FOCUS MINERALS LTD — Capital/Financing Update 2021

Apr 25, 2021

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Market Announcement

26 April 2021

Exploration Update – Coolgardie Gold Project

Highlights:

• Results from drilling carried out at Focus Minerals’ Coolgardie Gold Project have been received.

• Drilling comprised 9,147m of reverse circulation (RC) and 1,070m of diamond holes. Significant intersections[1] at several deposits include:

• Alicia

  • 20ALRC042[1] - 29m @ 2.76g/t from 41m (80.0 GXM)

  • 20ALRC032[1] - 22m @ 3.76g/t from 76m (82.7 GXM)

  • 20ALRC002[1] - 23m @ 2.75g/t from 55m (63.2 GXM)

• CNX

  • 20CNRC001[1] - 37m @ 3.49g/t from 59m (129.1 GXM)

• Undaunted

  • 20UNRC001[1] - 15m @ 2.13g/t from 19m (31.9 GXM)

  • 20UNRC001[1] - 12m @ 2.22g/t from 43m (26.6 GXM)

• Jackpot South

  • 20JPRC003[1] - 15m @ 1.48g/t from 70m (22.2 GXM)

  • 20JPRC002[1] - 4m @ 3.17g/t from 9m (12.7 GXM)

• Brilliant

  • 20BLRC012[1] - 19m @ 2.87g/t from 215m (54.5 GXM)

  • 20BLRC013[1] - 10m @ 2.38g/t from 164m (23.8 GXM)

• Mineral Resource reviews in progress for Alicia, Big Blow, Happy Jack to bring the resources to JORC 2012 reporting compliance.

• Mineral Resource review underway for Brilliant to incorporate moderate dipping mineralisation.

• Continued exploration success paves way for stronger resource position to underpin a resumption of gold production at Coolgardie Gold Project.

1 (calculated using 0.5g/t cut off, and up to 3m internal dilution)

Focus Minerals Limited ACN 005 470 799 | ABN 56 005 470 799 | ASX: FML Level 2, 159 Adelaide Terrace, East Perth WA 6004 | PO Box 3233, East Perth WA 6892 T +61 (0) 8 9215 7888 | F +61 (0) 8 9215 7889 | E info@focusminerals.com.au | W focusminerals.com.au

Page 1 of 42

West Australian gold explorer Focus Minerals Ltd ( ASX: FML ) ( Focus or the Company ) is pleased to announce 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 Prefeasibility Study ( PFS ) (see ASX announcement dated 22 September 2020).

Key objectives of the current work focus are:

1. 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

2. 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

3. Acquire feasibility level geotech, metallurgy, environmental samples and hydrogeological data to refine pit designs and support permitting for a production restart.

Commenting on the progress towards resumption of production at the Coolgardie Gold Project, Focus Minerals’ CEO, Mr Zhaoya Wang, said:

“Our efforts to re-examine the mineral endowment at Coolgardie continues to deliver significant positive value for Focus. This latest round of drilling results announced today confirms the potential across Coolgardie to underpin the business case of restarting production at Coolgardie.

“Importantly, the continued exploration success vindicates our firm view of prospectivity of mineral endowment at Coolgardie for sustainable mining operations. Mineral Resource updates for several deposits are underway and Coolgardie mining schedule will be optimised in due course.”

Market Announcement | Page 2 of 42

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Figure 1: Key Coolgardie Gold Project deposits with recently updated Mineral Resources.

Market Announcement | Page 3 of 42

Alicia Deposit Review

Previously unmined open-pit opportunity

The open pit Alicia Deposit is located south of Tindals and immediately to the east and sub-parallel to the Empress deposit. The site is accessed by existing haul roads that form a network between Tindals/Dreadnought/Brilliant. No significant mining of the Alicia deposit has occurred to date and the deposit is essentially intact.

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Figure 2: Brilliant-to-Dreadnought area with 3D location of significant drill intersections returned from drilling in the December 2020 Quarter coloured by grade x width (GxM) as per inset legend.

Market Announcement | Page 4 of 42

The most current Mineral Resource estimation for Alicia was completed to JORC 2004 standard. Reported using a 1g/t cut off, the Alicia Mineral Resource comprises:

Classification	Tonnage (Kt)	Grade(g/t)	Au Contained(Oz)
Indicated	681	2.0	43,000
Inferred	25	1.7	2,000
Total Mineral Resource	706	2.0	45,000

The Alicia deposit was considered as a potential open pit production source in 2012 and reasonably well drilled at that time. Pit optimisations were also completed in 2013 for Alicia as part of internal investigations for future mining options. In 2020, the historic data and pit optimisations were reviewed and further optimisation completed using 2020 PFS inputs.

The results were encouraging and the deposit was flagged for infill drilling ahead of a resource update to JORC 2012 classification and more detailed study. In the December quarter, 42 RC holes for 3,300m were completed at Alicia. This was followed by three HQ diamond holes for geotechnical purposes to inform pit wall angles.

