FOCUS MINERALS LTD — AGM Information 2011

Nov 28, 2011

FFT:FZA ASX:FML FOCUS MINERALS LIMITED

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FY 2011 AGM, Coolgardie, Western Australia Monday 28[th] November 2011

ASX:FML FFT:FZA www.focusminerals.com.au

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Disclaimer and Competent Person’s Statement

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This presentation is not a prospectus nor an offer for securities in any jurisdiction nor a securities recommendation.

The information in this presentation is an overview and does not contain all information necessary for investment decisions. In making investment decisions in connection with any acquisition of securities, investors should rely on their own examination of Focus Minerals Ltd (Focus Minerals or the Company) and consult their own legal, business and/or financial advisers.

The information contained in this presentation has been prepared in good faith by Focus Minerals Ltd, however no representation or warranty expressed or implied is made as to the accuracy, correctness, completeness or adequacy of any statements, estimates, opinions or other information contained in this presentation.

To the maximum extent permitted by law, Focus Minerals Ltd, its directors, officers, employees and agents disclaim liability for any loss or damage which may be suffered by any person through the use or reliance on anything contained in or omitted from this presentation.

Certain information in this presentation refers to the intentions of Focus Minerals Ltd , but these are not intended to be forecasts, forward looking statements or statements about future matters for the purposes of the Corporations Act or any other applicable law. The occurrence of events in the future are subject to risks, uncertainties and other factors that may cause Focus Minerals Ltd’s actual results, performance or achievements to differ from those referred to in this presentation. Accordingly, Focus Minerals Ltd, its directors, officers, employees and agents do not give any assurance or guarantee that the occurrence of the events referred to in the presentation will actually occur as contemplated.

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Dr Garry Adams who is a Member of the Australian Institute of Mining and Metallurgy. Dr Adams is a full time employee of Focus Minerals and has sufficient exploration experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Adams consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

The information in this report that relates to Ore Reserves is based on information compiled by Mr Brad Valiukas who is a Member of the Australian Institute of Mining and Metallurgy. Mr Valiukas is a full time employee of Focus Minerals and has sufficient exploration experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Valiukas consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

The information in this report that relates to gold Exploration Results and Mineral Resources for the Laverton Gold Project is based on information compiled by Mr Jeff Ion, who is a Member of the Australian Institute of Geoscientists and is employed by Crescent Gold Limited.

The information in this report that relates to Ore Reserve utilising underground extraction for the Laverton Gold Project is based on information compiled by Mr William Holly, who is a Member of the Australasian Institute of Mining and Metallurgy and is an independent consultant.

The information in this report that relates to Ore Reserves utilising open pit extraction for the Laverton Gold Project is based on the information compiled by Mr Steve O’Grady, who is a Member of the Australasian Institute of Mining and Metallurgy and is an independent consultant.

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2

Agenda

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1. 2011: A Transformational Year

1. Operational Update

2. Strategic Update: 2012 and beyond

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3

2011: A TRANSFORMATIONAL YEAR

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Empress open pit

Tindals Underground

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4

2011 Strategic Goals

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To “Expand Aggressively into a Rising Gold Price” Deliver increased production & geographical diversity Target to be producing +200,000oz in 2012

Sustain profitability whilst growing operations Cash Flow Positive from operations

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5

4 Key Areas of Delivery

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   
Discover &
Grow Grow Through
Build New Mines Develop More
Organically Acquisition
Reserves
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• Record production • Moved from 1 mine to from Tindals open 2 new mines in Underground second half.

