Hill plant and related infrastructure. Focus is also about to commence engagements with stakeholders in the Coolgardie region to inform them about the Company's plan for a safe and sustainable resumption of mining. These engagements will also discuss potential local employment and business opportunities. Focus' technical team is finalising Mineral Resource and Ore Reserves updates for key deposits at Coolgardie led by Greenfields, CNX, Brilliant South and others, which will be incorporated into any subsequent mine plan and schedule. Reported Earnings • Sep 15
First half 2021 earnings released: AU$0.017 loss per share (vs AU$0.029 loss in 1H 2020) First half 2021 results: Net loss: AU$3.20m (loss narrowed 41% from 1H 2020). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • Jul 20
Focus Minerals Announces Resource Update for Coolgardie's Alicia Gold Deposit Focus Minerals announced an updated Mineral Resource for the Main Zone of the Alicia deposit, part of the Coolgardie Gold Project (Coolgardie). Coolgardie covers 175km2 of highly prospective tenements on the outskirts of the Coolgardie township in the Goldfields region. An updated Pre-Feasibility Study (PFS) last year delivered a NPV7.5% of $183 million Alicia's Main Zone open pit Mineral Resource is reported on a dry-tonnage basis using a 0.8g/t cut-off to 260mRL. The reported area has been restricted to the Main Zone because other mineralised areas require additional drilling. The coordinates of the reported model have a south-west corner at 625,460mE /6,570,085mN and north-east corner at 625,505mE /6,570,310mN (MGA94 Zone51). The updated Mineral Resource for Alicia Main Zone is significantly more accurate and reliable - and therefore more relevant - than the previous JORC 2004 estimate. Drilling to the south-west of Alicia has confirmed a change in mineralisation orientation that now requires optimally oriented infill drilling. This mineralisation has therefore been excluded from this Mineral Resource update. The 2012 Mineral Resource represented a small but attractive mine option and in 2013 was included as the next sequential mining area at Coolgardie. During August 2020, the Alicia model was assessed using PFS inputs and found to provide a favourable approximately six-month open pit option to a depth of 260mRL for potential inclusion in an updated mine schedule. On this basis, the deposit was formally assessed to determine where and how the sampling should be confirmed and then further constrained with infill drilling. The deposit was twinned/infilled and geotech holes were completed mostly during the December 2020 Quarter. The drilling conducted along the south-western extension of mineralisation indicates that at least three sub-parallel, steeply north north-east dipping structures control this mineralisation. The structures appear to be axial planar to a regional fold east north-east of the Boundary open pit (2.9km east north-east of Alicia). These structures extend into the southern part of the Empress open pit where they are axial planar to a synform. As a result of the success of the 2020-21 drilling and technical assessment, Focus is able to report an updated Mineral Resource for the Main Zone at Alicia - which only covers part of the resource identified in 2012 - on a dry-tonnage basis using a 0.8g/t cut-off to 260mRL. The updated Mineral Resource for Alicia's Main Zone is significantly more accurate and reliable - and therefore more relevant - than the previous JORC 2004 estimates. The reported area has been restricted to the Main Zone because other mineralised areas require additional drilling. The coordinates of the reported model have a south-west corner at 625,460mE /6,570,085mN and north- east corner at 625,505mE /6,570,310mN (MGA94 Zone51). Drilling to the south-west of Alicia has confirmed a change in mineralisation orientation that now requires optimally oriented infill drilling. Announcement • Jun 25
Focus Minerals Limited Announces CNX's Mineral Resource Increases 30% in Major Boost for Coolgardie Gold Project West Australian gold explorer Focus Minerals announced a significant Mineral Resource upgrade for the CNX deposit, at the Coolgardie Gold Project. The 30% increase in CNX's Mineral Resource was achieved on the back of successful drilling campaigns, which also highlighted that this shallow gold deposit remains open at depth and along strike. Focus is planning another drilling program targeting a resource extension. The Coolgardie Gold Project (Coolgardie) covers 175km2 of highly prospective tenements on the outskirts of the Coolgardie township in the Goldfields region. An updated Pre-Feasibility Study (PFS) delivered a NPV7.5% of $183 million, prior to the latest mineral resource success at CNX. CNX is immediately north-west along strike to the Three Mile Hill open-cut mine and close to the Three Mile Hill processing plant (in