FOCUS MINERALS LTD — Capital/Financing Update 2019

Oct 24, 2019

25 October 2019

ASX Announcement

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Beasley Creek delivers key ounces to build up pipeline for Stage 1 of the Laverton Gold Project

West Australian gold explorer Focus Minerals ( ASX: FML ) ( Focus or the Company ) is pleased to announce the first JORC 2012 Mineral Resource for the Beasley Creek deposit, which will form a key part of the proposed production pipeline for Stage 1[1] of the Laverton Gold Project.

The Beasley Creek JORC 2012 Open Pit Mineral Resource is reported above 270mRL (to 180m below surface) using a 0.8g/t Au cut-off grade and comprises:

• Indicated Resource: 2.02 Mt @ 2.41 g/t Au for 156,500 contained ounces

• Inferred Resource: 0.64 Mt @ 1.71 g/t Au for 35,400 contained ounces

• Total Resource: 2.66 Mt @ 2.24 g/t Au for 191,900 contained ounces

The Mineral Resource is reported on a dry tonnage basis. See the attached JORC Table 1 for details.

Beasley Creek is one of several significant deposits and prospects across Focus’ Laverton Gold Project, which covers a 507 square kilometre parcel of highly prospective tenements on the outskirts of the Laverton township, in Western Australia’s north-eastern Goldfields.

Focus’ JORC 2012 Mineral Resource for Beasley Creek was compiled using a total of 275 drill holes. These holes comprised 168 reverse circulation (RC), 80 diamond and 27 diamond-with-RC collars holes. A majority of the holes were drilled in 2018 and 2019.

In addition, Focus submitted two metallurgical samples for leaching in 2019. The test work confirmed historically reported favourable leach characteristics of the Beasley Creek mineralisation, delivering ≥92% leach in two hours and with only low reagent consumption.

Commenting on the first JORC 2012 Mineral Resource for Beasley Creek, Focus Minerals’ CEO, Mr Zhaoya Wang, said:

“The JORC 2012 Indicated Resource and promising metallurgical testing results at Beasley Creek could potentially deliver a low start-up cost asset, which would lay a solid foundation to Focus’ Laverton production strategy as the Stage 1 of our production pipeline starts to take shape.

“Focus is continuing its exploration efforts across our Laverton Gold Project area as we work towards establishing a resource to underpin a Stage 1, life-of-mine production profile of at least five years. I look forward to updating shareholders about our next steps and successes.”

Future drilling programmes, test works and studies are planned to take place across the Laverton Gold Project in Q4 2019 and Q1 2020.

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1 ASX Announcement on 31 May 2019

JORC 2012 Mineral Resource Summary of the Beasley Creek Deposit

Location and Production

The Beasley Creek Deposit is located 12km WNW of Laverton and can be accessed from the sealed Leonora-Laverton Main Road (Figures 1 and 2). The northern limits of the current resource start just 220m south of the Leonora-Laverton Road and are open just over 1000m south of this major road.

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Figure 1: Focus Minerals tenements and project locations.

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Beasley Creek can also be accessed from several directions via a mix of unsealed roads and unsealed haul roads that connect to the nearby Lancefield-Telegraph-Wedge area (5km NE of Beasley Creek) and to the mothballed Barnicoat Mill (23km SE of Beasley Creek), which is owned by Focus.

Beasley Creek was last mined in three open pit stages to a depth of 85m by WMC from 1987 to 1993. The high-grade ore was trucked to Windarra for processing. Low-grade ore was processed by Ashton Mining. Historical production from the 750m N-S striking pit was reported as 88.8Koz @ 2.42g/t Au (Table 1)

OP Stage	Years	**HG Tonnes **	HGg/t	HG Oz	LG Tonnes	LGg/t	LG Oz	**Total Tonnes **	Totalg/t	Total Oz
Stage 1	1987-89	401,680	2.95	38,101	239,818	1.03	7,943	641,498	2.23	46,044
Stage 2	1991	136,296	3.38	14,813	35,526	1.09	1,245	171,822	2.91	16,058
Stage 3	1993	260,338	2.92	24,443	67,575	1.05	2,281	327,913	2.53	26,725
		798,314	3.01	77,358	342,919	1.04	11,469	1,141,233	2.42	88,827

Table 1: WMC Historic Beasley Creek Production for 3 stages of development 1987 -1993.

The Beasley Creek Open Pit (OP) is shaped somewhat like a bean on its side. The deposit is mostly hosted by the moderate E dipping and South striking Beasley Shear Zone (SZ) (Figures 2 – 4).

At the northern end of the Beasley Creek OP the Beasley SZ wraps onto the NW striking sub vertical McIntyre Fault Zone (MFZ). The MFZ is strongly mineralised with a south-easterly plunge of mineralisation. The MFZ crosses the Beasley SZ and is present in both the hanging wall and footwall of the Beasley SZ. The MFZ is also interpreted to act as a feeder to seven shallow south-east dipping mineralised structures located in the immediate footwall of the Beasley SZ. These shallow-dip mineralised structures are truncated on intersection with the steeply south-west dipping Beasley-Thompson Well (BTW) Fault Zone. The BTW Fault Zone continues further to the west north-west and eventually curves to the north-west to wrap the western side of the Mt Margaret Anticline (Figure 2 and 3).

The southern part of the pit increases in width with a west south-west striking kink along the cross-cutting, moderate south south-east dipping Fitton Fault Zone. The mineralised Fitton FZ creates a 140m apparent dextral offset on the Beasley SZ. South of the Fitton FZ the Beasley SZ continues to strike south with moderate easterly dip and is structurally offset another two times over 400m strike between Beasley Creek and Beasley South. The far south extension of the Beasley SZ is interpreted to merge with the Chatterbox SZ (Figure 2).

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Figure 2: Regional GSWA 250K scale geology map with location of Chatterbox, Beasley and Beasley–Thompson Well FZs. Focus Minerals’ tenure, significant regional gold projects and some Laverton access roads are also shown.

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----- Start of picture text -----

Beasley – Thompson Well (BTW) FZ
B B’
19BSRD026 - 17.13m @ 1.19g/t
from 164m (20.3847GxM)
19BSDD009 - 11.30m @ 1.42g/t
from 134m (16.046GxM)
A
Fitton FZ
19BSDD056 - 19.53m @ 0.83g/t
from 147.87m (16.2099GxM)
Beasley SZ 19BSRD014 - 16.93m @ 1.75g/t
from 198.5m (29.6275GxM)
A’
19BSRD012 - 18.45m @ 1.83g/t
from 197m (33.7635GxM) -
19BSRD028 - 20.85m @ 1.73g/t
from 175m (36.0705GxM) Chatterbox SZ
Beasley South
Footprint - open
along strike and
at depth
----- End of picture text -----

Figure 3: Beasley Creek major structure and contoured GxM for: Main shoots, McIntyre FZ and BTW FZ. The outline of seven stacked shallow-dip FW lodes in the north-western part of the project is shown (orange dashed). The shallow dip lodes are fed from the sub-vertical McIntyre FZ and host mineralisation accessible from shallow levels and within the historic OP (see Figure 5 for detail). The outline of the current footprint for Beasley South is also shown (yellow) and it is noted that Beasley South mineralisation is open along strike and depth. Significant intersections exceeding 6 GxM.from holes drilled in Q3 2019 are shown with some selected labels.