The RC drilling provided very encouraging results in the main trend of Alicia mineralisation. Also, the twin holes showed good correlation in terms of grade and width with previous sampling. In addition, there were further strong intersections in areas that had insufficient drilling. Significant drill intersections at Alicia, calculated using 0.5g/t cut off, up to 3m internal dilution and exceeding 20 gram x meters (GxM – Grade x Width), include:

• 20ALRC032 - 22m @ 3.76g/t from 76m (82.7 GXM)

• 20ALRC042 - 29m @ 2.76g/t from 41m (80.0 GXM)

• 20ALRC002 - 23m @ 2.75g/t from 55m (63.2 GXM)

• 20ALRC039 - 31m @ 1.83g/t from 13m (56.7 GXM)

• 20ALRC036 - 24m @ 2.33g/t from 20m (55.9 GXM)

• 20ALRC015 - 25m @ 1.76g/t from 66m (44.0 GXM)

• 20ALRC032 - 18m @ 2.44g/t from 33m (43.9 GXM)

• • 20ALRC025 - 15m @ 2.92g/t from 21m (43.8 GXM) • 20ALRC026 - 11m @ 3.68g/t from 39m (40.5 GXM) • 20ALRC034 - 25m @ 1.29g/t from 31m (32.2 GXM) • 20ALRC035 - 26m @ 1.23g/t from 7m (32.0 GXM)

• 20ALRC017 - 28m @ 1.13g/t from 57m (31.6 GXM)

• 20ALRC013 - 25m @ 1.2g/t from 44m (30.0 GXM)

• 20ALRC033 - 12m @ 2.44g/t from 12m (29.3 GXM)

• 20ALRC038 - 22m @ 1.31g/t from 5m (28.8 GXM)

• 20ALRC016 - 21m @ 1.31g/t from 45m (27.5 GXM)

• 20ALRC027 - 22m @ 1.1g/t from 52m (24.2 GXM)

• 20ALRC008 - 16m @ 1.38g/t from 41m (22.1 GXM)

• 20ALRC003 - 9m @ 2.34g/t from 31m (21.1 GXM)

• 20ALRC040 - 18m @ 1.14g/t from 11m (20.5 GXM)

• 20ALRC020 - 16m @ 1.25g/t from 52m (20.0 GXM)

Market Announcement | Page 5 of 42

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Figure 3: Plan view of Alicia deposit 2020 drilling with new drilling significant 3D intersections as stars and historic intersections as circles (coloured/sized by GxM as per inset legend). 2020 drill traces are white and labelled. Semi-transparent geology drape is overlain on aerial photography. Location of representative Alicia section (Figure 4) is marked with black rectangle.

Market Announcement | Page 6 of 42

The new results infill the majority of the resource to 20m x 10m spacing and have enabled the mineralised structure to be reassessed. Significant geological re-interpretation is currently being completed ahead of a new Mineral Resource compilation and reporting expected in the June 2021 Quarter.

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Figure 4: View north of Alicia representative section including 2020 drill hole 20ALRC002 and interpreted Alicia mineralisation wireframes. Significant intersections are calculated using 0.5g/t cut off and up to 3m internal dilution.

Market Announcement | Page 7 of 42

CNX Bulk Tonnage Resource

Outcropping bulk tonnage and low-strip open pit opportunity

The CNX Deposit (formerly Caledonia North Extended) is immediately north-west along strike and contiguous with the Three Mile Hill open-cut mine. The mineralisation sub-crops over a 20m x 10m spaced drill-defined strike of 680m. The updated shallow CNX Mineral Resource was announced 17 December 2020. Key Highlights include:

• CNX hosts relatively unmined bulk tonnage-style mineralisation from surface and is open below 90m depth.

• The mineralisation is located in a slightly elevated position and lends itself to lower strip ratio open pit mining unburdened by significant CAPEX for large scale pit cut back.

• The very limited historic open pit runs into fresh rock from 5m to 10m depth and has stable and very steep pit walls that suggest a deeper and lower strip ratio open pit may be designed on completion of a geotechnical assessment.

• The geometry of the mineralisation with widths between 30m and 45m, averaging 35m over 680m strike, is highly amenable to supplying extensive low-cost mill base-load feed less than 2km from the ROM pad.

• The deposits has strong potential for structural and geological continuity along strike with outcropping veins located near historic shafts.

• Strong potential exists for depth extension inferred from contiguous Three Mile Hill mineralisation and Phase 1 drilling completed in the December 2020 Quarter.

• New target zones will be assessed during the June 2021 Quarter.

The updated CNX open pit Mineral Resource is reported on a dry tonnage basis using 0.7g/t Au cut off to 290mRL and a southern strike extent cut off to 6,577,490N (MGA94, Zone 51).

Classification	Tonnage (Mt)	Au Grade (g/t)	Au Contained Oz	Au Contained Oz	% Increase vs June 2013
Inferred	2.6	1.5		123,000
Total Mineral Resource	2.6	1.5		123,000	173%

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 mineralisation. For reporting purposes, the CNX resource is truncated 40m north-west of Great Eastern Highway.

Market Announcement | Page 8 of 42

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Figure 5: Plan view location of CNX along strike from Three Mile Hill. Red arrows highlight spaced brittle ductile, south-east dipping, spaced cleavage that appears to control south-east plunging high-metal content shoots.

The deposit was last mined in 1992 as a shallow 30-35m 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.

Market Announcement | Page 9 of 42

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Figure 6: Plan view of CNX 2020 drilling with new drilling 3D significant intersections as stars and historic intersections as circles (coloured/sized by GxM as per inset legend). 2020 drill traces are white and labelled. Semi-transparent geology drape is overlain on aerial photography. Location of representative CNX section (Figure 7) is marked with a black box.

Market Announcement | Page 10 of 42

In December, Focus completed three RC holes for 512m and one diamond hole for geotech and resource purposes to a depth of 200m.

Results for three RC holes have been received to deliver the following significant intersections (calculated using 0.5g/t cut off and up to 3m internal dilution):

• 20CNRC001 (Figure 7) targeted an inferred high-metal content shoot and confirmed strong mineralisation . This hole recorded an intersection comprising: o 37m @ 3.49g/t from 59m (129.1 GXM).