care and maintenance). The mineralisation sub-crops over a drill-defined strike of 700m. The updated CNX open pit Mineral Resource is reported on a dry tonnage basis using a 0.7 g/t Au cut-off to 290mRL and a southern strike extent cut-off of 6,577,490mN (MGA94, Zone 51). The CNX gold deposit is located on the north-west extension of the Three Mile Hill open pit. The strike of the Mineral Resource being reported is 700m and reported to a vertical depth of 138m (290mRL) and south east strike cut off at northing 6,577,490mN (GDA94, Zone 51). CNX is located only 1.25km north north-west of the Three Mile Hill ROM pad. The CNX deposit is contiguous with the Three Mile Hill open pit, which had historic production of 4.2Mt @ 2.4 g/t Au for 324Koz. CNX is located on the north-west extension of the Three Mile Hill Mineral Resource, starting on the north-western side of Great Eastern Highway. The June 2021 CNX resource model has been truncated 40m north-west of Great Eastern Highway at northing 6,577,490mN. The CNX deposit was last mined in 1992 as a 30m deep and 270m long north-west striking open pit. No accurate production records exist. However, based on historic grade control and the new Mineral Resource model cut-off at 0.7g/t Au, production is estimated to have been in the vicinity of 319Kt @ 1.7g/t for 18Koz. Infill drilling at CNX, and in particular a significant amount of orientated HQ diamond core, has confirmed
the structural controls at CNX. The drilling also indicated that the December 2020 Mineral Resource update was valid and needed only minimal adjustment. The main control on the bulk-style tabular mineralisation at CNX is the G2 Gabbro. Within the G2 Gabbro, 0.5cm to +5cm quartz-chlorite-sulphide veins form a series of stacked, shallow south-west dipping stockworks. Higher-grade mineralisation dips south-east within the G2 Gabbro and is characterised by sets of 5cm to 30cm-thick quartz-chlorite-sulphide veins. The stockworks and higher-grade, south-east dipping veins were deposited contemporaneously and mutual overprinting relationships are observed in core. The northern margin of CNX Main plunges to the south-east in the vicinity of inferred cross faulting. To the south-east of the cross faulting, CNX Main mineralisation is characterised as bulk tonnage with widths between 30m and 45m (average width of 35m) over a 700m strike. Recent significant intersections calculated using a 0.5 g/t cut-off and up to 3m internal dilution at CNX Main include: 20CNRC001 37m @ 3.49g/t from 59m for (GxM 129); 21CNDD004 20m @ 5.2g/t from 178m for (GxM 104); 21CNRD027 10m @ 7.14g/t from 185m for (GxM 71); 21CNRC026 15m @ 2.57g/t from 95m for (GxM 38); 21CNRC026 10m @ 3.27g/t from 118m for (GxM 33); For 390m north-west of CNX Main the mineralisation is still mostly hosted by the G2 Gabbro. However, the grade and thickness are much more variable and this area is now called the Gap Zone. The northern and central parts of the Gap Zone have been targeted by a number of shafts and exploration pits historically called Princess Midas. At about 350-390m to the north-west of CNX, additional cross faults result in some block faulting of the G2 Gabbro to mark the northern part of the Gap Zone (Figure 2). Recent significant intersections calculated using a 0.5 g/t cut-off and up to 3m internal dilution from the Gap Zone include: 21CNRC023 20m @ 0.9g/t from 85m for (GxM 18); 21CNRC024 10m @ 1.42g/t from 73m for (GxM 14); 21CNRC024 9m @ 1.39g/t from 87m for (GxM 12); 21CNRC010 11m @ 0.91g/t from 177m for (GxM 10); From 390m north-west of CNX the G2 Gabbro is folded striking to the west south-west. This west south-west strike of the G2 Gabbro is now named Green Light. Shallow reconnaissance drilling at Green Light has identified significant CNX-style stockwork mineralisation from near-surface over 400m strike. Announcement • May 21
Focus Minerals Limited Announces Mineral Resource Updates Focus Minerals announced Mineral Resource updates for the Big Blow and Happy Jack deposits, part of the Coolgardie Gold Project (Coolgardie). Coolgardie covers 175km2 of highly prospective tenements on the outskirts of the Coolgardie township in the Goldfields region. An updated Pre-Feasibility Study (PFS) delivered a NPV7.5% of $183 million. As Focus reported last month, the Company completed extension and confirmation RC drilling at Big Blow and Happy Jack to progress Mineral Resource updates. Geotechnical mapping has now also been completed in the area to provide wall angles for follow-up pit optimisations using the September 2020 Coolgardie PFS refresh parameters. The updated Mineral Resources for Big Blow and Happy Jack are more accurate and reliable and therefore more relevant than the previous JORC 2004 estimates, which proved inaccurate during short-lived open pit mining activities in 2012-13. Announcement • May 20