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Geological Interpretation and Results

The Beasley Creek SZ averages 80m in width and hosts a completely oxidised mylonitic and hydrothermally brecciated package of structurally folded/thrust emplaced and transposed HW and FW units along with meta sediments (Figure 4). The hanging wall is predominantly high-magnesium pillow basalts. The footwall sequence is predominantly ultramafic intrusives and some high magnesium basalts (Figure 4). In addition, there are some intermediate porphyry dykes, which host mineralisation in both the hanging wall and footwall units.

Within the SZ Mylonitic textures are preserved by the upper saprolitic clays, which host the mineralisation. In places iron oxide gossans occur after oxidisation of massive sulphides. Intervals of sulphidic black shale are regularly intersected and locally resistant to weathering, forming limited intervals of lower saprolite and saprock within the Beasley SZ. Intervals of massive and brecciated quartz occur sporadically over 0.5 – 3m within the SZ and show classic explosive hydrothermal breccia textures.

The Beasley SZ is intensely weathered with complete oxidation extending to depths greater than 250m. As such all mineralisation drilled to date along the Beasley SZ is oxidised and in general – apart from the gossans and quartz intervals – very soft/fine grained rock.

Mineralisation at Beasley Creek is predominantly hosted on the Beasley SZ, which strikes north-south and dips at about 45-50 degrees east (Figure 4). The Beasley SZ wraps onto the north-west striking and subvertical McIntyre FZ (MFZ) at the northern end of the pit (Figure 3). The southern part of the Beasley SZ is offset in the southern part of the pit by the cross-cutting and mineralised Fitton FZ (FFZ), which dips at about 50 degrees to the south-east (Figures 3 and 4).

There are 11 main shoots identified to date along the Beasley SZ/Fitton FZ and southern extension of the Beasley SZ. The shoots are localised at the intersection of subvertical north-west striking faults (like the MFZ) with the Beasley SZ and Fitton FZ. The shoots in general plunge moderately to the south-east (Figure 3).

All the major shoots on the Beasley SZ (Shoots 1 – 6) host significantly higher-grade mineralisation over widths of 1m to +6m in hanging wall and footwall positions. These high-grade parts of the shoots plunge moderately to the south-east and have sub-parallel strike with the parent Shoots/Beasley SZ (Figure 4). The structural control on this high-grade mineralisation is likely upper and lower mineralised structures within the Beasley SZ (Figure 4). In the defined shoots lower-grade mineralisation tends to extend between and beyond these high-grade structural controls to define the limits of the parent shoots.

For the purposes of the mineral resource estimation, the HW and FW HG lodes have been subset and modelled separately to the shoots in which they are hosted. This has been completed in order to preserve the grade between high-grade intersections and prevent smearing of high grade into lower-grade mineralisation hosted by the parent shoots.

Mineralisation of the southern extension of the Beasley SZ is currently open for 400m strike to the northern limit of Beasley South (Figure 3). Shoots 9, 10 and 11 are open to surface and located immediately south of the Fitton FZ. These shoots are stacked on top of each other, probably indicating a level of SZ bifurcation (horse tailing) of the southern extension of the Beasley SZ.

The west north-west extension of the Beasley Creek mineralisation is structurally complex. The BeasleyThompson Well (BTW) FZ is located just north and east of the main Beasley SZ and dips steeply to the south-west (Figures 3 and 5). This SZ appears to mark the northern limit of strong mineralisation on the Beasley SZ. The BTW SZ is located footwall and north of the sub-vertical to steeply north-east dipping McIntyre FZ (Figure 5).

The MFZ is a true cross fault and present in both the HW and FW of the Beasley SZ. The thickest and highest-grade mineralisation on the Beasley SZ is located south of its intersection with the MFZ. The MFZ

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comprises two sub-parallel and strongly mineralised structures separated by 5-10m. Within the structures the sub-vertical mineralisation plunges moderately to the south-east. In addition, there are at least seven stacked, shallow, west south-west dipping FW lodes located immediately adjacent to the McIntyre FZ (Figure 5). These shallow mineralised structures or flats plunge to the south-east along the strike of the MFZ and host significant additional mineralisation in the north-western part of the Beasley Creek deposit.

The October 2019 Beasley Creek OP Mineral Resource is primarily interpreted from results of 2018/2019 HQ3 diamond drilling. HQ3 diamond drilling has been used in order to recover maximum core for interpretation of the mineralisation. In general, for grades between 0.5g/t Au and 2.4g/t Au, HQ3 core recovery averaged 93%. However, some holes and in particular some VHG intersections were impacted on with core loss exceeding 20%. For intersections greater than 2.4g/t Au core recovery averaged 90%, which is considered a good achievement given the highly oxidised, soft and very fine-grained nature of Beasley Creek mineralisation. It should be noted that all intervals of core loss have been fully diluted at 0g/t Au. This provides conservative grade estimation.

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Figure 4: 18m window for north-west strike Section A – A’ (Figure 3) viewed to the north along strike of the Beasley SZ with: interpreted and labelled geology/structure, drilling with assays as per inset legend, interpreted shoots highlighting HW and FW high-grade zones within the shoots.

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Figure 5: 5m window for the western strike Section B – B’ (Figure 3) viewed to the north with: interpreted and labelled geology/structure, drilling with assays as per inset legend, interpreted shoots highlighting flat lodes in the vicinity of the McIntyre FZ.

Focus completed nine diamond holes for 1,537.7m and 2 RC holes for 299m between July and EOM Sept 2019. Final assays were received for the following drilling intersections exceeding 6.5 GxM (intersections calculated using 0.5g/t Au cut off; 3m internal dilution; and all core loss fully diluted at 0g/t Au).