• 20CNRC002 was abandoned without transecting the mineralisation after dropping on dip significantly. The hole effectively skimmed the south-west edge of the stockwork system intersecting the margins of at least three new lodes at depth. These intersections are well below the current inferred Mineral Resource limit, which only extends to between 90m and 100m depth. 20CNRC002 recorded moderate mineralisation on the edge of the system comprising:

• 6m @ 1.07g/t from 152m (6.4 GXM)

• 10m @ 0.72g/t from 171m (7.2 GXM)

• 20CNRC003 targeted infill in an area that had been previously drilled with a variety of drill orientations. The area was targeted as it allowed the geology model to be tested. The hole has strongly confirmed the mineralisation model and intersected mineralisation in all the expected locations. 20CNRC003 recorded the following intersections:

• 7m @ 1.29g/t from 77m (9.0 GXM)

• 9m @ 0.86g/t from 47m (7.7 GXM)

• 4m @ 1.15g/t from 63m (4.6 GXM)

Market Announcement | Page 11 of 42

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Figure 7: View of a north north-west CNX representative section with assays coloured as per inset legend. 2020 drill hole 20CNRC001 is marked by a thicker black drill trace. Interpreted CNX mineralisation is shown with red polygons. Labelled intersection are calculated using 0.5g/t cut off and up to 3m internal dilution.

Diamond hole 20CNDD001 intersected significant intervals of stockworks and pyrrhotite sulphides. The hole is expected to be processed in the June 2021 Quarter once geotech logging and sampling are completed.

A diamond drill was re-mobilised to CNX in January 2021 to complete another two geotech holes. In addition, drone geotech data was captured from the historical open pit and will be used to fast-track preliminary wall angles as part of an economic assessment of the deposit.

Market Announcement | Page 12 of 42

Undaunted and Lady Charlotte Deposits

Shallow resource development opportunity

The Undaunted and Lady Charlotte Deposits are located adjacent to mine haul roads 550m northeast of the Tindals open pit (Figure 2). The deposits host numerous shallow, high-metal content intersections and exhibit strong south south-west shoot plunges. Structurally, the deposits have similarities with many other Coolgardie deposits by comprising both steep east and moderate eastdipping mineralisation.

The mineralisation is reasonably well drilled in places at 20-30m spacing to depths of only 60m vertical. A small program of three RC holes for 288m was completed at three of the mineralised shoots for a preliminary stage of drilling confirmation. The results are encouraging and point to a lowcost opportunity to convert this shallow resource to a higher category ahead of more detailed mining studies.

Significant intersections have been calculated for the Phase 1 Undaunted program using a 0.5g/t cut off and up to 3m internal dilution:

• 20UNRC001 - 15m @ 2.13g/t from 19m (32.0 GXM)

• 20UNRC001 - 12m @ 2.22g/t from 43m (26.6 GXM)

• 20UNRC003 - 17m @ 1.53g/t from 28m (26.0 GXM)

• 20UNRC002 - 11m @ 1.31g/t from 28m (14.4 GXM)

• 20UNRC003 - 8m @ 1.25g/t from 10m (10.0 GXM)

• o 20UNRC003 - 8m @ 1.02g/t from 108m (8.2 GXM)

The resource model for the Undaunted and Lady Charlotte Deposits will be reviewed during 2021 ahead of preliminary economic assessment.

Jackpot Deposit

Shallow resource development opportunity

The Jackpot Deposit is accessed from Magnetite Road and just south of Carins Road. The historic open pit is only 3km to the north north-west of Three Mile Hill Mill. Jackpot was originally mined between 1948 and 1962 to a depth of about 140m via high-grade underground methods. Historic underground production was 10,500t @ 12.69g/t for 4,280oz. The deposit was last mined by KBRL Ltd using open-pit methods ending in July 2007. Open pit production to July 2007 was 63Kt at 2.44 g/t for 4,900oz.

The deposit is somewhat of a rarity, being hosted within Hampton ultramafic volcanics that have relatively minor historical production. The primary structural control is a large north-trending and steeply west-dipping fault zone with apparent sinistral throw and associated demagnetisation.

This mineralised fault zone appears in the eastern side of the Jackpot pit with most open pit mineralisation on the hangingwall of this fault zone. Significant mineralisation is developed in a shallow east north-east dipping stacked foliation fabric immediately west and hanging wall to the fault zone. The northern part of the open pit extends westward to capture this style of mineralisation.

Market Announcement | Page 13 of 42

In addition, the overall stratigraphic fabric of the Hampton ultramafic volcanics dips moderately northeast and has been exploited by mineralisation on the hangingwall and footwall of the north-striking fault zone.

The Jackpot deposit is considered to be open to the south along strike of the north-trending fault zone. Furthermore, shallow east north-east dipping mineralisation is not closed off and remains a resource development opportunity.

Four RC holes for 534m were drilled at Jackpot South. Three holes intersected mineralisation exceeding 0.5g/t Au. The best two intersections, calculated using 0.5g/t cut off and up to 3m internal dilution, are:

• 20JPRC003 - 15m @ 1.48g/t from 70m (22.2 GXM)

• 20JPRC002 - 4m @ 3.17g/t from 9m (12.7 GXM)

Desktop investigation and resource modelling at Jackpot will be advanced during 2021.