Focus Announces Progressing with Coolgardie Gold Project Approvals Focus Minerals announced the engagement of a professional environmental consultancy group, 360 Environmental, to facilitate environmental and health & safety approvals process for the mining of Greenfields, Brilliant and Bonnievale deposit areas within its Coolgardie Gold Project (Coolgardie). The Greenfields project area includes the Three Mile Hill (TMH) processing plant and tailings storage facility, as well as an open pit and waste landform. It is over two kilometers from the town of Coolgardie. The site is currently in care and maintenance. The Coolgardie Pre-Feasibility Study (PFS) includes the refurbishment/upgrade of TMH processing plant, expansion of Greenfields pit and extension of waste landform. Greenfields is therefore a priority for permitting ahead of recommencement of mining activities. Focus will commence the permitting process for TMH processing plant refurbishment and tailings storage extension once detailed engineering studies are completed. The Brilliant project area has previously been a mine and dump operation with ore processed at TMH. It has an existing pit and waste landform. Focus is proposing to extend the pit and the waste landform, with ore processing to occur at TMH. The Brilliant Project area is near the south east boundary of the Coolgardie townsite and requires more detailed and earlier action on environmental/social impacts to mitigate potential issues that might arise. The Bonnievale project area lies within the boundary of an abandoned town and has been subject to historical mining activity. Old shafts are present in the area and are assumed to be flooded. The site has not been actively mined in modern times. It is proposed to be developed as an underground operation, from a portal in a small starter pit with ore transported to TMH for processing. A small temporary waste stockpile will be required, with waste subsequently back-filled into the underground operation over time. Following the release of strong PFS results including IRR of 71% in September 2020, the Company has been focusing making more deposits mine ready to feed into the project mine life. Focus has recently announced the completion of 10,217m of RC and DD drilling at Coolgardie, which has delivered some outstanding gold intercepts at several deposits include the Alicia, CNX, Undaunted, Jackpot South and Brilliant deposits, including. Alicia - 20ALRC042 - 29.00m @ 2.76g/t from 41m - 20ALRC032 - 22.00m @ 3.76g/t from 76m - 20ALRC002 - 23.00m @ 2.75g/t from 55m CNX - 20CNRC001 - 37.00m @ 3.49g/t from 59m. Undaunted - 20UNRC001 - 15.00m @ 2.13g/t from 19m - 20UNRC001 - 12.00m @ 2.22g/t from 43m. Jackpot South: 20JPRC003 - 15.00m @ 1.48g/t from 70m - 20JPRC002 - 4.00m @ 3.17g/t from 9m. Brilliant: 20BLRC012 - 19.00m @ 2.87g/t from 215m - 20BLRC013 - 10.00m @ 2.38g/t from 164m. Mineral Resource reviews are now underway for several deposits with results expected to become available starting in the June quarter 2021. Furthermore, intensive multi rig drilling activities are progressing at CNX to enable a resource update and assessment of: geotechnical wall angles, metallurgy and, hydrogeology so the deposit can be included in future economic assessments. The objective of the recent drilling and resource reviews are to increase the size and quality of the resources available to future economic assessments and to provide key data to facilitate feasibility and permitting tasks. Additional resources and deposits will also provide flexibility on mine scheduling, extend the mine life and improve value. Focus will provide further mineral resource updates to shareholders when the reviews are complete. Announcement • Apr 28
Focus Minerals Announces Latest Round of Exploration Drilling Results at its Laverton Gold Project Focus Minerals announced the latest round of exploration drilling results at its Laverton Gold Project (Laverton). The drilling was completed across several Laverton deposits/prospects for feasibility and tenement management exploration purposes. Geotechnical, metallurgical and hydrogeological studies are being advanced to support the recently announced Stage 1 Laverton PFS schedule. Additional resource development opportunities are also being reviewed that can enhance the value outlined by the Stage 1 Laverton PFS. Key objectives of the work are: 1. Increase grade and tonnages of ore feed from Beasley Creek and Beasley Creek South for the next phase of PFS at Laverton. Resource Updates will be progressed by the December quarter 2021; 2. Deliver additional potentially higher margin shallow open pit resources that can offset some base load mill feed and improve production the first years of mining from restart; 3. Acquire feasibility level geotech, metallurgy, environmental samples, hydrogeological data to refine pit designs and support permitting for production restart; and 