• 19BSRD028 – 20.85m @ 1.73g/t from 175m (36.1GxM)

• 19BSRD012 – 18.45m @ 1.83g/t from 197m (33.8GxM)

• 19BSRD014 – 16.93m @ 1.75g/t from 198.5m (29.6GxM)

• 19BSRD026 – 17.13m @ 1.19g/t from 164m (20.4GxM)

• 19BSDD052 – 11.50m @ 1.67g/t from 138.5m (19.2GxM)

• 19BSDD051 – 4.62m @ 3.88g/t from 158.5m (17.9GxM)

• 19BSDD056 – 19.53m @ 0.83g/t from 147.87m (16.2GxM)

• 19BSDD009 – 11.30m @ 1.42g/t from 134m (16.0GxM)

• 19BSRD026 – 4.90m @ 3.23g/t from 148.6m (15.8GxM)

• 19BSDD053 – 3.20m @ 3.6g/t from 137m (11.5GxM)

• 19BSRD034 – 5.40m @ 2.01g/t from 203m (10.8GxM)

• • 19BSDD041 – 18.00m @ 0.6g/t from 178m (10.8GxM) • 19BSDD043 – 10.50m @ 0.91g/t from 145m (9.6GxM) • 19BSDD041 – 8.75m @ 0.88g/t from 160m (7.7GxM) • 19BSDD009 – 6.90m @ 1.06g/t from 116m (7.3GxM) • 19BSRD016 – 4.50m @ 1.49g/t from 199.6m (6.7GxM) • 19BSRD016 – 4.40m @ 1.52g/t from 190.7m (6.7GxM)

Table 2: Significant 3[rd] Qtr 2019 Beasley Creek drill intersections.

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Metallurgy

Historic mining of Beasley creek indicates that the oxide ore is amenable to carbon-in-leach gold recovery. Data from WMC stage 3 mining (1993) provides a reconciliation for recovered gold between 82% and 93% to average 86% (Table 3). However, the production data was affected by a number of factors including:

• Beasley Creek ore was blended to make reconciliation more difficult.

• WMC only processed higher-grade ore, with lower-grade material sent to Ashton for milling. In this scenario any issues with the delivery of ore to the correct parties would impact on reconciliation.

• It is noted that WMC reported problems with reconciliation of mined ore tonnes. This points to issues with the WMC resource model, which makes reconciliation without additional sampling problematic.

• Free-dig oxide ore was blasted by the mining contractor for no apparent reason. This practice may have added to contractor profit but will not have assisted with dilution/reconciliation and efficient mining.

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Table 3: WMC Beasley Creek Metallurgical Production Data.

Metex completed metallurgical test work in 1996 as part of pre-feasibility studies (PFS) to determine if the resource was amenable to heap leach. The test work was initially completed on 17 samples taken from core and OP sampling. Initial intermittently rolled coarse (-15mm) bottle leaches provided excellent recoveries exceeding 77% with low reagent consumption. Subsequently, column leach test work indicated good heap leach response:

• +80% in 20 days

• • 94% recovery in 56 days

• No preg robbing characteristics were observed in relation to weathered sulphidic black shales

• Low reagent consumption during column test work.

In 1999 Delta Gold completed bottle-roll cyanide leach test work on samples with a grind of 80% passing 75 micron sizing. The 11 composite samples were processed by Amtec and taken from the OP and also from core. The Delta Gold test work was also positive, averaging +92% recovery in 24 hours with low reagent consumption (Table 4).

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Table 4: Summary of Delta Gold NL leach test work from the 1999 Beasley Creek PFS. Analysis of the two samples with lower recovery indicated coarse gold impacted on leach time.

Focus completed two metallurgical samples for leaching at ALS in 2019. The 2019 samples were not ground and processed as delivered. The test work confirmed previously reported favourable leach characteristics of the Beasley Creek mineralisation, delivering +92% leach in two hours and with only low reagent consumption.

In addition, sizing of the oxidised samples indicated 80% of samples passing 75 and 54 microns, respectively. This fine nature of the Beasley Creek mineralisation is what drives the issues with diamond core sample recovery. However, it also indicates that at least a portion of the oxidised Beasley Creek mineralisation will not require energy intensive and costly grinding.

Sample ID	Test #	Grind Size P80 (µm)	Head Grade (g/t)	Head Grade (g/t)	Gravit y	Au Extraction (%)	Au Extraction (%)	Au Extraction (%)	Au Extraction (%)	Au Extraction (%)	Au Tail Grad e (g/t)	Reagent Consumption (kg/t)	Reagent Consumption (kg/t)
			Au		Au	2- hr	4- hr	6- hr	8- hr	24- hr		NaCN	Lime
			Assay	Calc.	(%)
BSC2- HBX/LSU	KI1052	75	1.54/1.62	1.59	15.05	92.67	97.74	98.11	98.19	99.06	0.02	0.55	3.30
BSC1- LSU	KI1054	54	1.98 /2.58	2.55	32.72	94.44	96.74	97.87	98.97	98.43	0.04	0.59	1.58

Table 5: Summary gravity and leach results from 2019 Beasley Creek metallurgical samples.

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For further information please contact:

Zaiqian Zhang Director, CFO and Company Secretary Focus Minerals Ltd Phone: +61 8 9215 7888

Peter Klinger

Media and Investor Relations Cannings Purple Mobile: +61 411 251 540

About Focus Minerals Limited (ASX: FML)

Focus is a Perth-based, ASX-listed gold exploration company focused on delivering shareholder value from its Laverton Gold Project, in Western Australia’s north-eastern Goldfields. The Laverton Project covers 507km[2] area of highly prospective ground that includes the historic Lancefield and Chatterbox Trend mines. Focus’ priority target is to confirm the extent of gold mineralisation at deposits Beasley Creek and Lancefield Thrust and advance the Sickle, Ida-H and Karridale-Burtville deposits and targets.

Focus also owns the non-core Coolgardie Gold Project, also in the Goldfields, which includes a 1.2Mtpa processing plant at Three Mile Hill. The plant is on care and maintenance.

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	Explanation
Sampling techniques	Focus Minerals RC Sampling • RC percussion drill chips were collected through a cone splitter from the drill rig. The bulk sample from drilling was placed in neat rows directly on the ground (not bagged) with the nominal 2-3kg calico split sub-sample placed on top of the corresponding pile. • RC chips were passed through a cone splitter to achieve a nominal sample weight of approximately 3kg. The splitter was levelled at the beginning of each hole. Geological logging defined whether a sample was to be submitted as a 1m cone split sample or a 4m spear composite sample. Split samples (1m) were transferred to sample numbered calico bags for submission to the laboratory. Composite samples were spear sampled using a scoop to obtain a small representative sample and deposited into numbered sample bags. Focus Minerals Diamond Sampling • Diamond core was sampled across geologically identified zones of mineralisation, the sample widths varied between a minimum of 0.2m and a maximum of 1.2m with material on either side sampled to capture the entire mineralised zone. • The diamond core was marked up for sampling by the supervising geologist during the core logging process, with sample intervals determined by the presence of lithology, alteration and where applicable core loss. The core was cut in half using a core saw and the same half of the core (RHS looking downhole) was routinely sent to the laboratory for analysis. Some soft core was sampled half by using a bolster, and some fractured quartz core were cut in half by using manual diamond core saw to ensure half core was sampled. • A small number of whole core samples where routinely collected for bulk density analysis. These samples were submitted to the same lab for gold analysis after bulk density measurement. WMC Sampling • RC samples were collected in plastic bags in 1m intervals. • Diamond core was sampled to at 1m intervals or on geological contacts. Metex Sampling • Diamond core was halved by core saw or hand split when too friable. Individual 1m _samples of 1/2 core were submitted for assay. _
Drilling techniques	Focus Minerals Drilling • RC drilling was conducted using a 5 3/8inch face sampling hammer for RC drilling. • At hole completion, downhole surveys for RC holes were completed at a 10m interval by using True North Seeking Gyro tool.