Brilliant Open Pit

Project development drilling

The Brilliant Open Pit (also known as Brilliant South Announced 2 Sept 2020) is a base-load production source included in the 2020 Coolgardie PFS refresh (Announced 22 Sept 2020).

			Diluted	Total
PFS Resource	Production months	Recovered Gold (Koz)	Grade (g/t)	Cost (A$ Per
				Ounce)
Greenfields Open Pit	31	80	1.34	1,534
Brilliant Open Pit	60	171	1.58	1,715
Bonnie Vale Underground	49	139	5.26	791
Total PFS Schedule	74	390	1.97	1,282

Key background aspects of the Brilliant Open Pit considered by the 2020 PFS update included:

• The pit was optimised on a truncated block model and only considered mineralisation south of 6,573,000N.

• At 6,573,000, the Perseverance Fault offsets Brilliant mineralisation with the northern block offset to the north east (Figure 10).

• Proof of concept drilling at Brilliant North (located north of 6,573,000N, Announced 31 July 2020 and 2 Sept 2020) has determined that more than 50% of Brilliant North’s inferred gold mineralisation is hosted by a moderate north-east dipping structural set with the remainder located on more traditional steeply east dipping intrusive contacts.

• The truncated Brilliant block model used in the Coolgardie PFS only considers steep-dipping mineralisation located at the contacts of felsic and mafic intrusives.

• This results in a high-strip and relatively high-cost A$1,715/oz base-load open pit.

• If significant moderate-dipping mineralisation can be confirmed to extend south of 6,573,000N at Brilliant Open Pit, the resource can potentially grow beyond the currently estimated mineralisation.

• This will potentially significantly reduce the strip ratio by delivering mineralisation between and beyond steep mineralisation and thereby improve the value.

Market Announcement | Page 14 of 42

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Figure 8: Schematic section view toward the north north-west at Brilliant Open Pit (see ASX announcement dated 30 July 2019). Note that the open pit is primarily mining the mineralisation hosted by the steep main lodes located on the contact of intrusions, preferentially located on the contacts of the Greenmount Sill and Brilliant ultramafic. Furthermore, note that moderate north-east dipping structures have been inferred though not modelled nor significantly drill-tested for extensions at this time.

Market Announcement | Page 15 of 42

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Figure 9 View North Section TND17031 with block model as used for the 2020 Brilliant PFS Pit designs. Note block model only includes steep mineralisation. Inset photo of oriented diamond core from TND17031 interval from 414.09m to 419.22m. The recorded intersection is a hybrid of moderate east dipping veins (highlighted by red lines in the photo and geological schematic) and steep east dipping traditional Brilliant style veins (highlighted by black lines). Moderate east dipping veins are intersected between 414.09m and 418.85m. Steep oriented veins are intersected between 411.7m and 417.9m. The lighter coloured porphyry has been intersected at 414m and locally has a moderate east dip hanging wall contact indicating a sill body is intruding a moderate dipping fracture set away from the main steep dipping dyke body (See schematic geology). The moderate dipping veins are best developed between 411m and 416m. Note the angle of intersection with moderate dip veins is poor with veins oriented sub-parallel to core axis.

Market Announcement | Page 16 of 42

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Figure 10: Plan view of Brilliant North with 2019 and 2020 proof-of-concept drill holes (thick drill trace and labelled). Assays exceeding 0.42g/t Au are coloured as per legend. The mapped geology is overlain on semitransparent drone imagery to show the location of Brilliant North along strike of the Brilliant Open Pit. The 90mwide window section box for Figure 4 is depicted with the orange dashed rectangle.

Market Announcement | Page 17 of 42

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Figure 11: Section view towards the north north-west with 90m-wide view window at Brilliant North (section location marked on Figure 10). New drilling along strike of Brilliant completed in 2019 and 2020 delivered a new mineralisation model for Brilliant North. The new model has extensive moderate north-east dipping mineralisation between traditionally modelled steep lodes and extending beyond the steep lodes into areas previously considered waste. Proof-of-concept drill holes completed during 2019 and 2020 are labelled and have thicker traces. Assays exceeding 0.42 g/t Au are coloured as per inset legend. Geology is interpreted and labelled. PreMarch 2020 mineralisation interpretation is labelled as Brilliant Main Lode and Brilliant Hangingwall lodes. PostMarch 2020 interpretation comprises overlying stacked, moderate east-dipping lodes (light orange/red outlined polygons). This structural control on mineralisation has also been modelled at the Greenfields open pit and observed at other resources across Coolgardie.

Market Announcement | Page 18 of 42

A total of 13 RC holes for 2,412m and three diamond holes for 576m were completed at Brilliant Open Pit. The drilling was conducted for several purposes including:

• Additional open pit geotech data to advance pit feasibility and permitting activities;

• • Targeted Mineral Resource infill; and

• Phase 1 testing for moderate east-dipping mineralisation inferred at Brilliant Open Pit between and beyond currently modelled steep lodes.