4. Tenement management and exploration on various exploration tenements e.g., Skull Creek discovery on E38/1864. Five DD holes for 1,178.9m and 21 RC holes for 2,142m were completed at Beasley Creek. In addition, 3 DD holes for 552.1m were completed at Beasley Creek South. The diamond drilling at each deposit was targeting improved geotechnical data to support future pit designs. The new holes were used as a basis for downhole surveying insitu porosity to feed into ongoing hydrogeological studies. The developing hydrogeological model will provide inputs for ongoing geotechnical work and is linked to permitting studies. The diamond drilling and down hole surveying were carried out successfully, sampled diamond holes returned some strong intersections calculated using 0.5 g/t cut off, up to 3m internal dilution with core loss set at 0.0 g/t Au: Beasley Creek diamond drilling intersections include: 21BSDD002 - 16.0m @ 3.62g/t from 210m for (GxM 57.9) 6.6% Core Loss; 21BSDD003 - 11.00m @ 2.27g/t from 234m for (GxM 25); and 21BSDD003 - 9.60m @ 1.62g/t from 207.4m for (GxM 15.6). Beasley Creek South diamond drilling intersections include: 21BSDD006 - 9.00m @ 2.32g/t from 88m for (GxM 20.9) 7.3% Core Loss; 21BSDD005 - 7.00m @ 2.84g/t from 114m for (GxM 19.9); 21BSDD005 - 4.00m @ 4.88g/t from 125m for (GxM 19.5) 23.8% Core loss; and 21BSDD004 - 12.95m @ 1.45g/t from 134m for (GxM 18.8) 10.0% Core Loss. Two additional geotechnical diamond holes remain uncut pending geotechnical logging and sampling activities. The RC drilling was concentrated in the NW corner of Beasley Creek targeting shallow Inferred Mineral Resources on the NW edge of the PFS pit design. The aim of the RC drilling was to enable refined resource modelling in that area and upgrade of classification to Indicated status. This Infill RC drilling successfully intersected shallow mineralisation outlining an extension of significantly mineralised strike in the order of 100m. Significant intersections calculated using 0.5 g/t cut off and up to 3m internal dilution include: 21BSRC019 - 9.00m @ 2.57g/t from 83m for (GxM 23.1); 21BSRC013 - 7.00m @ 2.3g/t from 70m for (GxM 16.1); 21BSRC012 - 5.00m @ 2.91g/t from 61m for (GxM 14.6); and 21BSRC014 - 8.00m @ 1.7g/t from 113m for (GxM 13.6). The Beasley Creek Mineral Resource Estimate will be updated in the next 6 months after sampling of outstanding geotechnical holes. Wedge Far North is located on tenement E38/3186. 14 RC holes for 1,962m have been completed on the tenement comprising 3 x 100m spaced E-W lines of 40m spaced holes. The drilling is a follow up to historic anomalous RAB drilling completed in 2001 in the approximate inferred location of the Lancefield Shear. The drilling has encountered geology consistent with Lancefield Shear hosted Wedge style mineralisation. Five moderately significant intersections were returned from the drilling that exceed 5 GxM (grade x width) calculated using 0.5g/t cut off and up to 3m internal dilution comprising: 19LNRC052 - 9.00m @ 2.31g/t from 39m for (GxM 20.79); 19LNRC055 - 13.00m @ 1.22g/t from 42m for (GxM 15.86); 21LNRC003 - 6.00m @ 3.08g/t from 60m for (GxM 18.5); 21LNRC005 - 6.00m @ 2.1g/t from 76m for (GxM 12.6); and 21LNRC001 - 15.00m @ 0.77g/t from 49m for (GxM 11.6). The drilling has delineated a 40-50m wide, 6 to 15m thick and 200m long very shallow north plunging shoot of moderate gold mineralisation. The currently inferred shoot hosts metal contents between 11 and 21 GxM. This shoot provides moderate encouragement that further gold mineralisation may be found in the area with RAB drilling generally considered to be ineffective at Laverton. The currently inferred mineralised shoot remains open up and down plunge and may be targeted with infill following initial economic assessment. Announcement • Apr 26
Focus Minerals Limited Provides Exploration Update on Coolgardie Gold Project Focus Minerals Ltd. announced the latest round of strong exploration drilling results at its Coolgardie Gold Project (Coolgardie). The results from the drilling, which was completed across several Coolgardie deposits, will further enhance the Mineral Resource position at Coolgardie ahead of a proposed resumption of gold production. Follow-up Mineral Resource updates for several deposits are now underway for: Alicia, Big Blow, Brilliant and CNX. Mineral Resource updates will be released as they are completed with the first updates expected to be completed in the June 2021 Quarter. Furthermore, geotechnical, metallurgical and hydrogeological studies are being advanced so that several additional deposits can be added to an improved Coolgardie mining schedule. The work underway is expected to further enhance the value outlined by the updated Coolgardie Pre-feasibility Study (PFS). Key objectives of the current work focus are: Increase quality and quantity of base load open pit mill feed to extend and improve the mine schedule by updating the Brilliant and CNX Mineral Resources, Replace some base load mill feed with potentially higher margin shallow open pit resources to improve early production cashflows and to extend mine life; and Acquire feasibility level geotech, metallurgy, environmental samples and hydrogeological data to refine pit designs and support permitting for a production restart. Reported Earnings • Apr 01