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Criteria	Explanation
	• At hole completion diamond holes were survey using a single shot tool at a range of intervals between 20m and 50m, averaging 30m • Diamond drill holes with dips less than 50 degrees were collared from surface to a predetermined depth using a rock roller bit. • Where possible on holes with dips more than 50 degrees an RC pre-collar was completed to improve drilling efficiency. • All pre-collars where cased off and the diamond component of the drill hole completed using HQ3 (producing 63mm core diameter) equipment. • Wherever core conditions and hole orientation would allow, drill core was oriented by the drilling contractor using the electronic ACT III Tool. WMC Drilling • It has been reported by Metex that RC holes were drilled with conventional crossover subs. • Some of the later diamond holes had pre-collars, otherwise it was diamond core from surface and HQ and NQ coring. Metex • Diamond holes had an RCpre-collar and then cored to end of hole.
Drill sample recovery	Focus Minerals Drilling • RC sample recovery was recorded by a visual estimate during the logging process. • DD sample recovery was measured and calculated (core loss) during the logging process. DD core had generally reasonable recovery <10% core loss in and around mineralisation. Some holes had more than 30% core loss. Where this core loss was experienced around HG and VHG it likely had a material impact on the calculated intersection grade as all core loss was fully diluted and assigned a grade of 0.0g/t Au. WMC Drilling • Sample recovery was not recorded Metex Drilling • Recorded <10% core loss in diamond core and mostly excellent sample recovery in _RC drilling. _
Logging	Focus Minerals Drilling • All RC samples were geologically logged to record weathering, regolith, rock type, colour, alteration, mineralisation, structure, texture and any other notable features that are present. All data is entered directly into validating digital software directly. • All core samples were oriented where possible, marked into metre intervals and compared to the depth measurements on the core blocks. Any loss of core was noted and recorded in the drilling database. • All diamond core was logged for structure, geology and geotechnical data using the same system as that for RC. • Logging was qualitative, however the geologists often recorded quantitative mineral percentage ranges for the sulphide minerals present. • The logging information was transferred into the company’s drilling database once the log was complete. • Diamond core was photographed one core tray at a time using a standardised photography jig. RC chip trays are routinely photographed. • The entire length of all holes is geologically logged, except for rock roller diamond pre-collars, which produce no sample. WMC Drilling • RC samples were logged to record colour, grain size, occasional weathering, structural fabric and rock type • Diamond core was logged to lithological boundaries; recording rock type, structure, texture, alteration and veining. The pre-collar drill cuttings do not appear to have been logged. Metex Drilling • RC and DD were logged for: Colour, Weathering, structural Fabric, Alteration Veining, Mineralisation and lithology
Sub-sampling techniques and sample preparation	Focus Minerals Drilling • All samples were collected in a pre-numbered calico bag bearing a unique sample ID. • At the assay laboratory, all samples were oven dried, crushed to a nominal 10mm using a jaw crusher (core samples only) and weighed. Samples in excess of 3kg in weight were riffle split to achieve a maximum 3kg sample weight before being pulverized to 90% passing 75μm. • Gold analysis was by 40g Fire Assay with an AAS Finish.

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Criteria	Explanation
	• Jinning Testing & Inspection completed the assay testing, with sample preparation completed in Kalgoorlie or Perth and analysis completed in Perth. • The assay laboratories’ sample preparation procedures follow industry best practice, with techniques and practices that are appropriate for this style of mineralisation. Pulp duplicates were taken at the pulverising stage and selective repeats conducted at the laboratories’ discretion. • QAQC checks involved inserting standards 1:20 samples (with minimum 3 standards every submission). Duplicate samples for RC were achieved by producing 2 samples for each metre one hole every 20th hole drilled and submitting all produced samples. The remaining bulk sample was also bagged to plastic bags for retention and further checks. Diamond core field duplicates were not taken. • Regular reviews of the sampling were carried out by the supervising geologist and senior field staff, to ensure all procedures were followed and best industry practice carried out. • The sample sizes were appropriate for the type, style and consistency of mineralisation encountered during this phase of exploration. WMC Drilling • RC samples were collected as 1m samples and submitted to the WMC Windarra laboratory for Au analysis by fire assay. • Diamond core was submitted as 1m samples or to geological contact to the Windarra laboratory for fire assay. Metex • RC was collected into plastic bags in 1m intervals. All dry sample were riffle split to return a representative split sample for analysis. Any wet/Moist samples where 50mm PVC spear sampled. • Diamond drilling was ½ core sampled to geological intervals and generally 1m intervals. • All Au Analysis was completed at were submitted to Amdel Kalgoorlie for 50g Fire Assay for Au
Quality of assay data and laboratory tests	Focus Minerals Drilling • The assay method and laboratory procedures were appropriate for this style of mineralisation. The fire assay technique was designed to measure total gold in the sample. • No geophysical tools, spectrometers or handheld XRF instruments were used for assay determination. • The QA/QC process described above was sufficient to establish acceptable levels of accuracy and precision. All results from assay standards and duplicates were scrutinised to ensure they fell within acceptable tolerances and where they didn’t further analysis was conducted as appropriate. • Umpire samples are collected on a routine basis will be submitted to independent ISO certified labs in 2019 • Additional bulk mineralised RC samples have also been collected and retained for follow up QAQC, metallurgical and sample characterisation purposes. WMC Drilling • Notwithstanding the lack of information on WMC laboratory techniques, the assay method and laboratory procedures were appropriate for this style of mineralisation. The fire assay technique was designed to measure total gold in the sample. Metex Drilling • An appropriate assay method and laboratory procedures were used for the style of mineralisation. Metex reported frequent inspections of the drill rig cyclone and splitter whilst drilling. Duplicates were taken at a frequency of approx. one in thirty. Laboratory replicates were also reported, and results monitored.
Verification of sampling and assaying	Focus Minerals Drilling • Significant intervals were visually inspected by company geologists to correlate assay results to logged mineralisation. Consultants were not used for this process. • Primary logging data is sent in digital format to the company’s Database Administrator (DBA) as often as was practicable. The DBA imports the data into an acQuire database, with assay results merged into the database upon receipt from the laboratory. Once loaded, data was extracted for verification by the geologist in charge of the project.
Location of data points	Focus Minerals Drilling • Drill collars are surveyed after completion using a DGPS instrument. Where possible, all drill core was oriented by the drilling contractor using an ACT III electronic system.