The results have now been received for the RC holes completed at Brilliant Open Pit. Significant results, calculated using 0.5g/t cut off, 3m internal dilutions and exceeding 4 GxM, include:

Intersections recorded from steep-dipping intrusive contact orientations:

• 20BLRC013 - 10m @ 2.38g/t from 164m (23.8 GXM)

• 20BLRC008 - 4m @ 2.78g/t from 73m (11.1 GXM)

• 20BLRC007 - 9m @ 1.18g/t from 17m (10.6 GXM)

• 20BLRC006 - 10m @ 0.78g/t from 28m (7.8 GXM)

• 20BLRC006 - 6m @ 0.91g/t from 143m (5.5 GXM)

• 20BLRC013 - 3m @ 1.76g/t from 139m (5.3 GXM)

• o 20BLRC006 - 2m @ 2.00g/t from 15m (4.0 GXM)

Intersections recorded from moderate east north-east dipping structurally controlled orientations:

• 20BLRC012 - 19m @ 2.87g/t from 215m (54.5 GXM)

• 20BLRC012 - 3m @ 3.15g/t from 193m (9.5 GXM)

• 20BLRC008 - 5m @ 0.99g/t from 147m (5.0 GXM)

• 20BLRC011 - 2m @ 2.08g/t from 25m (4.2 GXM)

Market Announcement | Page 19 of 42

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Figure 12: Plan view of Big Blow/Happy Jack-Brilliant 2020 drilling with new drilling 3D significant intersections as stars and historic intersections as circles (coloured/sized by GxM as per inset legend). 2020 drill traces are white and labelled. Semi-transparent geology drape is overlain on aerial photography. Location of representative Brilliant section is marked with a black box.

Market Announcement | Page 20 of 42

The new intersections from inferred moderate east north-east dipping mineralised structures offer the first directly targeted evidence for this style of mineralisation at Brilliant Open Pit (Brilliant South Resource). The new intersections were returned by targeting between the currently modelled steep lodes, which are located on the boundaries of steeply east north-east dipping porphyry dykes.

None of the inferred moderate east north-east dipping mineralised intersections are hosted on porphyry dyke contacts and all are supported by historic inferred moderate east north-east dipping intersections either on dip or along strike. This orientation of mineralisation is not currently captured by the Brilliant South resource model and may offer a pathway to improve the quality and scale of this resource.

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Figure 13: View of the north section including Brilliant 2020 drilling (thick trace) with interpreted steep porphyry hosted mineralisation (magenta lines) and inferred moderate east north-east dipping mineralisation (grey lines). Significant intersections are shown coloured by GXM with intersections calculated using 0.5g/t cut off and up 3m internal dilution.

Further development of this model is likely to have a positive impact on stripping ratio inside the 2020 PFS pit design. Further work is now warranted to determine the full scope of mineralisation at Brilliant Open Pit.

Market Announcement | Page 21 of 42

Big Blow - Happy Jack Deposits

Additional shallow open-pit project development drilling

The Big Blow deposit strikes north north-east and dips steeply to the east south-east. The mineralisation has a well-developed, high-grade shallow south south-west shoot plunge, possibly controlled by northern and southern splay faults that are interpreted to link through Happy Jack and then Brilliant Open Pit. Big Blow was last mined by Focus, with production terminated in May 2013. Under Focus’ previous mining team the deposit produced 163Kt @ 1.29 g/t for 6,804oz between January 2012 and July 2013.

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Figure 14: Plan view of Big Blow, Little Blow, Happy Jack and Brilliant 2020 drilling with new drilling significant intersections as stars and historic intersections as circles (coloured/sized by GxM as per inset legend). 2020 drill traces are white and labelled. Semi-transparent geology drape is overlain on aerial photography. Location of representative Big Blow, Little Blow and Happy Jack are marked with black rectangle.

Market Announcement | Page 22 of 42

The Big Blow deposit has about 400m of significantly mineralised strike, with the widest and best mineralisation hosted by a shallow south south-west plunging shoot with about 250m of strike. The Focus open pit was terminated early prior to final design because high costs impacted the overall Coolgardie operation.

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Figure 15: Big Blow section view to the north with outline of the high-metal content, shallow south south-west plunging shoot. Significant intersections are shown coloured by GXM with intersections calculated using 0.5g/t cut off and up 3m internal dilution.

The remnant mineralisation may be amenable to cut back and open pit extraction. However, it is noted remnant mineralisation extends south south-west from the existing open pit and beneath some local waste dumps. The remnant Big Blow mineralisation has been defined by mostly RC drilling with hole spacing of 20m x 10m.

Three RC holes were targeted at the northern end of the Big Blow open pit in the December 2020 Quarter to test for possible extensions. The following low-metal intersections were returned from this reconnaissance drilling program (calculated using 0.5g/t cut off and up to 3m internal dilution):

• 20BBRC005 - 2m @ 1.36g/t from 29m (2.7 GXM)

• o 20BBRC006 - 1m @ 0.63g/t from 55m (0.6 GXM)

• 20BBRC007 - 1m @ 3.06g/t from 12m (3.1 GXM)

• 20BBRC007 - 1m @ 1.1g/t from 56m (1.1 GXM)

Market Announcement | Page 23 of 42

A further 3 wider-spaced holes were completed along strike between Little Blow Trend and the Happy Jack Trend though only one hole intersected possible Big Blow Trend mineralisation (calculated using 0.5g/t cut off and up to 3m internal dilution):

o 20BBRC016 - 1m @ 0.69g/t from 62m (0.7 GXM)

An updated Mineral Resource will be prepared for Big Blow in the June 2021 Quarter for follow-up economic assessment.

Little Blow Trend

Located sub-parallel and slightly east of the Big Blow trend is a 500m strike line of shafts and outcropping quartz – sulphide breccia veins with associated patchy boxwork gossan. This line of prospective mineralisation is called the Little Blow trend and was under-sampled with a 250m strike gap in historic drilling.