• Delivered • Production ounces • Positioned Coolgardie grew 28% for production growth in 2012

• Took drill rigs outside Tindals Mining Centre to Greater Coolgardie

• Took drill rigs outside Tindals • Takeover of Crescent Mining Centre to Greater Gold Coolgardie • Rapidly accelerated

• • First drilling programme at production growth Treasure Island Gold Project path

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6

Delivered Solid Growth for FY 11

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Delivered against backdrop of strong investment into the business to position for significant growth in 2012

Production

Resources

Reserves

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80,000 2,300,000 300,000
2,200,000 250,000
60,000
2,100,000 200,000
40,000 2,000,000 150,000
1,900,000 100,000
20,000
1,800,000 50,000
- 1,700,000 -
FY 09 FY 10 FY 11 FY 09 FY 10 FY 11 FY 09 FY 10 FY 11
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	FY2009 **Actual **	FY2010 **Actual **	FY2011 **Actual **	CAGR
Revenue ($,000)	43,258	73,678	102,752	33%
Net Cash ($,000)	13,344	27,807	30,753	32%
Production (Oz)	41,401	62,296	72,721	20%
Resources (Oz)	1,898,625	2,050,000	2,250,000	6%
Reserves (Oz)	92,942	207,852	247,302	39%

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7

Crescent Acquisition Has Been a Game Changer

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Transformative

• Acquisition of Crescent Gold Laverton Operations has completely transformed the metrics of our business.

Value Accretive

• Value acquisition at circa $70m in scrip likely on completion

• Operational Control

• Focus owns 81.57% of Crescent

• Running operations & integrating head offices

• Moving forward to delist Crescent from TSX and ASX

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Doubled
Resource
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Bonus
1.5Mtpa
mill
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Tripled
Reserves
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Laverton Gold Project Acquisition

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Significant
Exploration
Potential
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Doubled
YOY Target
Production
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Geographic
Diversity
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8

Strong Production and Exploration Pipeline

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The combined group has a strong portfolio of expanding mine operations and a significant exploration pipeline of both greenfields and brownfields opportunities

3 x Major Regional   2 x Mining Regions  4 x Mines Exploration Projects Laverton The Mount Treasure Laverton Island Coolgardie Tindals Summit

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Exploration
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Projects /
Assets
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Developing Mines
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Established Mines
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Focus

Crescent

9

OPERATIONAL UPDATE

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Strategic Assets

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Focus Asset Base

Crescent Asset Base

Coolgardie Production

• Tindals Mining Centre – underground mine & open pit

• The Mount underground 85km to south

• Three Mile Hill plant

• 2012 production +100koz

Exploration

Coolgardie Region

• 210sq km landholding

• Produced over 1Moz in region

• 2.2Moz resource base 50% of which comes from just 2% of project

• Significant upside from exploration

Treasure Island Gold Project

• World class greenfields exploration

• +200km[2] landholding

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Laverton Gold Project
Tindals Mining Centre
The Mount
Treasure Island
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Laverton Production

• Laverton open pit

• 1.5Mtpa Barnicoat mill

• Ore processing agreement with Barrick

• 2012 production 100koz

Laverton Exploration

• 1,200sq km landholding

• Multi-million ounce Wallaby & Sunrise Dam nearby

• Not tested below 100m vertical

• 2.0Moz Resource; 381,000oz Reserve

• Significant upside from exploration particularly at the Chatterbox shear

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11

Production Centres:

#1. Tindals Mining Centre Underground - 55,000oz pa

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Summary:

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Long-term stable production at 55,000oz pa

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Underground operation delivering 600,000tpa Average grade 3.5g/t

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Resource: 3.1Mt @ 4.4g/t for 444,000oz Reserve: 1.0Mt @ 3.6g/t for 115,000oz

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Achievements:

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Major expansion of mine to enable consistent production:

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Doubled production from Countess ore body

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Moved Tindals ore body into production

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More than doubled production at Empress ore body

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Grew production ounces by 28%

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Grown Reserves by 24%

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Positioned for Sustained Production

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Outlook:

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Sustained production at 55,000ozpa (mined and replaced over 200,000oz of reserves in last 3 years). Strong delivery from Countess ore body

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Continued focus on Resource and Reserve expansion and project development

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13

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Production Centres:

#2. Tindals Mining Centre Open Pits - 25,000oz pa

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Strategic Summary:

Significant surface resources close to mill

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Saw opportunity to develop low-cost production ounces to displace low-grade

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Targeting 25,000oz pa sustainable over 5 years

Achievement:

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New operation opened in June Quarter 2011

Taken from concept to production inside 12 months.