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Criteria	Explanation
	• A True North Seeking Gyro for RC end of holes surveys or a Reflex single shot camera for diamond drilling was used for “single shot” surveys whilst advancing drilling. • All coordinates and bearings use the MGA94 Zone 51 grid system. • Focus Minerals utilises Landgate sourced regional topographic maps and contours as well as internally produced survey pick-ups produced by the mining survey teams utilising DGPS base station instruments. • After completion the drill hole locations were picked up by DGPS with accuracy of +/- 20cm. WMC Drilling • Holes were surveyed by WMC survey staff in local mine grid Metex Drilling • Holes were surveyed by a consultant survey company. Diamond core holes were downhole surveyed by an Eastman single shot camera.
Data spacing and distribution	• Beasley Creek drill spacing approximates 40m x 20m • Spacing is deemed to be appropriate for the type of mineralisation
Orientation of data in relation to geological structure	• Drilling was designed based on known/developing geological models, field mapping, verified historical data, cross-sectional and long-sectional interpretation. • Where achievable, drill holes were oriented at right angles to strike of deposit, with dip optimised for drill capabilities and the dip of the ore body. Please note this was not always possible in the NW part of the pit where relatively complex mineralisation has been intersected in the footwall of the Beasley Creek Shear. • True widths have not been calculated for reported intersections. However, drill orientation was wherever possible consistently optimised to approximate true width of mineralisation.
Sample security	Focus Minerals Drilling • All samples were reconciled against the sample submission with any omissions or variations reported to Focus Minerals. • All samples were bagged in a tied numbered calico bag. The bags were placed into plastic green bags with a sample submission sheet and delivered directly from site to the Kalgoorlie laboratories by Focus Minerals personnel at completion of each hole. WMC and Metex sample security is not recorded.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	Explanation
Mineral tenement and land tenure status	• The drilling was conducted on tenements 100% owned by Focus Minerals (Laverton) Pty Ltd. • All tenements are in good standing. • The Beasley Creek mineral resource estimate is contained entirely within Mining Lease M38/049. • There are currently no registered Native Title claims over the Lavertonproject areas.
Exploration done by other parties	• Beasley Creek was formerly mined as an open pit to about 85m depth by WMC from 1987-1994 with production of 88.8Koz. • Later exploration has been performed by Metex/Delta Gold 1996/1997 and then Crescent Gold in 2010.

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Criteria		Explanation	Explanation	Explanation	Explanation	Explanation
Geology	•	Mineralisation at Beasley Creek is located on the Beasley Creek Shear Zone and cross cutting Fitton and McIntyre FZ’s. The Beasley Creek SZ is deeply weathered to at least 200m depth with gold mineralisation hosted in: • saprolitic clays, • saprock of hydrothermally brecciated sediments, conglomerates and minor black shale, • iron stone after gossan, • laminated veins and, • breccia vein infill. • Core loss typically occurs when quartz breccia fragments become partially lodged in the drill bit. These hard fragments rotate with the bit causing grinding/washing of the soft highly oxidised shear matrix.
Drill hole information		Company	Drill Hole Number	WAMEX Report A- Number	Report Date
			BCP0002,BCP0003,BCP0004,BCP0005, BCP0007,BCP0008,BCP0009,BCP0010, BCP0012,BCP0013,BCP0014,BCP0021, BCP0022,BCP0023,BCP0024,BCP0025, BCP0026,BCP0033,BCP0034	22647	1987
			BCD001
			BCD005,BCD006,BCD007,BCD009,BC
		Western Mining Corporation Ltd	D010, BCD015,BCD016,BCD017	26696	1988
			BCP0035,BCP0036,BCP0037,BCP0039, BCP0040,BCP0041,BCP0042,BCP0043, BCP0045,BCP0046,BCP0047,BCP0049, BCP0051,BCP0052,BCP0054,BCP0058, BCP0059,BCP0060,BCP0062,BCP0063, BCP0064,BCP0065,BCP0066,BCP0067, BCP0068,BCP0069,BCP0070,BCP0071, BCP0073,BCP0074,BCP0075,BCP0076, BCP0077,BCP0078,BCP0079,BCP0081, BCP0082,BCP0098,BCP0099,BCP0100, BCP0101,BCP0102,BCP0103,BCP0104, BCP0111,BCP0124,BCP0125,BCP0126, BCP0127,BCP0128,BCP0129,BCP0130, BCP0131,BCP0132,BCP0133,BCP0134, BCP0135,BCP0136,BCP0137,BCP0138, BCP0140,BCP0142,BCP0144,BCP0148, BCP0162,BCP0163,BCP0165,BCP0166, BCP0167,BCP0275,BCP0276,BCP0277, BCP0278,BCP0279,BCP0280,BCP0281, BCP0282,BCP0284
			BCD008,BCD013,BCD018,BCD019,BC D020, BCD021,BCD023,BCD024,BCD025,BC D026	31396	1989
			BCP0328
		Metex Resources NL	BCD028	48547	1996
		Focus Minerals Ltd	18BSDD001,18BSDD002,18BSDD003, 18BSDD004,18BSDD005,18BSDD006, 18BSDD007,18BSDD008,18BSDD009, 18BSDD010,18BSDD012,18BSDD013 18BSDD014,18BSDD015,18BSDD016, 18BSDD017,18BSDD019,18BSDD020	120411	2019

Page 15 of 22

Criteria			Explanation	Explanation
			18BSRC001,18BSRC002,18BSRC003
			18BSRD004,18BSRD011,18BSRD015
			19BSDD001,19BSDD002,19BSDD003, 19BSDD004,19BSDD005,19BSDD006,
			19BSRC001,19BSRC002,19BSRC003, 19BSRC004,19BSRC006,19BSRC007, 19BSRC010,19BSRC011,19BSRC012,
			19BSRD001,19BSRD002,19BSRD004, 19BSRD005,19BSRD006,19BSRD007, 19BSRD008,19BSRD010,19BSRD011, 19BSRD012,19BSRD013,19BSRD014, 19BSRD016,19BSRD017,19BSRD018, 19BSRD019,19BSRD022,19BSRD023, 19BSRD026
		Focus Minerals’ drilled holes notyet available on		WAMEX
		Drill Hole Number		ASX Release Title		ASX Release Date
		19BSDD007,19BSDD008,19BSDD011,19BSDD013, 19BSDD014,19BSDD015,19BSDD016,19BSDD017, 19BSDD018,19BSDD019,19BSDD021,19BSDD022, 19BSDD023,19BSDD024,19BSDD025,19BSDD026, 19BSDD027,19BSDD028,19BSDD029,19BSDD030, 19BSDD031,19BSDD032,19BSDD033,19BSDD034, 19BSDD037,19BSDD038,19BSDD040,19BSDD041, 19BSDD043		High Value Exploration Results from Laverton Gold Project		22/07/2019
		19BSRC015,19BSRC016,19BSRC018,19BSRC022, 19BSRC023,19BSRC025,19BSRC026,19BSRC027, 19BSRC028,19BSRC029,19BSRC030,19BSRC032, 19BSRC033, 19BSRC034,19BSRC035,19BSRC038, 19BSRC043,19BSRC044,19BSRC049,19BSRC050, 19BSRC054,19BSRC055,19BSRC056
		19BSRD009,19BSRD015, 19BSRD017, 19BSRD018, 19BSRD023,19BSRD025,19BSRD027,19BSRD028, 19BSRD031,19BSRD032,19BSRD033,19BSRD034