Eighteen infill/extension RC holes were targeted at 400m strike of the Little Blow Trend in the December quarter. Limited and patchy intersections were returned (calculated using 0.5g/t cut off and up to 3m internal dilution) including:

• 20BBRC011 - 3m @ 3.82g/t from 1m (11.5 GXM)

• o 20BBRC014 - 6m @ 0.81g/t from 29m (4.9 GXM) o 20BBRC017 - 1m @ 4.09g/t from 65m (4.1 GXM) o 20BBRC017 - 9m @ 1.96g/t from 70m (17.6 GXM)

• 20BBRC020 - 6m @ 2.00g/t from 31m (12.0 GXM)

• 20BBRC022 - 2m @ 3.01g/t from 60m (6.0 GXM)

• o 20BBRC023 - 4m @ 1.03g/t from 71m (4.1 GXM) o 20BBRC025 - 5m @ 0.84g/t from 80m (4.2 GXM)

The drilling has now confined the more contiguous and wider Little Blow mineralisation to a 150mstrike, north-plunging shoot. Current drilling within this shoot approximates 50m x 30m spacing. The mineralisation at Little Blow will be reviewed in the June 2021 Quarter prior to further economic assessment.

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Figure 16: Little Blow section view to the north with outline of interpreted quartz vein breccia hosted mineralisation. 2020 drilling has thicker drill trace. Significant intersections are shown coloured by GXM with intersections calculated using 0.5g/t cut off and up 3m internal dilution.

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Happy Jack Trend

Located sub-parallel and 145m east of Big Blow is the Happy Jack trend of mineralisation. The mineralisation extends over about 600m strike and is moderately developed to a depth of 40-60m. The highest grade and thickest mineralisation is developed over approximately 400m strike and to depths of up to 50m from surface. The mineralisation is close to sub-vertical and hosted in three subparallel structures with average true widths of 1m to 4m. Five RC holes were used to extend, infill and twin selected parts of the Happy Jack Trend. Happy Jack intersections calculated using 0.5g/t cut off and up to 3m internal dilution include:

• 20BBRC003 - 4m @ 1.85g/t from 16m (7.4 GXM)

• 20BBRC004 - 1m @ 6.88g/t from 23m (6.9 GXM)

• o 20BBRC004 - 2m @ 15.38g/t from 30m (30.8 GXM)

• 20BBRC004 - 2m @ 2.03g/t from 76m (4.1 GXM)

• 20BBRC011 - 3m @ 3.82g/t from 1m (11.5 GXM)

• 20BBRC014 - 6m @ 0.81g/t from 29m (4.9 GXM)

• 20BBRC017 - 1m @ 4.09g/t from 65m (4.1 GXM)

• 20BBRC017 - 9m @ 1.96g/t from 70m (17.6 GXM)

• 20BBRC020 - 6m @ 2.0g/t from 31m (12.0 GXM)

• 20BBRC022 - 2m @ 3.01g/t from 60m (6.0 GXM)

• 20BBRC023 - 4m @ 1.03g/t from 71m (4.1 GXM)

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Figure 17: Happy Jack section view to the north with interpreted vein and shear hosted mineralisation. 2020 drilling has thicker drill trace. Significant intersections are shown coloured by GXM with intersections calculated using 0.5g/t cut off and up 3m internal dilution.

An updated Mineral Resource will be completed for Happy Jack in the June 2021 Quarter ahead of an economic assessment.

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The release of this ASX announcement was authorised by Mr Zhaoya Wang, CEO of Focus Minerals Ltd.

For further information For media and investor enquiries please contact: please contact:

Alex Aaltonen Peter Klinger General Manager Exploration Director, Investor Relations Focus Minerals Ltd. Cannings Purple Phone: +61 8 9215 7888 Phone: +61 411 251 540 Email: info@focusminerals.com.au Email: pklinger@canningspurple.com.au

About Focus Minerals Limited (ASX: FML)

Focus Minerals is a Perth-based, ASX-listed gold exploration company focused on delivering shareholder value from its 100%-owned Laverton Gold Project and Coolgardie Gold Project, in Western Australia’s Goldfields.

The flagship Laverton Gold Project covers 386km[2] area of highly prospective ground that includes the historic Lancefield and Chatterbox Trend mines. Focus’ priority target is to confirm sufficient gold mineralisation at the Beasley Shear Zone, Lancefield-Wedge Thrust, Karridale and Burtville to support a Stage 1 production restart at Laverton. In parallel, Focus is working to advance key Laverton resource growth targets including Sickle, Ida-H and Burtville South. Focus has delivered first results from a progressive Pre-Feasibility Study (Pre-Tax NPV5.0% A $132M) and is advancing study work utilising Laverton’s expanded Mineral Resource position.

Focus is also committed to delivering shareholder value from the Coolgardie Gold Project, a 175km[2] tenement holding that includes the 1.4Mtpa processing plant at Three Mile Hill (on care and maintenance), by continuing exploration and value-enhancing activities. An updated PFS in September 2020 highlighted the potential for a low capital cost, fast-tracked return to mining at Coolgardie and delivered an NPV7.5% of $183 million. The Company’s efforts are now focused on increasing production ready Mineral Resources at Coolgardie.