Full year 2020 earnings released: AU$0.043 loss per share (vs AU$0.011 loss in FY 2019) Full year 2020 results: Net loss: AU$7.86m (loss widened 281% from FY 2019). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Mar 12
Focus Minerals Limited Reports Laverton Stage 1 Open Pit PFS Progressive Results Focus Minerals announced progressive results from the Laverton Gold Project's (Laverton) Stage 1 Open Pit Pre- Feasibility Study (PFS). This first pass PFS scenario uses a selection of five open-pit resources and assumed milling at a refurbished 1.5Mtpa Barnicoat Mill. The assessment delivered positive economic value and a resultant Stage 1 Ore Reserve Statement. Recovered gold, average run of mine (ROM) grade, estimated average all-in sustaining costs (AISC) and proportioned pre-tax free cash flow, based on the PFS mining schedule. The Laverton Stage 1 PFS has delivered a base case and inputs for the next stage of economic assessment. Focus has successfully increased the size and quality of its Laverton Mineral Resource base over the past 12 months across the project's 386km2 tenement position. It is noted that this is a progressive study with a base case using a refurbished 1.5Mt Barnicoat mill. Phase 1 of the PFS was limited to an initial five deposits but more prospects will be added for optimisation in the subsequent phases of the PFS studies. The high-grade Beasley Creek deposits have considerable potential for resource growth. In particular, further infill drilling at shallow near-surface Inferred resource areas may improve confidence levels to the Indicated level. Furthermore, the resource at Beasley Creek South is rapidly growing while the phase-one PFS also did not include some recent very strong intersections. A fresh-rock metallurgical study is in progress for several Laverton deposits. As a result, Indicated Mineral Resources at Karridale comprising 16Mt @ 1.4g/t for 719Koz were excluded from this progressive economic assessment. The Karridale deposit remains open with a large Inferred Mineral Resource envelope yet to be targeted for resource upgrade. Is New 90 Day High Low • Mar 08
New 90-day low: AU$0.32 The company is down 4.0% from its price of AU$0.34 on 08 December 2020. The Australian market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 6.0% over the same period. Announcement • Jan 15
Focus Minerals Limited Appoints Mr. Lingquan Kong as an Additional Director Focus Minerals Limited announced the appointment of Mr. Lingquan Kong as an additional Director of the Company. His appointment to the Board comes into effect on 14 January 2021. Mr. Kong is the Company's Principal Mining Engineer. Prior to joining Focus in September 2019, Mr. Kong spent five years as Director and General Manager at Vatukoula Gold Mines in Fiji, focusing on long-term mine planning, production management, cost assessment and stakeholder relations. Mr. Kong's skills and experience will greatly enhance the Focus Board's ability to oversee the advancement of the Company's Coolgardie and Laverton Gold Projects. Announcement • Dec 19
Focus and CARE Terminates Laverton Joint Venture Focus Minerals Ltd. announced that the company has terminated, by mutual consent, the Laverton Tenements Joint Venture (Laverton JV) held with Central Australian Rare Earth Pty Ltd. Under the terms of the Laverton JV, which was executed in 2014, CARE was entitled to earn an interest in various tenements that are part of Focus' Laverton Gold Project, in return for CARE meeting agreed exploration expenditure thresholds targeting non-gold metals and minerals. Focus and CARE have now agreed to mutually terminate the Laverton JV and release each other from any and all associated claims. As the earn-in expenditure thresholds as per the terms of the Laverton JV were not satisfied, ownership of the relevant tenements - namely E38/1864, E38/1642 and E38/1725 - remains 100% with Focus. The termination of the Laverton JV allows Focus to further concentrate on advancing the highly prospective Laverton Gold Project. A Pre-Feasibility Study into a Stage 1 mining operation at Laverton is being finalised and due for completion in coming weeks. Announcement • Dec 18
Focus Minerals Limited Provides Update on Large-Scale Mineral Resource at Coolgardie's CNX Deposit Focus Minerals Limited announced a Mineral Resource update for the CNX deposit, part of the Coolgardie Gold Project (Coolgardie), and plans for imminent extension drilling.