Page 16 of 22

Criteria	Explanation	Explanation	Explanation	Explanation	Explanation	Explanation	Explanation	Explanation
	Hole ID	Easting	Northing	RL	Dip	Azimuth	Depth	Intersection
		(MGA 94 Zone 51)				(MGA94)	(m)
	19BSDD009	434003	6839063	434	-40	65	238.1	6.90m @ 1.06g/t from 116m
								11.30m @ 1.42g/t from 134m
								1.30m @ 1.81g/t from 150.2m
	19BSDD010	434082	6839302	437	-44	215	159.0	0.90m @ 1.52g/t from 136.1m
	19BSDD039	434112	6838531	434	-35	325	180.6	0.43m @ 0.75g/t from 154.7m
								0.80m @ 0.54g/t from 155.7m
	19BSDD042	434111	6838531	434	-36	312	195.1	1.40m @ 2.16g/t from 172.3m
								1.10m @ 1.18g/t from 185m
	19BSDD044	434062	6837841	432	-59	271	179.0	5.00m @ 0.56g/t from 43.7m
								10.10m @ 1.48g/t from 120.8m
								0.80m @ 1.05g/t from 139.8m
								0.50m @ 0.86g/t from 142.4m
								0.55m @ 2.17g/t from 148m
	19BSDD045	433978	6838019	432	-60	273	111.3	0.50m @ 0.79g/t from 66.7m
								2.00m @ 0.67g/t from 72m
								1.50m @ 12.75g/t from 79m
								6.10m @ 8.77g/t from 83.7m
	19BSDD048	434048	6837813	432	-61	273	160.9	7.00m @ 1.21g/t from 119m
								3.60m @ 1.05g/t from 138m
	19BSDD049	433996	6837859	432	-62	272	127.8	13.10m @ 1.26g/t from 91.9m
	19BSDD050	434028	6837976	432	-62	276	150.5	1.00m @ 1.18g/t from 62m
								10.30m @ 4.76g/t from 129.7m
	19BSDD051	434264	6838699	436	-46	278	173.8	0.45m @ 0.69g/t from 155m
								4.62m @ 3.88g/t from 158.5m
	19BSDD052	434234	6838651	436	-40	300	169.9	0.65m @ 1.03g/t from 126.23m
								11.50m @ 1.67g/t from 138.5m
								0.60m @ 0.81g/t from 159.7m
								1.05m @ 0.81g/t from 163.35m
	19BSDD053	434297	6839010	437	-40	254	178.1	1.00m @ 3.65g/t from 97m
								3.20m @ 3.6g/t from 137m
								1.90m @ 2.18g/t from 157m
								3.70m @ 1.18g/t from 166.9m
	19BSDD054	434297	6839010	437	-43	267	205.5	0.70m @ 4.63g/t from 108.8m
								0.70m @ 0.67g/t from 147.3m
								1.00m @ 1.32g/t from 188m
	19BSDD055	434320	6838782	435	-49	276	192.1	2.10m @ 0.8g/t from 174.9m
								0.40m @ 0.51g/t from 180.6m
	19BSDD056	434266	6838700	435	-54	293	179.1	19.53m @ 0.83g/t from 147.87m
								0.27m @ 0.86g/t from 170.83m
	19BSDD057	434255	6838589	434	-41	296	193.1	1.16m @ 3.85g/t from 177.12m
								3.20m @ 0.95g/t from 181.2m

Page 17 of 22

	Hole ID	Easting	Northing	RL	Dip	Azimuth	Depth	Intersection
		(MGA 94 Zone 51)				(MGA94)	(m)
	Beasley Creek 3rd Qtr 2019 Drill Collars and
	19BSRC013	433973	6839349	435	-51	223	60.0	1.00m @ 0.83g/t from 21m
								9.00m @ 0.64g/t from 37m
								1.00m @ 0.51g/t from 56m
								1.00m @ 0.65g/t from 59m
	19BSRC019	433755	6839394	436	-50	2	84.0	2.00m @ 0.86g/t from 0m
								1.00m @ 0.88g/t from 51m
								5.00m @ 0.54g/t from 60m
								1.00m @ 1.45g/t from 71m
	19BSRC020	433755	6839369	436	-50	6	114.0	1.00m @ 0.68g/t from 0m
								3.00m @ 0.5g/t from 78m
								1.00m @ 1.27g/t from 93m
	19BSRC021	433759	6839346	437	-50	3	132.0	4.00m @ 2.69g/t from 0m
								1.00m @ 0.6g/t from 99m
								1.00m @ 0.51g/t from 113m
	19BSRC024	433771	6839333	437	-50	22	132.0	4.00m @ 0.76g/t from 0m
								1.00m @ 0.61g/t from 112m
	19BSRC036	433807	6839381	436	-50	24	66.0	2.00m @ 1.26g/t from 0m
	19BSRC037	433801	6839360	437	-50	25	96.0	4.00m @ 0.96g/t from 0m
								1.00m @ 0.51g/t from 40m
								1.00m @ 0.92g/t from 50m
								1.00m @ 1.08g/t from 54m
	19BSRC039	433810	6839320	438	-56	24	126.0	3.00m @ 4.15g/t from 0m
	19BSRC040	433841	6839333	436	-50	19	102.0	1.00m @ 4.02g/t from 0m
								1.00m @ 0.61g/t from 42m
								1.00m @ 0.93g/t from 53m
								1.00m @ 0.83g/t from 74m
								1.00m @ 0.56g/t from 77m
	19BSRC041	433891	6839367	435	-50	17	42.0	1.00m @ 1g/t from 26m
	19BSRC042	433887	6839343	435	-50	21	66.0	1.00m @ 0.9g/t from 6m
								1.00m @ 0.74g/t from 44m
	19BSRC045	433882	6839320	435	-50	24	90.0	4.00m @ 0.9g/t from 63m
	19BSRC048	433918	6839318	436	-56	32	84.0	4.00m @ 0.66g/t from 46m
	19BSRC051	433770	6839355	437	-51	27	114.0	4.00m @ 1.27g/t from 0m
								1.00m @ 0.61g/t from 86m
								1.00m @ 2.53g/t from 94m
	19BSRC052	433848	6839387	437	-49	15	36.0	2.00m @ 0.88g/t from 0m
	19BSRC053	433843	6839331	436	-60	24	102.0	1.00m @ 0.79g/t from 0m
								1.00m @ 4g/t from 89m
								5.00m @ 1.28g/t from 96m
	19BSRC060	435272	6838894	435	-89	47	252.0	1.00m @ 0.63g/t from 212m
	19BSRC061	433768	6839379	437	-90	115	252.0	3.00m @ 0.7g/t from 25m
								5.00m @ 0.56g/t from 124m
	19BSRC063	434066	6838277	432	-90	280	252.0	3.00m @ 1.75g/t from 17m
	19BSRC064	435229	6838847	434	-90	80	246.0	2.00m @ 0.76g/t from 166m
	19BSRC065	434030	6837846	432	-60	269	154.0	1.00m @ 1.22g/t from 88m
								3.00m @ 2.16g/t from 100m
								1.00m @ 0.64g/t from 117m
								1.00m @ 0.67g/t from 126m
	19BSRC066	434024	6837874	431	-60	269	145.0	4.00m @ 2.66g/t from 21m
								2.00m @ 0.92g/t from 29m
								5.00m @ 0.79g/t from 90m
								12.00m @ 2.57g/t from 115m