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 (AusIMM). Mr Aaltonen is an employee of Focus Minerals Limited. Mr Aaltonen has sufficient 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 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

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JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

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

Criteria	Explanation
Sampling techniques	FML 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. Mineralised 4m composite sampled where resampled at 1m intervals using stored original 1m cyclone split samples
Drilling techniques	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 30m intervals using a True North Seeking Gyro tool.
Drill sample recovery	RC sample recovery was recorded by a visual estimate during the logging process.
Logging	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. 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. The entire length of all holes is geologically logged/sampled.
Sub-sampling techniques and sample preparation	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 usingajaw crusher(core samples only)and weighed. Samples in excess of 3kgin

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Criteria	Explanation
	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. Jinning Testing & Inspection completed the assay testing, with sample preparation and assay completed in Kalgoorlie. 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). The sample sizes were appropriate for the type, style and consistency of mineralisation encountered during this phase of exploration.
Quality of assay data and laboratory tests	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.
Verification of sampling and assaying	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	Drill collars are surveyed after completion using a DGPS instrument with accuracy of +/-20cm. A True North Seeking Gyro was used for down hole surveying. All coordinates and bearings use the MGA94 Zone 51 grid system. FML 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.

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Criteria	Explanation
Data spacing and distribution	Drill spacing of resource infill approximates • 10m x 20 at Alicia, Happy Jack, CNX • 20m x 40m at Brilliant, Little Blow • 40m section at Big Blow extension • 60m and 120m section at Jackpot
Orientation of data in relation to geological structure	Drilling was designed based on previous geological models, 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. 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	All samples were reconciled against the sample submission with any omissions or variations reported to FML. All samples were bagged in a tied numbered calico bag. The bags were placed into cable tied numbered green bags. Samples were delivered directly to the assay lab byFMLpersonnel.

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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 Coolagrdie Drilling Alicia, Big Blow, Happy Jack and Brilliant are located in M15/646 CNX is located on M15/645 Jackpot was targeted on M15/1341 The Malinyu Ghoorlie 2017 and Maduwongga 2017 Claims cover the majority of the Coolgardie tenure. At this stage no Coolgardie claims have progressed to determined status.
Historical Exploration and Exploration done by other parties	Brilliant • Brilliant has been explored and mined by various parties over time. The first phase of mining is believed to have taken place in the early twentieth century and would have consisted of prospecting shafts and limited underground mining. Mines Department records document treatment of 60 tons of ore producing 6.97oz of gold up to 1935. No other production is recorded. • Open pit mining of the prospect commenced in the 1970’s with a number of parties processing ore through the Coolgardie State Battery. In 1980 a treatment plant was constructed at Brilliant by Tryaction Pty Ltd, who produced from an open pit. In the mid 1980’s Electrum NL bought into the project, forming a joint venture with MC Mining. They expanded the treatment plant and continued open pit mining in the Brilliant area. Recorded production by Electrum/MC Mining is 87,986 tonnes at 3.2 g/t Au for 9,000 ounces with a stripping ratio of 12.7:1 (Kirkpatrick, 1995). • The project was subsequently purchased by Goldfan Limited (a wholly owned subsidiary of Herald Resources Ltd) in 1991 and incorporated into the Tindals Project. They initiated drilling programs which increased the known extent of mineralisation and completed further open cut mining to its present limits in the early 2000’s. Table 2 in the FML Combined Annual Report of 2008 states an estimated total production from Brilliant Pit of in excess of 1.1Mt @ 2.45g/t for 88,000 ounces. • The deposit lies on the western margin of the Archaean Norseman – Menzies Greenstone Belt. Host rocks at Brilliant are a sequence of Archaean Basalts and Ultramafics, which have been intruded by a suite of porphyry dykes (also described as granodiorites). The porphyries host the bulk of the mineralisation, occurring in two orientations: 1. steeply dipping (70 - 80°) with an average width of 3 to 4m (Historically conventional model used for this resource estimate), 2. Shallow east dipping (20 - 40°) with average widths of up to 2-4m (not modelled at this time). • Mineralisation consists of a stock work of quartz / sulphide micro-veining and albitic alteration of the porphyry.

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Criteria

Explanation

CNX • CNX and the adjacent Three Mile Hill deposits have been explored by numerous parties over the years. A 1986 Cord WAMEX report references the lease mentioned in 1947 Department of Mines Annual Reports. They also indicate earlier prospecting activity was evident by: • two shallow shafts • several shallow pits sunk within the mineralised dolerite belt. • large scale alluvial/elluvial surface mining by previous holders • More modern exploration of the deposit has involved various drilling campaigns by various drilling methods such as RAB, RC and Diamond since the mid 1960’s. • Geological Mapping, Ground Magnetics, Aeromagnetics and soil sampling have also been routinely carried out by other parties since the mid 1980’s. • Herald Resources briefly mined CNX in the 1990’s by open pit extraction while it was mining the adjacent Three Mile Hill deposit to the SE of the Great Eastern Highway. A 1.2Mtpa processing plant was constructed at the Three Mile Hill deposit. • Figures for CNX are not available however it has been reported 4.2Mt at a grade of 2.4g/t Au for 324,116 ounces was mined from Three Mile Hill. The existing CNX pit is 275m long, 75m wide and has been mined to a depth of 30m. Big Blow, Happy Jack and Little Blow • Modern drilling exploration was undertaken through various phases; • Goldfan reverse circulation, mid-1990s, 1,700m • MPI, Matador & Redemption JV reverse circulation and diamond, mid-2000s, 9,009.62m • Focus Minerals, reverse circulation & diamond drilling, 2009-2012, 37,293.86m • Focus Minerals, reverse circulation, 2020, 3,061m • Systematic exploration has been undertaken around the Big Blow area in the form of auger soil samples, air and ground geophysics and geological mapping. • Historic underground mining conducted up to the 1940’s and is reported to have yielded 10,310t @ 9.62g/t • WMC trial pit in the 1960’s with no documented production figures • A Focus operated open pit 163Kt @ 1.29 g/t for 6,804oz between Jan 2012 and July 2013. • Mineralisation at Big Blow is located within brittle fractured basalt with quartz veining and brecciated textures common, hosted by a north plunging anticline within the Burbanks Basalt. At Happy Jack, geology consists of sub-parallel lodes which are typically diorite within basalts proximal to the fold axis of the Big Blow – Burbanks Anticline. Jackpot Originally mined as a very high grade under ground targeting north striking steeply west dipping structure. Between 1948 and 1962. Historic underground production is 10,500t @ 12.69g/t for 4,280oz Later mined as an open pit by KBRL with open pit production to July 2007 is 63Kt at 2.44 g/t for 4,900oz.