Coolgardie covers 175km2 of highly prospective tenements on the outskirts of the Coolgardie township in the Goldfields region. An updated Pre-Feasibility Study (PFS) delivered a NPV7.5% of $183 million. CNX (formerly Caledonia North Extended) is immediately north-west along strike to the Three Mile Hill open-cut mine. The mineralisation sub-crops over a drill-defined strike of 680m. Twin hole and minor extension drilling at CNX is underway ahead of a resource reclassification. The updated CNX open pit Mineral Resource is reported on a dry tonnage basis using 0.7 g/t Au cut off to 290mRL and a southern strike extent cut off to 6,577,490N (MGA94, Zone 51). The CNX gold deposit is located on the north-west extension of the Three Mile Hill open pit. The strike of the Mineral Resource being reported is 680m and reported to a depth of 100m (290mRL) and cut off at northing 6,577,490N (GDA94, Zone 51). CNX is located just 1.25km north north-west of the Three Mile Hill ROM pad. The CNX deposit is contiguous with the Three Mile Hill open pit, which had historic production of 4.2Mt @ 2.4 g/t Au for 324Koz. CNX is located on the north-west extension of the Three Mile Hill, starting on the north-western side of Great Eastern Highway. The 2020 CNX resource model has been truncated 40m north-west of Great Eastern Highway. The deposit was last mined in 1992 as a shallow 30m deep and 270m long north-west striking open pit. No accurate production records exist for the pit. However, based on historic grade control and the new resource model cut at 0.7g/t Au, production is estimated to have been in the vicinity of 13Kt @1.6g/t for 640oz. During a geological investigation by the Focus technical team in late October 2020, it was noted that the deposit hosted a strongly developed stockwork of flat-lying veins and related brittle-ductile structural fabric. Furthermore, it was noted that the veins were well developed in all pit walls, indicating that the mineralised stockwork likely extended beyond pit limits. Is New 90 Day High Low • Dec 16
New 90-day low: AU$0.33 The company is down 21% from its price of AU$0.41 on 17 September 2020. The Australian market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 8.0% over the same period. Is New 90 Day High Low • Nov 25
New 90-day low: AU$0.36 The company is down 16% from its price of AU$0.43 on 27 August 2020. The Australian market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 1.0% over the same period. Announcement • Nov 23
Focus Minerals Limited Appoints Fengfan Sun as Chief Financial Offer Focus Minerals Limited announced that Mr. Fengfan Sun has been appointed as chief financial offer of the company. Mr. Sun has many years of invaluable experience in leading and developing successful finance teams in listed and unlisted gold companies. The appointment fills the vacancy since the departure of Mr. Zaiqian Zhang in October of this year. Is New 90 Day High Low • Oct 30
New 90-day low: AU$0.36 The company is down 15% from its price of AU$0.43 on 31 July 2020. The Australian market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is down 4.0% over the same period. Announcement • Oct 20
Focus Minerals Limited Announces Board Changes Focus Minerals Limited announced that the Board has appointed Nicholas Ong as Company Secretary effectively immediately. Ong brings 16 years' of experience in listing rules compliance and corporate governance. He is a non-executive director and company secretary of several ASX listed companies. The Company's CEO, Zhaoya Wang, has resigned as Interim Company Secretary following Ong's appointment. The Company's CEO, Zhaoya Wang, has resigned as Interim Company Secretary following Ong's appointment. Announcement • Sep 24
Focus Minerals Announces Significant Mineral Resource Increase for the Karridale Gold Deposit Focus Minerals announced a significant Mineral Resource increase for the Karridale Gold Deposit (Karridale) to support the Pre-Feasibility Study (PFS) into a Stage 1 mining operation at the Laverton Gold Project. Karridale is a core asset of the Company's 100%-owned Laverton Gold Project (Laverton). Focus is well advanced with identifying sufficient open-pit mineral resources across its highly prospective Laverton tenements for a Stage 1 mining operation. Focus has also updated the Exploration Target for Karridale and the broader Karridale-Burtville mine corridor for significantly changes to the initial Karridale Exploration Target announced in 2019. The updated Karridale Exploration Target is 33-45Mt at 1.3-1.6g/t for 1.4Moz to 2.3Moz. Across Karridale-Burtville mine corridor, the updated Exploration Target is 71-115Mt at 1.2-1.5g/t for 2.9Moz to 5.3Moz. The potential quantity and grade of the Exploration Targets are conceptual in nature and therefore an approximation. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. Karridale a Significant Open Pit Resource Part of Stage 1 planning Karridale is located 30km south-east of Laverton and in the central part of the north north-west and south south-east striking Burtville-Karridale mine corridor. This corridor appears to host a very large gold mineralisation system with potential for several significant accumulations of gold exceeding 1Moz. Karridale extends across four mining tenements, 2km south of the Focus-owned Burtville Open Pit. Tenements M38/8 and M38/1281 are wholly owned by Focus. M38/73 and M38/89 are held under the Merolia Joint Venture between Focus Minerals (Laverton) Pty Ltd. and GSM Mining Company Pty Ltd. (a wholly owned subsidiary of Gold Fields Ltd). Substantial expenditure by Focus in 2018 and 2019 has reduced GSM to an interest of 5%, which shall be free carried until the completion of feasibility and a decision to mine. Karridale sits on the south-dipping edge of the Karridale gabbro in what appears to be a pre-mineralisation half-graben. The half-graben is mostly filled with intermediate volcanics and some sedimentary units sitting on a base of pillow basalts. The package is cut by at least 40 shallow north north-west dipping mineralised shears with identical style to those located at Burtville South and Burtville. The surface expression of these shears can be inferred from the numerous shafts/inclined workings developed at Karridale. Historical miners also targeted north-south and north north-west striking sub-vertical shear veins at Karridale. The location of these structures has been refined in the latest round of resource drilling and correlates well with geophysical datasets. Sampling of spoil near these shafts has located laminated quartz specimens with visible gold. This mineralisation has not been systematically targeted by Focus to date and would require targeted drilling with modified drill azimuth. Resource drilling conducted in 2018 has targeted the up-plunge, shallow expression of shallow north north-west dipping shears and tying them into oxide mineralisation outlined by Sons of Gwalia about 30 years ago. In addition, footprint drilling in 2018 has been highly successful in outlining the Burtville South and Karridale footprints. The three phases of footprint drilling completed to date have consistently increased the area hosting multiple Burtville-Karridale style shallow north north-west dipping mineralised shears and expanded the area for follow-up resource drilling. Furthermore, many of the structures located by the footprint drilling can now be inferred to link up-dip to the location of historic shafts and/or historic oxide resources, which is improving geological interpretation and hence drill success. Mineralisation at Karridale area has been interpreted over more than 1.2km of strike length trending east north-east and extending from near-surface to a depth of 450m below surface. The thickness of the individual quartz veins/stock works varies from 0.25m to +6m thick with an average thickness of 2-3m. However, the wireframed lodes vary from more than 15m to 1m thick, with an average thickness of 4m. Announcement • Sep 23
Focus Minerals Ltd. Announces Results of the Coolgardie Pre-Feasibility Study Refresh and Ore Reserve Upgrade Focus Minerals Ltd. announced results of the Coolgardie Pre-Feasibility Study (PFS) refresh and Ore Reserve upgrade. The company is actively reviewing additional potentially minable resources to further improve the proposed PFS schedule. Resource updates are scheduled for release by the end of 2020. The company's Coolgardie Project hosts recently updated total: Measured, Indicated and Inferred Mineral Resources comprising 33.7Mt @ 2.2 g/t Au for 2.41Moz. From this resource inventory the 2020 Coolgardie PFS refresh (PFS) was run on 3 deposits with recently updated combined: Measured, Indicated and inferred resources comprising: 13.5 Mt @ 2.41 g/t Au for 1,043 Moz. The Study has been conducted by independent consultants Mining One Pty Ltd. (Trembath, et al., 2020). Key assumptions informing the 2020 Coolgardie PFS Refresh include: Gold price assumption: A$2,200/oz; Discount rate: 7.5%; Fuel price after rebates: $0.8/litre; Electricity: $0.20/kwh; Processing rate: 1.4Mtpa; Mill refurbishment CAPEX to 1.4 Mtpa A $24M including 20% contingency (9 Months Build); Tails dam third lift CAPEX A $4M; Conversion of Greenfield open pit to in pit tails