Page 18 of 22

Criteria	Explanation
	Hole ID Easting Northing RL Dip Azimuth Depth Intersection (MGA94) (m) 1.85m @ 1.69g/t from 140.55m 2.90m @ 0.9g/t from 155.8m 0.55m @ 7.52g/t from 66.45m 2.10m @ 4.73g/t from 78.6m 1.50m @ 0.77g/t from 84m 4.60m @ 1.11g/t from 95.8m 1.50m @ 13.22g/t from 108.6m 134.0 19BSRD036 434019 6838086 431 -59 274 (MGA 94 Zone 51) Beasley Creek 3rd Qtr 2019 Drill Collars and Intersections 19BSRD022 434157 6838546 434 -54 336 202.8
Data aggregation methods	• Mineralised intersections are reported at a 0.5g/t Au cut-off with up to 3m internal dilution. The length weighted average grades from diamond core can include measured intervals of core loss.
Relationship between mineralization widths and intercept lengths	• Wherever possible holes were drilled orthogonal to mineralisation • Holes targeting the WNW extension McIntyre/BTW FZ structures and Shallow SE dipping footwall structures in the NW part of the Beasley Creek Project often have sub- optimal orientations due to limited drilling collar locations. None of these intersections are represented as true widths at this stage. • True widths can be estimated once geological/mineralisation modelling has been completed. • Furthermore, no intersections are represented as calculated true widths in this report
Diagrams	• Accurate plans are included in this announcement. 3D perspective views and schematic cross-sections are included to illustrate the distribution ofgrade
Balanced reporting	• Historic drill results are available on WAMEX • Drilling results are reported in a balanced reporting style. The ASX announcement for Focus Minerals holes shows actual locations of holes drilled, and representative sections as appropriate.
Other substantive exploration data	• There is no other material exploration data to report at this time.
Further work	• Focus Minerals anticipates additional drilling to follow up on encouraging results in Laverton.

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section)

Criteria

Explanation

Database integrity

• Data was geologically logged electronically; collar and downhole surveys were also received electronically as was the laboratory analysis results. These electronic files were loaded into an acQuire database by the company in-house Database Administrator. Data was routinely extracted to Microsoft Access during the drilling program for validation by the geologist in charge of the project. • Focus Minerals’ database is a Microsoft SQL Server database (acQuire), which is case sensitive, relational and normalised to the Third Normal Form. Because of normalisation, the following data integrity categories exist: • Entity Integrity: no duplicate rows in a table, eliminated redundancy and chance of error. • Domain Integrity: Enforces valid entries for a given column by restricting the type, the format or a range of values. • Referential Integrity: Rows cannot be deleted which are used by other records. • User-Defined Integrity: business rules enforced by acQuire and validation codes set up by Focus Minerals. • Additionally, in-house validation scripts are routinely run in acQuire on Focus Minerals’ database and they include the following checks: • Missing collar information • _Missing logging, sampling, downhole survey data and hole diameter _

Page 19 of 22

Criteria	Explanation
	• Overlapping intervals in geological logging, sampling, down hole surveys • Checks for character data in numeric fields • Data extracted from the database were validated visually in GEOVIA Surpac software, ARANZ Geo Leapfrog software and Datamine software. Also, when loading _the data any errors regarding missing values and overlaps are highlighted. _
Site visits	• Alex Aaltonen, the Competent Person for Sections 1 and 2 of Table 1 is Focus Minerals’ General Manager - Exploration and conducts regular site visits. • _Michael Job, the Competent Person for Section 3 of Table 1, has not visited site. _
Geological interpretation	• All Focus Minerals drill holes and historic mining data were used to guide the geological interpretation of the mineralisation. • The mineralised shoot interpretation is based on the Beasley Creek Shear Zone and the brecciated sediments and veins within the shear. Au grades are used to assist in the interpretation. The orientation of the shoots in the southern part of the deposit reflects the known shoot geometry from the previous mining. • In the southern part of the deposit, the south-east plunge of the mineralised shoots is confirmed by the outcrop and mined mineralisation in the historical WMC pit, and any alternative interpretation is unlikely. However, for the northern part of the deposit away from the pit, there may be alternatives to the geometry of the shoots modelled, although the global tonnages are smaller here and unlikely to be significantly different if an alternative interpretation was adopted. • It is recognised that the WMC RC data in places shows down hole contamination (due to the wet ground conditions and older cross-over sub RC hammers used). Much of this data is within the historical pit and has very little influence over the resource estimate below the pit. Where this RC data is below the pit, it has not been used for the interpretation as it would create incorrect long intercepts. However, this data has been used for grade interpolation, as studies showed this data within the interpreted shoots was very similar statistically to the modern RC and DDH drilling undertaken by Focus Minerals. • Contiguous high-grade zones (>5 ppm Au) were modelled as separate high-grade zones. • The weathering/oxidation profiles at Beasley Creek is deep, with clays and saprock extending up to 250 m below surface in the eastern part of the deposit. • Leapfrog software was used for the interpretation of the mineralised shoots and the lithological domains (clays/saprock, fresh rock, gossan and shales). Each mineralised shoot intercept was coded in the database before being imported into Leapfrog, so the resulting solids honour the data well.
Dimensions	• The deposit extends over a strike length of 1100m and extends to at least 280m below the surface. The deposit is arcuate in shape, striking towards the north-west in the northern part of the deposit, and to the south-west and then south in the southern part. There are numerous mineralised lodes, plunging at 30 to 50° to the south-east in the southern part of the deposit, and dipping at 50 to 60° to the north-east in the northern part. • The individual lodes range from 5 m to 30 m thick (averaging 15 m), from 20 m to 80 m wide (averaging 30 m) and can extend up to 400 m down plunge.
Estimation and modelling techniques	• Estimation of the mineral resource was by ordinary kriging using Datamine software. The estimation process was as follows: • Drill hole database including coded shoot intercepts imported into Datamine. • Drill hole data composited to 1m downhole intervals, with a minimum allowable composite of 0.25 m at the shoot base. • Composited data imported into Supervisor software for statistical and geostatistical analysis. • Top-capping applied per mineralised shoot – caps ranged between 5 to 10 ppm Au for the main mineralised shoots, and up to 25 ppm Au for the high-grade shoots. The caps were based on inflections and discontinuities in the histograms and log- probability plots. • Variography was done on data transformed to normal scores, and the variogram model was back-transformed to original units. Variography was only performed for mineralised shoots with more than 150 samples (seven shoots), and these were applied to the other shoots that had the closest statistical similarities. • As the mineralised shoots have different orientations, the applied variogram rotations (for the smaller shoots) were adjusted (and checked) for each individual shoot. • The variogram models had moderate to high nugget effects (~30 to 50% of total sill), and with a down-plunge range of 50 to 60 m. The range across dip was small, generally 6 to 8 m. • The ellipsoid search parameters were based on the variogram ranges, with the search ellipse dimensions about 90% of the variogram range, with anisotropies _retained. A minimum of 8 and maximum of 14(1mcomposite) samples per block _