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Criteria	Explanation
	Undaunted, Lady Charlotte • Lady Charlotte produced 9704t @ 20.5g/t for 6,388ozes from underground between 1899-1903 • Several companies have conducted exploration including gridding, sampling, mapping, trenching, rab and RC drilling between 1980 and the mid-2010s, with Focus Minerals undertaking significant resource quality drilling between 2010 and 2012 o Electrum, Eltins, Goldfan, Greenex, reverse circulation and diamond, 1980s- 1990s, 3,239.2m o MPI, Matador & Redeption JV, reverse circulation and diamond, early- to mid- 2000s, 2,246.2m o Focus Minerals, reverse circulation and diamond, 2007-2016, 18,840.4m o Focus Minerals, reverse circulation, 2020, 288m • The Undaunted and Lady Charlotte prospects fall within an area of complex interaction between the Brilliant Ultramafic, its underlying Lindsay’s Basalt and the felsic intrusives (diorites) of the Bayley’s Porphyry Suite. It is also structurally complex, with N-NNE trending shears and faults intersecting SW faults. Mineralisation is predominantly hosted within the diorites as they are throughout the Tindals Mining Centre. • In 2012 Focus Minerals undertook a Mineral Resource estimate for the Lady Charlotte – Undaunted Deposit based on all drilling available to February 2012, with a result of 795,523t @ 1.71g/t Au
Geology	Brilliant North •The project is located on the NNW striking steeply ENE dipping eastern limb of a prominent antiform. •Steeply ENE dipping shears are located on east/west margins of the Brilliant Ultramafic and Greenmount Sill high magnesium basalt. These have been overprinted by a suite of porphyry dykes described as a granodiorite. This set is further overprinted by a moderate NE dipping structural set which is also exploited by the porphyritic granodiorite dykes. The two sets of structurally controlled dykes host the mineralisation with higher grade on intersections between the two structural sets defining a shallow NNW plunge to the mineralisation CNX Stacked flat lying quartz stockwork system forms a tabular NE striking ore bod. Mineralisation is predominantly developed within a steeply SW dipping granodiorite layer of the differentiated 3 Mile Sill (Mine Sequence). Gabbro is the main hanging wall rocks to the mineralisation with a chill margin of dolerite in contact with Brilliant Ultramafic further to the south west. Gabbros and dolerite are also located footwall to the granodiorite host with dolerite chill margin proximal to the contact with the Lyndsays pillow basalt further to the north east. The contact between the 3 Mile Sill and Lyndsay Basalt also features sporadic black shale interflow sediments. Big Blow, Happy Jack and Little Blow Mineralisation at Big Blow is located on the east limb of a north plunging antiform. The mineralisation is hosted within brittle fractured burbanks basalt with quartz veining and brecciated textures common. Mineralisation in parts of the pit is hosted by sulphide-silica mineralisation forming gossans when oxidised. Lower grade gold mineralisation is hosted by moderate east dipping sheeted quartz veins on the contact with a feldspar porphyritic intrusion axial planar to the fold. Little Blow mineralisation is located further north of Big Blow proximal to the fold nose of the anticline. The main mineralisation orientation at Little Blow is sub-parallel and slightly east of the Big blow trend. Surface outcropping mineralisation at Little Blow is hosted by brecciated bucky quartz veins 1.2 to +5m wide with iron oxide boxwork after sulphides. Happy Jack is located on the East limb of the anticline and is sub-parallel with Big Blow. Four sub-parallel sheeted mineralised structures with widths 1-4m have been defined by drilling over 600m strike to depths of up to 60m. The sub-parallel lodes are associated with diorite intrusions into the burbanks basalt

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Criteria	Explanation
	Jackpot Jackpot is located within Hampton ultramafics and proximal to a major N trending steeply west dipping cross fault with associated demagnetisation. Mineralisation at Jackpot is hosted by: • Steeply west dipping cross fault • Shallow NE dipping stacked foliation fabric • Hampton Komatiite interflow sediments that dip moderately NE,
Drill hole information	Collar details (MGA94 Zone51) of FML holes drilled during the December quarter 2020: Alicia collars and significant results

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Criteria	Explanation
	CNX collars and significant results Undaunted collars and significant results Jackpot collars and significant results

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Criteria	Explanation
	Brilliant collars and significant results

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Criteria	Explanation
	Big Blow collars and significant results Little Blow collars and significant results

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Criteria	Explanation
	Happy Jack collars and significant results
Data aggregation methods	2020 Mineralised intersections are reported at a 0.5g/t Au cut-off with a minimum reporting width of 1m and up to 3m internal dilution.
Relationship between mineralization widths and intercept lengths	Wherever possible holes were drilled orthogonal to mineralisation 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 of grade.
Balanced reporting	Drilling results are reported in a balanced reporting style. The ASX announcement for FML 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	FML anticipates additional drilling to follow up on encouraging results in Coolgardie.

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