facility on completion of mining; Stockpiling Greenfield open pit ore to 500Kt prior to commissioning mill; Only Brilliant South resource contained entirely on tenement M15/646 considered in the PFS. Several potential mine schedules were contemplated in the PFS prior to agreeing to the following key developments: Mill CAPEX begins month 1 and runs for 9 Months - A $24M; Tails dam third lift CAPEX Months 8/9 - A $4M; Starter open pit at Greenfields Months 3 - 15 with mill recovered 0.95Mt @ 1.16 g/t for 35.7Koz; Initial stockpiling of Greenfield ore Months 3 - 9 and start processing month 10; Greenfield stage 2 open pit Months 15 - 33 with mill recovered 1.11 Mt @ 1.23 g/t for 44.1Koz; Brilliant open pit Months 15 - 74 with mill recovered 3.72Mt @ 1.42 g/t for 171Koz; Bonnie Vale underground Capex starts Month 1 and first production starts month 17; Bonnie Vale top down mining Months 17 - 66 with mill recovered 0.86Mt @ 5.04 g/t for 139Koz. The Greenfields open pit Mineral Resource was updated two months ago to deliver a 81% increase in total Measured and Indicated resource to 170m depth using a 0.8 g/t Au cut off. The updated Mineral Resource reported on a dry tonnage basis comprises: The 2020 PFS schedules two stages of open pit mining at Greenfields open pit. The staged approach delivers faster ramp up of ore production in the initial starter pit to maximise cash flow and minimise debt draw down. The follow up second stage of mining cuts back the stage 1 pit to final design minimise debt draw down. The follow-up second stage of mining cuts back the Stage 1 pit to final design. The PFS schedule for mining of Greenfields starts in Month 3 and concludes in Month 33. It is anticipated the final Greenfields open pit will be converted on completion to a tailings storage facility, pending further groundwater studies. Mining One completed pit optimisations on the Greenfields resource using a geotechnical assessment for determining wall angles and following economic parameters: A $2,200 gold price; Selective mining unit (SMU) dimensions 10m x 4m x 2.5m; Minimum mining width 20m; Processing rate 1.4Mtpa; Mining recovery 93%; Dilution 19%; Processing recovery 90% (Historical recovery and met test work recovery has been discounted by 5% to provide and conservative and realistic estimate of process recovery using the Three Mile Hill Mill); Processing variable mill cost at 1.4Mtpa $29/t Mining fixed costs: $1.55/t, Incremental variable costs: ore starting at $2.43/t and, waste at $3.11/t; Royalty 3% (includes allowance for administrative overheads) A large open pit was designed at Brilliant South that will support the PFS schedule between months 15 and 74. The pit is a cut back on the historic Herald Resourced open pit that produced 88,000oz at an average grade of 2.45 g/t. The Bonnie Vale Quarry Lode underground Mineral Resource was updated this month to deliver a 6.4% increase in total Indicated and Inferred Mineral Resources. The updated Mineral Resource reported on a dry tonnage basis using 1.5 g/t cut off comprises: Mining One completed mining optimisations on the Quarry Lode resource using parameters updated as required from the 2017 PFS study. Economic parameters used include: A $2,200 gold price; General technical and admin (C+O) $6.30/t ore; Ore drive development (25% production) $9.01/t ore; Stoping cost (75% production) $22.39/t ore; Total Haulage Mine $9.73/t ore; Power $6.01/t ore; Grade control $2.29/t ore; Backfill $14.24/t ore; Other $21.13/t ore; Processing rate 1.4Mtpa; Processing recovery 95.8% (2017 PFS representative metallurgical test-work results have been discounted by 3% to provide a conservative and realistic estimate of process recovery using the Three Mile Hill Mill); Processing variable Mill Cost at 1.4Mtpa $29/t; Royalty 3% (includes allowance for administrative overheads); Break even stope cut-off grade of 1.8 g/t used except where ore development allowed consideration of stopes with grades as low at 1.5 g/t. Announcement • Jul 30
FMR Investments Pty Ltd completed the acquisition of the sub-lease portion of M15/154 from Focus Minerals Limited (ASX:FML). FMR Investments Pty Ltd entered into an agreement to acquire the sub-lease portion of M15/154 from Focus Minerals Limited (ASX:FML) for AUD 3 million on November 24, 2016. FMR Investments Pty Ltd will pay AUD 1.5 million up front and AUD 1.5 million when the area is transferred. The transaction is subject to Department of Mines and Petroleum's approval.
FMR Investments Pty Ltd completed the acquisition of the sub-lease portion of M15/154 from Focus Minerals Limited (ASX:FML) on December 2, 2019.