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Developed 39,600oz Reserve inside 12 months

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Established maiden reserves on 3 ore bodies this year: (Undaunted, Happy Jack, Cookes )

Now operating 3 pits (Commenced ore development this month at Big Blow)

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Five Year Mine Life Potential

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Outlook

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360,000tpa

Average grade 2.1g/t

Total surface Resource: 19.5Mt @ 2.1g/t for 1.3Moz

Total surface Reserve: 1.7Mt @ 1.8g/t for 99,500oz

Currently ramping up to steady state production Multiple surface targets and reserves at centre provide strong pipeline of future pits

Exploration team focused on continuing to develop reserves

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15

Production Centres:

#3. The Mount Underground - 40,000oz pa

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Strategic Summary

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High-grade deposit within economic distance of Three Mile Hill mill

Trial mining delivered 30,000t @ 8.0g/t

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Took development approach to exploration moving mine into production in March Quarter 2011

Achievements

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Second new mine opened in 2011.

Investment of $13m in development

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Developed 3 levels to sustain production at German lodes

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Developed cross cut to enable access to testing numerous lodes on system

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Running as owner operator

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The Mount – Narrow Vein High-Grade Mining

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Outlook

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Ramping up to +20,000tpm run rate Target grade 5.5g/t.

Target ounces 40,000ozpa

Resource: 2.1Mt @ 5.5g/t for 370,000oz Expanding ore zones through diamond drilling and jumbo development

Resource and Reserve expansion

Rory updating

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17

Production Centres:

#4. Crescent’s Laverton Gold Project Open Pits - 100,000oz pa

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Strategic Summary

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Multiple large open pits Ore processing agreement with Barrick at Granny Smith provides exceptional unit costs Agreement works for both parties 2.3Mtpa throughput Average grade 1.5g/t Resource: 26.5Mt @ 2.4g/t for 2.0Moz Reserve: 5.8Mt @ 2.1g/t for 381,000oz

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Laverton on Track to 25,000oz Per Quarter

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Mary Mac Hill
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Apollo
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What we have achieved already

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Operations on track to deliver 100,000oz in 2012

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Three new pits into production:

• Mary Mac Hill (Reserve of 306,000t @ 1.8g/t for 18,000oz)

• Fish (Reserve 292,000t @ 3.5g/t for 33,000oz)

• Apollo (Reserve of 1.1Mt @ 1.9g/t for 64,000oz)

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Produced 21,915oz in September Quarter:

• Record daily gold production - 559oz produced a day - equivalent of 111,800oz

• Added fourth digging fleet to continue production drive

December Quarter Update

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Campaign 9 delivered 15,666oz over 32 days

Fourth digging fleet commenced development at Apollo (5:1 strip ratio)

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Means December Quarter for Crescent will see heavy investment into pre-strip

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March Quarter geared to deliver 25,000oz from three separate ore sources.

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Consistency to drive profitability: Upside on Chatterbox Shear

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2012 Strategic Focus

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Moving operations to consistency

• Targeting 25,000oz in Campaign 10 (March Quarter)

• Production stability will enable cost control

• Targeting to bring cash costs down to around $1,100/oz.

• Success = Mine planning and scheduling + right people resources

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Developing upside: immediate targets

• 30km strike along the Chatterbox shear

• • Burtville operation

• Significant upside on exploration

• Substantial open pit potential

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Greenfields Exploration:

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Treasure Island Gold Project

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100% ownership. 226 sq. km of tenements First holes ever into the area Multiple vein arrays of +300m strike length on Island

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Treasure Island – Black Dog

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Treasure Island – Blind Pew

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Treasure Island – Aircore Program

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Treasure Island – Cross-section

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25

Treasure Island – Aeromagnetics

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26

STRATEGIC UPDATE: 2012 & BEYOND

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27

2012 Strategic Focus

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1. Capitalising on a Strong Production Platform