Page 20 of 22

Criteria	Explanation
	were used, with a maximum of 4 samples per drill hole. Estimates were into parent blocks, not sub-blocks. • Search ellipse rotation directions were the same as the variograms, for each shoot. • If a block was not estimated with these search parameters, then the ellipse was expanded by a factor of two, using the same sample numbers. If a block was not estimated on the second pass, then a third pass was used – this was an expanded search of a factor of 4 compared to the first pass, with a minimum of two and maximum of 18 samples. • For the block model, 66% of blocks were estimated on the first pass, 30% on the second and 3% on the third. No blocks in the mineralised shoots were left unestimated. These search volumes assisted with later resource classification. • The block model itself was a non-rotated model in MGA94 grid, with a parent block size of 10 mE x 20 mN x 5 mRL – this is about half of the average drill spacing in the well-mineralised areas. • Sub-blocking was to a minimum of 1.25 mE x 2.5 mN x 1.25 mRL for accurate volume representation, and the blocks and sub-blocks were coded by mineralised shoot and lithology/weathering and topography. • Estimates of Au grades were validated against the composited drill hole data by extensive visual checking in cross-section, plan and on screen in 3D, by global (per shoot) comparisons of input data and model, and by semi-local statistical methods _(swath plots). All methods showed satisfactory results. _
Moisture	• There is significant groundwater at Beasley Creek, but bulk density determinations (see below) were made on dried core. Tonnages are therefore estimated on a dry _basis. _
Cut-off parameters	• The cut-off grade of 0.8 ppm Au was established from the previous pit optimisation run (see below),and gave a consistent cash flow. As the Au price is now higher than the price used during this optimisation study (AUD$2300/oz cf. $1800/oz), then the reporting cut-off grade used is a conservative approach.
Mining factors or assumptions	• The Beasley Creek deposit would be mined by open pit extraction. Previous pit optimisation runs have extended to 180 m below surface (270 mRL), using a gold price of AUD$1800/oz. • Further pit optimisation is underway but, given the much higher current gold price (~AUD$2300/oz), it is probable that the pit shells would be deeper. • The 270 mRL has therefore been used as the base for reporting the classified resource.
Metallurgical factors or assumptions	• WMC reported reconciled recovery of blended feed at Windarra between 1991 and 1994, although this was a blend from a number of sources. WMC mine reconciliation for the period ranged from 82% - 93% • Test work was completed on samples by Metex/Delta in the late 1990s for heap leach and column test work and reported 94% recovery in 56 days and 80% in 20 days, which was considered favourable for heap leach. • Eleven samples were further acquired by Delta Gold and subjected to bottle roll test work, returning 84-98% recovery after 48 hours. Nine of the 11 samples returned average 94.28% recovery after 24 hours with very low reagent consumption. • Focus Minerals completed two new samples at ALS in September 2019. The material was considered in natural state already too fine to require grinding and was simple- sized post-test work. • Later sizing showed the P80 for one sample was 54 micron and the other 75 micron. As such some of the insitu material may not need a grind at all. • The leach results for these two Beasley Creek samples were good with 96.74% and 97.74% recovery after 4 hours and, 94.44% and 92.67% recovery at 2 hours, with low reagent consumption. • These results confirm earlier results from Beasley Creek and indicate it will run very well in either a mill or as a heap leach.
Environmental factors or assumptions	• Beasley Creek was mined by open pit methods between 1987-1993 by WMC and there are existing waste dumps and open cut pits. • Other operations in the area in the past eight years have been Focus Minerals’ Chatterbox–Apollo Pits 8.5km south along strike and at Euro South, 19km to the south-east. • Therefore, there is extensive mining history in the region, and there are no unforeseen environmental considerations that would preclude conventional open cut mining and waste dump construction. • A potential heap leach would have greater environmental management burden than sending to a CIL plant but would be not preclude mining.
Bulk density	• Bulk density test work was on diamond core samples from different geology domains, _with the water immersion technique used for these determinations. _

Page 21 of 22

Criteria	Explanation
	• Average bulk density values were assigned per modelled lithology/weathering domain.
Classification	• The mineralised shoots are classified as Indicated where the drilling pattern is 40 m along strike and 20 m down dip, and within 20m of the lower-most drilling in the shoot • All the rest of the mineralised shoots outside this area are classified as Inferred. • This classification considers the confidence of the geological interpretation and the quality of the data and reflects the view of the Competent Person.
Audits or reviews	• No external audits of the mineral resource have conducted, although the independent consultants used for the resource estimate (Cube Consultants) have critically reviewed the geological interpretations provided by Focus and the quality of the WMC _RC drilling. _
Discussion of relative accuracy/ confidence	• This is addressed in the relevant paragraph on Classification above. • The Mineral Resource relates to global tonnage and grade estimates.

Competent Person Statement

The information in this announcement that relates to Exploration Results is based on information compiled by Mr Alex Aaltonen, who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Aaltonen is an employee of Focus Minerals Limited. Mr Aaltonen has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

Mr Aaltonen 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 announcement that relates to Estimation and Reporting of Mineral Resources is based on information compiled by Mr Michael Job, who is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr Job is an independent consultant employed by Cube Consulting. Mr Job has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

Mr Job consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

Page 22 of 22