• Targeting +200,000oz of gold in 2012

• Producing from 4 mines across 2 regional centres in WA

2. A Leading, Profitable Producer

• Delivering strong ongoing cash flows, production and profitability:

  • Company is focused on sustaining profitability whilst expanding

  • — Focus is debt free

3. Creating value for Shareholders

• 2012 Production growth, cash flow generation and an EV/Resource ratio that position Focus at a significant discount to peers

• Focus being positioned for a rerating opportunity

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Delivering Strong Production Growth in 2012 & Beyond

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The Focus in 2012 will be on ramping up the two new Coolgardie mines to capacity and delivering stable production at Laverton

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+200,000oz
Double Production
72,830oz
62,296oz
41,401oz
FY 08 FY 09 FY 10 FY 11 CY 12 (F)
Production Tindals U/G Production Tindals O/P Production The Mount Production Laverton
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Comparative Production Last Quarter

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587,296

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Cash Operating Costs

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Focus’s Coolgardie Costs (averaging $900/oz.) are in the median in the Goldfields:

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Targeting to bring Crescent costs down to $1,100/oz.

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Operational Outlook: December Quarter & Beyond

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Coolgardie on Track

• Mill shut down will see December Quarter deliver 20 -25 Koz

• On Track to 25,000oz for March Quarter.

• Continual ramp up of Tindals Open Pits and The Mount underground through year

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Laverton on Track

• Delivered 15,666oz for shortened December Quarter

• Heavy investment Quarter in developing mines for 2012

• 10,000oz already mined and stockpiled for March quarter.

• Targeting 25,000oz for March Quarter from 3 ore sources.

Summary: On track to +200,000oz in CY 2012 generating strong cash flows

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2011 Has Established a Platform for significant growth in 2012

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 Targeting
+200,000oz of
production
 Treasure island
 Targeting +200,000oz of
production  Chatterbox shear
 Opened 2 x new mines  Growing Resource and  Organic growth
Reserve potential
 Commenced regional
 Driving Group cost
exploration
efficiencies
 Discovered new gold
camp at Treasure Island
 Takeover offer for
Crescent (current
interest of 81.57%)
 Doubled Resource
 Tripled Reserve
 Three Mile Hill
Treatment Plant
 Tindals
Underground
CY 2008 CY 2009 CY 2010 CY 2011 CY 2012 CY 2013
Actual Actual Actual Target Target Target
17,000oz 50,244oz 76,233oz 100,000oz +200,000oz +200,000oz
Value Expansion
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33

Investment Summary

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1. Rapidly Growing Production Profile – Control of Crescent Gold has transformed Focus’ production outlook propelling it into the top tier of Australian gold producers

2. Re-rating - Significant re-rating potential for FML stock

3. Production - Production set to double in 2012 to +200,000oz[1] gold

4. Mining Scale - Solid production platform with 4 operating mines, 2 of which are ramping up

5. Financial Strength - Strong operating cash flows and no debt

6. Resource Growth Potential - Substantial resource base of 4.3Moz[2] with ability to extend reserve life

7. Proven Track Record - Management team has a proven track record of mine development and operation

8. New Discoveries - World class exploration upside at newly discovered gold camp at Treasure Island Gold Project and Chatterbox sheer in Laverton

9. Growth Plan - Clear strategic growth plan to continue to accelerate production in, 2013 and beyond

1. Includes targeted production from Focus’ projects of 100,000oz and 100,000oz from Crescent’s projects. Focus has a 81.57% shareholding interest in Crescent as of 27[th] Sept 2011. On a consolidated basis attributable production target from Crescent is 80,000oz for a 180,000oz of targeted production attributable to Focus

2. Includes 100% of Crescent’s Resources and Reserves. Focus has a 81.57% shareholding interest in Crescent as of 27[th] Sept 2011

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34

APPENDICES: FML & CRE COMBINED RESOURCES & RESERVES

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	Tonnes '000t Grade Au g/t Ounces Measured Resources	Tonnes '000t Grade Au g/t Ounces Measured Resources	Tonnes '000t Grade Au g/t Ounces Measured Resources	Tonnes '000t Grade Au g/t Ounces Indicated Resources	Tonnes '000t Grade Au g/t Ounces Indicated Resources	Tonnes '000t Grade Au g/t Ounces Indicated Resources	Tonnes '000t Grade Au g/t Ounces Inferred Resources	Tonnes '000t Grade Au g/t Ounces Inferred Resources	Tonnes '000t Grade Au g/t Ounces Inferred Resources	Tonnes '000t Grade Au g/t Ounces Total Resources	Tonnes '000t Grade Au g/t Ounces Total Resources	Tonnes '000t Grade Au g/t Ounces Total Resources
COOLGARDIEGOLD PROJECT
Tindals Project Total	739	4.7	112,000	9,143	2.6	766,000	3,354	2.8	298,000	13,236	2.8	1,176,000
Mount Project							2,090	5.5	370,000	2,090	5.5	370,000
Lindsays Project				4,350	1.7	238,000	3,562	2.0	233,000	7,912	1.8	471,000
Three Mile Hill Project				1,386	1.9	86,000	138	3.0	13,000	1,524	2.0	99,000
Norris Project							1,870	2.1	124,000	1,870	2.1	124,000
Total Coolgardie	739	4.7 112,000		14,879 2.3 1,090,000			11,014 2.9 1,038,000			26,632 2.6 2,240,000
LAVERTON GOLD PROJECT
Laverton-UG				2,037	6.5	426,000	619	7.1	141,000	2,656	6.6	567,000
Laverton - Surface	1,619	2.2	113,000	12,093	2.0	759,000	10,171	1.8	589,000	23,883	1.9	1,461,000
Total Laverton	1,619	2.2 113,000		14,130 2.6 1,185,000			10,790 2.1 730,000			26,539 2.4 2,028,000
TOTAL COMBINED RESOURCES	2,358	3.0 225,000		29,009 2.4 2,275,000			21,804 2.5 1,768,000			53,171 2.5 4,268,000
Coolgardie Mineral Resource (as at 30 September 2011)
Laverton Mineral Resource (as at 30 June 2011)

	Tonnes '000t Grade Au g/t Ounces Proven Reserves	Tonnes '000t Grade Au g/t Ounces Proven Reserves	Tonnes '000t Grade Au g/t Ounces Proven Reserves	Tonnes '000t Grade Au g/t Ounces Probable Reserves	Tonnes '000t Grade Au g/t Ounces Probable Reserves	Tonnes '000t Grade Au g/t Ounces Probable Reserves	Tonnes '000t Grade Au g/t Ounces Total Reserves	Tonnes '000t Grade Au g/t Ounces Total Reserves	Tonnes '000t Grade Au g/t Ounces Total Reserves
Coolgardie
Tindals Project-Underground:	230	4.0	29,300	773	3.4	85,700	1,003	3.6	115,000
Tindals Project-Open Pits:				620	2.0	39,600	620	2.0	39,600
Three Mile Hill Project-Open Pits:				1,101	1.7	59,900	1,101	1.7	59,900
The Mount Project-Underground:				21	5.0	3,300	21	5.0	3,300
Stocks: Total							456	1.7	24,600
Reserves and Stocks Total:	230	4.0 29,300		2,515 2.3 188,500			3,201 2.4 242,400
Laverton
Laverton Gold Project-Open Pits	928	2.0	58,000	2,184	1.9	136,000	3,112	1.9	194,000
Summit Underground				860	5.3	146,000	860	5.3	146,000
Stocks: Total							1,801	0.7	41,000
Reserves Total	928	2.0 58,000		3,044 2.9 282,000			5,773 2.1 381,000
TOTAL COMBINED RESERVES 1,158		2.3 87,300		5,559 2.6 470,500			8,974 2.2 623,400
Coolgardie Mineral Reserve (as at 30 September 2011)
Laverton Mineral Reserve (as at 30 June 2011)

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